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 listed cement sector reported record earnings of Rs22.4bn, up 8% YoY in 2QFY24. This earnings growth is primarily due to higher gross margins and other income.</li><li>Despite fall in cement dispatches, sector sales increased by 9% YoY to Rs179bn in 2QFY24, led by a 16% YoY increase in average cement prices.</li><li>Local dispatches declined by 12% YoY to 10.1mn tons in 2QFY24. However, the decline in total cement dispatches was restricted to 1% YoY, due to a 166% growth in cement exports in 2QFY24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan's listed cement sector reported record earnings of Rs22.4bn, up 8% YoY in 2QFY24. This earnings growth is primarily due to higher gross margins and other income.Despite fall in cement dispatches, sector sales increased by 9% YoY to Rs179bn in 2QFY24, led by a 16% YoY increase in average cement prices.Local dispatches declined by 12% YoY to 10.1mn tons in 2QFY24. However, the decline in total cement dispatches was restricted to 1% YoY, due to a 166% growth in cement exports in 2QFY24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Cement: Sector Reported Record Quarterly Profit in 2QFY24

<ul><li>Pakistan local cement dispatches are likely to decline by 7-11% MoM and 22-26% YoY to clock in at around 2.7-2.8mn tons in Feb-2024.</li><li>MoM decline in local cement dispatches is primarily due to fewer working days in Feb-2024 compared to Jan-2024. Moreover, due to general election, construction activities usually slow down for a few days before and after the election.</li><li>Considering these figures, the average daily domestic sales for the sector is expected to clock in at 93.5k tons/day in Feb-24, compared to the five-year average Feb sales of 128.2k tons/day.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan local cement dispatches are likely to decline by 7-11% MoM and 22-26% YoY to clock in at around 2.7-2.8mn tons in Feb-2024.MoM decline in local cement dispatches is primarily due to fewer working days in Feb-2024 compared to Jan-2024. Moreover, due to general election, construction activities usually slow down for a few days before and after the election.Considering these figures, the average daily domestic sales for the sector is expected to clock in at 93.5k tons/day in Feb-24, compared to the five-year average Feb sales of 128.2k tons/day.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Cement: Local Cement Dispatches to Fall 7-11% MoM in Feb-2024

<ul><li>Pakistan’s listed cement sector has reported highest ever earnings of Rs21.3bn up 46% YoY in 1QFY24. The positive earnings growth is primarily due to higher volumetric sales and improved gross margins.</li><li>The cement sector also witnessed a significant increase in pre-tax earnings (PBT), rising by 60% YoY and 51% QoQ to Rs32.8bn. This significant growth is due to factors mentioned above and QoQ decline in tax expense.</li><li>Sales jumped 34% YoY to Rs170bn in 1QFY24 led by 23.6% YoY increase in total cement dispatches and 12% YoY in average cement prices.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan’s listed cement sector has reported highest ever earnings of Rs21.3bn up 46% YoY in 1QFY24. The positive earnings growth is primarily due to higher volumetric sales and improved gross margins.The cement sector also witnessed a significant increase in pre-tax earnings (PBT), rising by 60% YoY and 51% QoQ to Rs32.8bn. This significant growth is due to factors mentioned above and QoQ decline in tax expense.Sales jumped 34% YoY to Rs170bn in 1QFY24 led by 23.6% YoY increase in total cement dispatches and 12% YoY in average cement prices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Cements: Sector reported highest ever quarterly profit in 1QFY24

<ul><li>Pakistan total cement sales in Oct-23 are expected to decline by 7-11% YoY and 4-8% MoM.</li><li>Local dispatches are likely to decline by 19-23% YoY and 11-15% MoM. Decline in sales could be attributed to unavailability labor due to start of Rabi season, high construction cost and slowdown in construction activities.</li><li>Considering these figures, the average daily domestic sales for the sector are expected to reach 99.6k tons/day in Oct-23, compared to the five-year average Oct sales of 138.7k tons/day.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan total cement sales in Oct-23 are expected to decline by 7-11% YoY and 4-8% MoM.Local dispatches are likely to decline by 19-23% YoY and 11-15% MoM. Decline in sales could be attributed to unavailability labor due to start of Rabi season, high construction cost and slowdown in construction activities.Considering these figures, the average daily domestic sales for the sector are expected to reach 99.6k tons/day in Oct-23, compared to the five-year average Oct sales of 138.7k tons/day.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Cements: Local Cement Dispatches to Decline by 19-23% YoY in Oct-2023

<ul><li>Pakistan’s listed cement sector has reported after tax earnings (PAT) of Rs51bn down 3% YoY in FY23 vs growth of 8% in FY22. The negative earnings growth is primarily due to higher tax expense amid implantation of 10% super tax.</li><li>However Cement sector recorded pre tax earnings (PBT) of Rs100bn up 11% despite 16% YoY fall in total cement dispatches and 78% YoY increase in finance cost.</li><li>The improvement in PBT is primarily back of increase in sales by 21% YoY to Rs590bn in FY23 led by 37% YoY increase in cement prices.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan’s listed cement sector has reported after tax earnings (PAT) of Rs51bn down 3% YoY in FY23 vs growth of 8% in FY22. The negative earnings growth is primarily due to higher tax expense amid implantation of 10% super tax.However Cement sector recorded pre tax earnings (PBT) of Rs100bn up 11% despite 16% YoY fall in total cement dispatches and 78% YoY increase in finance cost.The improvement in PBT is primarily back of increase in sales by 21% YoY to Rs590bn in FY23 led by 37% YoY increase in cement prices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Cement: Sector profits down 3% YoY in FY23; Pre-tax profitability up 11% YoY in FY23

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.

Attock Cement Pakistan (ACPL PA)

Pakistan Cement: Sector Reported Record Quarterly Profit in 2QFY24

Pakistan's listed cement sector reported record earnings of Rs22.4bn, up 8% YoY in 2QFY24. This earnings growth is primarily due to higher gross...

Topline Securities

Pakistan Cement: Local Cement Dispatches to Fall 7-11% MoM in Feb-2024

Pakistan local cement dispatches are likely to decline by 7-11% MoM and 22-26% YoY to clock in at around 2.7-2.8mn tons in Feb-2024. MoM decline...

Topline Securities

Pakistan Cements: Sector reported highest ever quarterly profit in 1QFY24

Pakistan’s listed cement sector has reported highest ever earnings of Rs21.3bn up 46% YoY in 1QFY24. The positive earnings growth is primarily due...

Topline Securities

Pakistan Cements: Local Cement Dispatches to Decline by 19-23% YoY in Oct-2023

Pakistan total cement sales in Oct-23 are expected to decline by 7-11% YoY and 4-8% MoM. Local dispatches are likely to decline by 19-23% YoY and...

Topline Securities

Pakistan Cement: Sector profits down 3% YoY in FY23; Pre-tax profitability up 11% YoY in FY23

Pakistan’s listed cement sector has reported after tax earnings (PAT) of Rs51bn down 3% YoY in FY23 vs growth of 8% in FY22. The negative earnings...

Topline Securities