Fauji Cement Company Limited (FCCL): Poised for Continued Growth - Market Weight - By WE Research

Mar 18 2025



  • Since Jan’2024, the Pakistan cement sector has witnessed a swift recovery on the back of anticipated interest cut, where the industry stock performance increased by 46%. Among the local peers, FCCL has been the key driver on this rally, delivering an 92% return, with its share price surging from PKR 18.95/sh on January 1, 2024, to PKR 36.4/sh on January 1, 2025. However, despite this strong market performance, cement dispatches in CY24 remained stagnant/low, where local demand reached at 38.2 Mn tons, depicting a decline of 4.5% YoY. However, we expect FY25 to be a strong year for the industry, driven by lower interest rates and enhanced purchasing power across both consumer and industrial sectors, where we anticipated local dispatches to clock in at 38Mn tons 4% YoY increase from FY25.
  • We have a Market Weight stance on FCCL, with a DCF-based target price of PKR 64.40 per share for DEC’25 offering 40% upside potential. FCCL is currently valued at ~US$39.17EV/ton compared to 5-year average of ~US$32.65EV/ton. On EV/EBIDTA basis, stock is trading at ~11.07x as compared to 5-year average of ~6x.
  • Our liking for the stocks emanate from 1) Healthy gross margins driven by cost efficiency initiatives, 2) Recent capacity expansion to enhance market footprint, 3) Strong cash flow led to higher payouts & 4) Reducing interest rate to increase profitability.
Fauji Cement (FCCL): 3QFY25 EPS at Rs0.87, up by 21% YoY (Earnings lower than expectations) - By Topline Research

Apr 24 2025


Topline Securities


  • FCCL announced its 3QFY25 result today, where the company recorded earnings of Rs2.1bn (EPS of Rs0.87), up by 21% YoY.
  • The result came lower than industry expectations due to higher-than-expected finance costs and lower than expected gross margins.
  • Alongside the result, the company did not announce any cash dividend in 3QFY25 which was according to expectations.
Pakistan Cement: FCCL & KOHC: 3QFY25 result previews - By JS Research

Apr 14 2025


JS Global Capital


  • We present 3QFY25 earnings expectations for Fauji Cement Company Ltd (FCCL) and Kohat Cement Company Ltd (KOHC).
  • We expect FCCL and KOHC to post earnings of Rs1.02/share and Rs12.89/share, reflecting growth of 41% and 23% YoY, respectively. This improvement is primarily driven by higher gross margins — up 3.3ppt YoY for FCCL and 8.5ppts for KOHC — supported by higher retention prices and lower coal costs during 3QFY25 compared to 3QFY24.
  • The proposed increase in limestone royalty rates in KPK, aligning them with those in Punjab, is expected to weigh negatively on both companies. However, reduction in power tariffs may partially offset this impact, given both companies' significant reliance on the national grid.
Fauji Cement Company Limited (FCCL): Poised for Continued Growth - Market Weight - By WE Research

Mar 18 2025



  • Since Jan’2024, the Pakistan cement sector has witnessed a swift recovery on the back of anticipated interest cut, where the industry stock performance increased by 46%. Among the local peers, FCCL has been the key driver on this rally, delivering an 92% return, with its share price surging from PKR 18.95/sh on January 1, 2024, to PKR 36.4/sh on January 1, 2025. However, despite this strong market performance, cement dispatches in CY24 remained stagnant/low, where local demand reached at 38.2 Mn tons, depicting a decline of 4.5% YoY. However, we expect FY25 to be a strong year for the industry, driven by lower interest rates and enhanced purchasing power across both consumer and industrial sectors, where we anticipated local dispatches to clock in at 38Mn tons 4% YoY increase from FY25.
  • We have a Market Weight stance on FCCL, with a DCF-based target price of PKR 64.40 per share for DEC’25 offering 40% upside potential. FCCL is currently valued at ~US$39.17EV/ton compared to 5-year average of ~US$32.65EV/ton. On EV/EBIDTA basis, stock is trading at ~11.07x as compared to 5-year average of ~6x.
  • Our liking for the stocks emanate from 1) Healthy gross margins driven by cost efficiency initiatives, 2) Recent capacity expansion to enhance market footprint, 3) Strong cash flow led to higher payouts & 4) Reducing interest rate to increase profitability.
Fauji Cement Company Limited (FCCL): 2QFY25 EPS clocked-in at PKR 1.6, up 24%QoQ - By Taurus Research

