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Analyst Research Report Snapshot


Attock Cement Ltd: Management meeting highlights




Foundation Securities Private Limited


22 May 2013





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Event * We recently held a meeting with management of Attock Cement Pakistan Ltd and present key takeaways. APCL’s focus on reducing cost has started to bear fruits with the commissioning of WHRS last year and RDF facility this year. Resultantly, cost per tonne has declined by 9% in 9MFY13. ACPL aims to further diversify its export focus while closer to home ACPL targets growth via acquisition. We maintain our estimates and reiterate our Outperform stance on ACPL with new Target Price of PKR/158.2sh (20% upside). Price catalyst * Dec-13 price target: PKR158.2/sh based on DCF methodology. * Catalyst: Sustainability in current domestic prices with firm demand.

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