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The Market ! => Pak Equities => Topic started by: um@ir on October 06, 2008, 02:24:18 PM

Title: KOHC -- Kohat Cement
Post by: um@ir on October 06, 2008, 02:24:18 PM
All About Kohat Cement
Title: Re: KOHC -- Kohat Cement
Post by: niaz.ahmed on January 18, 2010, 10:53:00 PM
dear seniors, where do u c kohc in short to long term? is it worth buying @ today rates? Thanks
Title: Re: KOHC -- Kohat Cement
Post by: Heart Breaker on February 07, 2010, 07:04:45 PM
Mates get ready for KOHC flight like LPCL (waiting for one big news) :goodl:
Title: Re: KOHC -- Kohat Cement
Post by: Heart Breaker on January 04, 2012, 11:12:22 AM
Sky is a Limit or limitless  ;)
Title: Re: KOHC -- Kohat Cement
Post by: kamilshah on January 04, 2012, 11:23:55 AM
Whats the news?
Title: Re: KOHC -- Kohat Cement
Post by: Heart Breaker on January 04, 2012, 11:26:46 AM
Satta for Rs.15  :s1:
Title: Re: KOHC -- Kohat Cement
Post by: malikk on January 04, 2012, 10:09:57 PM
Satta for Rs.15  :s1:

r u really sure , it will touch 15 ? ? ?  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: Heart Breaker on January 17, 2012, 01:13:56 PM
KOHC satta zindabad.................... :dunno:
Title: Re: KOHC -- Kohat Cement
Post by: malikk on January 17, 2012, 04:57:35 PM
KOHC satta zindabad.................... :dunno:

shit .. aaj tu pata nahi chalaa .. kal ka koi chance ??  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: Heart Breaker on January 26, 2012, 03:33:13 PM
KOHC satta zindabad.................... :dunno:

again cap  :clap1: :banana:
Title: Re: KOHC -- Kohat Cement
Post by: Dr nouman on January 26, 2012, 03:39:43 PM
FECTC is also capped ... any reason for that....????/
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on February 21, 2012, 07:32:54 PM
16/12/2011 closing 7.70
21/02/2012 closing 19.01

Has given 146% return in 9 weeks!
Q1 eps 0.99
HY bm 25 Feb

Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on February 27, 2012, 09:46:38 PM
HY eps 4.31 previous lps 0.58

It is more than DGKC!
Title: Re: KOHC -- Kohat Cement
Post by: kamal on February 27, 2012, 09:50:43 PM
HY eps 4.31 previous lps 0.58

It is more than DGKC!

Wonder whus the auditors ...

further ...Kohat by its name depcits the LPS to EPS of such high ...ride ur luck as long as it pleasure ...than enjoy the shocks when its inevitable .. :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on March 07, 2012, 08:14:33 PM
16/12/2011 closing 7.70
21/02/2012 closing 19.01

Has given 146% return in 9 weeks!
Q1 eps 0.99
HY bm 25 Feb

todays closing 28.24, 266% gain in 11 weeks!
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on March 09, 2012, 09:55:58 PM
kufar toota khuda khuda kar ke
closed red today finally after a big series of locks and green days
Title: Re: KOHC -- Kohat Cement
Post by: soulpower on March 13, 2012, 12:06:12 AM
What is the target price for kohc?fundamentals are strong but there is some litigation going on against the ceo.
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on March 13, 2012, 12:13:07 AM
What is the target price for kohc?fundamentals are strong but there is some litigation going on against the ceo.
sell here
Title: Re: KOHC -- Kohat Cement
Post by: Dr. Economist on April 05, 2012, 12:58:39 AM
Seems like KOHC is going to target Rs. 40/-  :arrowhead:
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on April 09, 2012, 08:26:16 PM
KOHC expected to post eps of 11.2 for FY 2012
Title: Re: KOHC -- Kohat Cement
Post by: Dr. Economist on April 09, 2012, 09:27:40 PM
KOHC expected to post eps of 11.2 for FY 2012

That's massive. I think it is going towards 80 by the year end  :skeptic:
Title: Re: KOHC -- Kohat Cement
Post by: Dr. Economist on April 09, 2012, 09:34:33 PM
KOHC expected to post eps of 11.2 for FY 2012

Is it your calculations?
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on April 09, 2012, 09:40:55 PM
yes
Title: Re: KOHC -- Kohat Cement
Post by: Dr. Economist on April 10, 2012, 06:05:38 AM
yes

So what is the target price for KOHC comes out to be according to your calculations?
Title: Re: KOHC -- Kohat Cement
Post by: mra901 on April 10, 2012, 02:50:59 PM
Kohat Cement Company Limited is a Pakistani cement manufacturer located in the North Zone of the country, with a factory plant near Peshawar.

Incorporated in 1980, the company manufactures two types of cement, grey and white.

It has a total production capacity of 2,805,000 tons/annum and 148,000 tons/annum respectively and a market share of approximately 10 percent.
INDUSTRY ANALYSIS Between 1HFY11 and 1HFY12, local dispatches in the cement industry

 increased while exports contracted.

The growth of sales for the industry was four percent, below expectations.

One reason for the sub-par results may have been the significant increase in cement prices over the period.

A decrease in Sales Tax and Federal Excise Duty (FED) of one percent along with a complete removal of the 2.5 percent Special Excise Duty (SED) within the government's budget 2011-2012 had reduced the burden on the manufacturers.

Though initially expected by analysts to pass this tax exemption to consumers, the cement producers chose not to in an effort to augment their bottom lines.
OPERATIONS Increment in volumetric sales for Kohat Cement was 19 percent for the half year ended 31st December 2011, which was a significant increase not over just the corresponding year but also above the industry average.

Demand, or lack thereof, had an adverse effect on the cement lines of Kohat.

The old grey line had to remain closed on account of insufficient demand and white cement was not sold in much quantity for the same reason.

Clinker production grew by a paltry 1.58 percent over the corresponding period.Coal is a significant input in the production of cement, accounting for nearly around 60 percent of the cost of cement.

The volatility of coal prices in recent years has led many cement players to look towards alternative sources of fuel.

Kohat is no different; as of 1HFY12, the management was working on a project for alternative energy scheduled to be completed over the next year.
PROFITABILITY The 1HFY12 result for Kohat Cement shows increased profitability over the corresponding period last year.

Net sales increased by 62 percent year on year, while cost of goods sold increased by 37 percent.

As a result, gross profit was augmented by 241 percent and gross margins more than doubled from 12.2 percent in 1HFY11 to 25.7 percent in 1HFY12.Selling and distribution expenses ballooned, but that is expected to accompany surge in sales such as the one the company experienced.

Operating profit increased by over 250 percent percent, and operating margins more than doubled from 11.1 percent in 1HFY11 to 24 percent this period.Despite a significant increase in the taxation over the previous year, profit after tax witnessed an increase of 842 percent and the company saw a change from red to black over the corresponding period last year.

Net margins for 1HFY12 increased from a negative three percent to a positive 13.6 percent.
LEVERAGE The company capitalised upon the good fortunes of increased prices and, in addition to other repayments, pre-paid a long term debt during the six months to the tune of Rs 250 million.

This is good news in an industry which has seen non-performing loans exceed 22 percent, according to a spokesman of the All Pakistan Cement Manufacturers Association.
LIQUIDITY On the liquidity front, there has been relative improvement in Kohat Cement's accounts.

From a current ratio of 0.43 in the FY10, the ratio improved to 0.7 in the most recent annual report of FY11.

Such a ratio underscores a prevalent trend in the cement industry as many players have current ratios below one.

The cash flows in 1HFY12 suffered on account of Rs 711 million worth of long-term finance being repaid in the period.
LOOKING FORWARD The government has been increasing public expenditure funds in recent months, and the export market might bode better as well.

Having seen a reduction in exports over the past couple of months, the reconstruction activity in Afghanistan bodes well for the North Zone while Gulf nations showing signs of increasing trade with Pakistan regarding cement is good news for players in the South Zone.Source: Company accounts
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on April 10, 2012, 08:59:58 PM
yes

So what is the target price for KOHC comes out to be according to your calculations?

around 50 is possible with current speed
Title: Re: KOHC -- Kohat Cement
Post by: naveed on April 11, 2012, 06:46:59 PM
what will be the target price for year end
Seniors plz advise.  Is it wise to invest now
Title: Re: KOHC -- Kohat Cement
Post by: Ali135 on April 11, 2012, 08:12:01 PM
what will be the target price for year end
Seniors plz advise.  Is it wise to invest now

Poker Bhai will it be wise to hold cement script for long?

and secondly must advise when u feel that its now time to exit KOHC.

i have took a fresh entry today at upper lock.

will appreciate ur advise.  :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: naveed on April 11, 2012, 09:48:57 PM
@ali135
Dude we have a lot in common on this forum.  We both are jr members, we both have posted 50 posts and we both have bought kohc on upper lock today with the intention of long term.  What coincidence
Title: Re: KOHC -- Kohat Cement
Post by: Ali135 on April 11, 2012, 10:18:26 PM
@ali135
Dude we have a lot in common on this forum.  We both are jr members, we both have posted 50 posts and we both have bought kohc on upper lock today with the intention of long term.  What coincidence
now we both have 51 posts. lol  :thumbsup_anim:

and INSHAH ALLAH we both will gain something good out of this script.  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: naveed on April 11, 2012, 10:26:47 PM
inshaAllah very good gains
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on April 11, 2012, 10:30:06 PM
what will be the target price for year end
Seniors plz advise.  Is it wise to invest now

Poker Bhai will it be wise to hold cement script for long?

and secondly must advise when u feel that its now time to exit KOHC.

i have took a fresh entry today at upper lock.

will appreciate ur advise.  :biggthumpup:

I think holding for long term {more than 52 weeks} will not be very beneficial since the profits of 2012 are not expected to growth further. Secondly, price has already appreciated from 8 to these levels and it may not be able to show consistent growth in years ahead because of the topsy turvy nature of business and irregular cement demand. Sell at good profits is all what I would suggest.
50 would be good level to exit.
Title: Re: KOHC -- Kohat Cement
Post by: Ali135 on April 11, 2012, 10:53:44 PM
what will be the target price for year end
Seniors plz advise.  Is it wise to invest now

Poker Bhai will it be wise to hold cement script for long?

and secondly must advise when u feel that its now time to exit KOHC.

i have took a fresh entry today at upper lock.

will appreciate ur advise.  :biggthumpup:

I think holding for long term {more than 52 weeks} will not be very beneficial since the profits of 2012 are not expected to growth further. Secondly, price has already appreciated from 8 to these levels and it may not be able to show consistent growth in years ahead because of the topsy turvy nature of business and irregular cement demand. Sell at good profits is all what I would suggest.
50 would be good level to exit.

 :biggthumpup:

i will exit at 50 INSHAH ALLAH.

and thnx alot Poker Face. ur words have value for me.  :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: mraza on April 12, 2012, 01:08:14 AM
when do expect  it to hit 50
Title: Re: KOHC -- Kohat Cement
Post by: naveed on April 12, 2012, 08:07:42 PM
BM 14 April
What to do sell or hold??
Title: Re: KOHC -- Kohat Cement
Post by: Ali135 on April 13, 2012, 04:15:54 AM
as market was going down so i sold it on lock... but then bought it again on lock...  :arrowhead:

let c holding till monday...  :thumbsup_anim:
Title: Re: KOHC -- Kohat Cement
Post by: naveed on April 13, 2012, 01:36:03 PM
board meeting k baad count down na shuroo ho jaey
Title: Re: KOHC -- Kohat Cement
Post by: Ali135 on April 13, 2012, 02:35:09 PM
board meeting k baad count down na shuroo ho jaey

bas nazer rakho. jesy nechay janay lagay ura do.  ;)
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on April 16, 2012, 10:05:45 AM
kohc eps 7.77 for 9months
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on April 16, 2012, 11:14:21 AM
awesome
Title: Re: KOHC -- Kohat Cement
Post by: Ali135 on April 16, 2012, 11:18:16 AM
kohc eps 7.77 for 9months

but upper say lower lock lag gaya is news say KOHC ko...  :arrowhead:
Title: Re: KOHC -- Kohat Cement
Post by: engrusama on April 16, 2012, 11:55:20 AM
brothers buy banti hay?

m not into this scrip really but lower lock daykh k moo main paani aagaya :s1:
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on April 16, 2012, 05:09:00 PM
Q3 2012 Result (http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=032257)

awesome result by KOHC
profit margins further improved from 29.89% to 32.2%

FY 2012 eps 11.2 intact

Potential target 50/- by annual result very much possible
Title: Re: KOHC -- Kohat Cement
Post by: SBM on April 16, 2012, 08:06:16 PM
Q3 2012 Result (http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=032257)

awesome result by KOHC
profit margins further improved from 29.89% to 32.2%

FY 2012 eps 11.2 intact

Potential target 50/- by annual result very much possible

poker bhai, any dividend expectations ?
Title: Re: KOHC -- Kohat Cement
Post by: stock addicted on April 17, 2012, 02:15:21 AM
no dividend expectation in kohat as seen in the last five years kohat has never paid dividend
thats why target price should be around 45
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on April 17, 2012, 07:51:18 AM
Rs. 2 dividend expected
Title: Re: KOHC -- Kohat Cement
Post by: stock addicted on April 17, 2012, 10:04:40 AM
poker bhai its a bet they will not pay dividend you must be new in the market just research the reports for the last 15 yrs u will see they never paid dividend
Title: Re: KOHC -- Kohat Cement
Post by: SBM on April 17, 2012, 01:57:40 PM
Rs. 2 dividend expected

poker bhai its a bet they will not pay dividend you must be new in the market just research the reports for the last 15 yrs u will see they never paid dividend

thanks ! There is always a first time :)
Title: Re: KOHC -- Kohat Cement
Post by: naveed on April 17, 2012, 06:39:25 PM
poker, is it really expected??
Title: Re: KOHC -- Kohat Cement
Post by: naveed on April 19, 2012, 06:55:17 PM
yaar is ka kia ho ga.  Koi batao yaar for short term
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on September 03, 2012, 11:51:05 AM
We are initiating our coverage on Kohat Cement Company Limited (KOHC) with
DCF based December 2012 target price of PKR 103.6/share, offering a striking
upside potential of 84.8% from closing price of PKR 56/share. The core of our
investment case for the scrip revolves around strong cement pricing, cooling off
coal prices and healthy demand outlook. In addition to these, KOHC has been
aggressively prepaying its long term loans, which is not only decreasing its fixed
cost but also creating room for healthy payouts for equity investors. The stock is
currently trading at FY13F PER of 2.9 offering a 42% discount to the AHL Cement
Universe Stocks PER of 5.1x.

It’s all about the cement price…
Strong pricing scenario in the domestic market has been the driving factor for the
cement industry. Despite hawkish stance of Competition Commission of Pakistan
and an oversupply of around 13mn tons, cement prices in the domestic market
jumped by 18% YoY in FY12 and remained resilient around PKR 440/bag since
April 2012. We believe that the pricing power of the industry to remain strong in
medium term and assume per bag Ex-Factory prices of PKR 375 and PKR 370 for
FY13 and FY14, respectively, compared to PKR 385/bag prices during 4QFY12.
This coupled with healthy volumetric growth is likely to improve revenues at 4 year
CAGR (FY11-15) of 17% to PKR 11.2bn.

