reports
Lucky Cement Ltd: 1 director
A director at Lucky Cement Ltd bought 220,000 shares at 421.936PKR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
- Team AKD Research
CHCC_4QFY23 Result Review ? Higher taxation hit earnings, (AKD Off the...
Cherat Cement Company Limited (CHCC) announced their 4QFY23 result where the company posted PAT of PkR93mn (EPS: PkR0.5), a decline of 93%/91% QoQ/YoY. The decline is majorly on the back of declining margins and higher taxation. Net Sales clocked in at PkR8.6bn for 4QFY23, down by 7%/9% QoQ/YoY because of decline in the company offtakes (↓ 8%QoQ). Overall, for the full year, topline increased by 17%YoY, driven by a 42%YoY increase in retention prices, which offset a 19% annual decline in s...
- Team AKD Research
LUCK - FY23 Analyst Briefing Takeaways, (AKD Off the Analyst's Desk Au...
Lucky Cement Limited (LUCK) held its analyst briefing yesterday to discuss its FY23 results and provide insights into the company's future outlook. To recall, company posted earnings of PkR43.8/sh in FY23, compared to PkR48.8/sh in the previous year (down 10%YoY). This decline in earnings is majorly attributable to lower dividends from subsidiaries and higher financial charges. Throughout the full year, the company reported local sales of 6.2mn tons, marking a 15%YoY decrease, while the loc...
- Rahul Hans
Lucky Cement: 3QFY23 Review - Resilient core profits despite sluggish ...
Lucky Cement (LUCK) has posted an unconsolidated NPAT of PKR4.0bn (EPS: PKR12.78) for 3QFY23, up 22% QoQ, but down 28% YoY. Earnings came in line with our projected EPS of PKR12.99. On a consolidated basis, LUCK has reported very strong net profits of PKR30.2bn (EPS: PKR67.11 in 3QFY23), up 2.8 YoY, much higher than our expected EPS of PKR37.92. The deviation is due to a one-off revaluation gain booked by LCI on remaining stake of NutriCo Morinaga and strong growth coming from the chemical bu...
- Rahul Hans
Cherat Cement: 3QFY23 Review: Low volumes and margins hurt profit
Cherat Cement (CHCC) has posted 3QFY23 NPAT of PKR1.3bn (EPS: PKR6.55), up 19% YoY but down 18% QoQ. The result came in lower than our expected earnings of PKR1.6bn (EPS: PKR8.17), majorly due to lower than expected GMs. The company has announced interim cash dividend of PKR1.50/sh. This takes 9MFY23 NPAT to PKR4.3bn (EPS: PKR22.19), reflecting a growth of 25% YoY. KEY HIGHLIGHTS OF 3QFY23 RESULT: * Net revenues have increased to PKR9.3bn, up 19% YoY but down 11% QoQ. Despite the reduction i...
- Rahul Hans
Pakistan Cements: 3QFY23 Result Previews
BETTER PRICES AND MARGINS TO EXPAND PROFITABILITY IMS Cement Universe profitability is expected to increase by 9% QoQ and 50% YoY to PKR22.5bn in 3QFY23, mainly driven by margins expansion amid higher retention prices. LUCK may book one-off capital gain on its subsidiary LCI’s partial divestment of NutriCo Morinaga. The sector’s gross margins are expected to increase by 1.6ppt QoQ / 3.1ppt YoY to 27% in 3QFY23. Higher increase in cement prices relative to the increase in taxes and energy pric...
- Rahul Hans
Cherat Cement: 2QFY23 Review: Elevated topline lead to earnings beat
Cherat Cement (CHCC) has posted 2QFY23 NPAT of PKR1.6bn (EPS: PKR8.01), up 32% YoY and 5% QoQ. The result came in higher than our expected earnings of PKR1.2bn (EPS: PKR6.15). Higher-than-expected revenue was the major deviation. This takes 1HFY23 NPAT to PKR3.0bn (EPS: PKR15.64), depicting a growth of 28% YoY. Key highlights of 2QFY23 result: * Net revenues has increased to PKR10.4bn, up 37% YoY and 15% QoQ, this is due to a large jump in local cement prices. We expected a topline of PKR8.6...
