reports
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...
- Rahul Hans
Pioneer Cement: 3QFY23 Review - Lower offtake reduced profits; in line
Pioneer Cement Ltd (PIOC) has posted NPAT of PKR950mn (EPS: PKR4.18) for 3QFY23 up 96% YoY but down 19% QoQ, in line with our expected earnings of PKR940mn (EPS: PKR4.14). 9MFY23 net profits stand at PKR2.7bn (EPS: PKR11.91), up 66% YoY. KEY HIGHLIGHTS OF 3QFY23 RESULTS: * Net sales have increased by 18% YoY but are down 11% QoQ to PKR9.1bn in 3QFY23. The QoQ decline in revenue is due to lower volumes by 14% to 0.68mn tons. We expected a topline of PKR9.7bn. * Gross margins have increas...
- 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
Pioneer Cement: 2QFY23 Review - Higher-than-expected margins lead to e...
Pioneer Cement Ltd (PIOC) has posted NPAT of PKR1.2bn (EPS: PKR5.17) for 2QFY23 up 22% YoY and 101% QoQ. This came in much better than our estimated EPS of PKR3.71, with higher-than-expected margins leading to the deviation. 1HFY23 net profits stand at PKR1.8bn (EPS: PKR7.75), up 54% YoY. KEY HIGHLIGHTS OF 2QFY23 RESULTS: * Net sales have increased by 20% YoY and 24% QoQ to PKR10.3bn in 2QFY23. The QoQ increase in revenue is due to higher volumes and retention prices, in our view. We expecte...
- 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 ...
- 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
Pioneer Cement: 1QFY23 Review - Topline beat and flattish margins
Pioneer Cement Ltd (PIOC) has posted NPAT of PKR0.6mn (EPS: PKR2.58) for 1QFY23 up 22% YoY, higher than our esimated NPAT of PKR0.5bn (EPS: PKR2.12). A higher-than-expected topline led to the deviation. Key observations * Net sales have increased by 34% YoY but are down 11% QoQ to PKR8.3bn in 1QFY22, higher than our expected revenue of PKR7.9bn. The increase in QoQ revenue majorly stemmed from a 14% QoQ increase in retention prices, in our view. * Gross margins have reduced by 0.6ppt Yo...
- 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
Kohat Cement: 4QFY22 review – earnings missed on higher-than-expected ...
Kohat Cement Co. Ltd (KOHC) has posted 4QFY22 NPAT of PKR0.4bn (EPS: PKR1.96), compared with net profit of PKR1.0bn (EPS: PKR4.81) in SPLY. The result came in lower than our expected EPS of PKR4.17, where higher-than-expected effective tax rate is the major deviation. Despite a weak quarter for earnings, full-year profitability has jumped 44% to PKR5.0bn (EPS: PKR25.01) in FY22. KEY OBSERVATIONS: * Net sales have increased by 49% YoY and 8% QoQ to PKR9.3bn. Increase in sales emanated from a ...
- Rahul Hans
Pioneer Cement: 4QFY22 Review - Higher tax dents better operating perf...
Pioneer Cement Ltd (PIOC) has posted a loss of PKR0.6mn (LPS: PKR2.57) for 4QFY22 from an EPS of PKR3.84 in 4QFY21. Whereas, we estimated NPAT of PKR0.4bn (EPS: PKR1.58). Higher-than-expected effective tax rate led to losses. However, the company’s gross margins and operating profits have improved significantly during the quarter. The result takes net profits in FY22 to PKR1.0bn (EPS: PKR4.62), down 47% YoY. Key observations * Net sales have increased by 51% YoY and 21% QoQ to PKR9.3bn in 4Q...
- Rahul Hans
Pioneer Cement: 3QFY22 Review - Higher tax rate leads to earnings miss
Pioneer Cement Ltd (PIOC) has posted a NPAT of PKR485mn (EPS: PKR2.14) for 3QFY22, down 29% yoy and 27% qoq. The result has come in lower than our estimated NPAT of PKR567mn (EPS: PKR2.49). Higher-than-expected effective tax rate is the major deviation. The result takes net profits in 9MFY22 to PKR1.6bn (EPS: PKR7.17), up 26% yoy. KEY RESULT HIGHLIGHTS FOR 3QFY22: * Net sales have increased by 23% yoy but are down 10% qoq to PKR7.7bn in 3QFY22, in line with our expected revenue of PKR7.8bn. ...
