Maple Leaf Cement Factory Ltd. (MLCF): FY24 & 1QFY25 Corporate Briefing Takeaways – By Taurus Research

Nov 20 2024


Taurus Securities


  • Maple Leaf Cement Factory Limited (MLCF) is part of the Kohinoor Maple Leaf Group which also owns Kohinoor Textile Mills Limited and Maple Leaf Capital Limited. MLCF has two subsidiaries; Novacare Hospitals Private Limited and Maple Leaf Power Limited. It has a strong presence in the North and Central regions of Pakistan which constitute 97% of its sales. The remainder is exported to Afghanistan, Maldives, Oman, Qatar, Sri Lanka, South Africa, U.A.E., Yemen, and Tanzania.
  • At present, MLCF operates five production lines; four for grey and one for white cement. It has a 90% market share in white cement in Pakistan. MLCF has two separate plants for white and grey cement and in FY24 it added a state-of-the-art process plant sourced from FLSmidth. This enhanced its total capacity for clinker production to 7.8Mn tons annually or 26,000 tons daily. MLCF produces the following cement products: Ordinary Portland Cement, Sulphate Resistant Cement, Low Alkali Cement, White Cement, Wall Coat, HD Putty, and White Plast. It is also working on CPEC projects with Chinese clients.
  • MLCF’s FY24 topline grew by 7%YoY and was recorded at PKR 66Bn. Gross margin increased by 3%YoY to 34%. MLCF recorded PKR 6Bn in PAT at a net profit margin of 10.4% compared to 9.2% in FY23. As a result, EPS increased to PKR 6.51. MLCF’s taxation also decreased by 23%YoY. It also announced a competitive bid for 161Mn shares of AGL
Maple Leaf Cement Factory (MLCF): Result Review: MLCF 3QFY25 EPS Rs2.7 - By Sherman Research

Apr 23 2025


Sherman Securities


  • Maple Leaf Cement Factory (MLCF) announced 3QFY25 result today wherein company posted consolidated net earnings of Rs2.8bn (EPS Rs2.7) as compared to earnings of Rs1.5bn (EPS of Rs1.4) during the same period last year, up by 86%YoY. The result came above our estimate mainly due to lower effective taxation during the quarter.
  • During 3QFY25, MLCF’s topline clocked in at Rs16.6bn, up by 4%YoY. Despite the decline in volumetric sales (down 9%YoY), higher topline is driven by better retention prices during the period.
  • MLCF’s gross margin clocked in at 35% during 3QFY25 as compared to 30% during the last year. This elevated gross margin is due to 1) Improved retention prices 2) Lower coal cost and 3) Efficient coal mix.
Maple Leaf Cement (MLCF): Earnings beat expectation on lower tax - By IIS Research

Apr 23 2025


Ismail Iqbal Securities


  • Maple Leaf Cement (MLCF) announced its 3QFY25 results today, where the company posted consolidated PAT of PKR 2.8bn (EPS: PKR 2.64) compared to PKR 1.5bn (EPS: PKR 1.44) in the same period last year, reflecting a 2x YoY increase. This strong performance was driven by improved gross margins and a lower effective tax rate.
  • The company’s topline grew by 4% YoY to PKR 16.6bn, mainly due to higher bag prices. However, revenue declined by 13% QoQ, owing to a 10% drop in total dispatches and a 5% QoQ decline in prices.
  • Gross margins stood at 36% compared to 30% in the same period last year, benefiting from an efficient fuel mix, increased use of alternative fuels and a decline in coal prices. On a QoQ basis, it declined by 400 bps.
Maple Leaf Cement Factory Ltd. (MLCF): 3QFY25 Result Review — Higher prices and lower taxation lift earnings - By AKD Research

