reports
- 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
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
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
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
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
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...
- Team AKD Research
KSE-100_Low volumes witnessed, (AKD Technical Daily Jun 13, 2022)
AKD Daily Technicals KSE-100: Low volumes witnessed The index opened on a slightly positive note and faced a bullish session. The local bourse posted an intraday high of 340pts and concluded with a gain of 279pts to settle at 42,015pts level. The volumes witnessed in the last trading session were lower than the previous trading session. The Index is currently trading below minor moving averages on daily chart. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current le...
Pakistan Cement_Cement dispatches decline by 16%YoY for May'22, (AKD D...
AKD Daily Pakistan Cement:Cement dispatches decline by 16%YoY for May’22 Local cement dispatches posted a negative growth for May’22, declining by 6/16% YoY/MoM. Though region-wise North and South, witnessed the opposite trend where local dispatches in North declined by 5.1/8.21% YoY/MoM to 2.57mn tons while dispatches in South (due to low base effect) increased by 18/2% YoY/MoM to 0.58mn tons. Overall, local cement dispatches for 11MFY22 stand at 42.7mn tons, down 1.6%YoY while exports h...
- Team AKD Research
KSE-100 Closes with a positive bias, (AKD Technical Daily Jun 07, 2022...
AKD Daily Technicals KSE-100 Closes with a positive bias The index opened on a negative note and faced a volatile session. The local bourse posted an intraday low of 284pts, a high of 361pts and concluded with a gain of 262pts to settle at 41,577pts level. The volumes witnessed in the last trading session were lighter than the previous trading session. The MACD is bearish since it is trading below its signal line. It crossed below its signal line one trading session ago. The chart formatio...
- Team AKD Research
KSE-100_Declines amidst low volumes, (AKD Technical Daily Jun 02, 2022...
AKD Daily Technicals KSE-100: Declines 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 71pts, a low of 359pts and concluded with a loss of 322pts to settle at 42,756pts level. The volumes witnessed in the last trading session were lower than the previous trading session. The local bourse is currently 5.1% below its 200-period moving average on daily chart. Bollinger Bands w...
Pakistan Cement_Profitability to decline 53-14%YoY-QoQ for 3QFY22, (AK...
AKD Daily Pakistan Cement: Profitability to decline 53-14%YoY-QoQ for 3QFY22 AKD Cement Universe is expected to post PAT of PkR7.6bn for 3QFY22 against PAT of PkR8.9/16.4bn for 3QFY21/2QFY22. On YoY basis, profitability is expected to decline majorly due to high base as MLCF, DGKC and LUCK recorded high other income during 3QFY21 while on QoQ basis, the PAT is expected to decline on the back of increasing power and fuel costs. Trend of gross margins for 3QFY22 will vary for every players in...
MLCF_3QFY22 Unconsolidated EPS clocked in at PkR1.08 - In-line with ex...
AKD, Off the Analyst's Desk MLCF: 3QFY22 Unconsolidated EPS clocked in at PkR1.08 – In-line with expectations Maple Leaf Cement Limited (MLCF) announced its 3QFY22 result where company posted unconsolidated PAT of PkR1.2bn (EPS: PkR1.08), down 73/35% YoY/QoQ, taking 9MFY22 PAT to PkR3.6bn (EPS: PkR3.27), down 35%YoY. The result was in-line with our expectations. Company’s topline increased by 27% on YoY basis majorly due to increase in prices as manufactures looked to pass on the impact of ...
- Rahul Hans
Maple Leaf Cement: 3QFY22 review – lower-than-expected COGS amid effic...
Maple Leaf Cement (MLCF) has posted 3QFY22 unconsolidated NPAT of PKR1.2bn (EPS: PKR1.08), higher than our expected EPS of PKR0.68. Higher-than-expected GMs explain the deviation – majorly due to lower realized cost of Afghan coal verses expectation. This result takes 9MFY22 net profits to PKR3.6bn (EPS: 3.27), down 35% yoy. The result is accompanied with an announcement to buy-back 25mn shares and cancel the same to reduce the issued share capital of the company. On a consolidated basis, MLC...
- Team AKD Research
MLCF & ASTL_ Result Previews,
AKD Daily MLCF & ASTL: Result Previews MLCF — 3QFY22 EPS to stand at PkR1.02: Maple Leaf Cement Factory Limited (MLCF) will be holding its board meeting today to announce 9MFY22 result where we expect unconsolidated EPS of PkR3.2 for 9MFY22, down 36%YoY. Unconsolidated EPS for 3QFY22 is expected to stand at PkR1.02, down 75/39% YoY/QoQ. The decline in profitability is a result of increasing energy prices where we witnessed coal prices touching an all time of high of USD460/ton during Mar’22....
- 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
Pakistan Cement: Cement prices have surged but not yet adequately
Third price hike in the last 15 days: As per channel checks, cement prices in the North region have increased by PKR40-50/bag, setting a new record of c.PKR840-850/bag. This is the third consecutive hike in the past 15 days, taking the total price increase to PKR150-160/bag. The prime reason for increasing prices is to pass on the massive increase in global coal prices – which surged to its all-time high of c.US$455/ton in March but are presently hovering at US$355/ton – coupled with higher t...
- Rahul Hans
Maple Leaf Cement: 2QFY22 review – Impressive earnings due to elevated...
Maple Leaf Cement (MLCF) has posted 2QFY22 unconsolidated NPAT of PKR1.84bn (EPS: PKR1.68), much higher than our expected EPS of PKR0.60 and consensus estimates. Massive improvement in margins – notably divergent from the rest of the industry – amid significant use of Afghani coal has majorly led to the deviation. This result takes 1HFY22 net profits to PKR2.40bn (EPS: 2.19), up 117% yoy. On a consolidated basis, MLCF has posted a NPAT of PKR1.92bn (EPS: PKR1.75), higher than our expected net...
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