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ACPL: Earnings to jump 5% YoY to PKR 19.14/share in 9MFY17

 

Attock Cement Pakistan Limited (ACPL) is scheduled to announce its 9MFY17 financial result on April 17, 2017. We expect the company to achieve a 5% YoY earnings growth in 9MFY17 with a profit after tax (PAT) of PKR 2,191mn, translating into an EPS of PKR 19.14. This growth in profitability is likely to emanate from a 6% YoY higher cement dispatches, primarily due to 15% YoY surge in local dispatches. Moreover, gross margins are projected to remain stagnant at 39% during the period under review. On QoQ basis however, meager volumetric growth of 1% (with local sales depicting a jump of 4% QoQ) alongside a 2% QoQ drop in coal prices and 2% jump in local prices is expected to result in an 18% QoQ bottom-line growth to PKR 813mn, translating into an EPS of PKR 7.10 in 3QFY17.

 

acpl.jpg

acpl buy.jpg

 

Source: Company Reports, AHL Research

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ACPL: 3QFY17 EPS expected at PKR 19.3

 

Friday, 14 April 2017

 

By: Elixir Securities Pakistan (Private) Limited

 

Attock Cement Pakistan Limited (ACPL) is scheduled to announce its 3QFY17 result on 17th April 2017, where we expect the company to post EPS of PKR 7.27 (-11%YoY) primarily on the back of substantial decline in gross margin. While 9MFY17EPS expected to clock in at PKR 19.31; up by 6%YoY. Our Jun- PT of PKR374/share offers 15% upside, where the stock currently trades at FY17/18 PE of 13.9x/9.3x. Buy!

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ACPL: Higher cost of sales to curb 3QFY17 EPS

 

Friday, 14 April 2017

 

By: Ismail Iqbal Securities (Pvt.) Limited

 

Attock Cement Pakistan limited (ACPL) is scheduled to announce its third quarter earnings on April 17, 2017. We expect the company’s earnings to decrease by 17.6% YoY to stand at PKR 776 million (EPS: PKR 6.77) due to decrease in total dispatches as per the provisional cement dispatches data. Further, we expect the company’s cost of sales to increase by 11% due to higher coal prices during 2QFY17 which increased by almost 68%. We expect the effect of higher coal prices during 2QFY17 to be observed in 3QFY17 because the company holds enough coal inventory to cater to its coal requirement for two months.

 

According to provisional cement dispatches data the total dispatches of the company during 3QFY17 declined by 6.2% YoY as a result of a decline in export sales which decreased by 33.7% YoY. Please note, that according to APCMA’s data the overall export from the south region declined by 43.5% YoY. On the other hand, provisional cement dispatches data show that the local dispatches of the company improved by 6.6% during 3QFY17 which is below the industry average, as according to APCMA’s data local dispatches in south region expanded by 11% YoY.

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ACPL: 9MFY17 EPS foreseen at PKR18.96; DPS, Nil

 

Friday, 14 April 2017

 

By: Al Habib Capital Markets (Pvt.) Limited

 

Attock Cement Pakistan Ltd. (ACPL) is all set to announce its 9MFY17 financial result on Apr 17, 2017. We foresee ACPL declaring a profit after tax (PAT) of PKR2,171mn (EPS: PKR18.96) during 9MFY17 against a PAT of PKR2,094mn (EPS: PKR18.28) during 9MFY16, up 4pc, YoY, on the back of a 10pc, YoY, growth in ‘Net Sales’ supported by relatively stable GP Margins – GP Margins: 9MFY17, 39pc against 9MFY16, 39pc.

 

During 9MFY17, we foresee ACPL reporting a 10pc, YoY, growth in its Net Sales attributable to: (A) A 6pc, YoY, surge in dispatches stemming from rising domestic dispatches – up 13c, YoY, due to: (i) Acceleration in private sector construction activities; (ii) Commencement of work on mega housing schemes and projects across the Country; iii) Partial materialization of budgeted PSDP; (iv) Improvement in economic and law and order situations; (v) Expanding base of local market by entering into upper Sindh and lower Punjab markets; – mitigated partially by (B) Drop in export dispatches – down 9pc, YoY, during 9MFY17 - due to: (i) Stiff competition amongst regional players, availability of excess capacities and trade and non-trade barriers imposed in few of the regional countries; and (ii) Devaluation of currencies of most African and Asian countries because of Chinese Yuan’s depreciation against US Dollar thus negatively affecting exports.

