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Analyst Research Report Snapshot


ACPL: 1QFY14 EPS clocked in at PKR3.69




Elixir Securities Pakistan (Pvt.) Limited


29 Oct 2013





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Result announcement Attock Cement Company Limited (ACPL) announced its 1QFY14 financial results on 21st October 2013. The company posted EPS of PKR3.69, up 18% YoY but down 51% QoQ. Exports drove dispatch growth ACPL posted total dispatches of 0.45mn tons during 1QFY14, up 13% YoY. Due to slow local demand, the company relied on exports to maintain a high utilization level. Exports rose to 0.16mn tons during the period, up 63% YoY while local dispatches clocked in at 0.29mn tons, down 3% YoY. Unstable export prices and higher costs contracted gross margins ACPL posted gross margin of PKR95/bag during 1QFY14, down 6% QoQ. Higher power costs during the period caused COGS to clock in at PKR229/bag, up 13% YoY. Owing to unstable export prices, average retention clocked in at PKR324/bag, up by only 7% QoQ. Higher mix of exports increased selling costs Exports comprised of 35% of ACPL’s sales mix during 1QFY14 which translated in to higher selling costs. ACPL posted selling and distribution cost of PKR303mn during the period, up 32% YoY. Investment perspective The stock offers total return of 2% to our Jun-14 target price of PKR125/share. Owing to weak return profile, we maintain our HOLD stance on the stock.

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