ACPL - Attock Cement Pakistan Limited

Welcome to our Community
Wanting to join the rest of our members? Feel free to sign up today.
Sign up

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#11
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
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#12
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.
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#13
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
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#14
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
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#15
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
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#16
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.
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#17
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.