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Elixir Insight

 

Result Preview

 

ACPL: 3QFY17 EPS expected at PKR 19.3: The Board Of Directors of Attock Cement Pakistan Limited (ACPL) is scheduled to announce 3QFY17 results of the company on 17th April 2017. We expect ACPL to post EPS of PKR7.27/share in 3QFY17, down by 11%YoY which is primarily on the back of substantial decline in GP margins by 5.5ppts owing to expensive coal inventory (up by massive 55% to USD~83/ton). On cumulative basis, EPS is expected to stand at PKR19.31, up 6%YoY. We expect earnings growth is likely to emanate from 8%YoY accretion in total dispatches with local sales expected to surge by 13%YoY, resulting in an expected growth of 9%YoY in total revenues. While gross margins is estimated to remain flat at 39%. Our Jun- PT of PKR374/share offers 15% supside, where the stock trades at FY17/18 PE of 13.9x/9.3x. Buy!

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ACPL: Unconsolidated EPS for 9MFY17 clocked in at PkR19.55

 

Monday, 17 April 2017

 

By: Shajar Capital Pakistan (Private) Limited

 

Attock Cement Pakistan Limited (ACPL) reported earnings of PkR2.24bn (EPS: PkR19.55) in 9MFY17 against PkR2.1bn in CPLY (EPS: PkR18.28), up by 7%. On a sequential basis, the earnings have surged by 25%QoQ whereas it shrank by 9% in SPLY (3QFY17: PkR860mn vs. 2QFY17: PkR687mn).

ACPL's sales revenue has been recorded at PkR11.24bn (?9%YoY) in 9MFY17 vs. PkR10.32bn CPLY, where we believe that the offtakes for 3QFY17 stand at 0.59mn MT vs. 0.56mn MT CPLY (?5% YoY).

The company's gross margins increased by 6ppts to 43% in 3QFY17 vs. 37% in 2QFY17, despite higher fuel and energy prices.

We have a Marketweight stance on the scrip where our Jun'17 TP stands at PkR367/sh.

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ACPL: 9MFY17 EPS reported at PKR19.55; DPS, Nil

 

Monday, 17 April 2017

 

By: Al Habib Capital Markets (Pvt.) Limited

 

Attock Cement Pakistan Ltd. (ACPL) has announced its 9MFY17 financial result today. ACPL declared a profit after tax (PAT) of PKR2,238mn (EPS: PKR19.55) during 9MFY17 against a PAT of PKR2,094mn (EPS: PKR18.28) during 9MFY16, up 7pc, YoY, on the back of a 9pc, YoY, growth in ‘Net Sales’ supported by relatively better GP Margins – GP Margins: 9MFY17, 41pc against 9MFY16, 39pc.

 

During 9MFY17, ACPL reported a 9pc, YoY, growth in its Net Sales attributable to: (A) A 6pc, YoY, surge in dispatches stemming from rising domestic dispatches – up 13c, YoY, due to: (i) Acceleration in private sector construction activities; (ii) Commencement of work on mega housing schemes and projects across the Country; iii) Partial materialization of budgeted PSDP; (iv) Improvement in economic and law and order situations; (v) Expanding the base of local market by entering into upper Sindh and lower Punjab markets; – mitigated partially by (B) A 9pc, YoY, drop in export dispatches – down 9pc, YoY, during 9MFY17 - due to: (i) Stiff competition amongst regional players, availability of excess capacities and trade and non-trade barriers imposed in few of the regional countries; and (ii) Devaluation of currencies of most African and Asian countries because of Chinese Yuan’s depreciation against US Dollar thus negatively affecting exports

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ACPL: Earnings reported at PKR 7.51/share in 3QFY17

 

  • Profitability declined by 9%YoY to PKR 860mn (EPS: PKR 7.51) in 3QFY17, taking 9MFY17 profitability to PKR 2.24bn (EPS: PKR 19.55), rising by +7%YoY.
  • Revenue increased marginally by +2%YoY to PKR 4.01bn in 3QFY17, taking 9MFY17 revenue to PKR 11.24bn on the back of +7%YoY growth anticipated in local dispatches.
  • Gross Margin declined by 105bpsYoY to 43% in 3QFY17 on account of rising coal prices.
  • Other income declined substantially by 74%YoY to PKR 24mn as compared to same period last year owing to decline in short term investment.
  • Distribution cost has also declined by 16.1%YoY to PKR 218mn in 3QFY17, owing to weakening exports.
  • Effective tax rate increased to 34% in 3QFY17 as compared to 27% in same period last year.