… While healthy demand supports volumetric growth
KOHC has achieved a 26.5% YoY growth in domestic sales during FY12, a
massive outperformance compared to the industry, which grew by an 8.8% YoY.
Exports on other hand suffered a steep decline of 29.6% YoY to 273k tons;
reducing total growth to 12%, still better than the industry’s growth of 3.5%. The
company achieved a 4 years high capacity utilization of 59% in FY12, highest since
it started operations of its expansion project. We expect company’s volumes to
grow at 4 years CAGR of 4% to 1.9mn in FY16 from 1.7mn in FY12, with domestic
demand and exports improving at CAGR 4.5% and 1.5% respectively.

Aggressive prepayment to reduce finance cost
KOHC is amongst the few cement companies, which have paid attention to
aggressively deleveraging its balance sheet using the opportunity provided from
strong pricing scenario. Because of losses in FY10, the company had to reschedule
its long term debt whereby it increased its grace period and deferred its mark up
payments. However, strong pricing scenario created healthy cash flow generation
for the company, which pouncing on the opportunity, prepaid its long term liabilities
to the tune of PKR 1.1bn in FY12. This is likely to reduce Debt to Capital ratio to
55% in FY12 from 72% in FY11. Aggressive deleveraging is expected to reduce
finance cost by 49% YoY to PKR 301mn in FY13, with a per ton fixed cost
reduction of PKR 92.
Profitability to post a 148% CAGR in FY11-15
Amid strong cement pricing, healthy demand outlook and falling finance cost is
likely to yield a massive growth at 148% CAGR during FY11-15 to PKR 2.4bn
(EPS: PKR 18.76). During FY13 alone, we expect the company to achieve a 50%
earnings growth to PKR 18.84/share compared to PKR 12.52/share.

Strong cash generation likely to result payouts
The company is expected to generate strong Free Cash Flow to Equity of PKR
4/share and PKR 8/share in FY12 and FY13, respectively. This coupled with the
fact that the company does not have aggressive capital expenditure plans going
forward, we see a possibility of cash dividend of PKR 2.5/share and PKR 4/share in
FY12 and FY13, respectively.

FY11A FY12E FY13F
Total Equity (PKRbn) 2.1 3.4 5.3
Total Assets (PKRbn) 9.1 9.1 9.5
Net Profit (PKRbn) 0.06 1.61 2.43
ROE (%) 3% 59% 56%
EPS (PKR) 0.49 12.52 18.84
P/E (x) 113.2 4.48 2.97
P/B (x) 3.43 2.13 1.36
DPS (PKR) - 2.50 4.00
Div Yield (%) 0.0% 4.5% 7.1%

ahl
Title: Re: KOHC -- Kohat Cement
Post by: M&M on September 03, 2012, 12:01:47 PM
Q3 2012 Result (http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=032257)

awesome result by KOHC
profit margins further improved from 29.89% to 32.2%

FY 2012 eps 11.2 intact

Potential target 50/- by annual result very much possible

 :good
Title: Re: KOHC -- Kohat Cement
Post by: pax on September 03, 2012, 12:39:24 PM
Upside of 80%? Seems a bit too good to be true ...
Title: Re: KOHC -- Kohat Cement
Post by: Tarzan on September 10, 2012, 08:19:22 PM
LAHORE – Despite hawkish stance of Competition Commission of Pakistan and an oversupply of around 13 million tons in the sector, the Kohat Cement Company Limited (KOHC) has been aggressively pre-paying its long-term loans, which is not only decreasing its fixed cost but also creating room for healthy payouts for equity investors. Experts said that strong pricing scenario in the domestic market along with cooling off coal prices and healthy demand outlook has been the driving factor for the cement industry. Despite hawkish stance of the CCP, cement prices in the domestic market jumped by 18 per cent owing free market economy forces in FY12 and remained resilient around Rs440/bag since April 2012. Experts believe that the pricing power of the industry to remain strong in medium term and assume per bag ex-factory prices of Rs 375 and Rs 370 for FY13 and FY14, respectively, compared to Rs 385/bag prices during 4QFY12. This coupled with healthy volumetric growth is likely to improve revenues at 4 year CAGR (FY11-15) of 17 per cent to Rs 11.2b. KOHC has achieved a 26.5 per cent YoY growth in domestic sales during FY12, a massive outperformance compared to the industry, which grew by an 8.8 per cent YoY. Exports on other hand suffered a steep decline of 29.6 per cent YoY to 273k tons; reducing total growth to 12 per cent, still better than the industry’s growth of 3.5 per cent. The company achieved a 4 years high capacity utilisation of 59 per cent in FY12, highest since it started operations of its expansion project. It is expected company’s volumes to grow at 4 years CAGR of 4 per cent to 1.9 million in FY16 from 1.7 million in FY12, with domestic demand and exports improving at CAGR 4.5 per cent and 1.5 per cent respectively.KOHC is amongst the few cement companies, which have paid attention to aggressively deleveraging its balance sheet using the opportunity provided from strong pricing scenario. Because of losses in FY10, the company had to reschedule its long term debt whereby it increased its grace period and deferred its mark up payments. However, strong pricing scenario created healthy cash flow generation for the company, which pouncing on the opportunity, prepaid its long term liabilities to the tune of Rs 1.1b in FY12. This is likely to reduce Debt to Capital ratio to 55 per cent in FY12 from 72 per cent in FY11. Aggressive deleveraging is expected to reduce finance cost by 49 per cent YoY to Rs 301 million in FY13, with a per ton fixed cost reduction of Rs 92. Amid strong cement pricing, healthy demand outlook and falling finance cost is likely to yield a massive growth at 148 per cent CAGR during FY11-15 to Rs 2.4b. The company is expected to generate strong free cash flow to equity of Rs 4/share and Rs 8/share in FY12 and FY13, respectively. This coupled with the fact that the company does not have aggressive capital expenditure plans.

http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/10-Sep-2012/kohat-cement-capacity-utilisation-reaches-59pc-after-four-years
Title: Re: KOHC -- Kohat Cement
Post by: stockchild on September 10, 2012, 08:28:35 PM
expected eps in the range of Rs. 12-13. result on Thursday. next year expected eps= 18-20.   may well touch 100
Title: Re: KOHC -- Kohat Cement
Post by: pax on September 11, 2012, 11:02:14 AM
Is this stock really that good a buy? Why aren't more people interested in this thread? Is this the next PKGP?
Title: Re: KOHC -- Kohat Cement
Post by: pax on September 11, 2012, 01:57:57 PM
I've doubled my holding of this stock. I think it'll go up by a few rupees at least.
Title: Re: KOHC -- Kohat Cement
Post by: mahmad786 on September 11, 2012, 03:19:32 PM
I've doubled my holding of this stock. I think it'll go up by a few rupees at least.

Technically it is overbought and taking a bearish formation.
Title: Re: KOHC -- Kohat Cement
Post by: engrusama on September 11, 2012, 03:36:05 PM
in my non-expert opinion, KOHC and FECTC are the only cement scrips that still have margin to grow. both have excellent eps and both should give some dividend this quarter.. i expect re. 1 from Fecto and re. 2 from Kohat.

lets hope for the best.
Title: Re: KOHC -- Kohat Cement
Post by: pax on September 11, 2012, 03:41:14 PM
Lets see. Board meeting is tomorrow.
Title: Re: KOHC -- Kohat Cement
Post by: mahmad786 on September 11, 2012, 04:36:47 PM
in my non-expert opinion, KOHC and FECTC are the only cement scrips that still have margin to grow. both have excellent eps and both should give some dividend this quarter.. i expect re. 1 from Fecto and re. 2 from Kohat.

lets hope for the best.

People have got more than 100% gains from this since April 2012. In April  the stock was around at 27. It can rise further but technically it is falling towards its short term moving average. Yesterday closing of 60 triggered a sell signal. But you never know, we can just predict using our intuition or fundamental or technical analysis.
Title: Re: KOHC -- Kohat Cement
Post by: engrusama on September 12, 2012, 01:33:46 PM
eps 12.90
dps re. 3
Title: Re: KOHC -- Kohat Cement
Post by: pax on September 12, 2012, 02:49:47 PM
Isn't the dividend very good? Shouldn't the stock rally now after this?
Title: Re: KOHC -- Kohat Cement
Post by: engrusama on September 12, 2012, 03:03:42 PM
Isn't the dividend very good? Shouldn't the stock rally now after this?

I have observed that good results generate rallies one or two days after their annoucement. specially in low volume stocks. i expect this to go to 66-68 range before ex.

i am neither an expert not should this be taken as a call. just my humble opinion.
Title: Re: KOHC -- Kohat Cement
Post by: pax on September 12, 2012, 03:24:15 PM
I also wouldn't be surprised by the above. I sold off mine today at 62 and have bought em back at 59.5 ... Yes, i'm a lowly day trader  :dunno:
Title: Re: KOHC -- Kohat Cement
Post by: stockchild on September 12, 2012, 05:30:42 PM
Excellent result with profitability expected to increase in future due to lower finance charges. i am expecting a earning of Rs. 5 per quarter from next year onwards. also read the attached directors report
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on September 12, 2012, 05:44:50 PM
Isn't the dividend very good? Shouldn't the stock rally now after this?

I have observed that good results generate rallies one or two days after their annoucement. specially in low volume stocks. i expect this to go to 66-68 range before ex.

i am neither an expert not should this be taken as a call. just my humble opinion.

Aj kal to result k baad khani khatum ho jati hay. Look at lucky and dg.
Title: Re: KOHC -- Kohat Cement
Post by: kamal on September 13, 2012, 12:02:13 AM
Isn't the dividend very good? Shouldn't the stock rally now after this?

I have observed that good results generate rallies one or two days after their annoucement. specially in low volume stocks. i expect this to go to 66-68 range before ex.

i am neither an expert not should this be taken as a call. just my humble opinion.

Aj kal to result k baad khani khatum ho jati hay. Look at lucky and dg.

I thinks kai yeh 80 dekhay ga ... as per its results .... no doubt ... worth of making investment small qty in it ..abhe bhe 20 Rs. hai ..

plus ismain DG and LUCK jaisay buyers sellers nahee ... door door tak buyer and sellers hotay hain so ... cap's no issue with small volumes. .. KSE main 2 months sai yehi trend hai small volume stocks with good results rocket speed kai saath take off kartay hain
Title: Re: KOHC -- Kohat Cement
Post by: newbird on September 13, 2012, 12:12:29 AM
kamal bhai kaha buy banti hai kohc ki???
Title: Re: KOHC -- Kohat Cement
Post by: Ali Ahmed on September 13, 2012, 03:04:25 AM
FY 2013 expected EPS Rs 16.92
Title: Re: KOHC -- Kohat Cement
Post by: hammad01 on September 13, 2012, 05:07:03 AM
 I think FY13 EPS can land somewhere around 19 for KOHC. FY12 ki hi 12.90 ai ha so even for FY12 results current orice of KOHC is cheaper as compared to other cement stocks plus dividend of RS 3. If index doesnt show correction KOHC price will continue rising
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on September 13, 2012, 12:12:33 PM
Kohat Cement Company Limited (KOHC) achieved a massive YoY profitability growth of 26 times with profit after tax (PAT) of PKR 1,661mn (EPS: PKR 12.90) in FY12 compared to PKR 64mn (EPS: PKR 0.49) in FY11. The result was quite in line with our EPS expectations of PKR 12.52. The board also announced its first cash dividend in 12 years @ PKR 3/share. Strong profitability growth of 26x during FY12, mainly emanating from a 35% YoY jump in average retention price coupled with a 13% YoY improvement in dispatches. In addition to this aggressive prepayment of loans helped the company to reduce its finance cost by a 12% YoY, providing further support to the bottom line.
 
Still more to offer!
 
The stock of Kohat Cement Company has remained the second best performing stock, with 622% return in CY12 YTD, outperforming the benchmark KSE 100 Index by a massive 587%. We believe that the story does not end here as the company is likely to yield a 46% YoY growth in FY13 as well. Our DCF based target price for the scrip works out to PKR 103.6/share offering a 72.8% upside potential. We have also raised our dividend forecast of FY13 to PKR 6/share, translating into a dividend yield of 10%. Following are a few factors, which we believe would drive the earnings growth in FY13.
 
Cement price rises, despite Monson and Ramadan factor in 2MFY13
 
Though cement prices witnessed an 18% YoY increase in FY12, but more of this rise came in 2HFY12. However for FY13, prices are expected to remain firm around PKR 440/bag level adding full impact to the revenues of cement companies. Our confidence is further enhanced from the fact that the prices gained by ~PKR 6/bag during July-Aug -12 period. Normally it is the period when prices fall due to monsoon (price fell by PKR 9/bag during the same period in FY11).
 
Full impact of coal prices will be visible in FY13
 
Similarly coal prices, though fell by a steep 25% during FY12, but major fall was witnessed in month of June-12, when coal averaged USD 82/tons compared to yearly average of USD 105/ton. Thus full impact of falling coal prices is yet to emerge in profitability of cement sector.
 
A combined effect of these two factors is likely to take gross profit up by a whopping 32% YoY to PKR 3.8bn in FY13, with gross margin at highest ever of 36%.
 
Aggressive deleveraging is likely to reduce finance cost by 49% YoY
 
The company has prepaid its long term loans to the tune of PKR 1.1bn in addition to scheduled payments of PKR 823mn in FY12. This aggressive deleveraging coupled with a 150 basis point reduction in interest rates is likely to reduce finance cost by 52% YoY to PKR 301mn in FY13.
 
Waste Heat Recovery can yield savings of PKR 3/share
 
The company is planning to erect a 9MW waste heat recovery project (WHRP) for which negotiations with different suppliers are underway. At current plant capacity utilization rate, it can replace ~38% (24% at 100% capacity utilization) of power bought from the national grid, which at current power tariff can have an after tax cost savings of ~PKR 3/share. Details of the project cost, capital structure and timeline are still sketchy so we have not incorporated its impact in our financial model.
 
Still available at deep discount
 
The stock is trading at a FY13F PER of 3.2x at a deep discount of 35% from the average PER of sample cement stocks. The closest comparables of KOHC in our sample in the table below are CHCC and ACPL, with medium size plant and dividend payout prospects, are trading at higher multiples than KOHC. Even if Kohat Cement Company trades at a multiple of CHCC, the lowest in the given sample, it warrants a market price of PKR 81/share, whereas at a sample mean multiple of 4.9x its price could jump to PKR 92/share.

ahl
Title: Re: KOHC -- Kohat Cement
Post by: pax on September 13, 2012, 03:15:02 PM
Hi!