Feb 25 2025


Taurus Securities


  • 2QFY25: EPS: PKR 1.6; PAT: PKR 4.0Bn, up 51%YoY – in line with expectation.
  • FCCL’s net sales clocked-in at PKR 25Bn, up 8%QoQ on account of increase in overall dispatches by 12%QoQ and better retention prices. Further, gross margin arrived at 36% for the quarter, up 2pptsQoQ due to improving cost efficiencies i.e. better fuel and power mix. Further, finance cost was down significantly by 22%QoQ on the back of lower interest rates. 2QFY25 PAT arrived at PKR 4.0Bn, up 24%QoQ. Lastly, the Company did not announce any dividend for quarter.
Fauji Cement Company Limited (FCCL): 2QFY25 EPS clocked in at PKR1.6 – Above expectation - By Insight Research

Feb 25 2025


Insight Securities


  • FCCL has announced its 2QFY25 result, wherein company has posted PAT of PKR4.0bn (EPS: PKR1.6) vs. PAT of PKR2.7bn (EPS: PKR1.1) in SPLY. The result is above our expectation due to higher-than-expected gross margins.
  • In 2QFY25, revenue increased by 24%/8% YoY/QoQ mainly due to higher volumetric sales and better retention prices. To note, company’s local cement offtakes increased by 17%/14% YoY/QoQ.
  • Gross margins of the company clocked in at 35.8%, up by 314bps/142bps YoY/QoQ, possibly due to optimal energy mix and decline in coal prices.
Fauji Cement Company Limited (FCCL): Result Review: FCCL 2QFY25 EPS Rs1.64 - By Sherman Research

Feb 25 2025


Sherman Securities


  • Fauji Cement Company Limited (FCCL) announced its 2QFY25 result today wherein the company posted net earnings of Rs4bn (EPS of Rs1.64) compared to net earnings of Rs2.7bn (EPS of Rs1.1) during same period last year, up by 51%YoY. The result came in-line with our estimate.
  • During 2QFY25, net revenue surged by 24%YoY to Rs24.9bn primarily driven by rise in volumetric sales (up 19%YoY) and elevated retention prices (up 4%YoY).
  • FCCL’s gross margin clocked in at 36% during 2QFY25 as compared to 33% during the same period last year (up 3ppt). The increase in margins is mainly attributed to lower coal prices and efficient coal mix.
Fauji Cement (FCCL): 2QFY25 EPS at Rs1.64, up by 51% YoY (Earnings higher than expectations) - By Topline Research

Feb 25 2025


Topline Securities


  • FCCL announced its 2QFY25 result today, where the company recorded earnings of Rs4.02bn (EPS of Rs1.64), up by 51% YoY.
  • The result came higher than industry expectations due to higher-than-expected gross margins.
  • Alongside the result, the company did not announce any cash dividend in 2QFY25 which was according to expectations.
Pakistan Cement: PIOC, MLCF & FCCL: 2QFY25 result previews - By JS Research

Feb 18 2025


JS Global Capital


  • We present 2QFY25 earnings expectations for Pioneer Cement Ltd (PIOC), Maple Leaf Cement Factory Ltd (MLCF), and Fauji Cement Company Ltd (FCCL). PIOC and MLCF are expected to report a decline in earnings, with EPS likely to arrive at Rs6.2 and Rs1.47, reflecting a YoY decrease of 17% and 16%, respectively. This decline is primarily driven by lower local dispatches and higher royalty charge.
  • On the other hand, we expect FCCL to post an EPS of Rs1.45 during the quarter, up 34% YoY, largely attributed to a 19% rise in dispatches, following the company’s expansion, which has increased its capacity-based market share.
  • Punjab-based manufacturers continue to face pressure from the higher royalty charge, which adds Rs60-70/bag to manufacturing costs. However, cost efficiencies and declining Afghan and local coal prices are expected to partially offset this impact.
Market Wrap: Highlights of the day - By JS Research

Jul 10 2025


JS Global Capital


  • The KSE-100 Index surged 1,325 points to reach an intraday high of 133,902, as investor sentiment turned bullish on the back of strong macroeconomic signals. Record-high remittances of $38.3 billion and robust demand in recent government debt auctions drove renewed interest in the banking sector. This marks a key inflection point for the market. With improving fundamentals and fiscal stability, the index appears poised to consolidate above the 130,000 mark. Continued foreign inflows and structural reforms could sustain this momentum in the quarters ahead
Automobile Assembler: Pakistan Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high - By Topline Research

Jul 10 2025


Topline Securities


  • Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 21,773 units in Jun 2025, reflecting a 64% YoY and 47% MoM rise.
  • MoM rise was mainly led by a 39-month high Alto sales due to pre-buying as GST was set to increase effective from Jul 01, 2025 from 12.5% to 18.0%.
  • YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment
Oil and Gas Exploration: Improving liquidity in E&P sector to set stage for recovery - By AKD Research