Apr 23 2025


AKD Securities


  • Maple Leaf Cement Factory Ltd. (MLCF) announced its 3QFY25 financial results, posting consolidated earnings of PkR2.8bn (EPS: PkR2.67), up 86%YoY compared to PkR1.5bn (EPS: PkR1.44) in SPLY. Earnings came in above our expectations, primarily due to higher-thanexpected revenue and a lower taxation charge.
  • Revenue clocked in at PkR16.6bn, an increase of 4%YoY from PkR16.0bn in SPLY, supported by 5%YoY rise in company offtakes. Notably, revenue exceeded expectations, possibly due to higher-than-anticipated sales of ‘hdPutty’.
  • Gross margins improved by 5.6ppt YoY to 35.5%, driven by elevated cement prices and lower coal costs
Maple Leaf Cement Factory Limited (MLCF): 3QFY25 Consolidated EPS clocked-in at PKR 2.7, PAT down 25%QoQ - By Taurus Research

Apr 23 2025


Taurus Securities


  • 3QFY25 (Consolidated) – EPS: PKR 2.7, PAT: ~PKR 2.8Bn, down 25%QoQ – in line with our expectations.
  • MLCF’s net sales clocked-in at ~PKR 16.6Bn in 3QFY25, down 13%QoQ due to decrease in overall dispatches by 6%QoQ (Domestic and Export dispatches plunged by 2% and 61%, respectively). Gross margin hovered at ~35%, down 5pptsQoQ mainly due to lower overall retail prices in the North Region and higher cost of production. Distribution and Admin expenses fell by 26%QoQ and 20%QoQ, respectively. 3QFY25 PAT arrived at PKR 2.8Bn, down 25%QoQ mainly due to lower dispatches compared to the previous quarter. Lastly, the Company did not announce a cash dividend for the quarter.
Maple Leaf Cement Limited (MLCF): 3QFY25 EPS clocked in at PKR2.67 – Above expectation - By Insight Research

Apr 23 2025


Insight Securities


  • Maple Leaf cement has announced its 3QFY25 result, wherein company has posted PAT of PKR2.8bn (EPS: PKR2.7) vs. PAT of PKR1.5bn (EPS: PKR1.4) in SPLY. The result is above our expectation due to lower effective tax rate.
  • In 3QFY25, revenue increased by 4% YoY mainly due to higher volumetric sales and better retention price. While on QoQ, same is down by 13% amid lower offtakes and retention price.
  • Gross margins of the company clocked in at 35%, up by ~5.5ppts YoY, due to decline in coal prices and reliance on cheaper fuel mix. While on sequential basis, same is down by ~4.7ppts due to lower retention prices.
Maple Leaf Cement Factory Limited (MLCF): Result Preview 3QFY25 - By AHCML Research

Apr 21 2025


Al Habib Capital Markets


  • Maple Leaf Cement is anticipated to report a PAT of PKR 2,067 million (EPS: PKR 1.97) for 3QFY25, reflecting an impressive 83% YoY increase.
  • Sales revenue for the quarter is expected to reach PKR 16,711 million, up 5%YoY, supported by higher local and export dispatches.
  • Gross margins are estimated at 34.6%, up 6.6ppt YoY, primarily driven by lower fuel and coal prices as well as improved cost efficiencies. The company's investment in renewable energy—20 MW solar power projects and 37 MW capacity through the Waste Heat Recovery Power Plant (WHRP)—has contributed to this margin expansion.
Pakistan Cement: MLCF, CHCC & DGKC: 3QFY25 result previews - By JS Research

Apr 21 2025


JS Global Capital


  • We present 3QFY25 earnings expectations for Maple Leaf Cement Factory Ltd (MLCF), D.G Khan Cement Company Ltd (DGKC), and Cherat Cement Company Ltd (CHCC).
  • We expect MLCF and CHCC to post earnings of Rs1.85/share and Rs7.9/share, reflecting a YoY growth of 71% and 24% respectively, primarily driven by improved margins and higher other income. Likewise, DGKC is projected to report EPS of Rs3.7, up 37% YoY, supported by higher dispatches (+36%) and notable reduction in financial charges due to easing.
  • Cement prices in the North region continue to recover, rising Rs120/bag since late Feb-2025, which is likely to bode well for all three companies. Nevertheless, a potential increase in limestone royalty charge bringing it in-line with Punjab players is expected to weigh on earnings for CHCC with a potential negative impact of Rs9.5/sh on our FY26 earnings forecast
Maple Leaf Cement (MLCF): Earnings surge 3x QoQ on Higher Sales - By IIS Research

