ACPL: Analyst Briefing Key Takeaways Attock Cement Pakistan Limited (ACPL) held its corporate briefing for FY22 today, wherein the following was discussed Company reported PAT of PkR1.1bn for FY22, up 1.4%YoY compared to last year. Cement sales were majorly disrupted by increasing fuel prices, overall economic slowdown, flood impacts majorly in the southern region and multiple hikes in the interest rates. Company reported 1QFY23 PAT of PkR116mn, down 57% from the SPLY. Company’s total dispa...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Attock Cement Pakistan Limited (ACPL) is scheduled to announce its 3QFY19 result on Thursday, April 11, 2019. We expect the company to post earnings of PKR 418 million (EPS: PKR 3.04) in 3QFY19, reporting a decline of 48% YoY despite 23% YoY growth in total dispatches. We expect gross margin for the quarter to decline to 26% due to decline in export price. We anticipate selling expenses to increase 2.2x times compared to SPLY due to significant rise in export dispatches while finance cost will r...
Total cement sales in Pakistan declined by 7% yoy to 4.3mn tons in March, according to APCMA. Local cement sales fell by 9% yoy to 3.9mn tons, with a major drag seen in sales in the North to 3.1mn tons (down by 13% yoy). The impact of slower economic growth and lower development spending is evident from the decline in domestic demand. However, exports continue to be a saviour, albeit supporting only Southern manufacturers; the exports in the Northern region declined by 40% yoy owing to a halt in...
As per an APCMA press release, overall cement sales in Pakistan declined by 12%yoy in Feb’19 to 3.3mn tons. This decline was driven by local cement sales, which fell by 19%yoy to 2.8mn tons, with a major drag seen in sales of the North region to 2.1mn tons (down 25%yoy). This could be attributable to (i) lower PSDP disbursements, (ii) off-season rain affecting construction activities, and (iii) a more challenging macroeconomic environment. Exports are a saving grace, albeit only for South manu...
Local cement sales for Jan’19 came in at 3.1mn tons, down a sharp 18%yoy, as per an APCMA press release. While sales in the North region continue to show a major drag (2.4mn tons; down 22%yoy), the South region has also depicted a decline, albeit only marginally (0.7mn tons; down -1%yoy). Exports, encouragingly, continue to be strong, up 67%yoy to 0.6mn tons in Jan’19. This brings total cement sales in Jan’19 to 3.65mn tons, down 11%yoy. A decline of similar magnitude was last seen in Augâ...
We estimate the PM’s 5 million Housing Project to result in an additional cement demand of 50mn tons spread over the life of project. However the project is marred by multiple challenges, including government’s fiscal constraints, banks’ risk aversion approach and rising interest rates. Hence we maintain our domestic cement demand growth forecast for FY19 at 0% and 5% pa there onwards. Despite eying profitability decline and margin attrition, we maintain a Marketweight stance on Cement sect...
After incorporating 1QFY19 results, we cut our target prices for mid-cap cement manufacturers (ex - LUCK and DGKC) by 3-7%. Our new TPs imply the highest upsides in KOHC (TP: PKR124/sh) and MLCF (TP: PKR62/sh), with both rated as Buys. We maintain our Sell stance on FCCL (TP: PKR22/sh).
We expect IMS Cement Universe to post combined NPAT of PKR5.72bn in 1QFY19F, down 40% yoy. While EBITDA margins are likely to improve 170bps qoq to 24.2% for the sector, we believe negative impact of higher depreciation should weigh down on GMs (24.3% vs. 26.6% in previous quarter). Higher financing costs will also have an impact.
Attock Cement Pakistan Limited’s (ACPL) board of directors is scheduled to meet on Friday October 12, 2018 to announce 1QFY19 earnings result. We expect the company to post earnings of PKR 564 m (EPS: PKR 4.93), 7% lower than the corresponding period last year. We foresee company’s gross margin for 1QFY19 to decline to 23.7% from 34% in SPLY due to expensive coal along with PKR depreciation and higher FED. Moreover, we expect company’s selling expense to increase significantly by 62% YoY due to ...
