reports
- 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
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
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
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
DG Khan Cement: 4QFY22 Review - Higher tax rate and other expenses led...
DG Khan Cement (DGKC) has posted unconsolidated loss of PKR0.65bn (LPS: PKR1.48) in 4QFY22, from a NPAT of PKR0.87bn (EPS: PKR1.99) in SPLY. Whereas, we expected an EPS of PKR1.14, with the major deviation largely stemmed from higher-than-expected effective tax rate and other expenses. The result takes FY22 NPAT to PKR3.0bn (EPS: PKR6.78), down 18% YoY. The result was accompanied with a final cash dividend of PKR1.0/sh against our expectations of no payout for FY22. KEY OBSERVATIONS * Net sa...
- 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) ...
D.G.Khan Cement Co: 1 director
A director at D.G.Khan Cement Co bought 100,000 shares at 56.520PKR and the significance rating of the trade was 65/100. 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 c...
- Team AKD Research
KSE-100_Approaches near an important support,(AKD Technical Daily Jun ...
AKD Daily Technicals KSE-100: Approaches near an important support The index opened on a negative note and remained bearish throughout the last trading session. The local bourse posted an intraday high of 67pts, a low of 623pts and concluded with a loss of 518pts to settle at 42,238pts level. The volumes witnessed in the last trading session were slightly better than the previous trading session. The local bourse is currently trading below short term moving averages on daily chart. Trend fo...
- Team AKD Research
KSE-100_Inches down amidst low volumes ,(AKD Technical Daily May 20, 2...
AKD Daily Technicals KSE-100: Inches down amidst low volumes The index opened on a slightly negative note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 232pts, a low of 88pts and concluded with a loss of 43pts to settle at 42,983pts level. A lackluster activity witnessed amidst low volumes in comparison of previous trading session. The Index is currently trading below short term moving averages on daily chart. The volume indicators ref...
- Team AKD Research
KSE-100_Bounces from 50-SMA, (AKD Technical Daily May 06, 2022)
AKD Daily Technicals KSE-100: Bounces from 50-SMA The index opened with a negative note and remained bearish throughout the last trading session. The Index posted an intraday low of 885pts and concluded with a loss of 284pts to settle at 45,249pts level. A sharp recovery witnessed after testing 50-SMA during intraday trading. The index recovered majority of loses but could not manage to close in green. The volumes reflected in the last trading session were comparatively higher than the previ...
- Team AKD Research
KSE-100_Declines by 284pts, (AKD Technical Daily
AKD Daily Technicals KSE-100: Declines by 284pts The index opened with a positive note and remained volatile throughout the last trading session. The Index posted an intraday high of 141pts, a low of 335pts and concluded with a loss of 284pts to settle at 45,533pts level. The index traded below 200-SMA during intraday trading but managed to close slightly above it. The volumes reflected in the last trading session were comparatively higher than the previous trading session. The chart forma...
- Rahul Hans
DG Khan Cement: 3QFY22 Review: Higher retention prices lead to earning...
DG Khan Cement (DGKC) has posted unconsolidated NPAT of PKR1.4bn (EPS: PKR3.29) in 3QFY22, up 14% qoq but down 30% yoy. The result has come in higher than our EPS estimate of PKR1.93, where the deviation largely stemmed from higher-than-expected gross margins amid better retention prices. The result takes 9MFY22 NPAT to PKR3.6bn (EPS: PKR8.26), up 27% yoy. KEY HIGHLIGHTS OF 3QFY22 RESULT: * Net sales have increased by 46% yoy but down 3% qoq to PKR15.9bn. We expected net sales of PKR15.3bn; ...
- Rahul Hans
Pakistan Cements: Slower demand and elevated costs will reduce sector ...