Feb 20 2025


Ismail Iqbal Securities


  • Maple Leaf Cement (MLCF) announced its 2QFY25 results today, where the company posted consolidated PAT of PKR 3.7bn (EPS: PKR 3.57) vs. PKR 1.3bn (EPS: PKR 1.28) in the previous quarter, reflecting a 3x QoQ increase. The result is above our expectations, mainly due to higher than projected revenue and gross margins.
  • The company’s topline grew by 21% QoQ to PKR 19bn, likely driven by 17% QoQ increase in total dispatches and improved export prices. On a YoY basis, revenue went up by 5%, supported by higher bag prices despite a 6% YoY decline in dispatches.
  • Gross margins stood at 40% compared to 32% in the previous quarter, benefiting from improved margins on white cement, an efficient fuel mix, and a decline in coal prices.
Maple Leaf Cement (MLCF): 2QFY25 EPS at Rs3.57, up by 66% YoY (Earnings higher than expectations) - By Topline Research

Feb 20 2025


Topline Securities


  • MLCF announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs3.7bn (EPS of Rs3.57), up by 66% YoY and by 178% QoQ.
  • The result came higher than expectations in 2QFY25 due to higher-than-expected gross margins and higher than expected other income.
  • Alongside the result, the company did not announce any cash dividend which is as per expectations.
Maple Leaf Cement Factory Ltd. (MLCF): 2QFY25 Result Review — Higher retention & lower taxes lift earning - By AKD Research

Feb 20 2025


AKD Securities


  • Maple Leaf Cement Factory Ltd. (MLCF) announced its 2QFY25 financial results, reporting consolidated profitability of PkR3.7bn (EPS: PkR3.6), up 67%YoY compared to PkR2.2bn (EPS: PkR2.1) in SPLY. Earnings came above our expectations due to higher-than anticipated gross margins, elevated other income, and lower taxation.
  • Revenue clocked in at PkR19.0bn in 2QFY25, up 5%YoY from PkR18.0bn in SPLY, as higher retention prices outweighed the impact of 6%YoY decline in offtakes. Betterthan-expected retention prices were likely driven by increased sales of white cement and hdPutty.
  • Gross margins improved to 39.8% from 35.3% in SPLY, mainly on the back of aforementioned higher retention prices and a decline in weighted avg. coal prices
Market Wrap: Highlights of the day - By JS Research

May 23 2025


JS Global Capital


  • Dull activity was observed on the last trading day of the week at the PSX, as investors adopted a cautious stance and preferred to stay on the sidelines ahead of the Federal Budget. The benchmark KSE-100 index fluctuated between an intraday high of 119,542 points (+389) and a low of 118,665 points (−487), before closing with a marginal loss of 50 points at 119,102. Trading volumes remained thin throughout the day, with major participation seen in sideboard stocks. Going forward, we expect the market to continue consolidating; hence, investors are advised to wait for dips before taking fresh positions.
Image Pakistan (IMAGE): Corporate Briefing Key Takeaways - By Topline Research

