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Analyst Research Report Snapshot


Attock Cement Co. Ltd: Low quality EPS surprise in FY13




Foundation Securities Private Limited


16 Aug 2013





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Event * ACPL announced its FY13 results on 15th August and posted earnings of PKR21.45/sh, up by 29% YoY (4Q EPS: 6.59), above ours and market consensus. This surprise is majorly attributable to a 90% drop in distribution cost and lower effective tax rate of 11% in 4Q13. Moreover, final DPS of PKR10 (cumulative FY13 DPS at PKR13) was above expectation. Given low quality of surprise, we maintain our estimates and Neutral rating with TP of PKR179.7/sh.

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