What are it's spot dates?
When will one get the dividend?
Title: Re: KOHC -- Kohat Cement
Post by: pax on September 18, 2012, 10:39:55 AM
Extremely extremely low volumes for this stock for the past day or so. I think it's a good time to buy, it will definitely go up.
Title: Re: KOHC -- Kohat Cement
Post by: pax on September 24, 2012, 10:40:47 AM
Extremely low volume for the past few days, i hope it's the calm before the takeoff ....
Title: Re: KOHC -- Kohat Cement
Post by: pax on October 04, 2012, 04:58:01 PM
Seems like no one is interested in the stock. Gained a bit today. Might take off tomorrow on way to it's mid 60's? I've been trading in ranges so for in this stock. Bought at 58.5 and holding so far. Hopefully it'll go up again tomorrow.
Title: Re: KOHC -- Kohat Cement
Post by: mahmad786 on October 04, 2012, 05:26:11 PM
This stock has potensial to touch 70 so keep it for next 6 months
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 04, 2012, 06:03:00 PM
This stock has potensial to touch 70 so keep it for next 6 months

am interested ... what price for entry ? below 60 looks good ?
Seems like no one is interested in the stock. Gained a bit today. Might take off tomorrow on way to it's mid 60's? I've been trading in ranges so for in this stock. Bought at 58.5 and holding so far. Hopefully it'll go up again tomorrow.

Title: Re: KOHC -- Kohat Cement
Post by: mahmad786 on October 04, 2012, 06:30:19 PM
Yes
Title: Re: KOHC -- Kohat Cement
Post by: engrusama on October 09, 2012, 02:52:56 PM
upper lock :D
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 09, 2012, 07:43:52 PM
missed it  :down:
Title: Re: KOHC -- Kohat Cement
Post by: pax on October 10, 2012, 11:16:34 AM
Yeah, it would've been a good buy for you, ouulman.

I suggest, if the admins allow, that a new post is created where the "hot stocks" or stocks that are anticipated to rally shortly are discussed. This way, we'll be informed about stocks that are expected to rise. Otherwise, if threads are kept stock specific, even though there is then a lot more information about a single stock, it's almost impossible to be aware of all "hot stocks" hidden beneath all the discussions.
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on October 10, 2012, 02:43:18 PM
The Board of Directors of Kohat Cement Company Limited (KOHC) is scheduled to
meet on October 13, 2012 to approve financial results for 1QFY13. We expect the
company to report net earnings of PKR 502mn (EPS: PKR 3.90) in 1QFY13, a ~4x
YoY jump, when compared with PKR 128mn (EPS: PKR 0.99) in the corresponding
quarter last year. This healthy growth is expected on account of a 21% YoY
improvement in retention price coupled with a modest 1% decline in cost of sales.
In addition to this, aggressive loan repayment is likely to yield a 58% YoY decline in
the financial charges.

Financial Highlights
PKR mn 1QFY13 1QFY12 YoY
Net Sales 2,077 1,701 22%
Cost of Sales 1,349 1,362 -1%
Gross Profit 728 339 114%
Selling Expenses 9.5 8.9 7%
Administration Expenses 14.3 14.5 -1%
Operating Profit 704 316 123%
Finance Cost 75 180 -58%
Profit before tax 612 139 340%
Profit after tax 502 128 292%
Earnings per share 3.90 0.99
Sources; Company Accounts and AHL Estimates

Strong pricing is likely to take revenues up by 22% YoY
Top line of the company is expected to jump by a 22% YoY to PKR 2.1bn in
1QFY13 compared to PKR 1.7bn in the same quarter last year. This is expected
mainly on account of a 21% YoY jump in average retention price to PKR 297/bag
compared to PKR 244/bag in 1QFY12.

Healthy exports growth likely to offset falling local dispatches
Despite a production halt during the quarter, the company is likely to register 1%
growth in total dispatches to 351k tons in 1QFY13. Though the combined effect of
monsoon, Ramadan and Eid is likely to drag local off take by a 5% YoY to 273k
tons but a strong 27% YoY jump in exports volume is likely to offset the fall in
domestic volumes.

Aggressive deleveraging likely to take finance cost down by 58% YoY
The company has been aggressively deleveraging its balance sheet in FY12 with
repayments of PKR 1.9bn, which included a prepayment of PKR 1.1bn. We believe
that this aggressive deleveraging coupled with falling interest rates is likely to push
finance cost down by a 58% YoY to PKR 75mn.

Recommendation
Our DCF based target price for the scrip works out to PKR 107/share, offering an
upside potential of 69.8%. In addition to this, the stock is available at an attractive
PER of 3.3x based on FY13 earnings of PKR 18.87/share. Thus, we recommend a
Buy for the stock.

ahl
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 11, 2012, 07:14:53 AM
Yeah, it would've been a good buy for you, ouulman.

I suggest, if the admins allow, that a new post is created where the "hot stocks" or stocks that are anticipated to rally shortly are discussed. This way, we'll be informed about stocks that are expected to rise. Otherwise, if threads are kept stock specific, even though there is then a lot more information about a single stock, it's almost impossible to be aware of all "hot stocks" hidden beneath all the discussions.

Well.. It looked appealing at 60 and then 58 but was too busy trying to make quickie profits with other stocks ... Koch ain't gonna forgive me now  :crying_anim02:
Kohc won't forgive me now
Title: Re: KOHC -- Kohat Cement
Post by: stockee on October 11, 2012, 08:12:52 AM
Yeah, it would've been a good buy for you, ouulman.

I suggest, if the admins allow, that a new post is created where the "hot stocks" or stocks that are anticipated to rally shortly are discussed. This way, we'll be informed about stocks that are expected to rise. Otherwise, if threads are kept stock specific, even though there is then a lot more information about a single stock, it's almost impossible to be aware of all "hot stocks" hidden beneath all the discussions.
I second this suggestion
Farzooq,M&M and Space Bhais Please.................
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 13, 2012, 05:04:33 AM
anyone know what this is about ?
14.1.(v)

''An application has been filed by some shareholders and one director of the Company before the
Securities and Exchange Commission of Pakistan (the "Commission") praying for investigation into the
affairs of the Company and the Commission has issued a show cause notice dated 27 July 2011, to the
Company and all its directors. Responding to the notice, the management has strongly denied all the
baseless, false and frivolous allegations leveled in the application and has further challenged the said
notice before the Honorable Lahore High Court, Lahore (LHC). The LHC has stayed the proceedings till
the next date of hearing. As per legal counsel of the Company, the application has no financial exposure
to the Company.''
http://www.kohatcement.com/pdf/30thJune2012.pdf

Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 15, 2012, 10:21:02 AM
http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=037352&pagesize=1&pageno=1

2013 q1 eps 3.7 v 0.99 last year

dispatches increased marginally from 352,715 tons to 354,470 tons
Title: Re: KOHC -- Kohat Cement
Post by: pax on October 15, 2012, 10:41:20 AM
Any idea how this may affect the stock price?
Title: Re: KOHC -- Kohat Cement
Post by: pax on October 15, 2012, 10:49:39 AM
And what was it's spot date for the yearly dividend? As in on which date if you would've held the stock would you have gotten the dividend?
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 15, 2012, 11:14:26 AM
last day of spot  was thursday 11 th october I think.
result is around expectations and a reconfirmation of improved fundamentals and good prospects for the year.
journey to 80+ should continue..
Title: Re: KOHC -- Kohat Cement
Post by: pax on October 15, 2012, 11:34:11 AM
 :dance :dance

Bought it at 62.9 today. Seems like it's headed for a run .. let's see.  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: hammad01 on October 15, 2012, 11:42:50 AM
Today the results were slightly below market expectations; however, considering the cement sales data released for this quarter, better performance compared to other cement stocks, Y to Y growth. I think it still have the potential to touch early to mid 70's provided index dont correct itself.
Title: Re: KOHC -- Kohat Cement
Post by: frazmunaf on October 21, 2012, 08:44:58 PM
buyinggggg kar kar we r tireddddddddddddddddd now.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 22, 2012, 07:16:05 AM
buyinggggg kar kar we r tireddddddddddddddddd now.
ahan...
Title: Re: KOHC -- Kohat Cement
Post by: hammad01 on October 22, 2012, 07:38:31 AM
Yar i think Kohat will cross 80 before or by half year results. Iam expecting close to 100 Rs 2013 august september
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 25, 2012, 10:39:39 AM
http://www.kohatcement.com/pdf/30thSep2012.pdf
Title: Re: KOHC -- Kohat Cement
Post by: pax on November 08, 2012, 09:31:19 AM
It's touching lower 60's now :S .. a buy at these rates???

Title: Re: KOHC -- Kohat Cement
Post by: dearhashmi on December 11, 2012, 01:04:20 PM
in my non-expert opinion, KOHC and FECTC are the only cement scrips that still have margin to grow. both have excellent eps and both should give some dividend this quarter.. i expect re. 1 from Fecto and re. 2 from Kohat.

lets hope for the best.

Now what is your opinion, should we sell it or hold????????????? i have bought it on your tip at 38.07.????????? plz advise
Title: Re: KOHC -- Kohat Cement
Post by: engrusama on December 11, 2012, 10:04:33 PM
in my non-expert opinion, KOHC and FECTC are the only cement scrips that still have margin to grow. both have excellent eps and both should give some dividend this quarter.. i expect re. 1 from Fecto and re. 2 from Kohat.

lets hope for the best.

Now what is your opinion, should we sell it or hold????????????? i have bought it on your tip at 38.07.????????? plz advise

Brother i wrote this msg on 11th september when fectc had a closing of 22.86. after that it paid one ruppee dividend and went on to touch 38+
it is painful for me to see that you have bought it at such high rates. i am niether a senior nor expert but if you can then hold it till results season. others on this forum can guide you better. i hope and pray to Allah that you recover your losses.
Title: Re: KOHC -- Kohat Cement
Post by: dearhashmi on December 12, 2012, 10:18:10 AM
in my non-expert opinion, KOHC and FECTC are the only cement scrips that still have margin to grow. both have excellent eps and both should give some dividend this quarter.. i expect re. 1 from Fecto and re. 2 from Kohat.

lets hope for the best.

Now what is your opinion, should we sell it or hold????????????? i have bought it on your tip at 38.07.????????? plz advise

Brother i wrote this msg on 11th september when fectc had a closing of 22.86. after that it paid one ruppee dividend and went on to touch 38+
it is painful for me to see that you have bought it at such high rates. i am niether a senior nor expert but if you can then hold it till results season. others on this forum can guide you better. i hope and pray to Allah that you recover your losses.

Thank you brother, lets see what FECTC has move, but if i could be have any tip to buy it again on a dip, would have better strategy...if anyone can guide me, would be thankful, thx
Title: Re: KOHC -- Kohat Cement
Post by: Samar Sardar Bajwa on December 15, 2012, 06:49:02 PM
Kohat Cement surelyyyyyyyyyyy gona touch Rs. 100 now. just looked at BMA report. based on that data, i think their second quarter earning will be over Rs. 6               5 months sale 672 (k tons), 3 months sales 354 (k tons) sale for oct & nov 672-354= (318k tons). 3months eps based on 354 tons prod = 3.9         plus more reduction in financial charges         
Title: Re: KOHC -- Kohat Cement
Post by: Samar Sardar Bajwa on December 17, 2012, 02:58:28 PM
llllllllllllllllllaaaaaaaaaaaaoooooooooooo another cap here we go for 100
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on December 21, 2012, 12:56:18 PM
Healthy volumetric growth shaping a solid 2QFY13!
As per provisional cement numbers, Kohat Cement Company Limited (KOHC) is all
set to post a massive 41% QoQ volumetric growth in 2QFY13. Provisional figures
point towards an expected 47% QoQ growth in domestic sales to 400k tons; well
supported by a 19% QoQ jump in exports. This strong dispatch growth coupled with
already solid cement price levels despite winters, falling coal prices and declining
financial burden are hinting towards an overwhelming QoQ growth of 63% in
2QFY13 to PKR 6.03/share, taking 1HFY13 earnings to an unprecedented PKR
9.73/share (PKR 4.31/share), up 2.3x YoY.

Strong pricing to support the growth
Strong volumetric growth (+9% YoY) coupled with a 15% YoY jump in average
retention prices is expected to take net revenues up a significant 25% YoY to PKR
5.1bn in 1HFY13. KOHC is expected to benefit from 20% YoY increase in average
export prices to Afghanistan as well, where KOHC is expected to sell 45% YoY
higher dispatches.

Subdued coal prices giving a further margin-push
Int’l coal prices have averaged USD 86.32/ton in FY13TD, down 18% compared to
the FY12 average of USD 106/ton; however its impact would be visible in 2QFY13
earnings as expensive inventory is expected to have been utilized during 1QFY13.
This, combined with strong cement prices, should push KOHC’s gross margins to
as high as 37% in 1HFY13 compared to 26% same period last year.

Aggressive deleveraging to reduce finance cost
The company during 1QFY13 retired its short term borrowing by a huge 31%,
which combined with PKR 1.9bn principle payment in FY12 cut its debt-to-asset
more than half to 26%, from 54% at the start of FY12. This sharp drop in leveraging
is expected to reduce finance cost by 55% YoY to PKR 154mn in 1HFY13.

Recommendation
Our DCF based price target for the scrip works out to PKR 116, translating into a
solid upside potential of ~61% from current level. And what’s more, the stock is
trading at dirt cheap PER level of 3.5x while offering an eye-catching dividend yield
of 8.3% based on FY13E earnings.

ahl
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on January 01, 2013, 04:08:57 PM

Kohat Cement Company: Rising capacity utilization to rocket earnings growth for FY13 (From the sales Desk)

Outlook
Earnings to remain strong in 2QFY13 As per our channel checks, Kohat Cement Company Limited (KOHC) is expected to post a massive volumetric growth of more than 40% QoQ volumetric growth (50% in local sales and 23% QoQ jump in exports) in 2QFY13. For 2QFY12, we roughly expect Kohat cement to post massive 60% QoQ improvement in after tax earnings to PKR762mn (EPS: PKR5.92) mainly driven by, 1) 40% QoQ growth expected in volumetric sales of the company, 2) strong domestic cement prices despite winter and , 3) 5% QoQ increase in average exports retention prices.

Aggressive deleveraging / robust cash flow will help company to retire its debt quickly  The operating cash flows of the company have improved significantly over the past several quarters. During 1QFY13 only, the company generated sizeable OCF of around 473mn (translating into OCF of around PKR4.0/share), which the company exclusively used to retire its short-term debt. The company retired its short term borrowing by a huge 31% during 1QFY13 which combined with PKR 1.9bn principle payment in FY12 cut its long-term debt-to-equity ratio by more than half to approximately 23% at the end of 1QFY13 from 54% at the start of FY12. This sharp drop in total leverage of the company is expected to reduce finance cost by substantially during the ongoing FY13. We estimate the company to record OCF of around PKR20/share in FY13. Strong cash flows will help the company to completely retire its debt, which will further augment net profitability of the company during coming periods.