Recommendation

 

We recommend “BUY” call on the scrip with Dec-17 TP of PKR 371/share, offering upside of +10%. The scrip is currently trading at FY17E P/E of 12.5x.

 

IGI Securities

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AHL Research

11 September 2017

 

Result Review: FY17 EPS of PKR 26.49

In its 4QFY17 financial result announced today, Attock Cement Pakistan Limited (ACPL) posted stagnant growth in the profitability at PKR 796mn (EPS: PKR 6.95), taking FY17 earnings to PKR 3,034mn (EPS: PKR 26.49) up 5% YoY, in contrast to PKR 2,890mn (EPS: PKR 25.24) in FY16. The company has also announced a final cash dividend of PKR 13.50/share.

ACPL FY17_Page_1.jpeg

Key Highlights

  • The company’s top-line in FY17 clocked-in at PKR 14.7bn, up by 6% YoY given a similar uptick in total dispatches to 2.08mn tons.
  • Gross margins of ACPL dropped by 7ppt YoY to 38% during the period under review as coal prices jumped up by 41% YoY during 4Q. However, margins remain stagnant at 40% during FY17; although the sales mix favoured local cement dispatches (76% of total dispatches in FY17 vs. 73% during FY16), the impact was offset by rising coal prices (up 47% YoY).
  • Selling expenses fell by 5% YoY during FY17 to PKR 904mn amid contraction in export sales.
  • The company booked effective taxation at 28% during 4QFY17 and 32% in FY17.

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Attock Cement (Pakistan) Limited

(ACPL)

 

September 11th, 2017

 

FINANCIAL RESULT FOR THE YEAR ENDED 30/06/2017

 

(UNCONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 4,443.921

(UNCONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION 3,034.057

(UNCONSOLIDATED) EPS = 26.49

 

(CONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 4,443.921

(CONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION 3,034.057

(CONSOLIDATED) EPS = 26.49

 

DIVIDEND = 135%

 

ANNUAL GENERAL MEETING WILL BE HELD ON 24/10/2017

BOOK CLOSURE FROM 17/10/2017

BOOK CLOSURE TO 24/10/2017

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Attock Cement (Pakistan) Limited

(ACPL)

 

September 11th, 2017

 

FINANCIAL RESULT FOR THE YEAR ENDED 30/06/2017

 

(UNCONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 4,443.921

(UNCONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION 3,034.057

(UNCONSOLIDATED) EPS = 26.49

 

(CONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 4,443.921

(CONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION 3,034.057

(CONSOLIDATED) EPS = 26.49

 

DIVIDEND = 135%

 

ANNUAL GENERAL MEETING WILL BE HELD ON 24/10/2017

BOOK CLOSURE FROM 17/10/2017

BOOK CLOSURE TO 24/10/2017

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Aba Ali Habib Research

11 September 2017

 

ACPL: Results Review: FY17 EPS clocked in at PKR 26.49, up by 5.0% YoY

  • ACPL announced its financial results for the FY17, where PAT of the company reported at PKR 3.03bn (EPS: PKR 26.49) up by 5% YoY and slightly lower (1.1%) than our expectations of PKR 26.79. Growth in earnings could be attributed to increase in topline by 5.9% YoY, led by growth in cement volumes by ~4.7% YoY FY17.
  • During 4Q, PAT remained flat at PKR 796mn (EPS: PKR 6.95) for the 4Q of the both periods (FY16 and FY17). However, net sales during the 4QFY17 fell by 3% YoY which was compensated by lower effective tax rate of 27% compared to 41% in 4QFY16.
  • FY17 Finance cost increased by ~33% YoY to PKR ~28mn and other income fell by 31% YoY to 237mn.
  • Moreover, company announced year end DPS of PKR 13.5.
  • We maintain our BUY recommendation on ACPL based on June-18 TP of PKR 349.25/share, implying a potential upside of 73% from last day closing price. We have kept this stock under review keeping in view the current cement prices situation. Revised industry report would be released shortly.

ACPL Review 11092017_Page_1.jpeg

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AHL Research

11 September 2017

 

Attock Cement Limited

Result Review: FY17 EPS of PKR 26.49

In its 4QFY17 financial result announced today, Attock Cement Pakistan Limited (ACPL) posted stagnant growth in the profitability at PKR 796mn (EPS: PKR 6.95), taking FY17 earnings to PKR 3,034mn (EPS: PKR 26.49) up 5% YoY, in contrast to PKR 2,890mn (EPS: PKR 25.24) in FY16. The company has also announced a final cash dividend of PKR 13.50/share.

