External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Maple Leaf Cement Factory / Equity Bottom-Up

<ul><li>Topline Securities organized the Pakistan Day Conference 2025. The conference started with a session on Maple Leaf Cement (MLCF), where the key speakers of the session were Mr. Mohsin Naqvi, CFO of MLCF, and Mr. Sohail Sadiq.</li><li>Management now anticipates cement dispatches to end FY26 on a positive note. While the initial forecast was for around 2% growth in domestic sales, stronger-than-expected demand in the first two months has led them to revise their outlook to 6–9% growth for the year.</li><li>Management attributes the recent growth to improving economic conditions, with inflation easing from 37% to 5-7%, monetary easing, and stronger purchasing power reviving overall activity. In addition, a backlog of demand from delayed construction and public infrastructure projects is also contributing to higher cement offtake.</li></ul>

Topline Securities organized the Pakistan Day Conference 2025. The conference started with a session on Maple Leaf Cement (MLCF), where the key speakers of the session were Mr. Mohsin Naqvi, CFO of MLCF, and Mr. Sohail Sadiq.Management now anticipates cement dispatches to end FY26 on a positive note. While the initial forecast was for around 2% growth in domestic sales, stronger-than-expected demand in the first two months has led them to revise their outlook to 6–9% growth for the year.Management attributes the recent growth to improving economic conditions, with inflation easing from 37% to 5-7%, monetary easing, and stronger purchasing power reviving overall activity. In addition, a backlog of demand from delayed construction and public infrastructure projects is also contributing to higher cement offtake.

Pakistan Day Conference 2025 - MLCF Recovery in Cement Demand and Fuel Cost to Go Down Further