IMS Cement Universe cumulative core profits are expected to decline sharply by c.18%/38% qoq/yoy to PKR7.7bn in 3QFY22, from PKR9.6bn in 2QFY22 and PKR13.1bn in 3QFY21. Despite better retention prices and import of coal from Afghanistan, lower utilization levels during the winter season and elevated international coal and oil prices will reduce sequential gross margins, by c.5ppt. Therefore net profits are estimated to decline. During the quarter, IMS Cement cluster declined by 5.8%, underper...
- Rahul Hans
Pakistan Cement: Valuations are attractive despite imminent risks
* We are revising estimates for our Cement coverage led by (i) elevated international energy prices, (ii) slower demand growth amid rising construction cost and lower government spending, (iii) inclusion of new expansions, and (iv) potential resumption of monetary tightening. * We assume that local cement demand growth will be flat in FY22f and expect an increase of 3%/5% yoy in FY23/24f, much lower than our previous growth estimates and also past 20yr average. Besides demand, major thr...
- Rahul Hans
DG Khan Cement: 2QFY22 review – Beat estimates due to higher-than-expe...
DG Khan Cement (DGKC) has posted an unconsolidated NPAT of PKR1.27bn (EPS: PKR2.90) in 2QFY22, up 10% yoy and 40% qoq. The results has come in higher than our EPS estimate of PKR1.79; higher-than-expected gross margins is the major deviation. The result takes 1HFY22 NPAT to PKR2.18bn (EPS: PKR4.97), up 172% yoy. KEY HIGHLIGHTS OF 2QFY22 RESULTS: * Net sales have increased by 43% yoy and 46% qoq to PKR16.3bn. The sequential increase in sales is contributed by both increase in total sales and ...
- Team AKD Research
Stock Smart Weekly (Nov 26, 2021)
StockSmart Weekly Review Despite the positive news-flow regarding the IMF staff level agreement, the benchmark KSE-100 index trimmed the last week’s gains on account of unexpected hike of 150bps in policy rate by SBP. In addition to this, the Current Account Deficit (CAD) widened by US$1.66bn in Oct’21 and continued to increase from 4.1% to 4.7% of the GDP, expanding beyond the target of 2-3% for the entire financial year. With negative n...
- Rahul Hans
DG Khan Cement: 1QFY22 review – elevated margins lead to earnings miss
DG Khan Cement (DGKC) has posted an unconsolidated NPAT of PKR0.91bn (EPS: PKR2.07) in 1QFY22, up from a NLAT of PKR0.35bn (LPS: PKR0.80) in SPLY and higher than our EPS estimate of PKR1.40. Lower-than-expected COGS was the major deviation. KEY RESULT HIGHLIGHTS FOR 1QFY22: * Net sales have increased by 6% yoy but declined by 10% qoq to PKR11.2bn. The qoq decline is contributed by both lower local and export dispatches, by 8% yoy/47% qoq. A jump in local selling prices, however, somewhat off...
- Rahul Hans
Pakistan Cement: Maintain our liking despite some headwinds
* We are revising estimates for our Cement coverage led by (i) elevated international energy prices, (ii) possible increase in interest rates going forward, (iii) inclusion of new expansion and (iv) revised local demand outlook and cement prices. * We believe that local cement demand will increase by 7%/5% in FY22/23f, lower than our previous estimates of 10%/8%. Presently, coal prices pose the biggest threat to the profitability of the sector but we assume that global prices will norma...
- Shahrukh Saleem
Pakistan Cement_Local cement sales increase by 4.2%YoY for 1QFY22, (AK...
AKD Daily Pakistan Cement: Local cement sales increase by 4.2%YoY for 1QFY22, Local cement dispatches for Sep’21 clocked in at 4.0mn tons, up 5.3%MoM however declining by a mere 1.7% on YoY basis. Both the regions witnessed a rather tepid month with North witnessing local sales of 3.5mn tons (-2/+10% YoY/MoM) while South witnessed local sales of 0.6mn tons (-15.8% MoM). Overall, for 1QFY22, local sales have increased by 4.2%YoY to 11.3mn tons where local sales in North have remained flat a...
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