External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Maple Leaf Cement Factory / Equity Bottom-Up

<ul><li>MLCF announced its 1QFY25 result today, where the company recorded consolidated earnings of ~Rs1.34bn (EPS of Rs1.28), down by 18% QoQ.</li><li>The result came lower than expectations in 1QFY25 due to lower than expected gross margins.</li><li>Alongside the result, the company did not announce any cash dividend which is as per expectations.</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.

MLCF announced its 1QFY25 result today, where the company recorded consolidated earnings of ~Rs1.34bn (EPS of Rs1.28), down by 18% QoQ.The result came lower than expectations in 1QFY25 due to lower than expected gross margins.Alongside the result, the company did not announce any cash dividend which is as per expectations.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.

Maple Leaf Cement (MLCF): 1QFY25 EPS at Rs1.28, down by 18% YoY (Earnings below expectations)

<ul><li>MLCF announced its 4QFY24 result today, where the company recorded consolidated earnings of ~Rs1.52bn (EPS of Rs1.45), up by 1% QoQ.</li><li>The result came higher than expectations in 4QFY24 due to higher than expected gross margins.</li><li>Alongside the result, the company announced Rs1.0bn loan to its holding company Kohinoor Textile (KTML) and Rs1.0bn loan to its associate Maple Leaf Capital.</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.

MLCF announced its 4QFY24 result today, where the company recorded consolidated earnings of ~Rs1.52bn (EPS of Rs1.45), up by 1% QoQ.The result came higher than expectations in 4QFY24 due to higher than expected gross margins.Alongside the result, the company announced Rs1.0bn loan to its holding company Kohinoor Textile (KTML) and Rs1.0bn loan to its associate Maple Leaf Capital.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.

Maple Leaf Cement (MLCF): 4QFY24 EPS at Rs1.45, FY24 EPS at Rs6.58 (Earnings Above Expectations)

<ul><li>Maple Leaf Cement (MLCF) announced its 2QFY24 financial result today, where company reported earnings of Rs2,243mn (EPS of Rs2.09) in 2QFY24, down 23% YoY and up 38% QoQ.</li><li>This takes 1HFY24 earnings to Rs3,869mn (EPS of Rs3.60) compared to Rs4,308mn (EPS of Rs4.01), down 10% YoY due to decline in volumetric sales.</li><li>2QFY24 result came higher than industry expectations due to higher than expected gross margins and lower effective tax rate.</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.

Maple Leaf Cement (MLCF) announced its 2QFY24 financial result today, where company reported earnings of Rs2,243mn (EPS of Rs2.09) in 2QFY24, down 23% YoY and up 38% QoQ.This takes 1HFY24 earnings to Rs3,869mn (EPS of Rs3.60) compared to Rs4,308mn (EPS of Rs4.01), down 10% YoY due to decline in volumetric sales.2QFY24 result came higher than industry expectations due to higher than expected gross margins and lower effective tax rate.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.

Maple Leaf Cement (MLCF): 2QFY24 EPS at Rs2.09 - (Higher than Industry Expectations)

<ul><li>Topline Securities hosted a Corporate Briefing Session (CBS) for Maple Leaf Cement (MLCF) today, where senior management discussed the recent financial performance and future outlook of the company.</li><li>As per the management margins to remain stable. Moreover, local Cement demand to grow at 3-5% in FY24.</li><li>Industry utilization level to hover around 57% in FY24 despite addition of another 3mn tons by Fauji Cement (FCCL) and Attock Cement (ACPL), management believes.</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.

Topline Securities hosted a Corporate Briefing Session (CBS) for Maple Leaf Cement (MLCF) today, where senior management discussed the recent financial performance and future outlook of the company.As per the management margins to remain stable. Moreover, local Cement demand to grow at 3-5% in FY24.Industry utilization level to hover around 57% in FY24 despite addition of another 3mn tons by Fauji Cement (FCCL) and Attock Cement (ACPL), management believes.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.

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

Thematic (Sector/Industry)

<ul><li>Topline Cement Universe is expected to post profitability of Rs13.3bn in 1QFY25 against profit of Rs12.9bn in 4QFY24, up by 3% QoQ, mainly due to lower financial charges.</li><li>On a QoQ basis, impact of lower domestic dispatches and higher coal costs have been mitigated by higher retention prices, especially in North (KPK).</li><li>While on YoY basis, Topline cement universe profitability is expected to decline by 6% YoY mainly due to lower domestic dispatches, down by 20% YoY to 8.13mn tons in 1QFY25.</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.

Topline Cement Universe is expected to post profitability of Rs13.3bn in 1QFY25 against profit of Rs12.9bn in 4QFY24, up by 3% QoQ, mainly due to lower financial charges.On a QoQ basis, impact of lower domestic dispatches and higher coal costs have been mitigated by higher retention prices, especially in North (KPK).While on YoY basis, Topline cement universe profitability is expected to decline by 6% YoY mainly due to lower domestic dispatches, down by 20% YoY to 8.13mn tons in 1QFY25.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 Cement: Profitability Likely to Decline by 6% YoY in 1QFY25

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Maple Leaf Cement Factory (MLCF PA)

Maple Leaf Cement (MLCF): 1QFY25 EPS at Rs1.28, down by 18% YoY (Earnings below expectations)

MLCF announced its 1QFY25 result today, where the company recorded consolidated earnings of ~Rs1.34bn (EPS of Rs1.28), down by 18% QoQ. The...

Topline Securities

Maple Leaf Cement (MLCF): 4QFY24 EPS at Rs1.45, FY24 EPS at Rs6.58 (Earnings Above Expectations)

MLCF announced its 4QFY24 result today, where the company recorded consolidated earnings of ~Rs1.52bn (EPS of Rs1.45), up by 1% QoQ. The result...

Topline Securities

Maple Leaf Cement (MLCF): 2QFY24 EPS at Rs2.09 - (Higher than Industry Expectations)

Maple Leaf Cement (MLCF) announced its 2QFY24 financial result today, where company reported earnings of Rs2,243mn (EPS of Rs2.09) in 2QFY24, down...

Topline Securities

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

Topline Securities hosted a Corporate Briefing Session (CBS) for Maple Leaf Cement (MLCF) today, where senior management discussed the recent...

Topline Securities

Pakistan Cement: Profitability Likely to Decline by 6% YoY in 1QFY25

Topline Cement Universe is expected to post profitability of Rs13.3bn in 1QFY25 against profit of Rs12.9bn in 4QFY24, up by 3% QoQ, mainly due...

Topline Securities

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