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Kohat Cement: 1 director
A director at Kohat Cement sold 26,017 shares at 229.670PKR and the significance rating of the trade was 51/100. 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 clearly s...
- 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
Kohat Cement: 3QFY23 Review - Lower margins cause a drag
Kohat Cement Co. Ltd (KOHC) has posted 3QFY23 NPAT of PKR1.6bn (EPS: PKR8.08), down 17% QoQ and 1% YoY. This is lower than our estimated EPS of PKR10.29, on lower-than-expected GM’s. This takes 9MFY23 net profits to PKR5.4bn (EPS: PKR26.70), up 16% YoY. KEY HIGHLIGHTS OF 3QFY23 RESULT: * Net Sales have increased by 17% YoY but down 9% QoQ to PKR10.0bn. Reduced dispatches caused the sequential decline in topline. We expected a topline of PKR10.8bn. * Gross margins have reduced significan...
- Rahul Hans
DG Khan Cement: 3QFY23 Review - Higher other income leads to earnings ...
DG Khan Cement (DGKC) has posted unconsolidated NPAT of PKR1.2bn (EPS: PKR2.69) in 3QFY23, up 118% QoQ but down 18% YoY. The result came higher than our expected EPS of PKR2.17, where elevated other income led to the major deviation. This takes 9MFY23 NPAT to PKR2.1bn (EPS: PKR4.82), down 42% YoY. KEY HIGHLIGHTS OF 3QFY23 RESULT: * Net sales have increased by 13% QoQ and 15% YoY to PKR18.3bn. The sequential increase in sales is contributed by both increase in exports and a surge in local cem...
- 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
DG Khan Cement: 2QFY23 Review - Higher COGS and finance cost reduced p...
DG Khan Cement (DGKC) has posted an unconsolidated NPAT of PKR543mn (EPS: PKR1.24) in 2QFY23, down 57% YoY but up 40% QoQ. The result came broadly in line with our estimated EPS of PKR1.13. The takes 1HFY23 NPAT to PKR932mn (EPS: PKR2.13), down 57% YoY. KEY HIGHLIGHTS OF 2QFY23 RESULT: * Net sales have increased by 19% QoQ, but down 1% YoY to PKR16.2bn. The sequential increase in sales is contributed by both increase in local sales and a surge in local cement prices. We expected topline of P...
- Rahul Hans
Kohat Cement: 2QFY23 Review - Higher topline and prices expand earning...
Kohat Cement Co. Ltd (KOHC) has posted 2QFY23 NPAT of PKR1.9bn (EPS: PKR9.73), compared with a net profit of PKR1.6bn (EPS: PKR7.90) SPLY. The result came in line with our estimated EPS of PKR9.52. This takes net profits to PKR3.7bn in 1HFY23 (EPS: PKR18.62), up 25% YoY. KEY HIGHLIGHTS OF 2QFY23 RESULT: * Net Sales have increased by 33% YoY and 24% QoQ to PKR11.0bn. Sequential jump in sales emanated from a surge in local cement prices, which led to elevated retention prices. KOHC has posted ...
- 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...
- Kamal Ahmed
KOHC_1QFY23 Analyst Briefing Takeaways, (AKD Off the Analyst's Desk No...
Kohat Cement Company (KOHC) organized its analyst briefing today to discuss 1QFY23 results and company’s future outlook. To recall, KOHC posted PAT of PkR1.78bn (EPS: PkR8.9), up 28%YoY. Company posted strong GMs of 31.3% during the quarter vs. 27.6%/33.2% during 4QFY22/1QFY22. Total industry dispatches for the 1QFY23 clocked in at 9.62mn tons, down 21%/25% on QoQ/YoY basis. Meanwhile, offtakes for KOHC during the same period stood at 688k tons, down 17%/20% on QoQ/YoY basis. Capacity uti...
- Rahul Hans
Kohat Cement: 1QFY23 Review - Strong earnings backed by elevated margi...
Kohat Cement Co. Ltd (KOHC) has posted 1QFY23 NPAT of PKR1.8bn (EPS: PKR8.89), compared with a net profit of PKR1.4bn (EPS: PKR6.96) in SPLY. The result came in higher than our expected EPS of PKR6.71. Higher-than-expected margins caused the major deviation. Key observations: * Net sales have increased by 30% YoY but are down 5% QoQ to PKR8.8bn, as volumes declined. However, elevated domestic prices supported the topline. Revenue came in higher than our expectation of PKR8.3bn. * The co...
- 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
DG Khan Cement: 1QFY23 Review - Lower-than-expected margins lead to ea...
DG Khan Cement (DGKC) has posted an unconsolidated profit of PKR389mn (EPS: PKR0.89) in 1QFY23, down 57% YoY. This came in lower than our expected EPS of PKR1.44, where the major deviation stemmed from lower-than-expected GMs. Key observations * Net sales have increased by 22% YoY and down 8% QoQ to PKR13.6bn. The sequential decline in topline is majorly due to 22% QoQ reduction in local sales. However, the increase in local cement prices have cushioned the topline. Revenue came in line with...
- 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...
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