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>Maple Leaf Cement (MLCF) conducted FY25 analyst briefing today to discuss business performance and future outlook.</li><li>Management expects cement dispatches to grow by 10-13% YoY in FY26, driven by stronger-than-expected demand in 4MFY26. The increase in YoY sales is attributable to improved private sector activity and pent-up demand from the construction sector.</li><li>MLCF is diversifying into healthcare through NovaCare Hospitals, planning three facilities across major cities. The first, in Islamabad, will open by end-2026 under affiliation with Imperial College Healthcare NHS Trust, London. The US$100mn project will be financed equally through debt and equity, with MLCF holding 99.99% ownership.</li></ul>

Maple Leaf Cement (MLCF) conducted FY25 analyst briefing today to discuss business performance and future outlook.Management expects cement dispatches to grow by 10-13% YoY in FY26, driven by stronger-than-expected demand in 4MFY26. The increase in YoY sales is attributable to improved private sector activity and pent-up demand from the construction sector.MLCF is diversifying into healthcare through NovaCare Hospitals, planning three facilities across major cities. The first, in Islamabad, will open by end-2026 under affiliation with Imperial College Healthcare NHS Trust, London. The US$100mn project will be financed equally through debt and equity, with MLCF holding 99.99% ownership.

Jiangsu Nonghua Intllgt Agri Tech (000816 CH)

Topline Flash Note: Maple Leaf Cement - MLCF - Corporate Briefing Key Takeaways- Corporate Briefing Key Takeaways