May 23 2025


Topline Securities


  • Topline Securities hosted a Corporate Briefing Session (CBS) for Image Pakistan (IMAGE) today, where senior management discussed the recent financial performance and future outlook of the company.
  • Rs193mn capex was incurred in 9MFY25, and management expects an additional Rs250mn for multi-head embroidery machinery and Rs150mn for store expansions over the next 9 months of CY25.
  • IMAGE currently has 14 outlets, with 4 more in progress (3 new and 1 expansion), bringing the total to 17 physical stores alongside a strong global online presence. Upcoming locations include the expanded Zamzama flagship, Bukhari Commercial in Karachi, F-6 MarkazIslamabad, and Giga Mall Rawalpindi.
Image Pakistan Limited (IMAGE): 3QFY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • IMAGE is a premium fashion retailer specializing in Schiffli embroidery and digital lawn. It operates 14 stores across Pakistan and a growing online platform serving both local and international markets. With subsidiaries in the UK and USA, IMAGE targets the affordable luxury segment, blending traditional craftsmanship with modern design for its customers.
  • In 3QFY25, IMAGE reported sales of PKR 1,205 million, relatively unchanged from 3QFY24 sales of PKR 1,204 million. Gross profit margin slightly improved to 45% in 3QFY25 compared to 42% in the same period last year (SPLY). However, net profit after tax (PAT) decreased by 12% to PKR 209Mn in 3QFY25 from PKR 238Mn in the SPLY due to an increase in distribution and selling expenses. EPS stood at PKR 0.91 in 3QFY25 (3QFY24 EPS: PKR 1.81).
  • During 3QFY25, IMAGE expanded its physical presence with three new stores: Multan, Gujrat, and a new outlet at Dolmen Mall Lahore, taking total outlets to 14 nationwide. An additional three outlets (DHA Phase VI Karachi, Giga Mall Rawalpindi, and F-6 Islamabad) are scheduled for launch by the end of CY25, which will bring the total to 17 brick-and-mortar stores. This accelerated rollout indicates management’s confidence in sustained foot traffic recovery and untapped urban demand.
Market Wrap: KSE-100 Stays Resilient Amid Budget Uncertainty - By HMFS Research

May 23 2025


HMFS Research


  • The KSE-100 index exhibited a choppy trajectory today as investor sentiment remained cautious ahead of the FY26 budget announcement. Ongoing discussions with the IMF and anticipation of new conditionalities kept market participants on edge, curbing aggressive positions. Still, broader optimism anchored in improving macroeconomic fundamentals— such as expected external financing from the UAE and World Bank, and renewed efforts to enhance trade and exports—offered some stability amidst the turbulence. After hitting an intraday high of +389 points, the index ultimately settled at 119,103, recording a marginal decline of 50 points. Market activity reflected a wait-and-see approach, with muted volumes of 99.8mn shares on the KSE-100 and 337.1mn shares traded overall. Leading the board were BBFL (33mn), WTL (19mn), and DOL (16mn). Going forward, the market is likely to remain sensitive to unfolding budgetary disclosures and IMF-related developments. Nonetheless, a constructive macroeconomic backdrop could provide the necessary support to steer equities toward recovery. Investors are advised to remain vigilant, closely track policy cues, and prioritize fundamentally sound stocks with long-term value potential.
Pakistan Aluminium Beverage Cans Limited (PABC): CY24 & 1QCY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • PABC is the leading manufacturer of beverage cans in Pakistan. The Company is also Pakistan’s first and only manufacturer and exporter of aluminium cans.
  • During CY24, sales revenue increased 17%YoY clocking in at PKR 23Bn. The contribution of the exports to total revenue was around 63% during the year. Export sales increased 53%YoY to PKR 14.4Bn. Gross margin recorded a marginal decrease. Net profit for the year was recorded at PKR 6Bn compared to PKR 5Bn during the SPLY. The net profit margin recorded a marginal increase. As a result, EPS increased to PKR 16.9/sh from PKR 13.9/sh during the SPLY.
  • The Company reported a production of 936Mn cans in CY24, at a capacity utilization of 89%. The production capacity is 1.2Bn cans p.a.
Lalpir Power Limited (LPL): CY24 Corporate Briefing Key Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • LPL’s Power Purchase Agreement, originally due to expire in Nov’28, was terminated effective Oct 1, 2024, under a Negotiated Settlement Agreement. Receivables up to Sep 30, 2024—including CPP, EPP, and PTI—were cleared by Dec 31, 2024. Delayed payment interest was waived, resulting in significant reversals in the financials. The Company retains ownership of its 350MW oil-fired complex, and no further compensation was provided by the Government. CPPA-G will reimburse the Company for any adverse tax rulings if applicable.
  • Revenue declined 27%YoY to PKR 14.2Bn (CY23: PKR 19.5Bn), reflecting reduced dispatches ahead of PPA expiry. Gross profit fell to PKR 3.55Bn (CY23: PKR 5.6Bn), while PAT sharply dropped to PKR 465Mn from PKR 4.9Bn. This steep decline was primarily driven by non-recurring reversals—including furnace oil inventory written down to net realizable value due to low selling prices and the reversal of interest income due to waived charges under the settlement. EPS declined significantly to PKR 1.22 (CY23: PKR 12.1).
  • LPL reported surplus funds of PKR 9.8Bn as of Dec 31, 2024, ensuring liquidity strength post-PPA. However, Management clarified that it does not plan to distribute excess reserves via dividends in the near term. Instead, the focus is on pursuing high-potential ventures that can deliver superior long-term shareholder value.
Morning News: IMF not too ‘keen’ on relief steps in budget, links them to FBR revenue - By Vector Research