 

ACPL FY17_Page_1.jpg

 

Key Highlights

  • The company’s top-line in FY17 clocked-in at PKR 14.7bn, up by 6% YoY given a similar uptick in total dispatches to 2.08mn tons.
  • Gross margins of ACPL dropped by 7ppt YoY to 38% during the period under review as coal prices jumped up by 41% YoY during 4Q. However, margins remain stagnant at 40% during FY17; although the sales mix favoured local cement dispatches (76% of total dispatches in FY17 vs. 73% during FY16), the impact was offset by rising coal prices (up 47% YoY).
  • Selling expenses fell by 5% YoY during FY17 to PKR 904mn amid contraction in export sales.
  • The company booked effective taxation at 28% during 4QFY17 and 32% in FY17.

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AHL Research

20 October 2017

 

Attock Cement Pakistan Limited

 

Result Review : 1QFY18 EPS @ PKR 5.28

 

In its 1QFY18 financial result announced today, Attock Cement Pakistan Limited (ACPL) posted a decline of 12% YoY / 24% QoQ in profitability at PKR 605mn (EPS: PKR 5.28), compared to PKR 691mn (EPS: PKR 6.03) in SPLY.

 

Key Highlights

  • The company’s top-line in 1QFY18 clocked-in at PKR 3.59bn, up by 7% YoY / 3% QoQ given a 5% YoY / 1% QoQ uptick in total dispatches to 0.51mn tons (0.38mn local and 0.13mn export sales).
  • Gross margins of ACPL dropped by 765bps YoY to 38% during the period under review as coal prices jumped up by 33% YoY during 1Q while local cement prices in South region remained stable.
  • Selling expenses witnessed a minor 4% YoY growth during 1QFY18 to PKR 284mn on account of higher freight charges in exports (mainly Sri Lanka).
  • The company booked effective taxation at 23% during the period under review (31% in 1QFY17).

Recommendation:

  • We are currently revisiting our investment case for ACPL and will inform our clients once we reserve a view on the scrip.

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ABA ALI HABIB RESEARCH

22 JANUARY 2018

 

ACPL: 2QFY18 PBT to decline by 24.4% YoY, to PKR 795mn.

  • ACPL is scheduled to announce its financial results for 2QFY18 on 23rd Jan. We expect the company to post PBT of PKR 795mn against PBT of PKR 1,051mn, down by 24.4% YoY despite of the increase in cement dispatches by 2.6% YoY. PBT is likely to down mainly on back of decline in margins by 4.2pps YoY to 33.3% owing to higher coal cost and lower retention prices.
  • Effective Tax rate of the company may surprise during the quarter as company has successfully started its new line, on which tax rebates are available.
  • Selling and distribution cost of the company is likely to rise by 16.1% YoY and other income is likely to fell by 79%YoY as company has disposed-off investments of worth PKR 4.16bn. Moreover, company is unlikely to announce any dividend for the quarter.
  • We maintain our BUY recommendation on ACPL with Dec-18 TP of PKR 262, offering potential upside of 38% from LDCP.

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ABA ALI HABIB RESEARCH

23 JANUARY 2018

 

ACPL: Results Review: EPS clocked in at PKR 4.78, down by 20% YoY

  • Attock Cement Pakistan Limited (ACPL) announced its financial results for 2QFY18 where PAT of the company clocked in at PKR 547.9 mn (EPS: 4.78) compared to PKR 687.18 mn (EPS: 6.00) in SPLY, down by 20% YoY mainly due to i) fall in GP margin by ~2.6pps YoY and ii) surge in Finance Cost by 9x YoY.
  • Gross margins of the company clocked in at 35%, slightly higher than our expectations of 33% and lower by 2.6pps YoY. Net Sales of the company increased by 2.9% YoY, reason for this increase can be attributed to the consistency of prices in the South but an increase in dispatches by 2.6% YoY.
  • Other incomes of the company dipped by 61% YoY due to lower investment amount. Moreover, company didn’t announce any interim dividend for the quarter.
  • We maintain our BUY recommendation on ACPL based on Dec-18 TP of PKR 262/share, implying a potential upside of 32% from last day closing price.

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Attock Cement (Pakistan) Limited

(ACPL)

 

January 23rd, 2018

11:48:19 AM

 

FINANCIAL RESULT FOR THE HALF YEAR ENDED 31/12/2017

 

(UNCONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 1,735.047

(UNCONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION 1,152.915

(UNCONSOLIDATED) EPS = 10.07

 

(CONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 1,735.047

(CONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION 1,152.915

(CONSOLIDATED) EPS = 10.07

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