- Rahul Hans
Lucky Cement: 2QFY23 Review - Core profits declined on higher COGS
Lucky Cement (LUCK) has posted an unconsolidated NPAT of PKR3.3bn (EPS: PKR10.13) for 2QFY23, up 32% YoY, but down 15% QoQ. Earnings came in lower than our projected EPS of PKR11.31. Higher realized coal and energy prices pushed COGS above our projections. On a consolidated basis, LUCK has reported very strong net profits of PKR11.4bn (EPS: PKR32.51), up 62% YoY, much higher than our expected EPS of PKR19.26. This is due to earlier-than-expected operations of LEPCL post teething issues, and h...
- Rahul Hans
Pakistan Cement – Better prices and offtake to expand profitability
IMS Cement Universe cumulative profitability is expected to increase by 5% QoQ and 15% YoY to PKR15.2bn in 2QFY23, driven by demand resumption post floods and monsoon season. However, sector gross margins are expected to slip by 3ppt QoQ / 1ppt YoY to 24% in 2QFY23. The anticipated reduction in gross margins is due to the increase in inflation, as well as coal and other energy prices during 2QFY23. During the quarter, the IMS Cement cluster underperformed the KSE-100 by 10.1ppt. This may be d...
- Rahul Hans
Lucky Cement: 1QFY23 Review - Core performance remains strong
Lucky Cement (LUCK) has posted an unconsolidated NPAT of PKR3.8bn (EPS: PKR11.91) for 1QFY23, up 17% YoY but down 3% QoQ. Earnings have come in higher than our projected EPS of PKR9.88. Major deviation stemmed from higher-than-expected GMs and other income amid dividend received from LMCL. On a consolidated basis, LUCK has reported net profits of PKR5.4bn (EPS: PKR16.85), down 18% YoY. The earnings in 1QFY23 have come in lower-than our expected EPS of PKR20.69. Lower contribution from the aut...
- Rahul Hans
Cherat Cement: 1QFY23 Review - Massive jump in margins
Cherat Cement (CHCC) has posted 1QFY23 NPAT of PKR1.5bn (EPS: PKR7.63), up 24% YoY and 45% QoQ. The result came in much higher than our expected earnings of PKR834mn (EPS: PKR4.29). A massive surge in gross margins lead to the major deviation. KEY OBSERVATIONS * Net revenue has clocked in at PKR9.0bn, up 26% YoY but down 5% QoQ. The YoY jump in sales is majorly attributed to swift increase in local cement prices, which had more than offset the reduction in volumes in 1QFY23. That said, reven...
- Rahul Hans
1QFY23 Previews - Profitability to remain firm despite sluggish demand
* IMS Cement Universe’s cumulative profitability is expected to increase by 4% QoQ to PKR12.7bn in 1QFY23. However, it is expected to decline by 1% YoY. * Sector gross margins are expected to slump by 4ppt YoY / 5ppt QoQ to 22% in 1QFY23. The reduction in gross margins is due to the drop in cement offtake by 23% YoY / 21% QoQ to 9.6mn tons and elevated coal prices (sea-based and from Afghanistan). * During the quarter, the IMS Cement cluster outperformed the KSE-100 by c.10ppt. Rea...
- Rahul Hans
Pakistan Cements: Sep’22 - Cement dispatches continue to rebound
According to recent APCMA print, total montly cement dispatches have clocked in at 4.27mn tons representing an increase of 30% compared to Aug’22, but have reduced by 7% from Sep’21. Local cement sales came in at 3.8mn tons up 31% MoM (down 5.4% YoY), whereas exports have jumped by 22% MoM to 0.47mn tons (down 17% YoY). Demand which was initially hampered by the heavy monsoon spell and floods, has started picking up and will continue to rise in 2QFY23 amid increase in construction activity an...
- Rahul Hans
Cherat Cement: 4QFY22 review – Surprise payout led by decent earnings ...