May 23 2025


Vector Securities


  • Signaling its reluctance to grant a major relief to the salaried, property, beverage, and export sectors, the visiting IMF team has linked the FBR’s tax collection target with reduction in expenditures. This is the crux of the ongoing parleys, as the team is going to accomplish its visit on Friday (today). However, the Fund will make an exception for the defence budget, as Islamabad will take an appropriate decision to hike the defence spending in view of the current geopolitical environment.
  • Prime Minister Shehbaz Sharif on Thursday met with a delegation from the World Bank, led by Managing Director of Operations Anna Bjerde, to discuss the Bank’s development investment and cooperation in Pakistan. The prime minister said the government is taking practical steps to maximize benefits from the World Bank’s investment under the Country Partnership Framework. He said the framework is expected to bring more than $20 billion in development financing to Pakistan.
  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms. According to a press statement issued on Thursday, the minister shared plans to launch a competitive electricity market soon, noting that preparatory work is underway. An Independent System and Market Operator (ISMO) has been established, and experienced professionals are being appointed. The government will no longer be the sole electricity purchaser.
Morning News: Forex reserves exceed $16bn mark on IMF tranche - By WE Research

May 23 2025



  • Pakistan's foreign exchange reserves rose by $1.034 billion in one week, reaching $16.649 billion as of May 16, 2025, largely due to a $1.023 billion IMF loan tranche under the Extended Fund Facility (EFF). This marks the highest level in four months. While the State Bank of Pakistan’s (SBP) reserves increased, commercial banks' reserves dipped slightly by $9 million. The IMF also approved a $1.4 billion Resilience and Sustainability Facility (RSF) to help Pakistan address climate challenges and support growth. The IMF funds are expected to attract further international financial support, with SBP projecting reserves to exceed $14 billion by June 2025.
  • World Bank Managing Director Anna Bjerde praised Pakistan’s recent economic reforms as a “globally recognised model,” crediting Prime Minister Shehbaz Sharif’s leadership for driving the transformation. During a high-level meeting in Islamabad, Bjerde highlighted Sharif’s focus on sustainable policies, political unity, and development that prioritizes people. She referred to Pakistan’s Country Partnership Framework as the “Pakistan Model,” citing its successful implementation. Sharif thanked the World Bank for its support, especially following the 2022 floods, and noted the partnership will lead to over $20 billion in development investment. Both sides reaffirmed their commitment to continued collaboration.
  • Prime Minister Shehbaz Sharif met with a World Bank delegation led by Managing Director Anna Bjerde to discuss development cooperation and the Country Partnership Framework, which is expected to bring over $20 billion in financing to Pakistan. Sharif emphasized the government’s efforts to fully leverage this investment and thanked the World Bank for its support during the 2022 floods. Bjerde praised Pakistan’s progress on macroeconomic stability and called the partnership a global model, now referred to as the “Pakistan Model.” The meeting reaffirmed strong cooperation between Pakistan and the World Bank, with several senior officials in attendance.
Morning News: WB announces USD 55m in additional funding - By Alpha - Akseer Research

