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>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

<ul><li>We have revised our cement sector earnings estimates downward by an average of 15–20% for FY26 and FY27. The revision reflects a weaker macroeconomic outlook stemming from the ongoing US-Iran conflict and its broader economic implications.</li><li>Domestic growth expectations moderated: Local cement dispatches rose by ~9% YoY during 11MFY26, supported by improving macroeconomic conditions, lower interest rates earlier in the year, and a gradual recovery in construction activity.</li><li>Higher coal prices to pressure margins: Following the US–Iran conflict, international coal prices rebounded sharply, reaching US$112/ton in May-26 compared to US$96/ton in Feb-26 and an FY25 average of US$101/ton.</li></ul>

We have revised our cement sector earnings estimates downward by an average of 15–20% for FY26 and FY27. The revision reflects a weaker macroeconomic outlook stemming from the ongoing US-Iran conflict and its broader economic implications.Domestic growth expectations moderated: Local cement dispatches rose by ~9% YoY during 11MFY26, supported by improving macroeconomic conditions, lower interest rates earlier in the year, and a gradual recovery in construction activity.Higher coal prices to pressure margins: Following the US–Iran conflict, international coal prices rebounded sharply, reaching US$112/ton in May-26 compared to US$96/ton in Feb-26 and an FY25 average of US$101/ton.

Pakistan Cements - Earnings Revised Downward; Market Weight Maintained

Taiwan

Lucky Cement Corporation manufactures Portland cement.  The Company sells its products under the Lucky brand name.  The Company manufactures ready-mixed concrete and develops real estate through its subsidiaries.

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Lucky Cement (1108 TT)

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

Pakistan Cements - Earnings Revised Downward; Market Weight Maintained

We have revised our cement sector earnings estimates downward by an average of 15–20% for FY26 and FY27. The revision reflects a weaker...

Topline Securities

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