Jul 10 2025


AKD Securities


  • As per released figures from PPIS for Jun’25, oil/gas production for the year amounted to 62.4k bpd and 2,882mcfd, reflecting a decline of 12%/8%YoY.
  • We expect rebound in domestic hydrocarbons as excess RLNG issue is to be resolved through i) renegotiation of RLNG contract in 2026, ii) deferral of cargoes, and iii) increase in demand.
  • Industry participants have struck 21 discoveries during FY25, up 40%/91% compared to 15/11 discoveries during FY24/23, culminating to incremental production of 2.9k bpd of oil and 253mmcfd of gas as per initial flow rates.
Market Wrap: Evening Chronicle July 10, 2025 - By AHCML Research

Jul 10 2025


Al Habib Capital Markets


  • The KSE-100 Index opened on a positive note and surged to an intraday high of 133,902.34 points before closing at a record 133,782.34, gaining 1,205.36 points or 0.91%. Investor sentiment remained buoyant amid strong economic indicators and corporate developments. Record remittances of USD 38.3bn in FY25 (up 26.6% YoY), progress on the Roosevelt Hotel’s USD 1.0bn valuation in the proposed redevelopment plan, World Bank’s likely support for Reko Diq, a 10% rise in US exports, and a USD 1 billion syndicated loan by Dubai Islamic Bank all boosted investors’ confidence. Top contributors to the index included MEBL, MCB, UBL, BAHL, and FFC, which collectively added 570.42 points. BOP led the volumes with 155.38 million shares, while total market turnover reached 941.72 million shares.
Market Wrap: PSX Rebounds Strongly amid Strong Economic Indicators - By HMFS Research

Jul 10 2025


HMFS Research


  • The KSE 100 index resumed its upward trajectory today, reaching an intraday high of 133,902 after a slight correction in the previous session driven by profit-taking. The benchmark index closed at the 133,782 level, recording a gain of 1,205 points. The positive sentiment was primarily driven by a remarkable 26.6% surge in cumulative remittances in FY25, which reached a record high of USD 38.3bn. Consequently, buying was observed across major sectors including banking and cement. Investor confidence also improved ahead of corporate results season, furthermore, a 10% y/y increase in exports to the US, which reached USD 5.8bn in FY25, also aided momentum. Total traded volumes remained strong, with the KSE-100 Index posting 326mn shares and the All-Share Index recording 940mn shares. The most actively traded scrips today were BOP (155mn), KOSM (55mn), and HASCOL (33mn). Going forward, the market’s upward trend is expected to continue. However, since the Trump administration as of now has made no announcements over its tariff position on Pakistan, the bourse could swing in the opposite direction should the US decide to impose or reinstate trade barriers. Such a move could dampen investor sentiment, thereby stalling the market's momentum. Amidst this backdrop, investors are advised to remain cautious amid the recent gains in market indices, focusing on fundamentally strong sectors and companies with stable earnings and long-term potential.
Fertilizer: 2QCY25E earnings to jump on higher off-take - By Taurus Research

Jul 10 2025


Taurus Securities


  • We expect Fertilizer players in our universe to witness robust surge in profitability on the back of significant increase in offtake during 2QCY25 i.e. Urea up 14%QoQ and DAP up 99% QoQ, attributed to rise in demand for fertilizer products at the start of the Kharif Season 2025 amid facilitating farmers with Kissan Cards, mitigating wheat crisis and stable fertilizer prices.
  • On the Company front, EFERT’s market share went up by 32% (up 8pptsYoY) in 2QCY25 due to base effect as the Company had undergone scheduled plant maintenance activities for 2 months during 2QCY24, resulting in rise in Urea off-take (up 9pptsYoY to 34%). Further, disparity in gas pricing mechanism has still put significant pressure on the margins of EFERT, forcing to sell Urea at a discounted price (discount of PKR 100-150 per bag started in Jan’25). Further, FFC has also reduced Urea prices by PKR 40/bag effective from May’25.
  • FFC’s net sales to clock-in at ~PKR 68Bn in 2QCY25, up 7%QoQ on account of increase in overall off-take by 17%QoQ (Urea and DAP off-take were up by 9% and 66%, respectively). Gross margins to hover around 38% in 2QCY25, up 2pptsQoQ. Distribution and admin expense to increase 2%QoQ, in-line with the increase in sales volumes. Finance cost to remain on the lower side (down 16%QoQ) amid deleveraging of FFBL and ongoing monetary easing cycle.
Nishat Mills Limited (NML): BUY Maintained Earnings revised due to lower margins; SOTP value higher - By Topline Research

