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Analyst Research Report Snapshot


Kohat Cement Co. Ltd: Significant volume outperformance in 1Q




Foundation Securities Private Limited


08 Oct 2013





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Event * Our thesis on Kohat Cement Limited (KOHC) seems to be playing out- 18% YoY growth in 1Q local volumes far exceeded industry growth of 2%, significant de-leveraging poised to deliver savings on financial cost, and recent uptick in cement prices significantly lowered the impact of 50% electricity tariff hike on company’s bottom-line. KOHC remains our preferred pick among small players. Reiterate Outperform. * We have revised down our FY14-16E estimates by 2-4% premised on the delay of WHR operations and our Jun’14 TP by 6% to PKR135.9/sh.

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