United States

Analyst Research Report Snapshot


Attock Cement Company: Strong fundamentals but limited upside: Down to Neutral




Foundation Securities Private Limited


12 Aug 2013





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Event * We have lifted our TP to PKR179/sh for Attock Cement Ltd (ACPL) as a result of tweaking of our future estimates and roll forward our valuation by one year. Our new TP implies FY14E P/E and div yield of 8.8x and 6.1%. While we favorably view ACPL’s fundamentals and its position to possibly benefit from cement price hike in response to industry-wide energy tariff hike, we downgrade our stance on ACPL to Neutral based on (1) 69% price run up since Jan’13 which has chipped off excitement around valuation, and (2) future growth restricted to price hike. Price catalyst * June-14 price target: PKR179/sh based on DCF methodology. * Catalyst: Sustainability in current domestic prices with firm cement demand.

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