External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Pakistan's local cement dispatches are expected to increase by 2% YoY to 3.62mn tons in Sep-2026.</li><li>On a MoM basis, local cement dispatches are expected to increase by 10%, primarily driven by an 11% MoM increase in the North, while South dispatches are expected to rise by 8%.</li><li>However, local cement dispatches are expected to increase by 6% YoY to 10.67mn tons.</li></ul>

Pakistan's local cement dispatches are expected to increase by 2% YoY to 3.62mn tons in Sep-2026.On a MoM basis, local cement dispatches are expected to increase by 10%, primarily driven by an 11% MoM increase in the North, while South dispatches are expected to rise by 8%.However, local cement dispatches are expected to increase by 6% YoY to 10.67mn tons.

Pakistan Cements - Pakistan Cement - Local Cement Dispatches Likely to Be Up by 2% YoY in Sep 2026; 1QFY27 Local Dispatches Expected to Be Up by 6% YoY

<ul><li>Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ.</li><li>In FY26, sector profitability increased 13% YoY to Rs143bn, driven by improved retention prices, stable gross margins, and lower finance costs.</li><li>Net sales for the cement sector increased 9% YoY and 3% QoQ to Rs179.3bn in 4QFY26.</li></ul>

Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ.In FY26, sector profitability increased 13% YoY to Rs143bn, driven by improved retention prices, stable gross margins, and lower finance costs.Net sales for the cement sector increased 9% YoY and 3% QoQ to Rs179.3bn in 4QFY26.

Pakistan Cements - Cement Sector Profits Rise 23% YoY in 4QFY26; Led by Improved Retention Prices and a Lower Effective Tax Rate

Equity Bottom-Up

Maple Leaf Cement Factory / Equity Bottom-Up

<ul><li>MLCF announced its 3QFY26 result today, wherein, the company reported consolidated earnings of Rs1.7bn (EPS: Rs1.69), down 37% YoY and 43% QoQ. This takes 9MFY26 earnings to Rs7.6bn (EPS: Rs7.27), slightly down by 3% YoY.</li><li>Earnings came lower than industry’s expectations due to higher than estimated finance cost and admin expenses.</li><li>To highlight, the published results also reflects consolidation impact of Pioneer cement acquisition which went into effect in Mid Feb 2026.</li></ul>

MLCF announced its 3QFY26 result today, wherein, the company reported consolidated earnings of Rs1.7bn (EPS: Rs1.69), down 37% YoY and 43% QoQ. This takes 9MFY26 earnings to Rs7.6bn (EPS: Rs7.27), slightly down by 3% YoY.Earnings came lower than industry’s expectations due to higher than estimated finance cost and admin expenses.To highlight, the published results also reflects consolidation impact of Pioneer cement acquisition which went into effect in Mid Feb 2026.

Maple Leaf Cement (MLCF): 3QFY26 EPS At Rs1.69, 9MFY26 EPS At Rs7.27 (Earnings Lower Than Industry’s Expectations)

Pioneer Cement Limited / Equity Bottom-Up

<ul><li>Pioneer Cement (PIOC) conducted FY26 analyst briefing today to discuss business performance and outlook.</li><li>Management expects local cement industry sales to grow by 7-7.5% in FY27, in line with recent trends. Subsidized housing finance schemes at both federal and provincial levels could provide further upside to demand.</li><li>PIOC’s solar power plant expansion to 28.3MW is in the final installation stage, with commissioning underway in phases. Overall project is expected to be completed by Dec-2026.</li></ul>

Pioneer Cement (PIOC) conducted FY26 analyst briefing today to discuss business performance and outlook.Management expects local cement industry sales to grow by 7-7.5% in FY27, in line with recent trends. Subsidized housing finance schemes at both federal and provincial levels could provide further upside to demand.PIOC’s solar power plant expansion to 28.3MW is in the final installation stage, with commissioning underway in phases. Overall project is expected to be completed by Dec-2026.

Topline Flash Note: Pioneer Cement (PIOC): Corporate Briefing Key Takeaways

<ul>
<li>Pakistan's local cement dispatches are expected to decrease by 11% YoY to 2.97mn tons in Aug-2026.</li>
<li>The YoY decline is attributable to multiple factors, including an increase in ex-factory prices, higher diesel prices, and the impact of monsoon rains.</li>
<li>In 2MFY27, total cement dispatches are expected to clock in at 8.18mn tons, down 1% YoY. However, local cement dispatches are expected to increase by 3% YoY.</li>
</ul>


Pakistan's local cement dispatches are expected to decrease by 11% YoY to 2.97mn tons in Aug-2026.
The YoY decline is attributable to multiple factors, including an increase in ex-factory prices, higher diesel prices, and the impact of monsoon rains.
In 2MFY27, total cement dispatches are expected to clock in at 8.18mn tons, down 1% YoY. However, local cement dispatches are expected to increase by 3% YoY.


Pakistan Cements - Local Cement Dispatches Likely to Be Down by 11% YoY in Aug 2026

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Maple Leaf Cement Factory (MLCF PA)

Pakistan Cements - Pakistan Cement - Local Cement Dispatches Likely to Be Up by 2% YoY in Sep 2026; 1QFY27 Local Dispatches Expected to Be Up by 6% YoY

Pakistan's local cement dispatches are expected to increase by 2% YoY to 3.62mn tons in Sep-2026. On a MoM basis, local cement dispatches are...

Topline Securities

Pakistan Cements - Cement Sector Profits Rise 23% YoY in 4QFY26; Led by Improved Retention Prices and a Lower Effective Tax Rate

Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ. In FY26, sector profitability increased 13%...

Topline Securities

Maple Leaf Cement (MLCF): 3QFY26 EPS At Rs1.69, 9MFY26 EPS At Rs7.27 (Earnings Lower Than Industry’s Expectations)

MLCF announced its 3QFY26 result today, wherein, the company reported consolidated earnings of Rs1.7bn (EPS: Rs1.69), down 37% YoY and 43% QoQ....

Topline Securities

Topline Flash Note: Pioneer Cement (PIOC): Corporate Briefing Key Takeaways

Pioneer Cement (PIOC) conducted FY26 analyst briefing today to discuss business performance and outlook. Management expects local cement industry...

Topline Securities

Pakistan Cements - Local Cement Dispatches Likely to Be Down by 11% YoY in Aug 2026

Pakistan's local cement dispatches are expected to decrease by 11% YoY to 2.97mn tons in Aug-2026. The YoY decline is attributable to multiple...

Topline Securities

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