reports
Lucky Cement Ltd: 2 directors
Two Directors at Lucky Cement Ltd bought/maiden bought 7,600 shares at between 1,473.000PKR and 1,499.000PKR. The significance rating of the trade was 68/100. 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...
- 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
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
Maple Leaf Cement: 3QFY23 Review - Earnings decline on higher expenses...
Maple Leaf Cement (MLCF) has posted 3QFY23 unconsolidated NPAT of PKR1.5bn (EPS: PKR1.40), down 36% QoQ but up 57% YoY, slightly lower than our expected EPS of PKR1.54. Lower-than-expected GMs and elevated distribution expenses explain the deviation. This result takes 9MFY23 net profits to PKR5.1bn (EPS: 4.71), up 41% YoY. On a consolidated basis, MLCF has posted NPAT of PKR1.9bn (EPS: PKR1.75) in 3QFY23, lower than our expected net profit of PKR2.3bn (EPS: PKR2.12). KEY HIGHLIGHTS FOR 3QFY23...
- 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
Maple Leaf Cement: 2QFY23 Review - Impressive margins and lower financ...
Maple Leaf Cement (MLCF) has posted 2QFY23 unconsolidated NPAT of PKR2.3bn (EPS: PKR2.19), much higher than our expected EPS of PKR1.29. Improvement in margins due to cheaper cost of coal, higher-than-expected topline and lower finance cost led to the deviation. This result takes 1HFY23 net profits to PKR3.6bn (EPS: 3.31), up 48% YoY. On a consolidated basis, MLCF has posted 2QFY23 NPAT of PKR2.9bn (EPS: PKR2.73) up 56% YoY, higher than our expected net profit of PKR1.9bn (EPS: PKR1.78). KEY ...
- 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...
MLCF_Analyst Briefing Takeaways, (AKD Off the Analyst's Desk Nov 24, 2...
MLCF: Analyst Briefing Takeaways Maple Leaf Cement Factory Ltd organized its analyst briefing today to discuss FY22 results and company’s future outlook To recall, MLCF posted PAT of PkR12.27bn (EPS: PkR3.3), down 42%YoY. Company GMs remained strong at 25% during the outgoing year vs. 21% in FY21. Company’s coal mix is comprised of 70% Local (Darra) coal, 25% Afghan Coal and 5% alternative fuels. Average coal prices for the quarter were as follows: Afghan coal PkR47k/ton, local coal PkR30k...
- 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
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
Maple Leaf Cement: 1QFY23 Review - Strong margins drive earnings beat
Maple Leaf Cement (MLCF) posted 1QFY23 unconsolidated NPAT of PKR1.2bn (EPS: PKR1.13), more than twice our expectation of PKR0.6bn (EPS: PKR0.52). Higher-than-expected margins explain the deviation. On a consolidated basis, MLCF has posted NPAT of PKR1.4bn (EPS: PKR1.28), higher than our expectation of PKR1.1bn (EPS: PKR0.99). The stock is up 2% as we write. Going by MLCF’s result, we expect other cement companies to also show strong margin improvement. KEY OBSERVATIONS * Despite the steep d...
- 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
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
Maple Leaf Cement: 4QFY22 Review - Margins came in line, but higher ET...
Maple Leaf Cement (MLCF) posted 4QFY22 unconsolidated NPAT of PKR35mn (EPS: PKR0.03), much lower than our expectation of PKR0.54/share. Higher-than-expected taxation explains the deviation. This result takes FY22 net profits to PKR3.6bn (EPS: PKR3.30), down 42% YoY. On a consolidated basis, MLCF has posted a NPAT of PKR232bn (EPS: PKR0.21), lower than our expectation of PKR1.06bn (EPS: PKR0.96). This takes FY22 NPAT to PKR4.5bn (EPS: PKR4.15) up 19% YoY. KEY OBSERVATIONS * Net sales have inc...
- 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) ...
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