Cherat Cement (CHCC) has posted 4QFY22 NPAT of PKR1.0bn (EPS: PKR5.25), up 4% YoY, but down 4% QoQ. The result came in higher than our expected earnings of PKR899mn (EPS: PKR4.63). Lower than expected effective tax rate majorly led to the deviation. This takes FY22 NPAT to PKR4.46bn (EPS: PKR22.93), reflecting a growth of 39% YoY. The company has announced final cash surprise payout of PKR3.0/sh, despite undertaking greenfield expansion. KEY RESULT HIGHLIGHTS: * Net revenues have increased ...
- Rahul Hans
Lucky Cement: 4QFY22 review – Higher-than-expected margins lead to ear...
Lucky Cement (LUCK) has posted an unconsolidated NPAT of PKR4.0bn (EPS: PKR12.34) for 4QFY22, down 28% QoQ. This takes FY22 NPAT to PKR15.3bn (EPS: (PKR47.31) up 9% YoY. The result has come in much higher than our projected EPS of PKR6.50. Major deviation stemmed from higher-than-expected GMs and reversal in other expenses. On a consolidated basis, LUCK has reported net profits of PKR8.8bn (EPS: PKR27.15), up 90% YoY. The earnings in 4QFY22 have come higher than our expected EPS of PKR18.52. ...
- Rahul Hans
Pakistan Cement: 4QFY22 preview – Higher tax and interest will chop ea...
IMS Cement Universe cumulative profitability are expected to decline sharply by 29% QoQ to PKR10.3bn in 4QFY22. However, it is expected to increase by 4% YoY. Despite elevated coal prices (imported and Afghani) and reduced total dispatches, sector gross margin is likely to increase by 1.1ppt to 25% in 4Q. However, 10% one-off super tax will reduce earnings on a QoQ basis. During the quarter, IMS Cement cluster declined by 26%, underperforming KSE-100 by c.18.5ppt. Reasons behind this were i) ...
- Team AKD Research
Stock Smart Weekly (May 20, 2022)
StockSmart Weekly Review Week started on a bad note with the market declining by 1.9% on the first trading day as lack of economic direction weighed heavily. Even though market recovered in later trading sessions, but overall market remained choppy, lacking clear direction throughout the week. KSE-100 closed the week at 43,101pts, down 0.89%WoW while average volume for the week stood at 220.8mn against 274.04mn for last week. Overall, po...
- Rahul Hans
Lucky Cement: 3QFY22 review – massive increase in other income leads t...
Lucky Cement (LUCK) has posted an unconsolidated NPAT of PKR5.5bn (EPS: PKR17.12) for 3QFY22, up 122% qoq but down 23% yoy. The result has come in much higher than our projected EPS of PKR10.25. Major deviation stemmed from higher-than-expected other income, largely due to dividend income received from Lucky Motor Corporation. On a consolidated basis, LUCK has reported net profits of PKR7.6bn (EPS: PKR23.41), up 8% yoy. The earnings in 3QFY22 have come higher than our expected EPS of PKR19.20...
LUCK_3QFY22 unconsolidated EPS clocked in at PkR17.12 - Higher than ex...
AKD, Off the Analyst's Desk LUCK: 3QFY22 unconsolidated EPS clocked in at PkR17.12 - Higher than expectation Lucky Cement Ltd. (LUCK) announced its result for 3QFY22 where company announced unconsolidated PAT of PkR5.5bn (EPS: PkR17.12), up 122%YoY while declining by 23% on YoY basis. For 9MFY22, company announced unconsolidated PAT of PkR11.7bn (EPS: PkR36.14). The result was above our expectation on account of higher other income where company recorded PkR4.1bn against our expectation ...
- Rahul Hans
Cherat Cement: 3QFY22 review – Low volumes hurt; broadly in-line
Cherat Cement (CHCC) has posted 3QFY22 NPAT of PKR1.1bn (EPS: PKR5.48), down 3% yoy and 10% qoq. The result is broadly in line with our expected earnings of PKR1.1bn (EPS: PKR5.87). This takes 9MFY22 NPAT to PKR3.4bn (EPS: PKR17.68), reflecting a growth of 55% yoy. KEY HIGHLIGHTS OF 3QFY22 RESULT: * Net revenues have increased to PKR7.6bn, up 14% yoy and 2% qoq. The increase in sales is majorly attributed to an increase in local cement prices during the quarter. * GMs have clocked in at...
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