External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>DG Khan Cement (DGKC) conducted FY25 analyst briefing today to discuss business performance and future outlook.</li><li>Management expects local demand to achieve double-digit growth in FY26, supported by the gradual recovery of pent-up demand following post-flood disruptions.</li><li>We maintain our “Buy” stance on DGKC with company trading at FY26E/27F PE of 8.3/7.5x, respectively.</li></ul>

DG Khan Cement (DGKC) conducted FY25 analyst briefing today to discuss business performance and future outlook.Management expects local demand to achieve double-digit growth in FY26, supported by the gradual recovery of pent-up demand following post-flood disruptions.We maintain our “Buy” stance on DGKC with company trading at FY26E/27F PE of 8.3/7.5x, respectively.

Topline Flash Note: DG Khan Cement (DGKC): Corporate Briefing Key Takeaways

<ul><li>DGKC announced its 4QFY25 result today, where the company recorded unconsolidated earnings of ~Rs 3.16bn (EPS of Rs7.20), up by 58% QoQ.</li><li>Alongside the result, the company announced final cash dividend of Rs2/share in 4QFY25, which was below the industry expectations.</li><li>In FY25, DGKC earnings increased by 16x YoY to Rs8.7bn, translating into EPS of Rs19.80.</li></ul>

DGKC announced its 4QFY25 result today, where the company recorded unconsolidated earnings of ~Rs 3.16bn (EPS of Rs7.20), up by 58% QoQ.Alongside the result, the company announced final cash dividend of Rs2/share in 4QFY25, which was below the industry expectations.In FY25, DGKC earnings increased by 16x YoY to Rs8.7bn, translating into EPS of Rs19.80.

D.G. Khan Cement (DGKC): 4QFY25 EPS At Rs7.21, FY25 EPS At Rs19.80 (Earnings Above Expectations)

<ul><li>DGKC announced its 3QFY25 result today, recording unconsolidated earnings of Rs1.99bn (EPS of Rs4.56), an increase of 69% YoY.</li><li>The result exceeded expectations due to higher-than-expected gross margins and lower finance costs.</li><li>No cash dividend was announced, which aligned with industry expectations, and gross margins improved to 26.0% in 3QFY25.</li></ul>

DGKC announced its 3QFY25 result today, recording unconsolidated earnings of Rs1.99bn (EPS of Rs4.56), an increase of 69% YoY.The result exceeded expectations due to higher-than-expected gross margins and lower finance costs.No cash dividend was announced, which aligned with industry expectations, and gross margins improved to 26.0% in 3QFY25.

D.G. Khan Cement (DGKC): 3QFY25 EPS at Rs4.56 (+69% YoY) (Earnings Higher than Expectations)

<ul><li>DGKC announced its 2QFY25 result today, where the company recorded unconsolidated earnings of Rs2.72bn (EPS of Rs6.21), an increase of 590% YoY.</li><li>The result came higher than expectations in 2QFY25 due to higher-than-expected gross margins and lower than expected effective tax rate.</li><li>Alongside the result, the company did not announce any cash dividend, which was according to industry expectations.</li></ul><p><em>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.</em></p>

DGKC announced its 2QFY25 result today, where the company recorded unconsolidated earnings of Rs2.72bn (EPS of Rs6.21), an increase of 590% YoY.The result came higher than expectations in 2QFY25 due to higher-than-expected gross margins and lower than expected effective tax rate.Alongside the result, the company did not announce any cash dividend, which was 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.

D.G. Khan Cement (DGKC): 2QFY25 EPS at Rs6.21 (+590% YoY) (Earnings Higher than Expectations)

Thematic (Sector/Industry)

<ul><li>The Pakistan cement sector is currently trading at an EV/ton of US$55.6, while on FY25 EV/EBITDA basis, it is valued at 6.3x.</li><li>Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$41.2 and EV/EBITDA of 4.8x.</li><li>Maple Leaf Cement (MLCF) is trading at EV/ton of US$42.0 and FY25 EV/EBITDA of 4.0x, whereas Kohat Cement (KOHC) is valued at EV/ton of US$46.1 and FY25 EV/EBITDA of 4.3x.</li></ul>

The Pakistan cement sector is currently trading at an EV/ton of US$55.6, while on FY25 EV/EBITDA basis, it is valued at 6.3x.Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$41.2 and EV/EBITDA of 4.8x.Maple Leaf Cement (MLCF) is trading at EV/ton of US$42.0 and FY25 EV/EBITDA of 4.0x, whereas Kohat Cement (KOHC) is valued at EV/ton of US$46.1 and FY25 EV/EBITDA of 4.3x.

Pakistan

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

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D.G. Khan Cement (DGKC PA)

Topline Flash Note: DG Khan Cement (DGKC): Corporate Briefing Key Takeaways

DG Khan Cement (DGKC) conducted FY25 analyst briefing today to discuss business performance and future outlook. Management expects local demand to...

Topline Securities

D.G. Khan Cement (DGKC): 4QFY25 EPS At Rs7.21, FY25 EPS At Rs19.80 (Earnings Above Expectations)

DGKC announced its 4QFY25 result today, where the company recorded unconsolidated earnings of ~Rs 3.16bn (EPS of Rs7.20), up by 58% QoQ. Alongside...

Topline Securities

D.G. Khan Cement (DGKC): 3QFY25 EPS at Rs4.56 (+69% YoY) (Earnings Higher than Expectations)

DGKC announced its 3QFY25 result today, recording unconsolidated earnings of Rs1.99bn (EPS of Rs4.56), an increase of 69% YoY. The result exceeded...

Topline Securities

D.G. Khan Cement (DGKC): 2QFY25 EPS at Rs6.21 (+590% YoY) (Earnings Higher than Expectations)

DGKC announced its 2QFY25 result today, where the company recorded unconsolidated earnings of Rs2.72bn (EPS of Rs6.21), an increase of...

Topline Securities

Pakistan Listed Cement Comp Sheet

The Pakistan cement sector is currently trading at an EV/ton of US$55.6, while on FY25 EV/EBITDA basis, it is valued at 6.3x. Within our coverage,...

Topline Securities

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