External broker reports(aggregated public sources), Topline Securities

Topline Securities

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>FY23 profitability down due to cement demand contraction and imposition of super tax.</li><li>LUCK’s local cement volumes down 15% YoY in FY23. However, addition of new line at Pezu with capacity of 3mn tons protected market share to some extent.</li><li>For FY24, initially management was estimating 5-10% decline in local cement sales. However, due to lower rains in northern areas of the country management now expects the decline may be lower than earlier estimates.</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>

FY23 profitability down due to cement demand contraction and imposition of super tax.LUCK’s local cement volumes down 15% YoY in FY23. However, addition of new line at Pezu with capacity of 3mn tons protected market share to some extent.For FY24, initially management was estimating 5-10% decline in local cement sales. However, due to lower rains in northern areas of the country management now expects the decline may be lower than earlier estimates.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.

Topline Flash Note: Lucky Cement (LUCK): Corporate Briefing Key Takeaways