May 23 2025


Alpha Capital


  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms.
  • Pakistan is targeting the export of 125,000 tonnes of mangoes in the current season, with an anticipated revenue of $125 million, the Pakistan Fruit and Vegetable Exporters Association (PFVA) announced. The export campaign is set to kick off on Sunday (May 25).
  • Honda Atlas Cars Pakistan Limited (HCAR) reported a net profit of Rs2.7 billion (EPS: Rs18.97) for the year ended March 31, 2025, marking a 16 per cent year-on-year (YoY) increase and surpassing industry expectations.
Market Wrap: Highlights of the day - By JS Research

May 22 2025


JS Global Capital


  • The market opened on a positive note on Thursday, with the index gaining 767 points to hit an intraday high of 120,699. However, the momentum faded as investors opted for profit-taking at higher levels, dragging the index down to an intraday low of 119,062 before closing at 119,153, down 778 points. Going forward, range-bound activity is likely to persist ahead of the Federal Budget announcement, and investors are advised to remain cautious."
Image Pakistan Limited (IMAGE): 3QFY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • IMAGE is a premium fashion retailer specializing in Schiffli embroidery and digital lawn. It operates 14 stores across Pakistan and a growing online platform serving both local and international markets. With subsidiaries in the UK and USA, IMAGE targets the affordable luxury segment, blending traditional craftsmanship with modern design for its customers.
  • In 3QFY25, IMAGE reported sales of PKR 1,205 million, relatively unchanged from 3QFY24 sales of PKR 1,204 million. Gross profit margin slightly improved to 45% in 3QFY25 compared to 42% in the same period last year (SPLY). However, net profit after tax (PAT) decreased by 12% to PKR 209Mn in 3QFY25 from PKR 238Mn in the SPLY due to an increase in distribution and selling expenses. EPS stood at PKR 0.91 in 3QFY25 (3QFY24 EPS: PKR 1.81).
  • During 3QFY25, IMAGE expanded its physical presence with three new stores: Multan, Gujrat, and a new outlet at Dolmen Mall Lahore, taking total outlets to 14 nationwide. An additional three outlets (DHA Phase VI Karachi, Giga Mall Rawalpindi, and F-6 Islamabad) are scheduled for launch by the end of CY25, which will bring the total to 17 brick-and-mortar stores. This accelerated rollout indicates management’s confidence in sustained foot traffic recovery and untapped urban demand.
Pakistan Aluminium Beverage Cans Limited (PABC): CY24 & 1QCY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • PABC is the leading manufacturer of beverage cans in Pakistan. The Company is also Pakistan’s first and only manufacturer and exporter of aluminium cans.
  • During CY24, sales revenue increased 17%YoY clocking in at PKR 23Bn. The contribution of the exports to total revenue was around 63% during the year. Export sales increased 53%YoY to PKR 14.4Bn. Gross margin recorded a marginal decrease. Net profit for the year was recorded at PKR 6Bn compared to PKR 5Bn during the SPLY. The net profit margin recorded a marginal increase. As a result, EPS increased to PKR 16.9/sh from PKR 13.9/sh during the SPLY.
  • The Company reported a production of 936Mn cans in CY24, at a capacity utilization of 89%. The production capacity is 1.2Bn cans p.a.
Lalpir Power Limited (LPL): CY24 Corporate Briefing Key Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • LPL’s Power Purchase Agreement, originally due to expire in Nov’28, was terminated effective Oct 1, 2024, under a Negotiated Settlement Agreement. Receivables up to Sep 30, 2024—including CPP, EPP, and PTI—were cleared by Dec 31, 2024. Delayed payment interest was waived, resulting in significant reversals in the financials. The Company retains ownership of its 350MW oil-fired complex, and no further compensation was provided by the Government. CPPA-G will reimburse the Company for any adverse tax rulings if applicable.
  • Revenue declined 27%YoY to PKR 14.2Bn (CY23: PKR 19.5Bn), reflecting reduced dispatches ahead of PPA expiry. Gross profit fell to PKR 3.55Bn (CY23: PKR 5.6Bn), while PAT sharply dropped to PKR 465Mn from PKR 4.9Bn. This steep decline was primarily driven by non-recurring reversals—including furnace oil inventory written down to net realizable value due to low selling prices and the reversal of interest income due to waived charges under the settlement. EPS declined significantly to PKR 1.22 (CY23: PKR 12.1).
  • LPL reported surplus funds of PKR 9.8Bn as of Dec 31, 2024, ensuring liquidity strength post-PPA. However, Management clarified that it does not plan to distribute excess reserves via dividends in the near term. Instead, the focus is on pursuing high-potential ventures that can deliver superior long-term shareholder value.
Power Cement Limited (POWER): Corporate Briefing Takeaways - By Taurus Research