As per the data released by the All Pakistan Cement Manufacturers Association (APCMA) the industry dispatched 3.8m tons of cement during September against 3.2m tons dispatched during the same period last year, recording a significant growth of 18.9% YoY. The growth in overall dispatches is mainly due to revival of cement demand from domestic market and strong growth in export dispatches which grew by 78% YoY during September. According to data released by APCMA, total dispatches during first thr...
According to the treasury department of a Commercial Bank, PKR has started depreciating once again, and is trading at around PKR 132/134 per USD as of the writing of this flash note (9:52am). This round of depreciation is not very surprising because of news that the Finance Minister will approach IMF for a bailout this week, and because IMF has already pointed out in its press release that further PKR devaluation is needed. In addition to the devaluation, IMF believes Pakistan needs to further t...
After two consecutive months of decline in dispatches due to prolonged holidays and rainy season, cement demand in Pakistan recorded growth of 6% yoy in Sep’18. This takes 1QFY19 local dispatches to 8.89 mtpa (down 2% yoy). However, exports remained buoyant in 1QFY19 (0.7 mtpa) with 74% yoy growth (up 3.9x yoy in South and 10% yoy in North).
Attock Cement Limited (ACPL) announced its 4QFY18 financial result where it posted pre-tax earnings of PKR523mn (down 52%YoY/40%QoQ) due to decline in GMs to 25%, down 13pptsYoY and 5pptsQoQ. Net Earnings, however jumped by 2.2xYoY/2.8xQoQ to PKR2.57bn (EPS: PKR22.5) on the back of Tax Credit which we estimate at PKR2.3bn (PKR19.9/share). During FY18, pre-tax earnings declined by 30%YoY to PKR3.12bn as GMs declined by 9pptsYoY to 31%. While the reported PBT is in-line with our projections, t...
We expect 4Q earnings of Elixir Cement Universe to post a 23%YoY decline in profit before tax on the back of decline in GM. Net earnings however are expected to depict a growth of 22%YoY during 4QFY18 on the back of BMR Tax Credit incorporated in ACPL and DGKC estimates. On core earnings, CHCC is projected to outshine with YoY EPS growth of 13% for the year. Industry’s Gross Margins are estimated to taper off by 7pptsYoY to 28% in 4Q, primarily on the back of i) hike in average coal prices by...
There are three over-arching themes that will affect macros in the remainder of 2018: the trade war, new government, and possible entrance into a new IMF programme. The three together will affect all parts of Pakistan’s economy, in both positive and negative ways. We expect a rally post-elections, and are targeting an Index level of 44,000 to 45,000 by Dec’18. Given our outlook on the economy, we recommend investors to be market weight on most sectors, over-weight in Banks, and underweight on Au...
Cement dispatches clocked in at 45.9mntons during FY18 registering a robust growth of 14%YoY and highest ever absolute growth of 5.6mntons. This was primarily driven by growth in local dispatches (16%) mainly attributable to fast-paced infrastructure development during the Election Year. On monthly basis, cement dispatches fell by 24%MoM to 3.0mntons owing to Eid Holidays. ACPL’s dispatch growth of -7%MoM during Jun-18 remained most resilient as boom in its exports (+46%MoM) outdid fall in d...
Cement dispatches clocked in at 45.9mntons during FY18 registering a robust growth of 14%YoY and highest ever absolute growth of 5.6mntons. This was primarily driven by growth in local dispatches (16%) mainly attributable to fast-paced infrastructure development during the Election Year. On monthly basis, cement dispatches fell by 24%MoM to 3.0mntons owing to Eid Holidays. ACPL’s dispatch growth of -7%MoM during Jun-18 remained most resilient as boom in its exports (+46%MoM) outdid fall in d...
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.