Action and Recommendation Although KOHC has performed exceptionally well and provided massive returns of more than 700% to the investors since the start of this calendar year and its price performance may make some investors cautious of future return, but we feel that stock will continue to fare well due to 1) improving cement sector dynamics, 2) 12% YoY lower average coal prices, 3) strong cement export prices in Afghanistan and more importantly, 4) rising capacity utilization is expected to rocket company's bottom-line due to high degree of operating leverage of the company.

We remain fairly confident that the company will report double digit top-line and bottom line growth during FY13 as well. KOHC in our opinion can post EPS in the range of PKR20-21/share, we feel that an ideal accumulation range would be P/E of 3.25-3.5x i.e. PKR67-73/share and deserves a target multiple of 5.0x, which translates in to PKR100-105/share. We also expect the company to announce total cash payout of around PKR6-7/share, which also offers the decent dividend yield of 8-9% in the cement sector. Kohat Cement is our top cement sector pick at Foundation Securities sales desk.

fs
Title: Re: KOHC -- Kohat Cement
Post by: SBM on January 01, 2013, 04:29:32 PM
eps prediction is a bit on the higher range range.
otherwise pretty much the exact same reasoning i followed ... ouulman gives a star to the fs analyst who made this report  ;)
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on January 16, 2013, 02:51:26 PM
kohc and FCCL ek saat saat chlatay hai :D
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on January 16, 2013, 11:10:21 PM
Kohat Cement Company Limited was incorporated in 1980 and is one of the leading cement manufacturers of Pakistan. It is an ISO 9001-2008 certified company, with an annual capacity of 2.8 million tonnes of Grey Cement and 148.5 thousand tonnes of White Cement. KOHC is listed on the Karachi Stock Exchange and its plant is located in Kohat, about 60 kilometers from Peshawar.

Industry Overview After a tough FY11 when the country was hit by the Great Floods of 2010, FY12 saw the cement industry grow by a sturdy 3.45 percent. This growth was largely fuelled by local despatch expansions fuelled by post-flood reconstruction activities; a boom in the rural economy of Pakistan; and inward remittances from expatriate Pakistanis leading to new construction - all of these factors culminated in an 8.84 percent volumetric growth in local sales. Local cement retention prices also saw an upward trend, lending some price-based support to local cement manufacturers.

Exports, however, continued to stifle the growth of the cement industry. Exports declined by 9.12 percent from FY11. This was largely due to two coinciding factors: the first being surplus capacity for cement production in the Middle East; and the second being a 15.7 percent decrease in exports to India due to persisting non-tariff trade barriers such as deficiencies in transport infrastructure and procedural opacity.

Key challenges to the industry during the year were the exorbitant increases in fuel prices; persisting high costs of borrowing; and low prices in the international market combined with higher import costs due to the depreciating rupee.

Performance Snapshot FY12 FY12 showed a remarkable turnaround for KOHC. The company posted a 53.09 percent increase in turnover, largely driven by better domestic prices for cement coupled with a 27.72 percent increase in local despatches. This growth was in line with the overall improvement in market conditions for the cement industry, where most cement companies have registered a highly profitable year. The 29.16 percent decline in export despatches was, to some extent, offset by the upward adjustment in the selling price of cement for Afghanistan.

Analysing the performance of KOHC from a shareholders' perspective, a DuPont analysis shows a sharp upshot in the return on equity (ROE) from 3.03 percent in FY11 to 44.2 percent in FY12. The increase came at the heels of a 1733bps increase in returns on assets, thus displaying the positive ramifications of the sales performance described above. This came despite the fact that the financial leverage position (the ratio of total assets to total shareholders' equity) reduced from 4.34 times in FY11 to 2.45 times in FY12. The reduction precipitated from bifurcated causes - a profitable year caused revenue reserves to swell, thus leading to a 71 percent increase in the book value of equity; and the unwinding of non-current liabilities (which saw a decrease of 39 percent) both contributed to the reduction in financial leverage. In terms of the risk profile of the company, interest cover rose to 4.25 times; and even the cash flow to finance cost ratio shot up to 4.49 times, up from 1.12 in FY11.

In analysing the return on assets (ROA), the 53.09 percent increase in sales was further augmented by a high degree of operating leverage, where the sales increase translated into a 2506.11 percent increase in the bottom line. The largely fixed-nature payments of coal and fuel (accounting for 50 percent of total costs), electricity (21 percent of total costs), depreciation (five percent of total costs), and other fixed production charges (seven percent of total costs). The net profit margin stood at 17.82 percent, 1678bps over the corresponding FY11 figure.

The liquidity position remained worrisome for KOHC. With a negative net working capital, the current ratio remained at 0.8 times. This, however, does not take into account the fact that 73 percent of current assets were locked into illiquid assets of inventories and manufacturing materials. Short-term borrowings for working capital requirements stood at 12.6 percent of total assets, a controllable but significant figure on the balance sheet.

However, the effect of these low liquidity ratios is by-and-large offset by the credit policy of the company. With days in receivables being almost zero, down from one day in FY11, the cash conversion cycle is at a negative 31 days, thus displaying the company's ability to meet short-term obligations as they fall due. Furthermore, the ratio of net operating cash flows to current liabilities was a healthy 0.86, while the ratio of net operating cash flows to net income was 1.5 times; both ratios indicate a sturdy position regarding cash and cash balances in the company.

Performance over the years In the last five years, the local dispatches and total dispatches market shares of KOHC saw their highest point if FY12. The expansion in market share has steadily been observed - local dispatches market share increased from 2.93 percent in FY09 to 5.89 percent in FY12; and total dispatches market share increased from 2.55 percent in FY09 to 5.19 percent in FY12. The export market share had also been showing a steady increase, but declined in FY12 to 3.22 percent, from 4.13 percent in FY11. However, this is still a huge improvement from the FY09 position of 1.84 percent of total exports.

Over the period of FY07 to FY12, sales showed robust CAGR of 43.08 percent, while gross profits showed a CAGR of 52.73 percent - both healthy indicators of profitability. The variability of earnings and returns has been high, ranging from a net profit margin low point of -16.17 percent in FY08 to the high point of 17.82 percent in FY12. In fact, FY12 was the only year in this five-year period under study with a decent net profit margin - in FY10 and FY08 competitive forces drove prices down such that the company generated net losses; and in FY09 and FY11, the company's net profit margin was in the 20bps range of one percent.

Future Outlook The cement sector as a whole is poised for a promising FY13, with favourable budgetary policies, such as an enhancement of PSDP expenditures and reduction in FED. FED on cement was reduced by a further Rs 100 per ton for FY13, and the budgeted increase in PSDP is also more than 19 percent of last year's outlays - aspects that bode well for cement players like Cherat Cement.

More factors are to be watched out for. Local demand is projected to increase based on increased private spending fuelled by increased remittances from expatriate Pakistanis and improvements in the performance of the agricultural sector. Furthermore, with interest rates already slashed by 150bps, and speculations abound for further slashes, the cost of borrowing for the cement sector will likely reduce, which will allow for greater expansion and reduced costs of business. The ICCI President has shown a remarkable amount of interest in the sector which contributes Rs 30 billion to the exchequer on an annual basis and employs approximately 150,000 people - that interest is now translating into a bid to establish export ties with Sri Lanka, where the demand for Pakistani cement is expected to be high.
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on January 21, 2013, 03:17:40 PM
Top picks for the next few months for investing in Pakistan


Fecto Cement (FECTC:PA) closed 4.7% higher, Maple leaf cement (MLCF:PA) closed 6.8% higher while FCCL:PA (top pick) closed 7.25% higher at PKR 7.39/share on Friday. Fauji Cement is now trading at a forward P/E of 3.69 while Fecto Cement and Kohat Cement trade at a forward P/E below 3. The Stock market in Pakistan trades at a P/E of 7 making these stocks very cheap when compared to the rest of the market.

Kohat Cement (KOHC:PA) is situated in KP and most of its exports go to Afghanistan through the Torkham Border. KOHC:PA has an annual capacity of 2.8mn tons and it only produced 1.69mn tons in FY12 due to excess capacity in the cement sector.

Debt free in no time

Kohat Cement’s dispatches fell in the quarter ending September 2012 due to load shedding and maintenance work and dispatches have jumped back up in the December quarter. At the current rate, Kohat Cement could produce and sell around 2mn tons of cement this year which is 31% higher than the previous year.

Earnings for Kohat Cement should clock in around PKR 7/share (PKR 896mn) for the December quarter while earnings for the whole year (FY13) should be around PKR 24/share (PKR 3088mn) taking the forward P/E to 2.9. This makes it a lot cheaper than most other cement stocks. At the end of the September quarter Kohat Cement had a total debt of 2362mn and with an expected cash generation of PKR 2861mn for Oct-June FY13, Kohat Cement should be debt free before the end of the year and pay a large dividend (PKR 6-7/share). Kohat Cement paid a dividend of PKR 3/share for FY12 while it had a debt of PKR 2815mn (PKR 22/share).

By the end of the year I expect KOHC:PA to trade at atleast 5 times earnings or PKR 120/share plus a dividend of PKR 6/share taking the total upside on the stock to 80% from its current level of PKR 70/share.

What next?

With an ample amount of cash next year KOHC:PA could start building a waste heat recovery plant (a news paper report surfaced a few months ago) which uses the plants own heat to produce energy and save electricity costs after it is built. I doubt KOHC:PA would go into a capacity expansion as the industry already has a lot of excess capacity. The building of a waste heat recovery plant could hit cash flows by around PKR 1.5 billion for the next year but the company should easily be able to finance the CAPEX through internal sources.

Being debt free would make the company immune to interest rate shocks and the lower interest rate makes it highly unlikely that the company will hold cash, making a large payout inevitable in my opinion. Most cement companies have booked coal shipments till March at lower prices and results of the December quarter might show lower Fuel and Power costs per ton for most companies as electricity costs/ton were mostly stable.
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on January 22, 2013, 11:51:10 AM
http://www.arifhabibltd.com/downloads/RecommendationSummary.pdf
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on January 22, 2013, 04:04:30 PM
till 29 jan kay baad dkehty hai kiya position banti hai result araha hai 29 jan ko expected to 9.5 Halfyearly EPS hai i belive series of uper lock lagny waly hai agr halat sahi rahi to :dance :dance
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on January 23, 2013, 10:46:12 AM
aaj phir ek lock lagnay wala hai  :dance :dance :dance :dance
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on January 29, 2013, 12:49:46 PM
REsult agaya kiya??
Title: Re: KOHC -- Kohat Cement
Post by: Atif1 on January 29, 2013, 02:18:40 PM
KOHC 1HY results PAT = 1178.97m
EPS = 9.16
DIV= nil
Title: Re: KOHC -- Kohat Cement
Post by: SBM on January 29, 2013, 02:46:33 PM
Yar i think Kohat will cross 80 before or by half year results. Iam expecting close to 100 Rs 2013 august september

accurate call...  :good
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on January 29, 2013, 02:49:09 PM
Yar i think Kohat will cross 80 before or by half year results. Iam expecting close to 100 Rs 2013 august september

accurate call...  :good

hold or shift from other cement item like facto or DGCK
Title: Re: KOHC -- Kohat Cement
Post by: hammad01 on February 01, 2013, 12:21:40 PM
I think KOHC will move around 80 range and will increase to around RS 90 when thrid quarter numbers would come online. It should reach 100 by year end result, if the current trend of sales for KOHC persist. However, due to elections in May, it may reach target of 100 in early April and then start decreasing along with market.
Title: Re: KOHC -- Kohat Cement
Post by: stalker on February 23, 2013, 10:18:59 PM
ACCUMULATE!!!
Title: Re: KOHC -- Kohat Cement
Post by: Zain on April 01, 2013, 01:11:42 PM

38% UPSIDE from current levels

https://docs.google.com/file/d/184eAHX8xj1MYKXr9Arc7UBJS1LSUjzr-km4GQAKwisW3-abMJooU-IcxyTEq/edit?usp=sharing
Title: Re: KOHC -- Kohat Cement
Post by: kuki on April 04, 2013, 03:54:53 PM
Flat volume growth to keep QoQ bottomline growth flat

As per provisional cement numbers, Kohat Cement Company Limited (KOHC) is expected to remain flat (-1% QoQ) in volumetric sales during 3QFY13, despite exports market for the company witnessing a massive 36% QoQ decline to 59k tons. The export volume decline was largely mitigated by a 7% QoQ improvement in domestic sales to 423k tons. The flat overall volumetric sales however are expected to still yield a 3% QoQ growth to PKR 5.62/share in 3QFY13, taking 9MFY13 earnings to PKR 14.78/share, up a huge 90% YoY.

This is expected mainly on account of improved cement prices (+6% YoY), falling coal prices (-21% YoY) and declining financial burden (53% YoY) due to aggressive deleveraging.

Strong revenue growth to keep the pace

Strong volumetric growth (+9% YoY) along with a 12% YoY jump in average retention prices is expected to take net revenues up a significant 21% YoY to PKR 8bn in 9MFY13. In addition to solid prices in the domestic market, KOHC also benefits from a 15% YoY jump in average export prices to Afghanistan, its only export market, where volumes are expected to jump by 29% YoY in 9MFY13.

Cooling off coal prices to expanding margins further

Coal in the int’l market averaged around USD 86/ton during 9MFY13, a massive decline of 21% YoY, compared to average USD 109/ton recorded last year. This falling trend in coal prices coupled with firm cement prices is expected to widen company’s margin by a hefty 11pps to 39% in 9MFY13 against 28% in 9MFY12.

Aggressive deleveraging continues to reduce finance cost

The company has been pursuing an aggressive deleveraging policy since FY12, where it prepaid around PKR 1.9bn of its long-term loan. The trend continued in FY13 as well, where KOHC made another prepayment of PKR 200mn, in addition to a 54% retirement of short-term borrowing during 1HFY13. This aggressive deleveraging has reduced KOHC’s debt-asset ratio to 18% (43% in 1HFY12) and is expected to decrease financial charge by 53% YoY to PKR 217mn in 9MFY13.

Recommendation

Our DCF-based price target for the scrip works out to PKR 115/sh, translating into a healthy upside potential of ~36% from current level. In addition to this, the stocks is offering a healthy 7% dividend yield, while trading at an attractive PER of 4.2x at current prices levels. Thus we recommend ‘Buy’ on the KOHC.

Regards,

 

Arif Habib Research
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on April 24, 2013, 02:55:52 PM

KOHC: 9MFY13 EPS expected at PKR14.7

Result Expectation
 Kohat Cement Company Limited (KOHC) is scheduled to announce its 9MFY13 financial results today. We expect the company to post profit of PKR1.9bn (EPS: PKR14.72), up 89% YoY. Earnings for 3QFY13 are estimated at PKR716mn (EPS: PKR5.56), up 61% YoY and 2% QoQ.

Higher margins to drive earnings
 We expect gross profit for 3QFY13 to clock in at PKR2,489/ton, up 35% YoY. Increase in gross profit is attributable to 9% higher net selling prices and 4% lower cost of sales. Lower costs are expected primarily on account of 13% lower fuel costs due to cheaper coal.