May 21 2025


Taurus Securities


  • The management of POWER highlighted that the Company turned into profit after five years amid massive developments i.e. successful plant turnaround, significant payment of a finance cost, improving operational efficiency through better fuel mix and capturing huge market share in high grade cement.
  • On the production and sales front, the management told that net sales dropped 16%YoY in 9MFY25 due to drastic decline in production and sales of Clinker on the back of significant decline in international Clinker prices. However, they expect some recovery in Clinker export prices until Dec’25 i.e. in between USD 35-37 per ton. This will improve profitability of the Company. Further, Operating profit surged 24%YoY in 9MFY25 on account of drop in finance cost (35%YoY) due to lower interest rates along with reduction in operational costs i.e. fuel saving of around 10% by using Agricultural Waste as alternative fuel. Moreover, the management is expecting to pay off significant portion of dividends to preference shareholders (Currently 74.5Mn as outstanding) once it has settled large amount of debt during FY26.
  • According to the management, the Company is using 100% imported coal (mainly from US) with a total cost of around PKR 35-37K per ton. Whereas, total export price per ton of Clicker (70% of total exports) and Cement is currently at USD 35-37 and USD 40-47, respectively. They shared that the recent Plant turnaround made it operating at 100% capacity (capable of utilizing high Sulphur coal to make high grade cement). The current retention price is ~PKR 775-800 per bag.
Pakistan Economy: IMF releases its Country Report on Pakistan - By Taurus Research

May 20 2025


Taurus Securities


  • The International Monetary Fund (IMF) has released its latest Country Report (or staff report) on Pakistan, following conclusion of the first review under the 37-month USD 7Bn Extended Fund Facility (EFF), leading to the immediate disbursement of ~USD 1Bn (SDR 760Mn). In addition, Pakistan also secured approval for a Resilience & Sustainability Facility (RSF) amounting to USD 1.4Bn for the purposes of tackling climate change.
  • Overall, policy efforts have continued to bear fruit. Wherein, financial and external conditions have continued to improve, with a current account surplus in 10MFY25 and FX reserves exceeding the IMF’s projections. NCPI has also declined to historical lows, albeit core inflation remains elevated. Economic recovery is continuing. Hence, Pakistan’s capacity to repay has improved too.
  • According to the Staff Report, Pakistan’s GDP growth is expected to arrive at 2.6% for FY25 (revised down from earlier forecast of 3.2%). Similarly, GDP growth for FY26 has also been revised down from 4% to 3.6%. However, the IMF’s forecast for headline inflation has been revised down substantially from the earlier estimates; to 5.1% and 7.7% for FY25 and FY26, respectively— expected to arrive within the SBP’s target range of 5%-7%.
Textile: Apr’25 Textile exports down 1%YoY/15%QoQ - By Taurus Research

May 19 2025


Taurus Securities


  • Textile exports arrived at USD 1.22Bn in Apr’25 as compared to USD 1.23Bn in the SPLY, a decline of ~1%YoY. Whereas, on a monthly basis it has significantly decreased by 15%MoM. The decrease was mainly due to the decline in exports of cotton yarn, cotton cloth, bed wear, tents & canvas, arts & silk and other textiles, down 31%YoY, 6%YoY, 3%YoY, 15%YoY, 3%YoY, and 10% YoY, respectively. However, 10MFY25 textile exports increased 8%YoY to USD 14.8Bn as compared to USD 13.6Bn in the SPLY.
  • In Apr’25, Basic textile exports totaled USD 166Mn, a significant decline of ~13%YoY, mainly attributed to the decline in exports of cotton yarn. Whereas, value added exports showed an increase of 2%YoY with a 4%YoY decline in other textiles.
Textile: Apr’25 Textile exports down 1%YoY/15%QoQ - By Taurus Research

