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>Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.</li><li>On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.</li><li>We maintain our BUY stance on LUCK which is currently trading at FY26E/27F PE of 6.9/5.8x respectively.</li></ul>

Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.We maintain our BUY stance on LUCK which is currently trading at FY26E/27F PE of 6.9/5.8x respectively.

Lucky Cement (LUCK): 1QFY26 EPS At Rs15.0, Up By 23% YoY & 12% QoQ (Earnings In Line With Expectations)

Thematic (Sector/Industry)

<ul><li>Pakistan’s listed cement sector reported earnings of Rs36.2bn, reflecting a 7% YoY and 4% QoQ rise in 3QFY26, driven by higher dispatches and prices. This takes 9MFY26, earnings to Rs108bn up by 17% YoY.</li><li>Net sales for the cement sector increased by 14% on a YoY basis but declined by 4% QoQ to Rs190bn in 3QFY26. Cumulatively, the sales surged by 9% YoY to Rs575bn in 9MFY26.</li><li>Domestic dispatches surged by 4% YoY to 10.1mn tons, whereas the export volumes increased by 35% YoY to 2.3mn tons in 3QFY26. The YoY growth was primarily driven by surge in sea-borne exports from South based mills, which offset the loss of Afghan market. Note, that the QoQ decline was driven by a drop in domestic dispatches amid Ramadan and Eid holidays.</li></ul>

Pakistan’s listed cement sector reported earnings of Rs36.2bn, reflecting a 7% YoY and 4% QoQ rise in 3QFY26, driven by higher dispatches and prices. This takes 9MFY26, earnings to Rs108bn up by 17% YoY.Net sales for the cement sector increased by 14% on a YoY basis but declined by 4% QoQ to Rs190bn in 3QFY26. Cumulatively, the sales surged by 9% YoY to Rs575bn in 9MFY26.Domestic dispatches surged by 4% YoY to 10.1mn tons, whereas the export volumes increased by 35% YoY to 2.3mn tons in 3QFY26. The YoY growth was primarily driven by surge in sea-borne exports from South based mills, which offset the loss of Afghan market. Note, that the QoQ decline was driven by a drop in domestic dispatches amid Ramadan and Eid holidays.

Pakistan Cements - Sector Profits Increased By 7% YoY in 3QFY26; Led By Higher Dispatches And Price Growth

<ul><li>Pakistan's listed cement sector reported earnings of Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in sector’s other income.</li><li>Net Sales for the cement sector remained flattish on YoY basis and increased by 7% QoQ to Rs192.1bn in 2QFY26. The QoQ growth was driven by a 13% increase in domestic dispatches.</li><li>Export dispatches declined by 23% YoY and 21% QoQ to 2.04mn tons in 2QFY26. The YoY drop was primarily driven by lower sea-borne exports, along with halted exports from the northern region amid ongoing political instability at the Afghan border.</li></ul>

Pakistan's listed cement sector reported earnings of Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in sector’s other income.Net Sales for the cement sector remained flattish on YoY basis and increased by 7% QoQ to Rs192.1bn in 2QFY26. The QoQ growth was driven by a 13% increase in domestic dispatches.Export dispatches declined by 23% YoY and 21% QoQ to 2.04mn tons in 2QFY26. The YoY drop was primarily driven by lower sea-borne exports, along with halted exports from the northern region amid ongoing political instability at the Afghan border.

Pakistan Cements - Sector Profits Remain Flattish On YoY Basis In 2QFY26; Led By Decrease In Retention Prices

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.</li><li>Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.</li><li>The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.</li><li>The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.</li><li>Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones Up 7% MoM in Nov-25

Pakistan

Lucky Cement Limited manufactures and sells cement.  The Company's cement brands include Lucky Gold Brand, Lucky Brand, Lucky Star Brand. Lucky Cement's main plant site is located at the District Lucky Marwat in the North West Frontier province of Pakistan.

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Lucky Cement (LUCK PA)

Lucky Cement (LUCK): 1QFY26 EPS At Rs15.0, Up By 23% YoY & 12% QoQ (Earnings In Line With Expectations)

Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY...

Topline Securities

Pakistan Cements - Sector Profits Increased By 7% YoY in 3QFY26; Led By Higher Dispatches And Price Growth

Pakistan’s listed cement sector reported earnings of Rs36.2bn, reflecting a 7% YoY and 4% QoQ rise in 3QFY26, driven by higher dispatches and...

Topline Securities

Pakistan Cements - Sector Profits Remain Flattish On YoY Basis In 2QFY26; Led By Decrease In Retention Prices

Pakistan's listed cement sector reported earnings of Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones Up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn...

Topline Securities

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