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.

Equity Bottom-Up

<ul><li>DGKC announced its 1QFY25 result today, where the company recorded unconsolidated earnings of Rs804mn (EPS of Rs1.84), an increase of 22% YoY.</li><li>The result came higher than expectations in 1QFY25 due to higher than expected gross margins and lower finance costs.</li><li>Alongside the result, the company did not announce any cash dividend, which was also according to industry expectations.</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.

DGKC announced its 1QFY25 result today, where the company recorded unconsolidated earnings of Rs804mn (EPS of Rs1.84), an increase of 22% YoY.The result came higher than expectations in 1QFY25 due to higher than expected gross margins and lower finance costs.Alongside the result, the company did not announce any cash dividend, which was also according to industry expectations.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.

DG Khan Cement (DGKC): 1QFY25 EPS at Rs1.84 Vs. EPS Rs1.51 in 1QFY24

Thematic (Sector/Industry)

<ul><li>Topline Cement Universe is expected to post profitability of Rs13.3bn in 1QFY25 against profit of Rs12.9bn in 4QFY24, up by 3% QoQ, mainly due to lower financial charges.</li><li>On a QoQ basis, impact of lower domestic dispatches and higher coal costs have been mitigated by higher retention prices, especially in North (KPK).</li><li>While on YoY basis, Topline cement universe profitability is expected to decline by 6% YoY mainly due to lower domestic dispatches, down by 20% YoY to 8.13mn tons in 1QFY25.</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.

Topline Cement Universe is expected to post profitability of Rs13.3bn in 1QFY25 against profit of Rs12.9bn in 4QFY24, up by 3% QoQ, mainly due to lower financial charges.On a QoQ basis, impact of lower domestic dispatches and higher coal costs have been mitigated by higher retention prices, especially in North (KPK).While on YoY basis, Topline cement universe profitability is expected to decline by 6% YoY mainly due to lower domestic dispatches, down by 20% YoY to 8.13mn tons in 1QFY25.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: Profitability Likely to Decline by 6% YoY in 1QFY25

<ul><li>DGKC announced its 4QFY24 result today, where the company recorded unconsolidated loss of ~Rs1.69bn (LPS of Rs3.86), a decrease in losses of 71% YoY.</li><li>The result came lower than expectations in 4QFY24 due to lower than expected gross margins.</li><li>Alongside the result, the company did not announce any cash dividend, which was also below industry expectations.</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.

DGKC announced its 4QFY24 result today, where the company recorded unconsolidated loss of ~Rs1.69bn (LPS of Rs3.86), a decrease in losses of 71% YoY.The result came lower than expectations in 4QFY24 due to lower than expected gross margins.Alongside the result, the company did not announce any cash dividend, which was also below industry expectations.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.

D.G. Khan Cement (DGKC): 4QFY24 LPS at Rs3.86, FY24 EPS at Rs1.24

Cross Asset Strategy

<ul><li>MSCI has announced results of its Quarterly Index Review (QIR) on Aug 13, 2024 and all changes will be effective from Aug 30, 2024.</li><li>The Index provider has added one scrip from Pakistan in its MSCI Frontier Markets Index namely Sazgar Engineering (SAZEW) against market expectations of 4-6 scrips.</li><li>MSCI has increased cut-off threshold of total market cap and free float market cap from US$126mn and US$63mn to US$138mn and US$69mn, respectively for this Aug 2024 QIR.</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.

MSCI has announced results of its Quarterly Index Review (QIR) on Aug 13, 2024 and all changes will be effective from Aug 30, 2024.The Index provider has added one scrip from Pakistan in its MSCI Frontier Markets Index namely Sazgar Engineering (SAZEW) against market expectations of 4-6 scrips.MSCI has increased cut-off threshold of total market cap and free float market cap from US$126mn and US$63mn to US$138mn and US$69mn, respectively for this Aug 2024 QIR.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 Market: MSCI Aug 2024 Review; SAZEW added to MSCI Frontier Market Index

<ul><li>Topline Cement Universe is expected to post profitability of Rs12.5bn in 4QFY24 against profit of Rs11.1bn in 3QFY24, up by 13% QoQ, due to higher average retention prices.</li><li>This will take FY24 profits to Rs51.1bn, up 84% YoY due to increase in GP margins to 29%, up by 4ppts YoY.</li><li>While on YoY basis, Topline cement universe posted loss of Rs2.8bn in 4QFY23 due to higher effective tax rate related to super tax liability. Excluding for tax implications, Profit Before Tax (PBT) in 4QFY24 is expected to increase by 45% YoY due to higher revenues and other income.</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.

Topline Cement Universe is expected to post profitability of Rs12.5bn in 4QFY24 against profit of Rs11.1bn in 3QFY24, up by 13% QoQ, due to higher average retention prices.This will take FY24 profits to Rs51.1bn, up 84% YoY due to increase in GP margins to 29%, up by 4ppts YoY.While on YoY basis, Topline cement universe posted loss of Rs2.8bn in 4QFY23 due to higher effective tax rate related to super tax liability. Excluding for tax implications, Profit Before Tax (PBT) in 4QFY24 is expected to increase by 45% YoY due to higher revenues and other income.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.

Profitability Likely to Increase by 13% QoQ in 4QFY24; Net Revenue to Increase by 10% YoY in 4QFY24

Pakistan

D.G. Khan Cement Company Limited manufactures and sells portland cement.

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D.G. Khan Cement (DGKC PA)

DG Khan Cement (DGKC): 1QFY25 EPS at Rs1.84 Vs. EPS Rs1.51 in 1QFY24

DGKC announced its 1QFY25 result today, where the company recorded unconsolidated earnings of Rs804mn (EPS of Rs1.84), an increase of 22%...

Topline Securities

Pakistan Cement: Profitability Likely to Decline by 6% YoY in 1QFY25

Topline Cement Universe is expected to post profitability of Rs13.3bn in 1QFY25 against profit of Rs12.9bn in 4QFY24, up by 3% QoQ, mainly due...

Topline Securities

D.G. Khan Cement (DGKC): 4QFY24 LPS at Rs3.86, FY24 EPS at Rs1.24

DGKC announced its 4QFY24 result today, where the company recorded unconsolidated loss of ~Rs1.69bn (LPS of Rs3.86), a decrease in losses of 71%...

Topline Securities

Pakistan Market: MSCI Aug 2024 Review; SAZEW added to MSCI Frontier Market Index

MSCI has announced results of its Quarterly Index Review (QIR) on Aug 13, 2024 and all changes will be effective from Aug 30, 2024. The Index...

Topline Securities

Profitability Likely to Increase by 13% QoQ in 4QFY24; Net Revenue to Increase by 10% YoY in 4QFY24

Topline Cement Universe is expected to post profitability of Rs12.5bn in 4QFY24 against profit of Rs11.1bn in 3QFY24, up by 13% QoQ, due to...

Topline Securities

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