Jul 10 2025


Topline Securities


  • We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25 and FY26 to Rs18.49 and Rs19.11 on the back of lower-than-expected gross margins posted by company in 9MFY25.
  • We have now assumed gross margins of average 11.1% for FY25-FY27 in our forecast compared to 9MFY25 gross margins of 11.3%. While gross margins in last 10 years i.e. FY15- FY24 have averaged at 12.4%.
  • Despite decline in earnings, we maintain our BUY stance on the company with Jun 2026 target price of Rs225, suggesting total return of 60% including dividend yield of 2%.
Commercial Banks: Banks earnings to increase 7% YoY in 2Q2025 Market Weight Stance Maintained - By Topline Research

Jul 10 2025


Topline Securities


  • Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income
  • Despite the decline in the average policy rate from 21.5% in 2Q2024 to 11.3% in 2Q2025, Net Interest Income (NII) of banks in our universe is expected to increase by 12% YoY to Rs303bn, driven by (1) volumetric growth particularly in current accounts and (2) higher investment yields on old portfolio.
  • Non-interest income of Topline Universe is also expected to post a 14% YoY growth, reaching Rs84bn in 2Q2025, mainly driven by an increase in fee and commission income and higher gain on sale of securities.
Technical Outlook: KSE-100 may undergo corrective trend - By JS Research

Jul 10 2025


JS Global Capital


  • The KSE-100 index failed to sustain its intraday high of 133,566 and slid to close at 132,577, down 826 points DoD. Trading volume stood at 906mn shares, compared to 1,207mn shares in the previous session. The index is likely to test support at 132,326 (yesterday’s low), where a break below this level could trigger a corrective trend, with downside targets at 129,878 and 127,205. On the upside, resistance is expected in the 133,560-134,200 range. We recommend investors remain cautious at higher levels and consider accumulating on dips. The support and resistance levels are placed at 132,080 and 133,320, respectively.
Morning News: Remittances from workers at a record high - By IIS Research

Jul 10 2025


Ismail Iqbal Securities


  • In a historic economic milestone, Pakistan recorded its highest-ever home remittance inflows, exceeding $38 billion during the last fiscal year FY25. This unprecedented surge is credited to robust policy measures and sustained efforts by the federal government and the State Bank of Pakistan (SBP) to channelise remittances through formal avenues.
  • The State Bank of Pakistan (SBP) mobilised approximately Rs1.62 trillion through its latest auctions of government securities, of which a substantial proportion, Rs1.413 trillion, was raised from Market Treasury Bills (MTBs) and Rs208.42 billion from 10- year Pakistan Investment Bonds Floating Rate (PFL).
  • Political uncertainties, security issues, and external shocks continue to threaten Pakistan’s moderate economic recovery, says the Asian Development Bank (ADB). “Structural and institutional factors, as well as issues such as cumbersome land acquisition procedures, procurement delays, lack of counterpart funds, and currency and price fluctuations, affect project readiness, implementation, and outcomes,” said the bank in its member fact sheet.
Fauji Cement Company Limited (FCCL): Poised for Continued Growth - Market Weight - By WE Research

Mar 18 2025



  • Since Jan’2024, the Pakistan cement sector has witnessed a swift recovery on the back of anticipated interest cut, where the industry stock performance increased by 46%. Among the local peers, FCCL has been the key driver on this rally, delivering an 92% return, with its share price surging from PKR 18.95/sh on January 1, 2024, to PKR 36.4/sh on January 1, 2025. However, despite this strong market performance, cement dispatches in CY24 remained stagnant/low, where local demand reached at 38.2 Mn tons, depicting a decline of 4.5% YoY. However, we expect FY25 to be a strong year for the industry, driven by lower interest rates and enhanced purchasing power across both consumer and industrial sectors, where we anticipated local dispatches to clock in at 38Mn tons 4% YoY increase from FY25.
  • We have a Market Weight stance on FCCL, with a DCF-based target price of PKR 64.40 per share for DEC’25 offering 40% upside potential. FCCL is currently valued at ~US$39.17EV/ton compared to 5-year average of ~US$32.65EV/ton. On EV/EBIDTA basis, stock is trading at ~11.07x as compared to 5-year average of ~6x.
  • Our liking for the stocks emanate from 1) Healthy gross margins driven by cost efficiency initiatives, 2) Recent capacity expansion to enhance market footprint, 3) Strong cash flow led to higher payouts & 4) Reducing interest rate to increase profitability.
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