May 19 2025


Taurus Securities


  • Textile exports arrived at USD 1.22Bn in Apr’25 as compared to USD 1.23Bn in the SPLY, a decline of ~1%YoY. Whereas, on a monthly basis it has significantly decreased by 15%MoM. The decrease was mainly due to the decline in exports of cotton yarn, cotton cloth, bed wear, tents & canvas, arts & silk and other textiles, down 31%YoY, 6%YoY, 3%YoY, 15%YoY, 3%YoY, and 10% YoY, respectively. However, 10MFY25 textile exports increased 8%YoY to USD 14.8Bn as compared to USD 13.6Bn in the SPLY.
  • In Apr’25, Basic textile exports totaled USD 166Mn, a significant decline of ~13%YoY, mainly attributed to the decline in exports of cotton yarn. Whereas, value added exports showed an increase of 2%YoY with a 4%YoY decline in other textiles.
TPL Properties Limited (TPLP): Corporate Briefing Takeaways - By Taurus Research

May 19 2025


Taurus Securities


  • The management conducted an analyst briefing on Friday 16, 2025 to provide an update on the March 29, 2025 fire incident at the Mangrove Project and shared updates on its progress.
  • On March 29, 2025, a minor fire occurred at the construction site of the Mangrove project due to an underground gas pocket encountered during deep borehole drilling for water.
  • In response, on April 8, 2025, the Government formed a technical team comprising of representatives from PPL, OGDCL and PRL to oversee the assessment and containment efforts.
Rafhan Maize Products Company Limited (RMPL): CY24 Corporate Briefing Takeaways - By Taurus Research

May 16 2025


Taurus Securities


  • Rafhan Maize Products Company Limited (RMPL) is an affiliate of Ingredion Incorporated, USA. Ingredion is one of the world’s leading corn refiners and carries a 71% stake in RMPL. RMPL considers itself to be an ingredients solution provider and serves more than 50 industries domestically and internationally. RMPL operates three manufacturing facilities in Punjab and Sindh.
  • RMPL primarily produces Starch (40%), Glucose (40%), and Dextrose (20%). RMPL operates in the following product categories and their respective segments: Food (confectionery, bakery, dairy, beverages, snacks, savory); Pharmaceuticals (Pharma-grade starches and glucose syrups for a wide range of applications); Industrial (textile, paper and corrugation, chemical and allied, and home and personal care); and Animal Nutrition (poultry, livestock, and aquaculture).
  • The Management noted that RMPL carries over 90% market share in its primary segments.
Pak Elektron Limited (PAEL): Exciting prospects ahead Initiating Coverage with a ‘BUY’ - By Taurus Research

May 16 2025


Taurus Securities


  • We initiate coverage on Pak Elektron Limited (PAEL) with a ‘BUY’ rating based on a Dec’25 target price of PKR 65/sh., reflecting an upside of 41% over the LDCP. PAEL is currently trading at a forward P/E of 9.5x, a 36% discount to its peers.
  • Our investment thesis is primarily based upon: i) Volumetric growth and uptick in utilization levels for both Power & Home Appliances divisions on the back of recovering demand; ii) Commencement of Transformer exports to the US along with strategic partnerships with Electrolux and Panasonic; iii) Relatively high & stable gross margins; iv) Strong presence in both Power and Home Appliances; v) Benefits from lower inflation & interest rates and a stable outlook for the Rupee; and vi) Sufficient capacity to deliver on new contracts, including exports.
  • Moreover, we believe PAEL could also be a major beneficiary of Government sponsored megaprojects and initiatives, broadening demand for its Power division. Finally, PAEL also enjoys unrivaled international technical collaborations and strategic partnerships which support innovation, helping it target new markets and segments both in Power and Home Appliances.
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