reports
- 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
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
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...
- Rahul Hans
Lucky Cement: 1QFY23 Review - Core performance remains strong
Lucky Cement (LUCK) has posted an unconsolidated NPAT of PKR3.8bn (EPS: PKR11.91) for 1QFY23, up 17% YoY but down 3% QoQ. Earnings have come in higher than our projected EPS of PKR9.88. Major deviation stemmed from higher-than-expected GMs and other income amid dividend received from LMCL. On a consolidated basis, LUCK has reported net profits of PKR5.4bn (EPS: PKR16.85), down 18% YoY. The earnings in 1QFY23 have come in lower-than our expected EPS of PKR20.69. Lower contribution from the aut...
- Rahul Hans
1QFY23 Previews - Profitability to remain firm despite sluggish demand
* IMS Cement Universe’s cumulative profitability is expected to increase by 4% QoQ to PKR12.7bn in 1QFY23. However, it is expected to decline by 1% YoY. * Sector gross margins are expected to slump by 4ppt YoY / 5ppt QoQ to 22% in 1QFY23. The reduction in gross margins is due to the drop in cement offtake by 23% YoY / 21% QoQ to 9.6mn tons and elevated coal prices (sea-based and from Afghanistan). * During the quarter, the IMS Cement cluster outperformed the KSE-100 by c.10ppt. Rea...
- 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...
Lucky Cement Ltd: 1 director
A director at Lucky Cement Ltd bought 10,000 shares at 470.000PKR and the significance rating of the trade was 52/100. 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 cle...
- Rahul Hans
Lucky Cement: 4QFY22 review – Higher-than-expected margins lead to ear...
Lucky Cement (LUCK) has posted an unconsolidated NPAT of PKR4.0bn (EPS: PKR12.34) for 4QFY22, down 28% QoQ. This takes FY22 NPAT to PKR15.3bn (EPS: (PKR47.31) up 9% YoY. The result has come in much higher than our projected EPS of PKR6.50. Major deviation stemmed from higher-than-expected GMs and reversal in other expenses. On a consolidated basis, LUCK has reported net profits of PKR8.8bn (EPS: PKR27.15), up 90% YoY. The earnings in 4QFY22 have come higher than our expected EPS of PKR18.52. ...
- Rahul Hans
Pakistan Cement: 4QFY22 preview – Higher tax and interest will chop ea...
IMS Cement Universe cumulative profitability are expected to decline sharply by 29% QoQ to PKR10.3bn in 4QFY22. However, it is expected to increase by 4% YoY. Despite elevated coal prices (imported and Afghani) and reduced total dispatches, sector gross margin is likely to increase by 1.1ppt to 25% in 4Q. However, 10% one-off super tax will reduce earnings on a QoQ basis. During the quarter, IMS Cement cluster declined by 26%, underperforming KSE-100 by c.18.5ppt. Reasons behind this were i) ...
- Rahul Hans
Lucky Cement: 3QFY22 review – massive increase in other income leads t...
Lucky Cement (LUCK) has posted an unconsolidated NPAT of PKR5.5bn (EPS: PKR17.12) for 3QFY22, up 122% qoq but down 23% yoy. The result has come in much higher than our projected EPS of PKR10.25. Major deviation stemmed from higher-than-expected other income, largely due to dividend income received from Lucky Motor Corporation. On a consolidated basis, LUCK has reported net profits of PKR7.6bn (EPS: PKR23.41), up 8% yoy. The earnings in 3QFY22 have come higher than our expected EPS of PKR19.20...
LUCK_3QFY22 unconsolidated EPS clocked in at PkR17.12 - Higher than ex...
AKD, Off the Analyst's Desk LUCK: 3QFY22 unconsolidated EPS clocked in at PkR17.12 - Higher than expectation Lucky Cement Ltd. (LUCK) announced its result for 3QFY22 where company announced unconsolidated PAT of PkR5.5bn (EPS: PkR17.12), up 122%YoY while declining by 23% on YoY basis. For 9MFY22, company announced unconsolidated PAT of PkR11.7bn (EPS: PkR36.14). The result was above our expectation on account of higher other income where company recorded PkR4.1bn against our expectation ...
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...
- 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
Lucky Cement: 2QFY22 analyst briefing takeaways
Lucky Cement (LUCK) posted unconsolidated NPAT of PKR2.5bn (EPS: PKR7.70) for 2QFY22, up 8% yoy but down 24% qoq. On a consolidated basis, LUCK reported net profits of PKR6.5bn (EPS: PKR20.09), up 8% yoy. KEY HIGHLIGHTS OF 2QFY22 * During 1HFY22, LUCK posted consolidated revenue of PKR123.4bn, up 29% yoy. This was majorly attributed to (i) higher local cement prices, (ii) surge in revenue of Chemical business by 53% yoy, and (iii) 12% yoy increase in the topline of Automobile business. ...
- Rahul Hans
Lucky Cement: 2QFY22 results review – Sales miss core projections
SALES MISS CORE PROJECTIONS BUT CONSOLIDATED EARNINGS ARE IMPRESSIVE Lucky Cement (LUCK) has posted an unconsolidated NPAT of PKR2.5bn (EPS: PKR7.70) for 2QFY22, up 8% yoy but down 24% qoq. The result has come in lower than our projected EPS of PKR9.21. Lower-than-expected sales, due to lower retention prices, is the major variance from our estimate. On a consolidated basis, LUCK has reported net profits of PKR6.5bn (EPS: PKR20.09), up 8% yoy. The earnings in 2QFY22 have come in line with our...
- Rahul Hans
Pakistan Cement: 2QFY22 result preview
EARNINGS TO WITHSTAND MASSIVE COST PRESSURES The cumulative core profitability of IMS Cement Universe is expected to slide c.4% qoq to PKR8.9bn in 2QFY22 from PKR9.2bn in 1QFY22. However, compared with last year, the sector’s net profits are expected to rise by c.16% from PKR7.6bn in 2QFY21. Massive surge in variable costs due to higher global coal and oil prices, PKR depreciation and elevated transportation costs, are the key reasons behind the expected sequential decline in gross margins, b...
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.