ACPL -- Attock Cement Pak Ltd

[Farzooq]

All about attock cement

[Farzooq]

20-AUG-09 ACPL Attock Cement Pak. FINANCIAL RESULT FOR THE YEAR ENDED 30/06/2OO9
20-AUG-09 ACPL Attock Cement Pak. DIVIDEND = 32.5%(F)
20-AUG-09 ACPL Attock Cement Pak. BONUS ISSUE = 20%
20-AUG-09 ACPL Attock Cement Pak. PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 1,988.726
20-AUG-09 ACPL Attock Cement Pak. PROFIT/LOSS AFTER TAXATION RS. IN MILLION 1.492.951
20-AUG-09 ACPL Attock Cement Pak. EPS = 20.69
20-AUG-09 ACPL Attock Cement Pak. ANNUAL GENERAL MEETING WILL BE HELD ON 19/10/2OO9
20-AUG-09 ACPL Attock Cement Pak. BOOK CLOSURE FROM 09/10/2009
20-AUG-09 ACPL Attock Cement Pak. BOOK CLOSURE TO 19/10/2009

[Farzooq]

ACPL: 1QFY10 pre-result
ACPL is scheduled to hold its board meeting to consider 1QFY10 financial results on Monday, Oct 19, 2009. We expect the company to post 32% bottom line growth at PRs232mn (EPS PRs3.21) as against PRs175mn (EPS PRs2.43) recorded during 1QFY09. The increased profitability of the company is anticipated mainly on the back of notable decline in financial charges as well as relatively lower tax expenses for the quarter. After adjusting for bonus shares, our revised fair value of the scrip arrives at PRs68/share. Looking at the current trading levels we reiterate our ‘Hold’ stance on the scrip.   

[Admin]

20-OCT-09 ACPL Attock Cement XDXB FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 30/09/2009
20-OCT-09 ACPL Attock Cement XDXB PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 345.248
20-OCT-09 ACPL Attock Cement XDXB PROFIT/LOSS AFTER TAXATION RS. IN MILLION 235.748
20-OCT-09 ACPL Attock Cement XDXB EPS = 3.27

[Admin]

ACPL: In the Right Direction

APCL has managed to maintain its local off-take despite a slump in local
demand off-take for the industry

Financial position of the company has remained healthy and shows no
signs of financial distress despite a prevailing high interest rate
environment

We remain UNDERWEIGHT on the sector with risks emanating from local
prices, breakdown of marketing arrangements and possible litigation
outcome from alleged cartelization by the CCP

Equity performance of cement sector has been lackluster of late due to depressed
cement prices, breakdown of marketing arrangements between cement manufacturers
and last but not the least the presence and continued pressure exerted by the
Competition Commission of Pakistan (CCP) on the sector. In light of above pressures,
investors in general have adopted a cautious stance.

[Toshi]

ACPL: Reinitiating Coverage with a BUY
BMA Research

???? ACPL is located in the south where average cement prices trade
approximately PKR20-30 higher than in the north; coupled with the fact that
Falcon Cement (ACPL brand) trades at a premium to average cement prices
???? The company has historically out performed the sector dynamics, and has
consistently shown better sales utilization levels compared to the industry
???? Although unlikely to repeat and match financial results of FY09, ACPL still
remains one of the strongest companies in the sector both operationally
and financially
???? Our fair-value for ACPL stock is PKR83/share which provides an upside of
61% over current levels
???? We maintain UNDERWEIGHT stance on the cement sector in-light of risks
emanating from low cement prices, breakdown of marketing arrangements
and constant pressure form CCP

[Farzooq]

Cement: ACPL - 1HFY10E EPS of PKR5.1

   ACPL is expected to announce its 1HFY10 result on Thursday, February 11, 2010; we expect the company to post a PAT of PKR440mn (EPS: PKR5.1) registering a decline of 39% YoY

   For 2QFY10, we expect the company to post a PAT of PKR204mn (EPS: PKR2.4); registering a decline of 63% YoY

   Attrition in both the top-line (12%) and the bottom-line (39%) is expected to be the result of depressed cement prices

   We currently have a BUY call on the company’s stock; with a fair value of PKR81/share, providing an upside of 38% from current levels
 

[Farzooq]

11-FEB-10   ACPL   Attock Cement   FINANCIAL RESULT FOR THE HALF YEAR ENDED 31/12/2009
11-FEB-10   ACPL   Attock Cement   DIVIDEND = 17.50%
11-FEB-10   ACPL   Attock Cement   PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 792.379
11-FEB-10   ACPL   Attock Cement   PROFIT/LOSS AFTER TAXATION RS. IN MILLION 623.815
11-FEB-10   ACPL   Attock Cement   EPS = 7.20