- Rahul Hans
Kohat Cement: 3QFY22 review – Impressive margins amid lower COGS; beat...
Kohat Cement Co. Ltd (KOHC) has posted 3QFY22 NPAT of PKR1.6bn (EPS: PKR8.19), compared with net profit of PKR1.1bn in SPLY. The result came in higher than our expected EPS of PKR7.20, where higher-than-expected margins is the major deviation. The result takes net profits to PKR4.6bn in 9MFY22 (EPS: PKR23.05), up 83% yoy. KEY HIGHLIGHTS OF 3QFY22 RESULT: * Net Sales have increased by 28% yoy and 4% qoq to PKR8.6bn. The increase in sales emanated from a surge in local cement prices, which in ...
- 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
Kohat Cement: Impressive margins amid efficient inventory management; ...
Kohat Cement Co. Ltd (KOHC) has posted 2QFY22 NPAT of PKR1.59bn (EPS: PKR7.90), compared with net profit of PKR0.96bn SPLY. The result is well above our estimated EPS of PKR6.40, where higher-than-expected margins is the major deviation. The result takes net profits to PKR2.98bn in 1HFY22 (EPS: PKR14.86), up 103% yoy. KEY HIGHLIGHTS OF 2QFY22 RESULTS: * Net Sales have increased by 38% yoy and 21%qoq to PKR8.21bn. Increase in sales emanated from a massive surge in local cement prices, which l...
- Rahul Hans
Pioneer Cement: 2QFY22 Review: Lower-than-expected sales lead to earni...
Pioneer Cement Ltd (PIOC) has posted a NPAT of PKR663mn (EPS: PKR2.92) for 2QFY22, up 3% yoy and 38% qoq. Same period last year, PIOC had booked a one-time tax credit of PKR235mn, which helped the company to post decent profits; hence the yoy growth is modest. The result has come in slightly lower than our estimated net profits of PKR752mn (EPS: PKR3.31). Lower-than-expected sales is the major deviation. The result takes net profits in 1HFY22 to PKR1,143mn (EPS: PKR5.03), up 88% yoy. KEY RESU...
- Team AKD Research
Stock Smart Weekly (Dec 31, 2021)
StockSmart Weekly Review In the closing week of CY21, market remained almost flat throughout the week, gaining just 1.08%WoW to close in at 44,596 points level. This took the cumulative performance throughout CY21 to 1.92% whereas the dollar adjusted return currently stands at –ve 8.52%. The volumes also remained flattish on WoW bases where ADT was recorded at 217.99mn shares as opposed to 215.43mn shares, down 1.2%WoW. The performance du...
- Team AKD Research
Stock Smart Weekly (Dec 17, 2021)
StockSmart Weekly Review Ending an otherwise volatile week, the KSE-100 index closed at 43,901pts, +1.2%WoW – the steepest performance in the past 4 weeks, with the catalyst being the forward guidance by the Central Bank. The Monetary Policy Committee (MPC) of the SBP delivered another 100bps hike, taking the policy rate to 9.75%, and communicated to “pause” monetary settings in the near term, expecting recent policy decisions to moderate...
- Team AKD Research
Stock Smart Weekly (Dec 10, 2021)
StockSmart Weekly Review After taking a heavy beating during last week on the back of high trade deficit for Nov’21, market took a breather on the first trading session of the week while in the second session, the news of assistance from Saudi Arabia being deposited into SBP’s account provided some relief and the market rallied 1.3% during the session. However, towards later part of the week, market set its sight on the upcoming monetary ...
- Team AKD Research
Pakistan Alpha (PTC & KOHC, Nov 11, 2021)
AKD - Pakistan Alpha PTC: Evolving business model to add value Our liking for PTC emanates from i) expanding FTTH network with ever increasing subscriber base, ii) improving market for Charji amid increase in adoption of online platforms for e-commerce, edutech, and travelling to remote areas (tourism) etc., iii) Ufone has been awarded 4G Spectrum License in Sep’21 where Ufone has secured the means to finance its acquisition and rollout of 4G services all over Pakistan, apart from thi...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.