External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>DG Khan Cement (DGKC) announced its 4QFY23 financial result today, where company reported loss of Rs5,748mn (LPS: Rs13.12) in 4QFY23. This takes full year FY23 loss to Rs3,636mn (LPS: Rs8.30) vs profit of Rs2,972mn (EPS: Rs6.78)</li><li>The result came below industry expectations as market was expecting a profit of Rs906mn (EPS: Rs2.07) for 4QFY23. The below expected result was primarily due to higher than expected tax expense.</li><li>DGKC recorded tax expense of Rs5,754mn in 4QFY23. This significant tax expense is due to imposition of super tax on FY23 earnings and deferred tax liability, we believe.</li></ul>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.

DG Khan Cement (DGKC) announced its 4QFY23 financial result today, where company reported loss of Rs5,748mn (LPS: Rs13.12) in 4QFY23. This takes full year FY23 loss to Rs3,636mn (LPS: Rs8.30) vs profit of Rs2,972mn (EPS: Rs6.78)The result came below industry expectations as market was expecting a profit of Rs906mn (EPS: Rs2.07) for 4QFY23. The below expected result was primarily due to higher than expected tax expense.DGKC recorded tax expense of Rs5,754mn in 4QFY23. This significant tax expense is due to imposition of super tax on FY23 earnings and deferred tax liability, we believe.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.

DG Khan Cement (DGKC): 4QFY23 LPS at Rs13.12 vs. 4QFY22 LPS of Rs1.48 (Result below expectations)

Thematic (Sector/Industry)

<ul><li>Cement sales in Aug-23 are anticipated to increase by 23-27% YoY and 26-29% MoM. Local dispatches are likely to rise by 19-23% YoY and 25-29% MoM.</li><li>Considering these figures, the average daily domestic sales for the sector are projected to reach 113.5k tons/day in Aug-23, compared to the five-year average August sales of 100.6k tons/day.</li><li>The start of FY24 began on shaky ground as sales were lower in Jul-23 due to rainfall in most parts of the country. However, sales are expected to rebound in Aug-23 with MoM increase of 27% to 3.5mn tons, attributed to the low base effect. It's worth recalling that the country was affected by floods last year, which hampered construction activities in Jul-Aug 2022.</li></ul>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.

Cement sales in Aug-23 are anticipated to increase by 23-27% YoY and 26-29% MoM. Local dispatches are likely to rise by 19-23% YoY and 25-29% MoM.Considering these figures, the average daily domestic sales for the sector are projected to reach 113.5k tons/day in Aug-23, compared to the five-year average August sales of 100.6k tons/day.The start of FY24 began on shaky ground as sales were lower in Jul-23 due to rainfall in most parts of the country. However, sales are expected to rebound in Aug-23 with MoM increase of 27% to 3.5mn tons, attributed to the low base effect. It's worth recalling that the country was affected by floods last year, which hampered construction activities in Jul-Aug 2022.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.

Pakistan Cements: Local Cement Dispatches to Increase by 19-23% YoY in Aug-2023

Pakistan

D.G. Khan Cement Company Limited manufactures and sells portland cement.

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D.G. Khan Cement (DGKC PA)

DG Khan Cement (DGKC): 4QFY23 LPS at Rs13.12 vs. 4QFY22 LPS of Rs1.48 (Result below expectations)

DG Khan Cement (DGKC) announced its 4QFY23 financial result today, where company reported loss of Rs5,748mn (LPS: Rs13.12) in 4QFY23. This takes...

Topline Securities

Pakistan Cements: Local Cement Dispatches to Increase by 19-23% YoY in Aug-2023

Cement sales in Aug-23 are anticipated to increase by 23-27% YoY and 26-29% MoM. Local dispatches are likely to rise by 19-23% YoY and...

Topline Securities

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