External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Maple Leaf Cement Factory / Equity Bottom-Up

<ul><li>MLCF's 3QFY25 earnings surged by 85% YoY, reaching Rs2.8bn (EPS of Rs2.67), though they decreased by 25% QoQ.</li><li>The earnings exceeded expectations due to higher gross margins, lower distribution costs, and a reduced effective tax rate.</li><li>No cash dividend was announced, aligning with expectations, and gross margins improved YoY due to lower coal costs and increased domestic dispatches.</li></ul>

MLCF's 3QFY25 earnings surged by 85% YoY, reaching Rs2.8bn (EPS of Rs2.67), though they decreased by 25% QoQ.The earnings exceeded expectations due to higher gross margins, lower distribution costs, and a reduced effective tax rate.No cash dividend was announced, aligning with expectations, and gross margins improved YoY due to lower coal costs and increased domestic dispatches.

Maple Leaf Cement (MLCF): 3QFY25 EPS at Rs2.67, up by 85% YoY (Earnings higher than expectations)

<ul><li>MLCF announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs3.7bn (EPS of Rs3.57), up by 66% YoY and by 178% QoQ.</li><li>The result came higher than expectations in 2QFY25 due to higher-than-expected gross margins and higher than expected other income.</li><li>Alongside the result, the company did not announce any cash dividend which is as per 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>

MLCF announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs3.7bn (EPS of Rs3.57), up by 66% YoY and by 178% QoQ.The result came higher than expectations in 2QFY25 due to higher-than-expected gross margins and higher than expected other income.Alongside the result, the company did not announce any cash dividend which is as per 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.

Maple Leaf Cement (MLCF): 2QFY25 EPS at Rs3.57, up by 66% YoY (Earnings Higher than Expectations)

Thematic (Sector/Industry)

<ul><li>Pakistan's listed cement sector reported earnings of Rs37.5bn, up by 55% YoY and by 20% QoQ.</li><li>Excluding Lucky Cement (LUCK), the cement sector profitability is down 10% QoQ to Rs23bn.</li><li>To highlight, despite a decline in cement prices during 1QFY26, sector profitability remained robust as lower coal costs and an increase in dispatches helped sustain margins.</li></ul>

Pakistan's listed cement sector reported earnings of Rs37.5bn, up by 55% YoY and by 20% QoQ.Excluding Lucky Cement (LUCK), the cement sector profitability is down 10% QoQ to Rs23bn.To highlight, despite a decline in cement prices during 1QFY26, sector profitability remained robust as lower coal costs and an increase in dispatches helped sustain margins.

Pakistan Cement: Sector Profits Rise 20% QoQ in 1QFY26; Excluding Lucky Cement Profits Down 10% QoQ

<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.

<ul><li>Pakistan's listed cement sector reported earnings of Rs30.91bn, up by 60% YoY and down by 8% QoQ.</li><li>Sales for the cement sector remained flattish on QoQ basis and increased by 5% YoY to Rs167.8bn in 4QFY25. Sector revenue decreased on a QoQ basis due to 6% decline QoQ in domestic dispatches.</li><li>Export dispatches were up by 33% YoY and down by 55% QoQ to 2.7mn tons in 4QFY25.</li></ul>

Pakistan's listed cement sector reported earnings of Rs30.91bn, up by 60% YoY and down by 8% QoQ.Sales for the cement sector remained flattish on QoQ basis and increased by 5% YoY to Rs167.8bn in 4QFY25. Sector revenue decreased on a QoQ basis due to 6% decline QoQ in domestic dispatches.Export dispatches were up by 33% YoY and down by 55% QoQ to 2.7mn tons in 4QFY25.

Pakistan Cement: Sector Profits Rise 60% YoY in 4QFY25; Led by Improved Retention Prices and Lower Finance Cost

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Maple Leaf Cement Factory (MLCF PA)

Maple Leaf Cement (MLCF): 3QFY25 EPS at Rs2.67, up by 85% YoY (Earnings higher than expectations)

MLCF's 3QFY25 earnings surged by 85% YoY, reaching Rs2.8bn (EPS of Rs2.67), though they decreased by 25% QoQ. The earnings exceeded expectations...

Topline Securities

Maple Leaf Cement (MLCF): 2QFY25 EPS at Rs3.57, up by 66% YoY (Earnings Higher than Expectations)

MLCF announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs3.7bn (EPS of Rs3.57), up by 66% YoY and by...

Topline Securities

Pakistan Cement: Sector Profits Rise 20% QoQ in 1QFY26; Excluding Lucky Cement Profits Down 10% QoQ

Pakistan's listed cement sector reported earnings of Rs37.5bn, up by 55% YoY and by 20% QoQ. Excluding Lucky Cement (LUCK), the cement sector...

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

Pakistan Cement: Sector Profits Rise 60% YoY in 4QFY25; Led by Improved Retention Prices and Lower Finance Cost

Pakistan's listed cement sector reported earnings of Rs30.91bn, up by 60% YoY and down by 8% QoQ. Sales for the cement sector remained flattish on...

Topline Securities

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