Retirement of debt to reduce finance cost
 We expect finance cost to drop sharply for 3QFY13 to PKR68mn, down 45% YoY primarily due to prepayment of debt. The company’s debt as of Dec-12 was PKR2.3bn lower than Dec-11 level. Along with lower debt, low interest rates shall also reduce finance costs during the quarter. We expect the company to retire its entire debt by year end FY14 on account of its strong cash flows.

PT raised to PKR136/share on improved outlook on FY14 earnings
 We have revised up our FY14 EPS estimates by 5.4% on account of higher FY14 expected dispatches and lower finance cost. Due to likelihood of strong payout, we maintain an exit PER of 6.0x for KOHC on FY14 earnings and arrive at Dec-13 PT of PKR136/share, up 15% from our previous PT of PKR118/share. KOHC currently offers an upside of 68% along with FY14 dividend yield of 14%. BUY!

Elixir
Title: Re: KOHC -- Kohat Cement
Post by: SBM on April 24, 2013, 03:02:47 PM
 ;)

http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=043500

eps 14.84

100 tu karo isko  :shoaby:
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 01, 2013, 08:31:43 PM
http://www.kohatcement.com/pdf_files/reports/634964107485070838_Ended_31st_March_2013.pdf
Title: Re: KOHC -- Kohat Cement
Post by: genius mind on May 01, 2013, 08:42:09 PM
Sooner it will rise toward upward rally as i think wait for a day or two:) KOHC jaisa share hai aur oversold per pooch gaya hai:)

i think two support level are imp S1 77.5 & S2 76.10 is ko yaha se support mil na chiaye to move upward toward 85-86

Baqi ALLAH know better
Title: Re: KOHC -- Kohat Cement
Post by: 007 on May 01, 2013, 08:47:58 PM
kohc ka future scrip hai
Title: Re: KOHC -- Kohat Cement
Post by: genius mind on May 02, 2013, 11:43:16 PM
Sooner it will rise toward upward rally as i think wait for a day or two:) KOHC jaisa share hai aur oversold per pooch gaya hai:)

i think two support level are imp S1 77.5 & S2 76.10 is ko yaha se support mil na chiaye to move upward toward 85-86

Baqi ALLAH know better

Bingo it moved upward and found support at 78:) Still look good can go up bullish sign is there:)
Title: Re: KOHC -- Kohat Cement
Post by: stalker on May 09, 2013, 09:45:01 PM
most attractive share in cement sector!! insha Allah rally banti hai ismay jald!
Title: Re: KOHC -- Kohat Cement
Post by: MZ on May 14, 2013, 11:33:32 AM
KOHC: Deleveraging & margin/volume growth to drive rerating
Profitability growth continued in 9MFY13
Kohat Cement Company Limited (KOHC) posted profit of PKR1.9bn (EPS: PKR14.8) in 9MFY13, up 91% YoY. 3QFY13 earnings clocked in at PKR732mn (EPS: PKR5.7), up 64% YoY. Strong growth in earnings was primarily driven by margin expansion while dispatches were also higher on YoY basis.
Higher prices led to increase in margins
Average retention price for 9MFY13 clocked in at PKR6,224/ton, up 16% YoY. Higher cement prices contributed to strong EBITDA margin which averaged at PKR2,412/ton for 9MFY13, up 72% YoY. For 3QFY13, the EBITDA margin increased by 42% YoY to PKR2,689/ton.
Lower finance cost further supported earnings
Finance cost for 9MFY13 decreased by 56% to PKR204mn. This was on account of lower interest rate and rapid retirement of debt. We expect the company to retire all of its debt by FY14E.
Rerating likely
At current levels, KOHC is trading at attractive FY13/14 PERs of 3.9/3.5x. The stock offers the highest upside within Elixir Cement universe of 72% to our PER based Dec-13 PT of PKR136/share. BUY!

Elixir
Title: Re: KOHC -- Kohat Cement
Post by: momo on May 24, 2013, 03:25:16 AM
Any research reports of any research houses anyone? What's the opinion on this stock. Accumulated quite a bit a couple days ago. Potential to reach 120-130 by September. What's your guys' opinion?
Title: Re: KOHC -- Kohat Cement
Post by: Dr. Economist on May 26, 2013, 05:52:13 PM
Any research reports of any research houses anyone? What's the opinion on this stock. Accumulated quite a bit a couple days ago. Potential to reach 120-130 by September. What's your guys' opinion?

Hold. A lot of room for upside.
Title: Re: KOHC -- Kohat Cement
Post by: Tired of broker on May 26, 2013, 09:18:45 PM
Any research reports of any research houses anyone? What's the opinion on this stock. Accumulated quite a bit a couple days ago. Potential to reach 120-130 by September. What's your guys' opinion?

Hold. A lot of room for upside.

Expensive share. Everyone can get same profit ratio if you buy low price share FCCL,DCL,LPCL.  :[
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 26, 2013, 09:20:53 PM
Any research reports of any research houses anyone? What's the opinion on this stock. Accumulated quite a bit a couple days ago. Potential to reach 120-130 by September. What's your guys' opinion?

Hold. A lot of room for upside.

Expensive share. Everyone can get same profit ratio if you buy low price share FCCL,DCL,LPCL.  :[
uuu
its better than lpcl n dcl
and maybe fccl too at these prices ..
Title: Re: KOHC -- Kohat Cement
Post by: 007 on May 26, 2013, 09:21:23 PM
Any research reports of any research houses anyone? What's the opinion on this stock. Accumulated quite a bit a couple days ago. Potential to reach 120-130 by September. What's your guys' opinion?

Hold. A lot of room for upside.

Expensive share. Everyone can get same profit ratio if you buy low price share FCCL,DCL,LPCL.  :[


lol every share over 20 gives the same % return

below 20 are considered small caps and katchras

Title: Re: KOHC -- Kohat Cement
Post by: Valueestimator on May 26, 2013, 09:39:35 PM
Where is the location n how many years old plant
Title: Re: KOHC -- Kohat Cement
Post by: Tired of broker on May 26, 2013, 09:42:07 PM
Any research reports of any research houses anyone? What's the opinion on this stock. Accumulated quite a bit a couple days ago. Potential to reach 120-130 by September. What's your guys' opinion?

Hold. A lot of room for upside.

Expensive share. Everyone can get same profit ratio if you buy low price share FCCL,DCL,LPCL.  :[


lol every share over 20 gives the same % return

below 20 are considered small caps and katchras

No problem 007, lets see which share get more profit ratio. I recorded the price of FCCL,DCL, and LPCL and will compare with Kohat price after annual result and secondly after 1st qrt result October 15 2013. Lets see whose analysis is good.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 26, 2013, 09:50:08 PM
Where is the location n how many years old plant

new cement line of 6700 tbd was commissioned in 2007
old line (not being used currently) is 1800tp
they also have have white cement line of 450 tpd,
location is kohat.
kohc has no whr or rdf but has a 22 mw captive power plant
Title: Re: KOHC -- Kohat Cement
Post by: dreamer on May 26, 2013, 09:58:50 PM
Where is the location n how many years old plant

Incorporation
State Cement of Pakistan (SCCP) established a 1000 TPD Romanian cement line at Kohat in 1984. The Government of Pakistan in open bidding in 1992 privatized the Company.



Expansion:
The new management headed by Aizaz Sheikh (CEO) undertook an extensive BMR program in 1995 funded by proceeds of a public offering and a commercial debt. The capacity of the Plant was enhanced to 1,800 TPD by engaging KHD a renowned German Company

KCCL has been in an expansion mode since then and timely converted to coal firing, established a white cement plant 450 TPD Capacity, set up a new grey cement line of 6,700 TPD capacity and also established a standby power plant of 22.4 MW capacity
Title: Re: KOHC -- Kohat Cement
Post by: Valueestimator on May 26, 2013, 10:34:09 PM
Why cements n textiles r trading at low pe ratio:

Cyclical industry-last 6 year return on equity is very low. Just have alook at last 6 year eps of fecto, kohat or dg or fccl

Pending issue with ccp

This is the second year of good fortune n market value will improve as number of years with growth increases each year
Title: Re: KOHC -- Kohat Cement
Post by: momo on May 28, 2013, 02:06:25 AM
Any research reports of any research houses anyone? What's the opinion on this stock. Accumulated quite a bit a couple days ago. Potential to reach 120-130 by September. What's your guys' opinion?

Hold. A lot of room for upside.

Expensive share. Everyone can get same profit ratio if you buy low price share FCCL,DCL,LPCL.  :[


lol every share over 20 gives the same % return

below 20 are considered small caps and katchras

No problem 007, lets see which share get more profit ratio. I recorded the price of FCCL,DCL, and LPCL and will compare with Kohat price after annual result and secondly after 1st qrt result October 15 2013. Lets see whose analysis is good.

Any target price till the Sept 15 annual announcement?

Also I'm thinking about Nestle too. Preference for Nestle or Kohat?
Title: Re: KOHC -- Kohat Cement
Post by: Irfankhan on May 28, 2013, 02:11:24 AM
Bhaio i have entered in KOHC now. Ab is ka kuch nahee honay wala  :D  :tongue:
Title: Re: KOHC -- Kohat Cement
Post by: stalker on May 29, 2013, 03:42:21 PM
Chalo bahioooon KOHC ne toh hugg dia aaj.. Kisi ko idea hai k kiun chamaat para hai KOHC ko aaj?
Title: Re: KOHC -- Kohat Cement
Post by: Irfankhan on May 29, 2013, 04:51:32 PM
Bhaio i have entered in KOHC now. Ab is ka kuch nahee honay wala  :D  :tongue:
Brother i told everybody i am in so dont expect  :tongue: :tongue: :tongue:
 :dunno: i didnt do anything yet only bought between 79-80.50
Now tomorrow i will inject something between 75-77  so either you see another fall till 74 or going above 78.  :D :D :D
Title: Re: KOHC -- Kohat Cement
Post by: stalker on May 29, 2013, 05:00:59 PM
Bhaio i have entered in KOHC now. Ab is ka kuch nahee honay wala  :D  :tongue:
Brother i told everybody i am in so dont expect  :tongue: :tongue: :tongue:
 :dunno: i didnt do anything yet only bought between 79-80.50
Now tomorrow i will inject something between 75-77  so either you see another fall till 74 or going above 78.  :D :D :D

mai pesay deta hun... 30 rupees tak lejao KOHC ko!
Title: Re: KOHC -- Kohat Cement
Post by: Irfankhan on May 29, 2013, 05:10:24 PM
Bhaio i have entered in KOHC now. Ab is ka kuch nahee honay wala  :D  :tongue:
Brother i told everybody i am in so dont expect  :tongue: :tongue: :tongue:
 :dunno: i didnt do anything yet only bought between 79-80.50
Now tomorrow i will inject something between 75-77  so either you see another fall till 74 or going above 78.  :D :D :D

mai pesay deta hun... 30 rupees tak lejao KOHC ko!
Mazak main mat lena beta yeh serious hay. are you ready to loose? mujhy paisa denay ka matlab qurbani  :D :D :D
 :fingerscrossed1: i will keep buying every minus 2-3 rupees a chunk. not in plus.  :rtfm: paper thek hai is ka. pass hona he hay isko  :good
Title: Re: KOHC -- Kohat Cement
Post by: ally on May 29, 2013, 07:55:03 PM
is ny to paper dhek kia hy lakin check karny walon ko dhek nah lagata.

KOHC unable to pass through 82; has tried a few times but crashes down to 76 everytime.....i have some quantity at 78 and am really hoping that it
break 82 at or around result and this hopefully would march twords 100.........

@ Irfankhan, ap beech hy dn ta ky baqeon ko to koe faida ho gae..... ;)
Title: Re: KOHC -- Kohat Cement
Post by: Dr. Economist on May 29, 2013, 08:16:27 PM
Bhaio i have entered in KOHC now. Ab is ka kuch nahee honay wala  :D  :tongue:
Brother i told everybody i am in so dont expect  :tongue: :tongue: :tongue:
 :dunno: i didnt do anything yet only bought between 79-80.50
Now tomorrow i will inject something between 75-77  so either you see another fall till 74 or going above 78.  :D :D :D

mai pesay deta hun... 30 rupees tak lejao KOHC ko!
Mazak main mat lena beta yeh serious hay. are you ready to loose? mujhy paisa denay ka matlab qurbani  :D :D :D
 :fingerscrossed1: i will keep buying every minus 2-3 rupees a chunk. not in plus.  :rtfm: paper thek hai is ka. pass hona he hay isko  :good

Hold. Going to cross 100 soon  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: PK on May 29, 2013, 09:24:30 PM
Bhaio i have entered in KOHC now. Ab is ka kuch nahee honay wala  :D  :tongue:
Brother i told everybody i am in so dont expect  :tongue: :tongue: :tongue:
 :dunno: i didnt do anything yet only bought between 79-80.50
Now tomorrow i will inject something between 75-77  so either you see another fall till 74 or going above 78.  :D :D :D

mai pesay deta hun... 30 rupees tak lejao KOHC ko!
:D
Title: Re: KOHC -- Kohat Cement
Post by: Irfankhan on May 31, 2013, 05:42:13 PM
Bhaio i have entered in KOHC now. Ab is ka kuch nahee honay wala  :D  :tongue:
Brother i told everybody i am in so dont expect  :tongue: :tongue: :tongue:
 :dunno: i didnt do anything yet only bought between 79-80.50
Now tomorrow i will inject something between 75-77  so either you see another fall till 74 or going above 78.  :D :D :D
Jaldi chala gaya uper. it has good room. only bought few yesterday in 75-77
 :biggthumpup: good luck
Title: Re: KOHC -- Kohat Cement
Post by: guru1 on June 01, 2013, 11:34:12 AM
Ab bhi lay lo, bahut sasta ha.
Title: Re: KOHC -- Kohat Cement
Post by: asim.786 on June 01, 2013, 04:13:39 PM
I font have Kohc but its rally is going to start very soon
Title: Re: KOHC -- Kohat Cement
Post by: momo on June 03, 2013, 05:37:26 PM
Lock!  :thumbsup_anim: :dance
Title: Re: KOHC -- Kohat Cement
Post by: Irfankhan on June 03, 2013, 05:49:10 PM
Lock!  :thumbsup_anim: :dance

 :shoaby:  :good
Title: Re: KOHC -- Kohat Cement
Post by: waqasmujahid on June 03, 2013, 06:09:13 PM
I have been playing in KOHC for last two months.
But exited on 80  :(
I hope its not too late to enter again
Can hold for longer time
Title: Re: KOHC -- Kohat Cement
Post by: SBM on June 04, 2013, 11:57:10 AM
now in kmi-30 index

http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=044598
Title: Re: KOHC -- Kohat Cement
Post by: SBM on June 05, 2013, 05:16:20 PM
http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=044642
Title: Re: KOHC -- Kohat Cement
Post by: engrusama on June 05, 2013, 05:23:29 PM
http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=044642

Whats the story behind this?
Title: Re: KOHC -- Kohat Cement
Post by: SBM on June 05, 2013, 07:11:49 PM
http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=044642

Whats the story behind this?

patanai yar. anyone ?
Title: Re: KOHC -- Kohat Cement
Post by: momo on June 06, 2013, 12:45:15 AM
http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=044642

Whats the story behind this?

patanai yar. anyone ?

