reports
- Shahmir Malik
Amreli Steel: 3QFY23 Review - Higher-than-expected GMs lead to earning...
ASTL has posted NPAT of PKR476mn (EPS: PKR1.60) in 3QFY23 versus a loss of PKR389mn (LPS: PKR1.31) in the last quarter. The result came in higher than our expected EPS of PKR0.71, where major deviation stemmed from higher-than-expected GMs and lower finance cost. KEY TAKEAWAYS FROM 3QFY23 RESULT INCLUDE: * Revenue clocked in at PKR11.7bn, down 12% QoQ and 27% YoY. Decline in revenue is mainly led by sluggish demand amid lower construction activity and PSDP allocation. We expected net sales ...
- 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...
- IMS Research Team
Amreli Steel: 2QFY23 Review: Inventory losses and higher finance cost ...
ASTL has posted net loss of PKR389mn (LPS: PKR1.31) in 2QFY23 from EPS of PKR2.03 SPLY. The loss can be attributed to massive rise in COGS due to stock pile up and elevated finance cost. This result wiped out the profits from last quarter and takes 1HFY23 into NLAT of PKR185mn (LPS: PKR0.62) from EPS of PKR7.80 in 1HFY22. KEY TAKEAWAYS FROM 2QFY23 RESULT INCLUDE: * Revenue clocked in at PKR13.2bn down 11% YoY, but up 44% QoQ in 2QFY23. The sequential increase in revenue is led by improvement...
- 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...
ASTL_1QFY23 Analyst Briefing Takeaways, (AKD Off the Analyst's Desk No...
Amreli Steels Limited (ASTL) held its analyst briefing earlier today, wherein the following was discussed: To recall, the company posted PAT of PkR1.3bn (EPS: PkR4.46) for FY22, lower by 3%YoY compared to the same period last year. ASTL’s Net sales for the year were PkR58.1bn, higher by 48%YoY. Despite declining volumes, the risen revenue was majorly due to higher retention prices. However, gross margins for the quarter remained under pressure due to sky rocketing scrap prices, peaking a...
- Ali Aziz Soorty
Amreli Steel: 1QFY23 Review: Earnings beat on GMs and taxation
ASTL has posted NPAT of PKR204mn (EPS: PKR0.69) in 1QFY23, down 71% YoY, while halving QoQ. The 1Q result has come in higher than our projected EPS of PKR0.33, where the variance emanated from higher-than-expected gross margins and low effective tax rate. KEY TAKEAWAYS FROM 1QFY23 RESULT INCLUDE: * Revenue has clocked in at PKR9.8bn (down 17% YoY), significantly lower than our expected revenue of PKR12bn. The decline in revenues is majorly attributed to lower-than-expected volumetric sales. ...
- Ali Aziz Soorty
Pakistan Steel: Lower demand and inventory losses to dent profitabilit...
* IMS Steel Universe is expected to post cumulative NPAT of c.PKR1.6bn in 1QFY23, down 55% QoQ (-82% YoY), amid lower margins, inventory & exchange losses, and elevated finance cost. * We expect gross margins of the IMS Steel Universe to remain flat QoQ, but down 3.8ppt YoY due to (i) lower offtake due to floods and elevated construction costs, (ii) elevated power and fuel cost, and (iii) inventory losses from flat steel due to decline in HRC-CRC spreads in case of ISL. * IMS Steel...
- 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...
- Ali Aziz Soorty
Amreli Steel: 4QFY22 review – Lower volumes and margins dragged to los...
ASTL posted a loss of PKR509mn (LPS: PKR1.71) for 4QFY22, down from a NPAT of PKR531mn (EPS: PKR1.79) last quarter. This has taken FY22 NPAT to PKR1.3bn (EPS: PKR4.61), c.3% down from SPLY. The announcement is against our positive earnings expectation of PKR1.23/sh, with major deviation stemming from a variance in volumetric sales, PKR devaluation affected scrap costs, and blistering electricity cost related Fuel Cost Adjustments (FCA). Recent adverse monsoon spells have put ASTL to reduce pr...
- Ali Aziz Soorty
Pakistan Steel: 4Q preview – Profits to decelerate amid supertax, lowe...
IMS Steel Universe is expected to post cumulative NPAT of c.PKR1.6bn in 4QFY22, down 34% QoQ, as slower volumes amid elevated construction cost and one-off tax implications will drag profits. We expect gross margins of long steel companies will hold up due to i) sequential increase in rebar prices, and ii) mild softening in international scrap prices. Similarly, flat steel margins are likely to improve sequentially, due to relaying of costs and high inventory levels. Despite the series of pri...
- 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...
MUGHAL & ASTL_Projections incorporating macro-developments, (AKD Daily...
AKD Daily MUGHAL & ASTL: Projections incorporating macro-developments · We revisit our investment case for MUGHAL and ASTL where we revised our target prices to PkR94/sh and PkR35/sh from PKR140/sh and PkR57/sh for MUGHAL and ASTL, respectively. Incorporating RF of 15.5% and PkR/US$ of 198/210 in FY23/24F. · We expect the earnings outlook for MUGHAL and ASTL to remain dreary in FY23 with the companies expected to see a volumetric decline of 10-12%YoY to 280-340K tons in rebar/girder dispatches f...
- 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...
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