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CHCC - Cherat Cement Company Limited

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ABA Ali Habib Research

26 April 2017

 

CHCC: Higher coal prices restricted 3QFY17 EPS growth to 48%, below expectation results

 

 

  • CHCC announced its 3QFY17 result, where EPS of company clocked in at PKR 3.07 (15% lower than our expectation) compared to 2.08 in SPLY, up by 48% YoY primarily on back of 59% YoY growth in volumetric sales (Local: +71% YoY, Exports: -2% YoY). Finance cost of the company expanded by 5x to 85mn on back of increase in long-term financing by ~100%.
  • During 3QFY17 GMs of company witnessed dip of 7.2pps to 32% from 39% in corresponding period of last year. Additionally, compared to last quarter (2QFY17) GMs depicted dip of 10pps from 42% to 32% due to higher coal prices.
  • 9MFY17 EPS of the company witnessed hike of 50% YoY to PKR 8.87 against PKR 5.91 in SPLY due to advancement in volumetric sales by 34.6% YoY. Moreover company didn’t declared any cash dividend for the quarter.

We change our stance from “BUY” to “HOLD” with Dec-17 TP of 213, implying meagre upside of 3% along with dividend yield of 1.9%.

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AKD Daily, August 15, 2017

 

CHCC: 4QFY17 Result Preview

 

CHCC is scheduled to announce its 4QFY17 result on Wednesday (Aug 23'17) where it is expected to post earnings of PkR525mn (EPS: PkR2.97), up 45%YoY. Higher earnings are expected to arise from 63%YoY increase in topline to PkR3.02bn (62%YoY robust growth in total cement dispatches to 446k tons post expansion) despite expected 7.7pptYoY decline in GM to 33.2% (avg. coal prices up 54%YoY in 4QFY17). On a cumulative basis, FY17 earnings are expected to rise by 49%YoY to PkR2.09bn (EPS: PkR11.85). Alongwith the result CHCC is expected to announce a final cash dividend of PkR3.5/sh, taking FY17 payout to PkR4.5/sh. Having lost 6%CYTD, CHCC currently trading at a FY17/F18F PE of 13.7x/10.5x, where our Jun'18 TP of PkR198/sh implies a Buy stance (upside: 22%).

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Aba Ali Habib Research

16 August 2017

 

CHCC: Commencement of Line II to jack up FY17 earnings by 46.5% YoY to PKR 11.65 per share

  • CHCC is scheduled to announce its financial results for FY17 on 23rd August 2017. We expect the company to post PAT of PKR 2.05bn (EPS of PKR 11.65) against PAT of PKR 1.4bn (EPS: PKR 7.96) in SPLY, up by 46.5% YoY mainly due to growth in cement dispatches by 42.0% YoY as its Line II started commercial production in Jan’17.
  • During 4QFY17 EPS of the is estimated to grow by 45.2% YoY to PKR 2.98 compared to PKR 2.05 in the corresponding period of last year.
  • GMs of the company is likely to witness a sharp dip of 9.4pps YoY to 35.9% during FY17 against 45.3% in FY16 on the back of higher average coal prices (+44.5% YoY) and Line II power reliance on the national grid.
  • During FY17 Net sales of the company is estimated to grow by 35% YoY to PKR 9.56bn compared to PKR 7.08bn in FY16. Finance cost of the company is likely to surge by 3.3x due to the treatment of interest cost on Line II loan as an expense which was earlier capitalized.
  • We expect the company to announce a year-end dividend of PKR 3.75 per share, taking full year dividend to PKR 4.75 per share.
  • We maintain our BUY recommendation on CHCC based on June-18 TP of PKR 220.9/share, implying a potential upside of 35.6% from last day closing price.

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Cherat Cement Company Limited

(CHCC)

 

August 23rd, 2017

 

FINANCIAL RESULT FOR THE YEAR ENDED 30/06/2017

PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 2,509.791

PROFIT/LOSS AFTER TAXATION RS. IN MILLION 1,956.562

 

EPS = 11.08

DIVIDEND = 35%

 

ANNUAL GENERAL MEETING WILL BE HELD ON 16/10/2017

BOOK CLOSURE FROM 03/10/2017

BOOK CLOSURE TO 16/10/2017

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Cherat Cement Company (CHCC): 9MFY18 EPS recorded at PkR10.2, up 14.6%YoY - Higher than expectation

 

 

25 April 2018

First Capital Equities Limited

 

 

 

  • Cherat Cement Company (CHCC) announced results for 9MFY18 where the company posted an EPS of PkR10.2 (up 14.6%YoY). EPS for 3QFY18 stood at PkR2.52, down 17.7/40.0% YoY/QoQ.
  • The decline in earnings came as a result of decrease in margins to 19.9% in 3QFY18 vs. 23.6% in 2QFY18 on the back of decrease in retail prices of 1.6%QoQ while effective coal prices also increased by 5.9%QoQ.
  • Net sales decreased on QoQ basis by 3.6%QoQ as due to decline in dispatches of 3%QoQ along with the decline in retail prices.

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Cherat Cement Company Limited

(CHCC)

 

October 16th, 2018

02:47:58 PM

 

FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 30/09/2018

 

PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 305.238

PROFIT/LOSS AFTER TAXATION RS. IN MILLION 431.111

EPS = 2.44

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