So basically, last week this director sold a lot of shares, majority of them were C to C transactions. NAB found out, even though they had stopped him/her from selling shares, and asked the SECP and KSE to reverse the transactions. It has nothing to do with the company, which is good.
Title: Re: KOHC -- Kohat Cement
Post by: Irfy on June 18, 2013, 01:12:34 AM
All brokerage houses predicting KOHC price near Rs.140, but it seems to me that it is stuck b/w 85-90..... Does this share has real potential to go up to 140.....or it is just a wishful thinking....? Need comments of seniors who are following this share...
Title: Re: KOHC -- Kohat Cement
Post by: SBM on June 18, 2013, 08:48:50 AM
All brokerage houses predicting KOHC price near Rs.140, but it seems to me that it is stuck b/w 85-90..... Does this share has real potential to go up to 140.....or it is just a wishful thinking....? Need comments of seniors who are following this share...

100 cross karay ga.  :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: momo on July 03, 2013, 08:30:11 AM
Lock!  :thumbsup_anim:

Let's do this. No one else interested?
Title: Re: Cement Sector
Post by: kuki on July 04, 2013, 04:40:20 PM
AHL Research <research@arifhabibltd.com>
   
12:20 AM (4 hours ago)
      
to research

Our ‘Buy’ stance on the stock of Kohat Cement Company Limited (KOHC) is still very strong, with our DCF based Dec-13 target price of PKR 144/share. The stock, in last 20 days, has yielded a massive return of 10% compared to the benchmark KSE100 return of -4.6%.

In a market of high fundamentals such as un-budged cement prices and continually decreasing coal prices, the company’s stock looks increasingly promising. We believe these factors, coupled with the decreasing financial burden, will lead the company towards another year of record profitability. We expect KOHC to achieve a massive jump of 53% YoY in the company’s profitability, translating to an EPS of PKR 19.78/share in FY13E.

Gross margins expected to jump 800bps in FY13E

The international market for coal has continued to suffer, trenching to a 3.5-year low of USD 74.1/ton (dropped 19% since Jun’12). Firm cement prices coupled with falling coal prices are anticipated to take company’s gross margin to the highest ever of 38% in FY13E (30% in FY12).

Aggressive de-leveraging to take finance cost down 61% YoY

With substantial repayments of PKR 1.9bn in FY12, the company has been trying to aggressively de-leverage its balance sheet, which included a prepayment of PKR 1.1bn. We believe such measures coupled with falling interest rates will push finance cost further down by a huge 61% YoY, to only PKR 246mn in FY13E.

Threat to exports seems far a cry

KOHC’s exports comprise approx 99% dispatches to Afghanistan, which faced a halt last month due to competitive pricing of Iranian cement to Kabul. However, with the reduction of USD 3/ton, company’s exports to Afghanistan resumed, that would further accelerate company’s exports going forward amid competitive pricing.

Recommendation – ‘Buy’ with price target PKR 144, DY at 8.7%!

Currently, we have a buy stance, with Dec-13 price objective of PKR 144/share, translating into a massive upside potential of 56%. In addition to this an attractive dividend yield of 8.7% puts icing on the cake.

 
Title: Re: KOHC -- Kohat Cement
Post by: MZ on July 08, 2013, 04:07:46 PM
Suitably placed to leverage industry themes; Outperform (TP PKR143.6)
Initiating with an Outperform rating and PKR143.6/share TP
Kohat Cement Company Limited (KOHC), sixth largest cement player,
promises a convincing investment thesis, in our view, with its capacity to
provide superior exposure to likely industry demand uptick and benefits
from key management initiatives on energy cost. We initiate coverage on
KOHC with an Outperform and Dec-13 target price of PKR143.6 (54%
upside).
Improved cement demand outlook
An infrastructure-focused FY14 budget, targeting 32% YoY increase in
development spending, is poised to deliver stronger off-take growth (6-7%
p.a vs flat sales in last 3-yrs) in the medium-term and will go a long way in
further improving industry pricing power (utilization level to increase to
81%).
KOHC better placed to deliver superior volume growth
KOHC is suitably placed to outperform industry volume uptick as increase
in local cement consumption will benefit more the underutilized companies
like KOHC. Unlike big players that are operating close to 100% utilization
level face capacity constraint, KOHC can use its surplus capacity to
enhance its market share.
Focus on cost efficiency
Management initiative on reducing energy via installation of Waste Heat
Recovery Project (9MW) promises to deliver significant savings in power
bill beyond 2HFY14. Though KOHC is admittedly an industry laggard on
progress on WHRP, we think market has ignored the benefits to the
company. Furthermore, we see significant upside in future earnings
(PKR4-6/sh) via likely conversion of furnace based captive power plant
(22.5MW) to coal given divergent trends in electricity tariff and coal prices.
Improved cash position may deliver upside in payout
A robust turnaround in KOHC’s operational cash flow since FY12 has
allowed prepayment of company’s LT debt in FY12/13 and has delivered
substantial de-leveraging (D/A down to 31% in FY13E from 58% in FY11).
As a result, interest cost should shrink 62% YoY in FY13E as per our
estimates.
Attractive valuation
KOHC is the cheapest company in the FS cement universe. The stock
trades at 34% and 35% discount to its peers on FY14E P/E and
EV/EBITDA respectively. We find the discount to be excessive and believe
turnaround in company’s fundamental and higher expected payout may
warrant re-rating of the stock.
Key Risks
Key risks to our investment thesis are; (1) Higher than expected increase in tariff
will result in shrinkage of margins and reduce profitability, (2) disruption in power
supply will lead to tough business environment for cement players, and (3) any
unexpected drop in local or export cement prices

Fs
Title: Re: KOHC -- Kohat Cement
Post by: SBM on July 14, 2013, 02:59:54 AM
200 anyone ?
 :skeptic:
if everything goes right,... stable gm, sales growth of 10% , whr installation ,  and stable kse-100 index.... for sure
Title: Re: KOHC -- Kohat Cement
Post by: stalker on July 14, 2013, 04:50:56 AM
200 anyone ?
 :skeptic:
if everything goes right,... stable gm, sales growth of 10% , whr installation ,  and stable kse-100 index.... for sure

depends on FY13 payout imo!!
Title: Re: KOHC -- Kohat Cement
Post by: momo on July 26, 2013, 10:14:13 AM
Sweet. Going up, up, and away.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on July 26, 2013, 12:40:47 PM
 :dance

this has been fun. double shah completed

 ;)
Title: Re: KOHC -- Kohat Cement
Post by: zahidnch on July 26, 2013, 10:01:37 PM
:dance

this has been fun. double shah completed

 ;)
http://www.pakinvestorsguide.com/Smileys/Emoticons_files/thanks.gif
Thanks Seniors. I sold 1K @ UL. Thank God
Title: Re: KOHC -- Kohat Cement
Post by: momo on July 28, 2013, 08:23:49 AM
Recommended to hold tight?
Title: Re: KOHC -- Kohat Cement
Post by: zahidnch on July 28, 2013, 02:15:56 PM
Recommended to hold tight?
Should I re purchase on Monday. Pl advise. Thanks
Title: Re: KOHC -- Kohat Cement
Post by: SBM on July 28, 2013, 07:59:59 PM
Recommended to hold tight?

for longer term, yes. for short medium term dunno
acpl trading at 160+  but kohc with similar eps projected for fy14 trading at 120.

i expect much stronger eps for kohc in fy14 then what houses are predicting on the basis of whr installation.
gut feeling is that they might not opt to reopen old line (new line is operating at 93% utilization rate) unless there is big increase in demand cuz it makes little sense to operate old line at low capacity utilization   
Title: Re: KOHC -- Kohat Cement
Post by: Daftari on July 29, 2013, 12:48:40 AM
Recommended to hold tight?

for longer term, yes. for short medium term dunno
acpl trading at 160+  but kohc with similar eps projected for fy14 trading at 120.

i expect much stronger eps for kohc in fy14 then what houses are predicting on the basis of whr installation.
gut feeling is that they might not opt to reopen old line (new line is operating at 93% utilization rate) unless there is big increase in demand cuz it makes little sense to operate old line at low capacity utilization

I think increase in capacity utilisation is not a consideration here for the management, its a cartel like situation in the sector
Title: Re: KOHC -- Kohat Cement
Post by: momo on July 30, 2013, 12:02:57 AM
Any reason for the drop in price? Came back from Rs130. Due to the overall drop in the market?
Title: Re: KOHC -- Kohat Cement
Post by: SBM on July 30, 2013, 12:39:23 AM
Recommended to hold tight?

for longer term, yes. for short medium term dunno
acpl trading at 160+  but kohc with similar eps projected for fy14 trading at 120.

i expect much stronger eps for kohc in fy14 then what houses are predicting on the basis of whr installation.
gut feeling is that they might not opt to reopen old line (new line is operating at 93% utilization rate) unless there is big increase in demand cuz it makes little sense to operate old line at low capacity utilization

I think increase in capacity utilisation is not a consideration here for the management, its a cartel like situation in the sector

boss if demand is increasing for cement at the cartels agreed price, the manufacturers will obviously increase production
Title: Re: KOHC -- Kohat Cement
Post by: SBM on July 30, 2013, 12:40:21 AM
Any reason for the drop in price? Came back from Rs130. Due to the overall drop in the market?

just a breather. it needs to consolidate somewhere anyway before moving up again.
Title: Re: KOHC -- Kohat Cement
Post by: momo on August 06, 2013, 07:43:49 PM
Offloaded some between 125-130. Still holding majority of it. What's going on with the cement sector. Looks like consolidation before moving back up post Ramazan and pre-earnings. What do you all think? This thing needs to bounce back.
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 06, 2013, 11:49:12 PM
Offloaded some between 125-130. Still holding majority of it. What's going on with the cement sector. Looks like consolidation before moving back up post Ramazan and pre-earnings. What do you all think? This thing needs to bounce back.
Excellent stock to hold even in the downturn.
Eps for FY 13 is expected 20-21 rupees, even a dent of 2-3 rupees and eps of 18-19 makes it quite undervalued. Big chances of touching 150 when market resumes its upwards journey. One of the best balance sheets in the whole market at the moment.
Dont worry  :biggthumpup:

Strong cash dividend expected this year. Min 5-6 rupees.
Title: Re: KOHC -- Kohat Cement
Post by: Dr. Economist on August 07, 2013, 05:52:31 AM
Top Pick in the Cement Sector  :good
Title: Re: KOHC -- Kohat Cement
Post by: hammad01 on August 07, 2013, 10:17:53 AM
Offloaded some between 125-130. Still holding majority of it. What's going on with the cement sector. Looks like consolidation before moving back up post Ramazan and pre-earnings. What do you all think? This thing needs to bounce back.
Excellent stock to hold even in the downturn.
Eps for FY 13 is expected 20-21 rupees, even a dent of 2-3 rupees and eps of 18-19 makes it quite undervalued. Big chances of touching 150 when market resumes its upwards journey. One of the best balance sheets in the whole market at the moment.
Dont worry  :biggthumpup:

Strong cash dividend expected this year. Min 5-6 rupees.
Poker bhai isn't fecto has low P/E forward and expected to give high dividend then KOHC. How you compare the two. Thanks
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 07, 2013, 12:18:22 PM
both are good but kohat is bigger company nearly 3 times bigger than fecto.
Title: Re: KOHC -- Kohat Cement
Post by: stalker on August 07, 2013, 02:58:58 PM
both are good but kohat is bigger company nearly 3 times bigger than fecto.

and way better gross margins than most of the manufacturers!
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 12, 2013, 02:00:35 PM
No other cement is upper lock but KOHC is upper locked. Any specific news?
Title: Re: KOHC -- Kohat Cement
Post by: traderr on August 12, 2013, 02:43:25 PM
No other cement is upper lock but KOHC is upper locked. Any specific news?

fccl also upper locked.... mlcf may also follow them... cements and banks both are running today  :D
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 12, 2013, 03:18:32 PM
haha
half of cements are uppered now
Title: Re: KOHC -- Kohat Cement
Post by: guru1 on August 13, 2013, 12:51:01 PM
my TP is 150 for dec 13.
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 13, 2013, 03:36:10 PM
again Kohat is the only cement closing in green today. I think there is some positive news hidden, may be the eps for 2014 has some upward expectations  :skeptic:
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 14, 2013, 12:41:41 AM
kohc is trading around 5.8x, it seems to me it will touch luck and acpl multiples. target 150-160 medium term. gross margins for q3 were 37.5%.
Title: Re: KOHC -- Kohat Cement
Post by: Dr. Economist on August 14, 2013, 02:45:20 AM
kohc is trading around 5.8x, it seems to me it will touch luck and acpl multiples. target 150-160 medium term. gross margins for q3 were 37.5%.

Agreed! Perhaps more if the market remains stable going forward.
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 19, 2013, 03:30:53 PM
at 109 kohc is attractive
buy
Title: Re: KOHC -- Kohat Cement
Post by: Dr. Economist on August 19, 2013, 06:45:55 PM
at 109 kohc is attractive
buy

Yes indeed. But looking at the current fragile sentiment. I think that 100-105 will be a good rate to buy.
One can start accumulating at these rates.
Title: Re: KOHC -- Kohat Cement
Post by: inamgill on August 19, 2013, 11:47:19 PM
is it the right time to buy kohat cement? what is the expected dividend?  :thanks:
Title: Re: KOHC -- Kohat Cement
Post by: momo on August 20, 2013, 04:39:28 AM
It's down on overall market sentiment. Temporary blip. Use this to slowly start accumulating.
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 20, 2013, 03:00:08 PM
KOHC floored
I think it is collateral effect of CHCC below expectation dividend which is due to expansion plans. KOHC is now in attractive range trading at 5.3x. Buy for 1-2 year
Title: Re: KOHC -- Kohat Cement
Post by: imran.hafeez on August 20, 2013, 03:01:44 PM
I sold ACPL today at 170. Shall I invest the liquidated money into KOHC or FECTO?

KOHC floored
I think it is collateral effect of CHCC below expectation dividend which is due to expansion plans. KOHC is now in attractive range trading at 5.3x. Buy for 1-2 year
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 20, 2013, 03:03:40 PM
Yes, KOHC is recommended. If not today, then consider tomorrow, may get it below 103.
Title: Re: KOHC -- Kohat Cement
Post by: momo on August 20, 2013, 09:15:52 PM
Yaar, make it go higher.
Title: Re: KOHC -- Kohat Cement
Post by: riz on August 21, 2013, 04:26:41 PM
AQ bhai kohc, aur fectc ka btaden hold kren ya loss book krlen,ap please tp de den...
Title: Re: KOHC -- Kohat Cement
Post by: 07585 on August 21, 2013, 04:42:29 PM
AQ bhai kohc, aur fectc ka btaden hold kren ya loss book krlen,ap please tp de den...