[saba malik]

Good result......Congrats to ACPL holders  :salute:

[Mr.TOOL]

ACPL - 1HFY10 DETAILED ACCOUNTS REVIEW (IGI)

[Farzooq]

Attock Cement to acquire Al-Abbas Cement
The cash rich Attock Cement Pakistan Limited (ACPL) is pursuing
growth strategy by expressing interest to acquire majority stake in cash
starved Al-Abbas Cement Company Limited (AACIL). If the deal gets
metalized, the total capacity of ACPL is expected to reach 2,610,000 tons
annually. Besides, we expect ACPL to achieve following benefits:

Gain more market share in other cities of Sindh like Hyderabad,
Thatta, and other ruler areas.
More domination in the Southern region will give ACPL strength in
determining cement prices.
Economies of scale may lead to decline in production cost.
Cater bulk export orders which will strengthen its exports going
forward.

AACIL – the struggler!
For the past few years, AACIL is struggling due to financial constraints
with total interest bearing liabilities swelling to PKR 3,185 million on
December 31, 2009. This along with high interest rates wipes out
company’s profitability. Moreover, high working capital requirement is
keeping AACIL to achieve higher capacity utilization which currently
stands at meager 39%. Following table shows key financial highlights of
AACIL.
Financial highlights 1H-FY2010 FY2009
Sales 1,025 2,983
Gross profit 98 700
Financial cost (186) (351)
Profit/(loss) after tax (247) 164
Profit/(loss) per share - PKR (1.35) 0.67
Gross profit margin 10% 23%
Total assets 5,652 5,924
Total liabilities 4,182 4,206
Equity 1,470 1,717
Book value per share - PKR 8.04 9.39
Capacity utilization 39% 65%
Source: AACIL financial statements

What is the purchase price?
Although the company has not declared any purchase price, however a
comparative analysis of EV/ton given below gives a fair idea of current
valuations of AACIL and its peer companies.

Company name EV/ton
Al-Abbas Cement 5,495
Flying Cement 930
Dewan Cement 4,116
Cherat Cement 3,317
Attock Cement 3,823
Average 3,047
At the stock price of PKR 9.63/share, the EV/ton of AACIL com es at PKR
5,495 which is 80% more than is peer average of PKR 3,047. We believe
that ACPL is expected to pay a premium as benefits (mentioned above)
are expected to add more value for ACPL and its shareholders. Currently
we have a buy stance on ACPL with June 2010 target price of PKR
80/share.

[UT]

ACPL RS 80 ka forecast seems reasonable. BMA fair value is 81.

I like it :banana:

[M&M]

Solid Volume .. 1M

[M&M]

Ready to take off !

[Farzooq]

eps 10.32

[Farzooq]

ACPL - 3Q FY10 Detailed Accounts Review
Attock Cement Pakistan Limited (ACPL) witnessed bottomline deterioration of 14% YoY to PKR 893mn (EPS: PKR 10.32) against PKR 1,038mn (EPS: PKR 11.99) in the same period last year. The decline is mainly attributed to i) 13% YoY decline in retention prices and ii) an increase of 9% YoY in distribution and administrative expenses.

Outlook -Acquisition of Al-Abbas to provide synergies
ACPL's management is in negotiation with Al Abbas cement for a possible acquisition. Al Abbas Cement's production facility with an installed capacity of 472.5k tons is located in the south zone. As ACPL is focusing on exploring and capturing new export destinations like Malaysia and Tanzania to boost revenues, additional capacity in close proximity to the sea port will be an advantage. Although the company is optimistic about volumetric growth in sales and expects an overall growth of 10% in cement despatches in FY11, margins are expected to remain under check on the back of local supply glut and lower retention prices.

IGI Research

[Poker Face]

BM? AACIL acquisition? expected EPS? DPS? BONUS? FUTURE OUTLOOK?

[Farzooq]

BM? AACIL acquisition? expected EPS? DPS? BONUS? FUTURE OUTLOOK?

eps 14 dps 3.25 bonus 10%

[M&M]

BM? AACIL acquisition? expected EPS? DPS? BONUS? FUTURE OUTLOOK?

eps 14 dps 3.25 bonus 10%

better company than 'LUCK' in my view ..

[Poker Face]

Its carried forward cash is about Rs. 4 billion. Should I buy it at Rs. 65/- for long term (more than 5 years) or any other buying target?