Author Topic: MLCF -- Maple Leaf Cement Factory Ltd.  (Read 355740 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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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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Online 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?

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..

Offline Farzooq

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1729 on: April 23, 2019, 06:33:05 PM »
MLCF: 62% decline YoY in 3QFY19 earnings

Maple Leaf Cement Factory Limited (MLCF) is scheduled to announce its 3QFY19 financial result on 24th Apr’19 whereby we project the company to display a 62% YoY dip in earnings to PKR 425mn (EPS: PKR 0.72). Topline of the company is expected to contract by 19% YoY amid 31% YoY cut in total dispatches to 740k tons. This, tagged with 20% depreciation in the Pak Rupee, adversely battered margins by 7ppts to 28%. In addition, a 49% increase in finance costs to PKR 392mn amid higher borrowing and interest rates, also translate negatively for the bottom-line. This will take the 9MFY19 earnings to PKR 1,760mn (EPS: PKR 2.96), down by 48% YoY. Dispatches sold during 9MFY19 have witnessed a decline of 18%, whereas improvement in retention prices will take the downturn in revenue to 7%. While margins will retreat by 6% YoY to 28% in lieu of volumetric decline, higher coal prices and PKR depreciation. Also noteworthy is the 88% YoY jump in finance costs owed to aforementioned reasons. Whereas selling expenses are set to climb by 19% to PKR 776mn as exports went up by 22% in 9MFY19.
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Offline Farzooq

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1730 on: April 25, 2019, 01:58:51 PM »
MLCF: Plant shutdown led to higher cost in 3Q!

Maple Leaf Cement Factory Limited (MLCF) announced its 3QFY19 earnings wherein the company posted below expected consolidated EPS of PKR0.94/sh, a drop of 25/50% QoQ/YoY.
On a cumulative basis, earnings during 9MFY19 clocked in at PKR3.19/sh, down 41% YoY.
Major surprise came in the form of higher than expected Cost of Goods Sold (COGS), the impact of which was partially offset by lower effective tax rate.
Topline of the company dropped by 10% QoQ owing to 9% QoQ decline in sales volume and 1% sequential drop in average retention per bag.
Gross margins of the company dropped by a significant 563bps QoQ to 23% during 3Q. This is mainly attributable to one-off cost booked on MLCF’s grey cement Line-1 under the head of 'stores and spares’. The line, bearing capacity of 4000tpd, was shutdown for maintenance during the quarter.
Effective tax rate of the company dropped to 20% during 3QFY19 compared to 30% during 2Q. This is mainly attributable to higher contribution from MLCF’s subsidiary Maple Leaf Power Limited (MLPL) to the bottom-line during the quarter.
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, (ii) lower than expected utilization of new plant, (iii) higher than expected drop in cement prices, and (iv) higher than expected coal price.
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Offline Observer

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1731 on: April 27, 2019, 12:57:24 AM »
It seems, MLCF will go down, buying at this rate would not be a good option.

Online onlybulls

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1732 on: April 27, 2019, 04:41:08 PM »
MLCF: Plant shutdown led to higher cost in 3Q!

Maple Leaf Cement Factory Limited (MLCF) announced its 3QFY19 earnings wherein the company posted below expected consolidated EPS of PKR0.94/sh, a drop of 25/50% QoQ/YoY.
On a cumulative basis, earnings during 9MFY19 clocked in at PKR3.19/sh, down 41% YoY.
Major surprise came in the form of higher than expected Cost of Goods Sold (COGS), the impact of which was partially offset by lower effective tax rate.
Topline of the company dropped by 10% QoQ owing to 9% QoQ decline in sales volume and 1% sequential drop in average retention per bag.
Gross margins of the company dropped by a significant 563bps QoQ to 23% during 3Q. This is mainly attributable to one-off cost booked on MLCF’s grey cement Line-1 under the head of 'stores and spares’. The line, bearing capacity of 4000tpd, was shutdown for maintenance during the quarter.
Effective tax rate of the company dropped to 20% during 3QFY19 compared to 30% during 2Q. This is mainly attributable to higher contribution from MLCF’s subsidiary Maple Leaf Power Limited (MLPL) to the bottom-line during the quarter.
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, (ii) lower than expected utilization of new plant, (iii) higher than expected drop in cement prices, and (iv) higher than expected coal price.
Farzooq bhai that's a looking a good tp 65 rs. Almost more than Double from current market price.

Offline mars4u

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1733 on: May 15, 2019, 03:48:51 PM »
kya soch ker tip 65 ki de hai, it will break 20 soon

Offline salmankaramat

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1734 on: May 16, 2019, 05:38:17 PM »
Price war, over supply, further devaluation, further hike in discount rate, enough reasons to take it below 10, stay cautious.

Offline hizohaib3

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1735 on: May 17, 2019, 07:18:35 AM »
kia din a gye han MLCF Jesa stock bhi 20 main mil rha ha aur 10 ki bat ki ja rhi ha kher koi ye btaye k mlcf ki expansion kab complete ho rhi ha?

Offline safdarkbw

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1736 on: May 18, 2019, 02:50:17 AM »
Mazi main jaoo Mlcf 2 Rupia main bhi Mila tha.
Kehtay hain History apnay aap ko dohrati hai.Ab phir 2 Rupia pe milay gaa.

Offline 007

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1737 on: May 18, 2019, 03:29:05 AM »
Mazi main jaoo Mlcf 2 Rupia main bhi Mila tha.
Kehtay hain History apnay aap ko dohrati hai.Ab phir 2 Rupia pe milay gaa.

financials same thay ? taab aur abb?

Offline safdarkbw

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Re: MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #1738 on: May 18, 2019, 04:53:38 AM »
Economy k AAL indicator Negative hain Market main
Free Faal Ban Raha hai.
Aisay main Financial Koi nahi
Dekhta.