Hold, dont book your loss as yet. There are good days ahead.
Title: Re: KOHC -- Kohat Cement
Post by: 07585 on August 21, 2013, 04:43:24 PM
Very attractive buy at current levels
Title: Re: KOHC -- Kohat Cement
Post by: Farrukh Muqeem on August 21, 2013, 06:05:47 PM
Very attractive buy at current levels

Many brokerage houses have given its TP to be in range of 130+ ...............So theoratically yes............... But So far market has reacted negatively on every announced result
Title: Re: KOHC -- Kohat Cement
Post by: Valueestimator on August 21, 2013, 10:51:49 PM
Wait for 96
Title: Re: KOHC -- Kohat Cement
Post by: MZ on August 21, 2013, 11:07:18 PM
what about 80?
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on August 22, 2013, 01:11:26 PM
Wait for 96

waiting for 80s
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 22, 2013, 03:54:12 PM
my FY 2013-14 eps estimates are 19.50-20.50
Title: Re: KOHC -- Kohat Cement
Post by: Valueestimator on August 22, 2013, 05:51:35 PM
Wait for 96

waiting for 80s

Chances r low
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 22, 2013, 08:29:12 PM
last year they paid Rs. 3 dividend, this year they should pay at least Rs. 5, otherwise more downside.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 22, 2013, 10:34:58 PM
last year they paid Rs. 3 dividend, this year they should pay at least Rs. 5, otherwise more downside.

5 is bare minimum imho ...
i am expecting 8. They have the capacity to do so @current level of sales and margins, even if they go for investing in whr plant which will cost around 1.8 bilion
 :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: momo on August 23, 2013, 08:53:14 AM
Yaar what has happened to this share? Going down unnecessarily. What's the target price till the announcement? Should've sold it at 130. Any suggestions?
Title: Re: KOHC -- Kohat Cement
Post by: 07585 on August 23, 2013, 11:51:20 AM
Yaar what has happened to this share? Going down unnecessarily. What's the target price till the announcement? Should've sold it at 130. Any suggestions?

I'm also stuck currently in the cement scripts, regretting not selling them at their highs.. Fectc nd Kohc nd fccl. But all we can do is wait now. Just hold on to it. The potential for upside is great.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 23, 2013, 04:28:05 PM
my FY 2013-14 eps estimates are 19.50-20.50

sometimes market just gets it wrong.
sometimes price action is indicative of change of underlying fundamentals


i hope its not the second one. warna  :crying_anim02:
Title: Re: KOHC -- Kohat Cement
Post by: Dr. Economist on August 23, 2013, 04:38:18 PM
Lower Locked at the end!  :console:
Title: Re: KOHC -- Kohat Cement
Post by: Rizwan Bhatti on August 23, 2013, 04:43:49 PM
laa aao 75 pr hum beh wait kr rahan han iss ka :D
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on August 23, 2013, 05:06:18 PM
Wait for 96

waiting for 80s

Chances r low

chances r very high  :thumbsup_anim:
Title: Re: KOHC -- Kohat Cement
Post by: Rizwan Bhatti on August 23, 2013, 06:48:09 PM
aa rha ha oversold ki range me
abeh or girna do umair vahora bro :clap1:
Title: Re: KOHC -- Kohat Cement
Post by: momo on August 23, 2013, 09:12:57 PM
Bus yaar. Bauhat gir gaya hai. Ab uppar janay ki bari aani chahiye hai. government nay gas price increase bhi reverse kar diya hai.
Title: Re: KOHC -- Kohat Cement
Post by: stalker on August 23, 2013, 09:34:26 PM
Bus yaar. Bauhat gir gaya hai. Ab uppar janay ki bari aani chahiye hai. government nay gas price increase bhi reverse kar diya hai.

toh kohc k pass konsa gas ka power plant hai!
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 23, 2013, 10:51:26 PM
Bus yaar. Bauhat gir gaya hai. Ab uppar janay ki bari aani chahiye hai. government nay gas price increase bhi reverse kar diya hai.

toh kohc k pass konsa gas ka power plant hai!

http://www.kohatcement.com/about_history.aspx

what is this plant based on ?
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 23, 2013, 10:54:48 PM
Bus yaar. Bauhat gir gaya hai. Ab uppar janay ki bari aani chahiye hai. government nay gas price increase bhi reverse kar diya hai.

toh kohc k pass konsa gas ka power plant hai!

http://www.kohatcement.com/about_history.aspx

what is this plant based on ?

http://www.kohatcement.com/pdf_files/reports/634950824491406250_annual_report_30thJune2012.pdf

page 9
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 23, 2013, 10:57:21 PM
http://www.kohatcement.com/pdf_files/reports/634950826348125000_annual_report_30thJUNE2009.pdf

page 5.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 23, 2013, 11:02:57 PM
http://investorguide360.com/wp-content/uploads/2013/07/FS-Research5.pdf

accoding to FS its based on furnace oil ... which seems weird considering the fact that kohc didnt have any problems at that time with gas supply ....
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 24, 2013, 12:49:04 AM
should post eps of around 17-18 in fy14 after adjusting for increase in electricity cost.

17*7 = 119

dividend might be lower than i expected earlier.. might be  5 rupees with 10-15% bonus - kohc has a long history of bonus issues .. and had paid somewhat consistently cash  dividends before expansion in 2006

on the plus side, lots of potential for improvement in eps via installation of whr (within 12 months ) and potentially switching power generation to coal (18 months )
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 24, 2013, 12:56:14 AM
http://investorguide360.com/wp-content/uploads/2013/07/FS-Research5.pdf

accoding to FS its based on furnace oil ... which seems weird considering the fact that kohc didnt have any problems at that time with gas supply ....

gross margins also suggest either the company buys all of its electricity from pesco, or runs its captive power plant on gas.
this is confusing.

 :confused1:
Title: Re: KOHC -- Kohat Cement
Post by: momo on August 24, 2013, 06:16:23 AM
I believe it's run on gas. Why else would it be getting such a beating? Any views? I think their annual statement said its gas based.
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 25, 2013, 10:45:42 PM
KOHC price has declined by 30% from recent high of 130. I believe the weakening sales have been overplayed. With FY 2014 eps expected 19.65, the stock is now trading at 4.7x. Quite undervalued.
Title: Re: KOHC -- Kohat Cement
Post by: Irfy on August 31, 2013, 12:07:10 AM
All research is still saying that KOHC will reach to Rs.150/-....but the share is going down like a uncontrolled aeroplane ....what is next?
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 31, 2013, 12:12:15 AM
All research is still saying that KOHC will reach to Rs.150/-....but the share is going down like a uncontrolled aeroplane ....what is next?
KOHC has now become a major test of my experience. With such a lavish balance sheet which almost attracts the eyes of even a conservative investor, I called for buying when it dropped below 109 and now it is below 81 within a span of few days. Worst case scenario, Rs. 35/bag impact and cement prices remain unchanged for complete 2014, my estimates give eps of 16.6 but I hope cement prices will rise by Rs. 15/bag in next 2-3 months thus implying an eps of 18-19 for FY 2014. If at the end of year this eps comes true, then I will think my estimates were write and market was wrong and if its eps comes below 15, then I will believe my research was a failure  :fingerscrossed1:
With such a balance sheet, it deserves to be traded at par with dgkc and acpl multiples i.e Rs. 150/-.
Title: Re: KOHC -- Kohat Cement
Post by: Irfy on August 31, 2013, 12:23:57 AM
Do u recommend to buy KOHC at current levels or should wait for further down fall of the price?
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 31, 2013, 12:27:17 AM
As a fear of unknown is haunting this stock, I would recommend to buy dgkc instead which is rated higher in terms of stability by the investors. I will buy kohc instead, already holding this, will buy more just waiting for lower locks to stop.  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: MZ on August 31, 2013, 12:39:19 AM
As a fear of unknown is haunting this stock, I would recommend to buy dgkc instead which is rated higher in terms of stability by the investors. I will buy kohc instead, already holding this, will buy more just waiting for lower locks to stop.  :fingerscrossed1:

i am expecting it to stop around thsese levels now  :[
Title: Re: KOHC -- Kohat Cement
Post by: 07585 on August 31, 2013, 04:53:44 AM
As a fear of unknown is haunting this stock, I would recommend to buy dgkc instead which is rated higher in terms of stability by the investors. I will buy kohc instead, already holding this, will buy more just waiting for lower locks to stop.  :fingerscrossed1:

Dont worry, you will reap the reward of your patience soon. The cement industry will hopefully pass on the effect to the consumers. Its really disheartening to see it fall like this, but all we can do is wait right now for the rebound to come. I'm sure you will reap good profit.
Title: Re: KOHC -- Kohat Cement
Post by: Cheetah on August 31, 2013, 04:36:32 PM
I m having it at over 100 . The current price is eye candy ! I will be buying to avg it out on monday . Even if it goes down a lock more . Nothing to worry !! Its safe as house !
Title: Re: KOHC -- Kohat Cement
Post by: aalam on August 31, 2013, 04:43:41 PM
I m having it at over 100 . The current price is eye candy ! I will be buying to avg it out on monday . Even if it goes down a lock more . Nothing to worry !! Its safe as house !
imho, cement sector should be avoided...............satta hua hay cements me dba kar.....kohat 8 say gya 130 tak,,,,,,,ab ye idher udher hi rulta rahay ga :good
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on August 31, 2013, 06:45:20 PM
http://investorguide360.com/wp-content/uploads/2013/07/FS-Research5.pdf

accoding to FS its based on furnace oil ... which seems weird considering the fact that kohc didnt have any problems at that time with gas supply ....

gross margins also suggest either the company buys all of its electricity from pesco, or runs its captive power plant on gas.
this is confusing.

 :confused1:
However, it is confirmed that KOHC has a 22.6 MW power plant and cost impact is in my opinion is < Rs. 20/bag.
They are also planning a 9MW waste heat recovery plant in 2014 which will further reduce the cost of production beyond 2014.
Title: Re: KOHC -- Kohat Cement
Post by: Ali on September 01, 2013, 11:11:19 PM
The simple fact for decreasing is that indv has taken large positions and they knew it. Will recover from 70-74s range.
Title: Re: KOHC -- Kohat Cement
Post by: Irfankhan on September 02, 2013, 08:53:23 AM
The simple fact for decreasing is that indv has taken large positions and they knew it. Will recover from 70-74s range.
Bhai i willbe buying my 5000 shares back at 75 which sold at 124. i am pressing myself why didnot sold 10000 at 124
Title: Re: KOHC -- Kohat Cement
Post by: PK on September 02, 2013, 09:15:52 AM
will double my qty in kohc .. and fectc now
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on September 02, 2013, 11:27:19 AM
another bad day kaab stop laggay ga bahi tjhy  huhu huhu huhu
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on September 02, 2013, 03:00:35 PM
2 more floors and kohc below 70  :mad:
Title: Re: KOHC -- Kohat Cement
Post by: Rizwan Bhatti on September 02, 2013, 03:23:56 PM
laa aao 75 pr hum beh wait kr rahan han iss ka :D
:clap1:
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on September 02, 2013, 11:31:32 PM
Annual Production Capacity as per company website is :
Grey cement       2.55 million m/tons
White cement     135,000 m/tons

Actual production 2013 comes around 70% of capacity.
Long term loans are Rs. 1 billion out of which Rs. 650 million will be paid in 2013 and Rs. 350 million will be remaining.
Book Value : Rs. 42/- per share (Lucky Cement Rs. 119/-)
Total worth of the company Rs. 10 billion
Total shares 128 million
Gross profit margins : 38.75% (very high)
PAT margins : 23.33% (very high)
Sales/share : Rs. 86/- (Very high)
Captive power plant : 22.6 MW installed in 2009
Recent project : 9 MW Waste Heat Recovery Plant to be commissioned in 2015
Projected worst case eps (My estimates) : 16.60 (2014)
P/E : 4.6x (dirt cheap) (Lucky Cement eps 30 P/E 7.5x)

Still unable to find any good reason for such a steep fall except madness.  :skeptic:
Title: Re: KOHC -- Kohat Cement
Post by: 07585 on September 03, 2013, 01:17:33 AM
Annual Production Capacity as per company website is :
Grey cement       2.55 million m/tons
White cement     135,000 m/tons

Actual production 2013 comes around 70% of capacity.
Long term loans are Rs. 1 billion out of which Rs. 650 million will be paid in 2013 and Rs. 350 million will be remaining.
Book Value : Rs. 42/- per share (Lucky Cement Rs. 119/-)
Total worth of the company Rs. 10 billion
Total shares 128 million
Gross profit margins : 38.75% (very high)
PAT margins : 23.33% (very high)
Sales/share : Rs. 86/- (Very high)
Captive power plant : 22.6 MW installed in 2009
Recent project : 9 MW Waste Heat Recovery Plant to be commissioned in 2015
Projected worst case eps (My estimates) : 16.60 (2014)
P/E : 4.6x (dirt cheap) (Lucky Cement eps 30 P/E 7.5x)

Still unable to find any good reason for such a steep fall except madness.  :skeptic:

The market is defined by the people who make it, the world works on the perception of what is, not what it really is. Frustrating really.
Title: Re: KOHC -- Kohat Cement
Post by: Hobbyist on September 03, 2013, 02:39:34 AM
Annual Production Capacity as per company website is :
Grey cement       2.55 million m/tons
White cement     135,000 m/tons

Actual production 2013 comes around 70% of capacity.
Long term loans are Rs. 1 billion out of which Rs. 650 million will be paid in 2013 and Rs. 350 million will be remaining.
Book Value : Rs. 42/- per share (Lucky Cement Rs. 119/-)
Total worth of the company Rs. 10 billion
Total shares 128 million
Gross profit margins : 38.75% (very high)
PAT margins : 23.33% (very high)
Sales/share : Rs. 86/- (Very high)
Captive power plant : 22.6 MW installed in 2009
Recent project : 9 MW Waste Heat Recovery Plant to be commissioned in 2015
Projected worst case eps (My estimates) : 16.60 (2014)
P/E : 4.6x (dirt cheap) (Lucky Cement eps 30 P/E 7.5x)

Still unable to find any good reason for such a steep fall except madness.  :skeptic:
Poker bhai, kse is not an ideal, efficient or even fair market. Share prices are manipulated in deceitful ways. My worst experience is in ADOS (see price chart from Mar 11, 2013 to Apr 22, 2013 http://www.reuters.com/finance/stocks/chart?symbol=ADPK.KA ). So, if a share keeps sliding down, there doesn't have to be anything wrong with its fundas necessarily in kse. One can only wait for market to catch some reason again.  :console:
Title: Re: KOHC -- Kohat Cement
Post by: obaid6 on September 03, 2013, 06:06:03 AM
expected supports for kohc r 68 n 57 respectively.hope to see trend reversal from said lavels.  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: arifjamal on September 03, 2013, 07:33:56 AM
Annual Production Capacity as per company website is :
Grey cement       2.55 million m/tons
White cement     135,000 m/tons

