External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Cherat Cement (CHCC): Expansion to Unlock Value

Thematic (Sector/Industry)

Pakistan Construction materials / Thematic (Sector/Industry)

<p>Pakistan cement manufacturers posted profitability decline of 3% YoY (pretax profits down 15%) during 1QFY18 vs. double digit growth of 17% and 32% seen in 1QFY17 and 1QFY16, respectively. Our analysis is based on a sample of 15 listed cement producers (out of a total of 18) which represents 99.7% of total cement companies’ market capitalization.</p><p>During 1QFY18, sector sales grew by 11% YoY, mainly supported by 21% growth in local dispatches (total volume up 15%).  Performance of local dispatches…</p>

Pakistan cement manufacturers posted profitability decline of 3% YoY (pretax profits down 15%) during 1QFY18 vs. double digit growth of 17% and 32% seen in 1QFY17 and 1QFY16, respectively. Our analysis is based on a sample of 15 listed cement producers (out of a total of 18) which represents 99.7% of total cement companies’ market capitalization.During 1QFY18, sector sales grew by 11% YoY, mainly supported by 21% growth in local dispatches (total volume up 15%).  Performance of local dispatches…

Pakistan Cements: Sector Profits -3%, Pretax Profits -15% YoY in 1QFY18