reports
Lucky Cement Ltd: 2 directors
Two Directors at Lucky Cement Ltd bought/maiden bought 7,600 shares at between 1,473.000PKR and 1,499.000PKR. The significance rating of the trade was 68/100. 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...
- Team AKD Research
MUGHAL_4QFY23 Result Review-Surprise dividend announced, (AKD Off the ...
Mughal Iron & Steel Industries Limited announced its 4QFY23 results, where the company posted an earnings of PkR834mn (EPS: PkR2.48), marking a 36% decrease compared to PkR1.31bn (EPS: PkR3.89) last quarter. This decline is majorly attributable to an increase in finance cost compared to last quarter, clocking in at PkR1.5bn (up by 49%QoQ). The company also announced a cash dividend of PKR3.2/sh whereas the dividend for FY22 was PkR3/sh. Topline for the quarter increased by 10%QoQ to PkR18....
- 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...
- IMS Research Team
Mughal Iron & Steel Industries: 3QFY23 Result Review - Strong gross ma...
MUGHAL has posted 3QFY23 NPAT of PKR1.3bn (EPS: PKR3.89), up 56% YoY and 10% QoQ. The result came in well above our projected NPAT of PKR0.4bn (EPS: PKR1.32), due to: higher-than-expected gross margins. This result takes 9MFY23 NPAT to PKR2.6bn (EPS: PKR7.89), down 39% YoY. KEY TAKEAWAYS FROM 3QFY23 RESULT INCLUDE: * Revenue clocked in at PKR17.2bn, up 14% YoY and 25% QoQ – in line with our expectations. The QoQ increase is despite the decline in sales volumes, where multiple price hikes and...
- IMS Research Team
Pakistan Steel – 3QFY23 Result Previews
LOWER DEMAND AND INVENTORY LOSSES TO DENT PROFITABILITY * IMS Steel Universe is expected to post a cumulative NPAT of c.PKR1.1bn in 3QFY23, compared to losses of PKR0.3bn in the last quarter. Higher steel product prices and inventory gains amid rupee devaluation are expected to uplift quarterly earnings. * Multiple price hikes of rebar and CRC are likely to increase sector gross margins by 6ppt to 12%. However, depressed demand, import restrictions and rising energy cost may pose a ris...
- 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...
MUGHAL_FY22 Analyst Briefing Takeaways, (AKD Daily, Nov 30, 2022)
MUGHAL: FY22 Analyst Briefing Takeaways To recall, company posted consolidated PAT of PkR5.4bn (EPS: PkR16.12) for FY22 against PAT of PkR3.4bn (EPS: PkR10.22) SPLY, up 58% YoY. The main markets of the company are domestic housing sector both in urban (rebar) and rural areas (girder), and the international market for copper ingots, which is majorly exported to China. Company has been continuously involved in efficient supply chain management through various initiatives e.g. strong retail net...
- Abdul Ghani Mianoor
Mughal Iron & Steel Industries: 1QFY23 Review - Earnings beat on GMs a...
MUGHAL posted a profit of PKR872mn (EPS: PKR2.60) for 1QFY23, down 48% YoY and 5% QoQ. Profits are above our expected EPS of PKR1.43, where the major deviation stemmed from higher-than-expected gross margins and other income. Despite softer demand and surging interest rate, the company was able to produce a decent result. Key Observations: * Revenue has clocked in at PKR14.1bn, flat QoQ and down 26% YoY, lower than our expected revenue of PKR15bn. Lower-than-expected volumes majorly led to t...
- 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...
- Ali Aziz Soorty
Mughal Iron & Steel Industries: 4QFY22 Review: Tax credit and low inte...
MUGHAL posted a profit of PKR1.0bn (EPS: PKR3.10) for 4QFY22, up from PKR0.8bn (EPS: PKR2.50) last quarter. This has translated FY22 NPAT to PKR5.4bn (EPS: PKR16.12), c.13% up from SPLY. The announcement is against our earnings expectation of PKR2.25/sh, where the major deviation stemmed from lower than expected tax rate (28.7%) and finance cost. Despite a dampened demand outlook and surging interest rate the company was able to produce an impressive result, albeit opting out of a final cash ...
- 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) ...
Pakistan Metal_Global metal prices are in place, (AKD Daily, Jun 16, 2...
AKD Daily Pakistan Metal: Global metal prices are in place International aluminum/zinc/lead/nickel prices have started mean reversion, contracting 35/19/17/48% from their peak in Mar-Apr’22, depicting signs of metal commodities upcycle losing stream. Moreover, scrap has also accompanied these industrial metals where it has lost 45% from its peak of US$700/ton to US$385/ton which bodes well for local long steel manufacturers (MUGHAL, ASTL, AGHA, and ITTEFAQ). On the local front, rebar pric...
Pakistan Steel_Scrap down 22%MoM in May’22, amid cheaper Russian impor...
Scrap down 22%MoM in May’22, amid cheaper Russian importsInternational scrap prices have contracted 22%MoM in May’22, currently hoveringaround US$487/ton compared to FYTD/CYTD avg. of US$508/553/ton. Following periodsof high volatility, scrap prices have declined rapidly amid abundant cheap Russian importsavailable at European ports resulting in dampening prices. India has raised duties on export of major steel products including iron ore to curb downsoaring steel production costs to curtail en...
- Ali Aziz Soorty
Mughal Iron & Steel Industries: 3QFY22 review – weak ferrous margins l...
MUGHAL has posted a NPAT of PKR0.8bn (EPS: PKR2.50) for 3QFY22, down 24% yoy and 54% qoq. This takes 9MFY22 NPAT to PKR4.4bn (EPS: PKR13.02), up 74% yoy. The 3Q result has come in substantially lower than our projected EPS of PKR4.31, where the major variance has emanated from (i) depressed local sales volume, and (ii) lower-than-expected gross margins. KEY TAKEAWAYS FROM 3QFY22 RESULT: * Revenues have clocked in at PKR15.1bn, up c.46% yoy but down c.16% qoq. It is lower than our expectation...
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