External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Pakistan's local cement dispatches are expected to increase by 2% YoY to 3.62mn tons in Sep-2026.</li><li>On a MoM basis, local cement dispatches are expected to increase by 10%, primarily driven by an 11% MoM increase in the North, while South dispatches are expected to rise by 8%.</li><li>However, local cement dispatches are expected to increase by 6% YoY to 10.67mn tons.</li></ul>

Pakistan's local cement dispatches are expected to increase by 2% YoY to 3.62mn tons in Sep-2026.On a MoM basis, local cement dispatches are expected to increase by 10%, primarily driven by an 11% MoM increase in the North, while South dispatches are expected to rise by 8%.However, local cement dispatches are expected to increase by 6% YoY to 10.67mn tons.

Pakistan Cements - Pakistan Cement - Local Cement Dispatches Likely to Be Up by 2% YoY in Sep 2026; 1QFY27 Local Dispatches Expected to Be Up by 6% YoY

<ul><li>Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ.</li><li>In FY26, sector profitability increased 13% YoY to Rs143bn, driven by improved retention prices, stable gross margins, and lower finance costs.</li><li>Net sales for the cement sector increased 9% YoY and 3% QoQ to Rs179.3bn in 4QFY26.</li></ul>

Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ.In FY26, sector profitability increased 13% YoY to Rs143bn, driven by improved retention prices, stable gross margins, and lower finance costs.Net sales for the cement sector increased 9% YoY and 3% QoQ to Rs179.3bn in 4QFY26.

Pakistan Cements - Cement Sector Profits Rise 23% YoY in 4QFY26; Led by Improved Retention Prices and a Lower Effective Tax Rate

Equity Bottom-Up

Attock Cement Pakistan / Equity Bottom-Up

<ul><li>The Pakistan cement sector is currently trading at an EV/ton of US$39.6, while on FY26E EV/EBITDA basis, it is valued at 5.0x.</li><li>Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$13.2 and EV/EBITDA of 1.2x.</li><li>Kohat Cement (KOHC) is valued at EV/ton of US$25.4 and EV/EBITDA of 2.7x.</li></ul>

The Pakistan cement sector is currently trading at an EV/ton of US$39.6, while on FY26E EV/EBITDA basis, it is valued at 5.0x.Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$13.2 and EV/EBITDA of 1.2x.Kohat Cement (KOHC) is valued at EV/ton of US$25.4 and EV/EBITDA of 2.7x.

<ul><li>Pakistan's local cement dispatches are expected to increase by 11% YoY to 3.59mn tons in Jul-2026.</li><li>The YoY growth is primarily attributable to sustained momentum in domestic cement demand, driven by a gradual pickup in housing and construction activity.</li><li>This brings Pakistan's total cement dispatches to approximately 4.29mn tons in Jul-2026, up 2% YoY but down 1% MoM.</li></ul>

Pakistan's local cement dispatches are expected to increase by 11% YoY to 3.59mn tons in Jul-2026.The YoY growth is primarily attributable to sustained momentum in domestic cement demand, driven by a gradual pickup in housing and construction activity.This brings Pakistan's total cement dispatches to approximately 4.29mn tons in Jul-2026, up 2% YoY but down 1% MoM.

Pakistan Cements - Local Cement Dispatches Likely to Be Up by 11% YoY in Jul 2026; FY27 Begins With Sustained Momentum in Domestic Cement Demand

<ul><li>Topline Cement Universe is expected to post profitability of Rs20.54bn in 4QFY26 against profit of Rs18.81bn in 4QFY25, up by 9% YoY and down by 10% QoQ.</li><li>The YoY increase in earnings is primarily driven by increase in net sales amid higher retention prices.</li><li>Net sales are expected to reach Rs116.32bn in 4QFY26, reflecting growth of 23% YoY and 10% QoQ.</li></ul>

Topline Cement Universe is expected to post profitability of Rs20.54bn in 4QFY26 against profit of Rs18.81bn in 4QFY25, up by 9% YoY and down by 10% QoQ.The YoY increase in earnings is primarily driven by increase in net sales amid higher retention prices.Net sales are expected to reach Rs116.32bn in 4QFY26, reflecting growth of 23% YoY and 10% QoQ.

Pakistan Cements - Cement Profitability Likely to Be Up by 9% YoY in 4QFY26; Led by Increase in Local Volumetric Sales

Pakistan

Attock Cement Pakistan Limited manufactures and sells cement and related products. The Company is also part of the Pharaon group, which in addition to investments in the cement industry also owns interests in the oil and gas sector.

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Attock Cement Pakistan (ACPL PA)

Pakistan Cements - Pakistan Cement - Local Cement Dispatches Likely to Be Up by 2% YoY in Sep 2026; 1QFY27 Local Dispatches Expected to Be Up by 6% YoY

Pakistan's local cement dispatches are expected to increase by 2% YoY to 3.62mn tons in Sep-2026. On a MoM basis, local cement dispatches are...

Topline Securities

Pakistan Cements - Cement Sector Profits Rise 23% YoY in 4QFY26; Led by Improved Retention Prices and a Lower Effective Tax Rate

Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ. In FY26, sector profitability increased 13%...

Topline Securities

Pakistan Listed Cement Comp Sheet

The Pakistan cement sector is currently trading at an EV/ton of US$39.6, while on FY26E EV/EBITDA basis, it is valued at 5.0x. Within our...

Topline Securities

Pakistan Cements - Local Cement Dispatches Likely to Be Up by 11% YoY in Jul 2026; FY27 Begins With Sustained Momentum in Domestic Cement Demand

Pakistan's local cement dispatches are expected to increase by 11% YoY to 3.59mn tons in Jul-2026. The YoY growth is primarily attributable to...

Topline Securities

Pakistan Cements - Cement Profitability Likely to Be Up by 9% YoY in 4QFY26; Led by Increase in Local Volumetric Sales

Topline Cement Universe is expected to post profitability of Rs20.54bn in 4QFY26 against profit of Rs18.81bn in 4QFY25, up by 9% YoY and down by...

Topline Securities

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