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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...
- Team AKD Research
CHCC_4QFY23 Result Review ? Higher taxation hit earnings, (AKD Off the...
Cherat Cement Company Limited (CHCC) announced their 4QFY23 result where the company posted PAT of PkR93mn (EPS: PkR0.5), a decline of 93%/91% QoQ/YoY. The decline is majorly on the back of declining margins and higher taxation. Net Sales clocked in at PkR8.6bn for 4QFY23, down by 7%/9% QoQ/YoY because of decline in the company offtakes (↓ 8%QoQ). Overall, for the full year, topline increased by 17%YoY, driven by a 42%YoY increase in retention prices, which offset a 19% annual decline in s...
- 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
Cherat Cement: 3QFY23 Review: Low volumes and margins hurt profit
Cherat Cement (CHCC) has posted 3QFY23 NPAT of PKR1.3bn (EPS: PKR6.55), up 19% YoY but down 18% QoQ. The result came in lower than our expected earnings of PKR1.6bn (EPS: PKR8.17), majorly due to lower than expected GMs. The company has announced interim cash dividend of PKR1.50/sh. This takes 9MFY23 NPAT to PKR4.3bn (EPS: PKR22.19), reflecting a growth of 25% YoY. KEY HIGHLIGHTS OF 3QFY23 RESULT: * Net revenues have increased to PKR9.3bn, up 19% YoY but down 11% QoQ. Despite the reduction i...
- 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
Fauji Cement: 3QFY23 Review - Higher finance cost lead to slight earni...
Fauji Cement Company Ltd (FCCL) has posted NPAT of PKR1.6bn in 3QFY23 (EPS: PKR0.77), down 32% QoQ but up 21% YoY. The result came slightly lower than our expected EPS of PKR0.84, where deviation stemmed from higher-than-expected finance cost. KEY RESULT HIGHLIGHTS FOR 3QFY23: * Net Sales were up 40% YoY but down 4% QoQ to PKR18.2bn. The sequential decline in revenue is majorly contributed by 22% decline in sales volumes, offset to a great extent by the increase in local cement prices. We ex...
- 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
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 ...
- Rahul Hans
Cherat Cement: 2QFY23 Review: Elevated topline lead to earnings beat
Cherat Cement (CHCC) has posted 2QFY23 NPAT of PKR1.6bn (EPS: PKR8.01), up 32% YoY and 5% QoQ. The result came in higher than our expected earnings of PKR1.2bn (EPS: PKR6.15). Higher-than-expected revenue was the major deviation. This takes 1HFY23 NPAT to PKR3.0bn (EPS: PKR15.64), depicting a growth of 28% YoY. Key highlights of 2QFY23 result: * Net revenues has increased to PKR10.4bn, up 37% YoY and 15% QoQ, this is due to a large jump in local cement prices. We expected a topline of PKR8.6...
- Rahul Hans
Fauji Cement: 2QFY23 Review - Better volumes lead to higher earnings; ...
Fauji Cement Company Ltd (FCCL) has posted a NPAT of PKR2.8bn for 2QFY23 (EPS: PKR1.13), up 64%YoY and 19%QoQ, in 2QFY23. The result has come in line with our expected EPS of PKR1.08. This takes 1HFY23 EPS to PKR2.07, up 34%YoY. KEY RESULT HIGHLIGHTS FOR 2QFY23: * Net Sales up 38%YoY and 29%QoQ to PKR19.0bn. The increase in revenue is majorly contributed by higher cement prices and volumes. We expected topline of PKR19.3bn in 2Q. * Gross margins have reduced by 0.4ppt YoY and 1.7ppt QoQ...
- 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...
- Team AKD Research
ACPL_Analyst Briefing Takeaways, (AKD Off the Analyst's Desk Nov 30, 2...
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...
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...
- 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...
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