Author Topic: MLCF -- Maple Leaf Cement Factory Ltd.  (Read 349256 times)

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Offline Observer

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1719 on: November 13, 2018, 08:28:20 PM »
Quote from: Observer link=topic=401.msg340165#msg340165 date=
[/quote

i have registered, i have also got multiple error, but in the end after 2 or 3 weeks i tried again they said you are already registered with this email address.

so what i assume their system take some time. very poor/slow response for e-registration system.

Wait for some time.
Will try again. Thanx a lot dear.

Pakinvestorsguide

Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1719 on: November 13, 2018, 08:28:20 PM »

Offline jahangir

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1720 on: November 13, 2018, 11:49:32 PM »

Offline kpall99

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1721 on: November 14, 2018, 09:10:07 AM »
MSCI Small caps sey bi MLCF out
Risk comes from not knowing what you're doing. Warren Buffett

Offline Farzooq

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1722 on: December 13, 2018, 10:39:19 PM »
Pakistan Cements: Multiple catalysts to drive performance; prefer MLCF over PIOC

 
While we acknowledge the difference in installed capacities of MLCF and PIOC, we see more reasons for a pair-trade between MLCF-PIOC.

We believe the two companies are comparable given; (i) operations in the same region, (ii) brownfield expansion with close commissioning timelines, (iii) both have recently re-leveraged their balance sheets, and (iv) similarity in power mix.

We prefer MLCF over PIOC given its; (i) better sales mix and highest retention price, (ii) one of the lowest cost structure, (iii) tax benefit through its coal-power subsidiary, (iv) early expansion trigger with strong earnings growth, and (v) undemanding valuations.

MLCF’s underperformance of 13% in past 3-mths (absolute terms) and 35% (relative to PIOC), reflects more room for price out-performance in near-term compared to PIOC.

We reiterate our Buy call on MLCF (TP of PKR65) and Underperform on PIOC (TP: PKR41). MLCF trades at FY20E P/E of 5.6x vs PIOC’s valuation of 9.4x. The earnings growth profile also favors MLCF over PIOC (3-yr earnings CAGR of +4 vs -3% respectively).
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Online aharoon

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1723 on: December 13, 2018, 10:45:20 PM »
Pakistan Cements: Multiple catalysts to drive performance; prefer MLCF over PIOC

 
While we acknowledge the difference in installed capacities of MLCF and PIOC, we see more reasons for a pair-trade between MLCF-PIOC.

We believe the two companies are comparable given; (i) operations in the same region, (ii) brownfield expansion with close commissioning timelines, (iii) both have recently re-leveraged their balance sheets, and (iv) similarity in power mix.

We prefer MLCF over PIOC given its; (i) better sales mix and highest retention price, (ii) one of the lowest cost structure, (iii) tax benefit through its coal-power subsidiary, (iv) early expansion trigger with strong earnings growth, and (v) undemanding valuations.

MLCF’s underperformance of 13% in past 3-mths (absolute terms) and 35% (relative to PIOC), reflects more room for price out-performance in near-term compared to PIOC.

We reiterate our Buy call on MLCF (TP of PKR65) and Underperform on PIOC (TP: PKR41). MLCF trades at FY20E P/E of 5.6x vs PIOC’s valuation of 9.4x. The earnings growth profile also favors MLCF over PIOC (3-yr earnings CAGR of +4 vs -3% respectively).
Ponka .. Ponka.. Ponka..
No cash for MLCF like cement company ..
Sell is adviced for 30rs

Offline Farzooq

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1724 on: February 18, 2019, 12:22:08 PM »
MLCF: Earnings to dip by 46% YoY

Maple Leaf Cement Factory Limited (MLCF) is scheduled to announce its 2QFY19 financial result on 19th Feb’19. We project the company to post a PAT of PKR 633mn (EPS: PKR 1.07) during the period under review compared to PKR 1,174mn (EPS: PKR 1.98), depicting a decline of 46% YoY. Topline of the company is expected to arrive at PKR 6.4bn, down by 2% YoY as recovery in retention prices cushioned the decline in dispatches by 17% YoY to 810k tons in 2QFY19. With that said, gross margin attrition to 30% (2QFY18: 35%) is forecast on the back of volumetric decline, 26% YoY depreciation in the Pak Rupee against US Dollar and 10% YoY higher average coal prices. In addition, finance costs would clock-in at PKR 364mn, up by 95% YoY led by higher borrowing by the company. On a cumulative basis, this would take profitability in 1HFY19 to PKR 1,220mn (EPS: PKR 2.05), down by 46% YoY. Net sales in 1HFY19 dipped by 2% YoY amid 13% cut in dispatches. This, alongside aforementioned cost pressures, would translate into gross margins of 30% vis-à-vis 36% in SPLY.
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Offline aatradekhi

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1725 on: February 20, 2019, 10:33:41 AM »
Financial Announcements
Maple Leaf Cement Factory Ltd. Half Yearly Results Dec 2018
EPS 2Q = Rs 1.26
EPS Half Yr = Rs 2.25
Last Half Yr EPS = Rs 4.12

Offline Farzooq

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1726 on: February 20, 2019, 12:05:46 PM »
MLCF: 2Q earnings improved by 27% QoQ to PKR1.26/sh     

Maple Leaf Cement Factory Limited (MLCF) announced its 2QFY19 earnings wherein the company posted above expected consolidated EPS of PKR1.26/sh, a change of  +27%/-36%QoQ/YoY.

On a cumulative basis, earnings during 1HFY19 clocked in at PKR2.25/sh, down 41% YoY.

The company has not announced any cash payout, contrary to our expectation of an interim dividend of PKR0.75/sh. Cash curtailment could be a result of ongoing expansion project, in our view.

Major surprise came in the form of lower than expected distribution expenses and higher other income during the quarter.

Topline of the company improved by 18% QoQ owing to ~12% QoQ improvement in sales volume and better retention.

Interestingly, selling and distribution expenses registered a drop of 37% QoQ. This is mainly due to a change in accounting treatment of ‘export freight’ head that is now accounted as part of ‘Cost of Goods Sold’ (COGS).

Gross margins of the company remained almost flat at 29% given higher cost of operation. This is attributable to utilization of high cost coal inventory for both fuel and power generation along with recognition of export freight under COGS.

Effective tax rate of the company normalized to 30% during 2Q compared to 13% during 1QFY19 (due to one-off reversal in deferred tax liability).

1H earnings constitute 41% of our full-year estimate of PKR5.4/sh. We reiterate our Buy call on MLCF with a DCF-based TP of PKR65/sh.

Key risks to our thesis include: (i) lower than expected sales volume amid weak local demand and geo-political tensions, (ii) delay in capacity expansion, (iii) lower than expected cement prices, (iv) higher than expected coal price.
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Offline tauqeer81

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1727 on: March 17, 2019, 07:01:56 PM »
Any idea about MLCF? My buy is at 40. Should i hold and accumulate on dips or should is sell?

Online aharoon

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1728 on: March 17, 2019, 07:21:57 PM »
Any idea about MLCF? My buy is at 40. Should i hold and accumulate on dips or should is sell?
Type of holding ??
If it's delivery then you can hold ..and if it's future position it's better to square through sell
Cements main KAFI LAFRA CHAL RAHA HAI..