IGI Securities Limited – Day Break

Karachi, April 20, 2018 (PPI-OT): Cements – KOHC and MLCF results preview for 3QFY18

The Board of Directors meeting of Kohat Cement Company Limited (KOHC) is scheduled to take place on 21 Apr-18 to consider and approve financial results for 3QFY18. We expect the Company to report earnings of PKR 576mn (EPS: PKR 3.73) in the quarter under review as against PKR 931mn (EPS: PKR 6.03) in the corresponding period last year;

The Board of Directors meeting of Maple Leaf Cement Factory Limited (MLCF) is announced to be held on 24th Apr-18 to consider and approve financial results for 3QFY18. We expect the Company to report consolidated earnings of PKR 1.34bn (EPS: PKR 2.26) in the quarter under review as against PKR 1.33mn (EPS: PKR 2.24) in the same period last year;

We recommend a ‘BUY’ call on KOHC and MLCF with Dec-18 TP of PKR 239/108 per share, offering +53%/+49% upside from its last closing.

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