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 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

<ul><li>Pakistan total cement sales in Sep-23 are expected to decline by 5-9% YoY and 10-14% MoM.</li><li>Local dispatches are likely to decline by 9-13% YoY and MoM. Decline in sales could be attributed to rains in northern parts of the country, unavailability of transport due to cultivation of crops and one less working day due to holiday.</li><li>Considering these figures, the average daily domestic sales for the sector are projected to reach 113k tons/day in Sep-23, compared to the five-year average Sep sales of 124k 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 Sep-23 are expected to decline by 5-9% YoY and 10-14% MoM.Local dispatches are likely to decline by 9-13% YoY and MoM. Decline in sales could be attributed to rains in northern parts of the country, unavailability of transport due to cultivation of crops and one less working day due to holiday.Considering these figures, the average daily domestic sales for the sector are projected to reach 113k tons/day in Sep-23, compared to the five-year average Sep sales of 124k 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 9-13% YoY and MoM in Sep-2023

<ul><li>Cement sales in Aug-23 are anticipated to increase by 23-27% YoY and 26-29% MoM. Local dispatches are likely to rise by 19-23% YoY and 25-29% MoM.</li><li>Considering these figures, the average daily domestic sales for the sector are projected to reach 113.5k tons/day in Aug-23, compared to the five-year average August sales of 100.6k tons/day.</li><li>The start of FY24 began on shaky ground as sales were lower in Jul-23 due to rainfall in most parts of the country. However, sales are expected to rebound in Aug-23 with MoM increase of 27% to 3.5mn tons, attributed to the low base effect. It's worth recalling that the country was affected by floods last year, which hampered construction activities in Jul-Aug 2022.</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.

Cement sales in Aug-23 are anticipated to increase by 23-27% YoY and 26-29% MoM. Local dispatches are likely to rise by 19-23% YoY and 25-29% MoM.Considering these figures, the average daily domestic sales for the sector are projected to reach 113.5k tons/day in Aug-23, compared to the five-year average August sales of 100.6k tons/day.The start of FY24 began on shaky ground as sales were lower in Jul-23 due to rainfall in most parts of the country. However, sales are expected to rebound in Aug-23 with MoM increase of 27% to 3.5mn tons, attributed to the low base effect. It's worth recalling that the country was affected by floods last year, which hampered construction activities in Jul-Aug 2022.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 Increase by 19-23% YoY in Aug-2023

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and the downward trajectory of bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. Major indexes around the world continue to do next to nothing, making Sector, Group, and stock selection all the more important. We prefer to use a barbell strategy of growth and safety. Attractive and actionable themes highlighted in today’s report include IT Services/Tech Software, Communications, Precious Metals, and Utilities.

Deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and the downward trajectory of bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. Major indexes around the world continue to do next to nothing, making Sector, Group, and stock selection all the more important. We prefer to use a barbell strategy of growth and safety. Attractive and actionable themes highlighted in today’s report include IT Services/Tech Software, Communications, Precious Metals, and Utilities.

Global Equity Strategy: Stay on the Defensive

Pakistan cement manufacturers posted profitability decline of 3% YoY (pretax profits down 15%) during 1QFY18 vs. double digit growth of 17% and 32% seen in 1QFY17 and 1QFY16, respectively. Our analysis is based on a sample of 15 listed cement producers (out of a total of 18) which represents 99.7% of total cement companies’ market capitalization.During 1QFY18, sector sales grew by 11% YoY, mainly supported by 21% growth in local dispatches (total volume up 15%).  Performance of local dispatches…

Pakistan cement manufacturers posted profitability decline of 3% YoY (pretax profits down 15%) during 1QFY18 vs. double digit growth of 17% and 32% seen in 1QFY17 and 1QFY16, respectively. Our analysis is based on a sample of 15 listed cement producers (out of a total of 18) which represents 99.7% of total cement companies’ market capitalization.During 1QFY18, sector sales grew by 11% YoY, mainly supported by 21% growth in local dispatches (total volume up 15%).  Performance of local dispatches…

Pakistan Cements: Sector Profits -3%, Pretax Profits -15% YoY in 1QFY18

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Attock Cement Pakistan (ACPL PA)

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

Pakistan Cements: Local Cement Dispatches to Decline by 9-13% YoY and MoM in Sep-2023

Pakistan total cement sales in Sep-23 are expected to decline by 5-9% YoY and 10-14% MoM. Local dispatches are likely to decline by 9-13% YoY and...

Topline Securities

Pakistan Cements: Local Cement Dispatches to Increase by 19-23% YoY in Aug-2023

Cement sales in Aug-23 are anticipated to increase by 23-27% YoY and 26-29% MoM. Local dispatches are likely to rise by 19-23% YoY and...

Topline Securities

Global Equity Strategy: Stay on the Defensive

Deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and the downward trajectory of bond yields leads us to remain...

Vermilion Research

Pakistan Cements: Sector Profits -3%, Pretax Profits -15% YoY in 1QFY18

Pakistan cement manufacturers posted profitability decline of 3% YoY (pretax profits down 15%) during 1QFY18 vs. double digit growth of 17% and 32%...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)