Actual production 2013 comes around 70% of capacity.
Long term loans are Rs. 1 billion out of which Rs. 650 million will be paid in 2013 and Rs. 350 million will be remaining.
Book Value : Rs. 42/- per share (Lucky Cement Rs. 119/-)
Total worth of the company Rs. 10 billion
Total shares 128 million
Gross profit margins : 38.75% (very high)
PAT margins : 23.33% (very high)
Sales/share : Rs. 86/- (Very high)
Captive power plant : 22.6 MW installed in 2009
Recent project : 9 MW Waste Heat Recovery Plant to be commissioned in 2015
Projected worst case eps (My estimates) : 16.60 (2014)
P/E : 4.6x (dirt cheap) (Lucky Cement eps 30 P/E 7.5x)

Still unable to find any good reason for such a steep fall except madness.  :skeptic:
Poker bhai, kse is not an ideal, efficient or even fair market. Share prices are manipulated in deceitful ways. My worst experience is in ADOS (see price chart from Mar 11, 2013 to Apr 22, 2013 http://www.reuters.com/finance/stocks/chart?symbol=ADPK.KA ). So, if a share keeps sliding down, there doesn't have to be anything wrong with its fundas necessarily in kse. One can only wait for market to catch some reason again.  :console:
yes, agreed with waqar
Title: Re: KOHC -- Kohat Cement
Post by: aalam on September 03, 2013, 08:59:51 AM
5 say gya hay 130 par KOHAT..........aur kia chaye......
Title: Re: KOHC -- Kohat Cement
Post by: hammad01 on September 03, 2013, 09:03:46 AM
5 sa 130 tak gaya ha kohat, because negative sa plus 19 tak gai han earnings.I dont know why people dont compare tezi with respect to fundamentals. If EPS or DPS increases by many fold then price should also increase many fold.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 03, 2013, 09:55:00 AM
Annual Production Capacity as per company website is :
Grey cement       2.55 million m/tons
White cement     135,000 m/tons

Actual production 2013 comes around 70% of capacity.
Long term loans are Rs. 1 billion out of which Rs. 650 million will be paid in 2013 and Rs. 350 million will be remaining.
Book Value : Rs. 42/- per share (Lucky Cement Rs. 119/-)
Total worth of the company Rs. 10 billion
Total shares 128 million
Gross profit margins : 38.75% (very high)
PAT margins : 23.33% (very high)
Sales/share : Rs. 86/- (Very high)
Captive power plant : 22.6 MW installed in 2009
Recent project : 9 MW Waste Heat Recovery Plant to be commissioned in 2015
Projected worst case eps (My estimates) : 16.60 (2014)
P/E : 4.6x (dirt cheap) (Lucky Cement eps 30 P/E 7.5x)

Still unable to find any good reason for such a steep fall except madness.  :skeptic:

The market is defined by the people who make it, the world works on the perception of what is, not what it really is. Frustrating really.

well said..
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on September 03, 2013, 01:55:07 PM
aaj phir say lower lock lagnnay ka hai  :bangin: :bangin: :bangin: :bangin:
Title: Re: KOHC -- Kohat Cement
Post by: Cheetah on September 03, 2013, 04:46:26 PM
aaj phir say lower lock lagnnay ka hai  :bangin: :bangin: :bangin: :bangin:

Floored !
Title: Re: KOHC -- Kohat Cement
Post by: shahrukht on September 03, 2013, 06:34:03 PM
People have been selling like idiots in the cement sector. i am a constructor and i know that hardly any work takes place in ramzan and then the work restarts after 10 to 15 days after eid as labour usually takes that much to come back. THUS the cement sales were bound to drop last month! dont know why people started selling at lower lock in the cements when the news came out!!! And as far as the pricing is concerned, the big business men are not crazy to jeapordize their profits by breaking the pricing and starting a pricing war! LUCK WILL be back in the cartel and the pricing WILL remain intact. I predict all the cements to be back where they were in 2 months time... Just take it easy
Title: Re: KOHC -- Kohat Cement
Post by: Saiti on September 03, 2013, 07:44:03 PM
takes an idiot to ignore the fact that if the sales are down, it will show up in the results
Title: Re: KOHC -- Kohat Cement
Post by: Irfy on September 04, 2013, 12:33:24 PM
Where KOHC is going to stop?  I am eyeing on this share for some entry.....please best price to enter...
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on September 04, 2013, 01:58:46 PM
Where KOHC is going to stop?  I am eyeing on this share for some entry.....please best price to enter...

wait till result if payout like cherat cement you can get kohc at 50s or even 40s level just wait
Title: Re: KOHC -- Kohat Cement
Post by: Rizwan Bhatti on September 04, 2013, 07:27:52 PM
Where KOHC is going to stop?  I am eyeing on this share for some entry.....please best price to enter...

wait till result if payout like cherat cement you can get kohc at 50s or even 40s level just wait
Agreed ;)
Title: Re: KOHC -- Kohat Cement
Post by: Ali on September 04, 2013, 07:51:06 PM
When is the BM for Kohc?
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on September 04, 2013, 08:23:52 PM
When is the BM for Kohc?
not yet announced.
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on September 04, 2013, 08:33:11 PM
5 consecutive lower locks for KOHC now.
Today volume was quite high though which means bottom may be nearer.  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: Cheetah on September 04, 2013, 10:11:10 PM
BM 12 sept
Title: Re: KOHC -- Kohat Cement
Post by: faizanshams on September 04, 2013, 10:54:35 PM
BM 12 sept
plz share ur source as there is no notice on kse website
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on September 05, 2013, 11:14:51 AM
5 consecutive lower locks for KOHC now.
Today volume was quite high though which means bottom may be nearer.  :fingerscrossed1:

abay or kitna geray ga  huhu huhu huhu huhu huhu kiya 30s mai annay ka plan hai tera
Title: Re: KOHC -- Kohat Cement
Post by: 007 on September 05, 2013, 11:31:54 AM
 :console:
Title: Re: KOHC -- Kohat Cement
Post by: obaid6 on September 05, 2013, 11:39:55 AM
expected supports for kohc r 68 n 57 respectively.hope to see trend reversal from said lavels.  :fingerscrossed1:


support ura kr rakh di ha kohc nay seems ab yh cement nahi bana raha ... :console:
Title: Re: KOHC -- Kohat Cement
Post by: obaid6 on September 05, 2013, 02:46:26 PM
expected supports for kohc r 68 n 57 respectively.hope to see trend reversal from said lavels.  :fingerscrossed1:


support ura kr rakh di ha kohc nay seems ab yh cement nahi bana raha ... :console:

when i posted  kohc vas dead down @ floor .ab umeed bani ha k intra-day support ko temper krnay k bad 68+ closing de jae ga.  :D
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on September 05, 2013, 03:24:44 PM
on a totally unrelated note
kohc ki example aise hai jaise kisi aadmi ko ek gang ne khoob mara ho aur phir maar khane ke baad woh naha dho ke saaf kapre pehen ke ab aap ko apni maar ki story suna raha ho.  :console:
Title: Re: KOHC -- Kohat Cement
Post by: umair vohra on September 05, 2013, 03:35:48 PM
on a totally unrelated note
kohc ki example aise hai jaise kisi aadmi ko ek gang ne khoob mara ho aur phir maar khane ke baad woh naha dho ke saaf kapre pehen ke ab aap ko apni maar ki story suna raha ho.  :console:

hahahhahaa saab ki sassay bahal hogahi aaj finally  :clap1: :clap1: :clap1: :clap1: :clap1:
Title: Re: KOHC -- Kohat Cement
Post by: Sarmad on September 05, 2013, 08:19:20 PM
on a totally unrelated note
kohc ki example aise hai jaise kisi aadmi ko ek gang ne khoob mara ho aur phir maar khane ke baad woh naha dho ke saaf kapre pehen ke ab aap ko apni maar ki story suna raha ho.  :console:

hahaha..well said
Title: Re: KOHC -- Kohat Cement
Post by: Hobbyist on September 11, 2013, 10:56:45 AM
5 consecutive lower locks for KOHC now.
Today volume was quite high though which means bottom may be nearer.  :fingerscrossed1:

You were spot on! KOHC has scored 5 upper locks since. Averaging around 84, I am now officially above breakeven in kohc.  :dance :dance :dance :dance :dance



Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 11, 2013, 11:39:30 AM
bm  18 sept  (http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=046250&qsid=711)
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 11, 2013, 11:42:52 AM
http://www.pakinvestorsguide.com/index.php/topic,1113.msg146030.html#msg146030

pesco tariff unchanged.

 ;)
Title: Re: KOHC -- Kohat Cement
Post by: Hobbyist on September 11, 2013, 12:42:47 PM
http://www.pakinvestorsguide.com/index.php/topic,1113.msg146030.html#msg146030

pesco tariff unchanged.

 ;)

Buss retrospective action say pehle pehle Make hay while the sun shines  ;)
Title: Re: KOHC -- Kohat Cement
Post by: MZ on September 16, 2013, 01:38:10 PM

Result Preview
 
KOHC – FY13 EPS expected at PKR20.58
Result expectation
Kohat Cement Company Limited (KOHC) is scheduled to announce its FY13 financial results on 18th September 2013. The company is expected to post PAT of PKR2.7bn (EPS: PKR20.58), up 60% YoY. 4QFY13 EPS is expected to clock in at PKR5.74, up 12% YoY and 1% QoQ. We expect the company to announce a full year cash dividend of PKR7/share along with the upcoming results.
Higher dispatches to drive top-line
KOHC is expected to have posted total dispatches of 1.83mn tons during FY13, up 8% YoY, and considerably higher than industry growth of 3%. Contrary to industry trends, exports are expected to clock in at 0.30mn tons during FY13, up 8% YoY.
Strong efficiency to support growth
KOHC shall post an EBITDA margin of PKR127/bag during FY13, improving 40% YoY and one of the highest among peers. Average retention prices are expected to have increased by 12% YoY from PKR276/bag in FY12 to PKR310/bag during FY13. COGS are also expected to have decreased marginally from PKR192/bag in FY12 to PKR189/bag during in FY13.
Deleveraging to reduce finance costs
Owing to strong debt repayments, finance costs are expected to clock in at PKR243mn, down 61% YoY. Total debt for KOHC stood at PKR1.7bn at the end of 3QFY13 as opposed to PKR2.9bn at the end of FY12.
Investment perspective
We have tweaked our estimates to adjust for the recent power tariff hike and increased our discount rate assumption from 9% to 10%. Owing to this, we have revised down our target price by 28% to PKR115/share. However, we are currently revisiting our investment case on the sector owing to risks that have emerged recently (Refer to our flash note titled “Cements: Dark Clouds” dated: August 29, 2013). We advise caution at current levels and will update our recommendation once more information is available regarding the matter.

elixir
Title: Re: KOHC -- Kohat Cement
Post by: sst569 on September 16, 2013, 10:41:11 PM
So Guys whats short term target for KOHC? Please advice if it possiblt touch hundred in a few weeks??
Title: Re: KOHC -- Kohat Cement
Post by: ayubkhuhro on September 17, 2013, 10:30:22 PM
Suna hai 20 to 25% bonus aur 5 rs dividend aa raha hai.
Title: Re: KOHC -- Kohat Cement
Post by: aalam on September 18, 2013, 01:41:20 AM
farigh hay aaj KOHC bheeeeeeeeeeeee :clap1:
Title: Re: KOHC -- Kohat Cement
Post by: stockz_123 on September 18, 2013, 12:24:00 PM
FY13 Earnings to clock in at PKR 20.15/share, DPS at PKR 8

We preview the financial result for Kohat Cement Company Limited (KOHC), scheduled to be announced today. We expect the company to post a massive 56% YoY earnings growth to PKR 2.6bn (EPS: PKR 20.15) in FY13. A strong 7% YoY dispatches growth coupled with a 12% YoY improvement in average retention prices remained the major contributors towards the 19% expected topline growth of the company. This healthy top line growth, coupled with a 19% YoY drop in coal prices, is expected to have led to a 51% YoY jump in gross profit of the company to PKR 4.3bn. Consequently, gross margin is expected to have improved to 39% in FY13, compared to 31% a year back. Moreover, a steep 61% YoY drop is expected in the finance cost of the company, boosting the bottomline further.

We expect Kohat Cement Company Limited BoD to announce a cash dividend of PKR 8.0/share compared to PKR 3.0/share announced last year.

Recommendation

We reiterate our ‘Buy’ recommendation for the stock, with 53% upside potential from our DCF based target price of PKR 136/share. In addition to this sizeable upside potential of 53% from levels, the company stock is trading at a forward multiple of 4.7x while offering an adequate dividend yield of 9% at current levels. Encouragingly, Kohat Cement Company Limited (KOHC) remains immune from the recent power tariff hike due to a stay order of the court for Peshawar Electric Supply Corporation, which gives the company an edge over most of its sector rivals.

AHL
Title: Re: KOHC -- Kohat Cement
Post by: PK on September 18, 2013, 12:33:00 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:
Title: Re: KOHC -- Kohat Cement
Post by: blindfollower on September 18, 2013, 12:37:27 PM
i expect 20.7 eps 5/6 dps
Koi Bonus waghaira?  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on September 18, 2013, 03:01:19 PM
kohat
eps 20.45
dps 5 bonus 20%  :shoaby:
Title: Re: KOHC -- Kohat Cement
Post by: Cheetah on September 18, 2013, 03:02:12 PM
EPS : 20.45
dps : 5
Bonus 20%
Title: Re: KOHC -- Kohat Cement
Post by: sst569 on September 18, 2013, 03:23:53 PM
kohat
eps 20.45
dps 5 bonus 20%  :shoaby:

Hurrah! Poker bhai in short term whats expected target?
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 18, 2013, 03:33:37 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

pk bhai

eclairs apki huin  :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: znadeem on September 18, 2013, 03:44:11 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

pk bhai

eclairs apki huin  :biggthumpup:

Sirf Eclairs???????????? Snickers & Tobleron bhi aapki hoi janab............
Title: Re: KOHC -- Kohat Cement
Post by: blindfollower on September 18, 2013, 03:49:24 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

pk bhai

eclairs apki huin  :biggthumpup:

pk bhai nain bonus baad main add kia, but still spot on :)

 :clap1:  :clap1:  :clap1:
Title: Re: KOHC -- Kohat Cement
Post by: space on September 18, 2013, 04:00:08 PM
farigh hay aaj KOHC bheeeeeeeeeeeee :clap1:

AMAZING analysis what fantastic insight :D

Congratz holders!
Title: Re: KOHC -- Kohat Cement
Post by: lovegreen on September 18, 2013, 04:33:59 PM
farigh hay aaj KOHC bheeeeeeeeeeeee :clap1:

Kohc to farigh nhe but apkay comments Intehai farigh hotay hain aj bhe kohc ne cap lga dia agar aap isi trha bongia martay rahangay to pak investors guide k all members aik din aap pe hansain gay abhe bhe time hai sooch smjh k comment dia kro. (ziada tar apkay analysis baybunyad hotay hain). Apkay immature comments say kisi ka nuksan bhe ho skta hai jis ke holding pe yakinan apkay paisay nhe lagay.
Title: Re: KOHC -- Kohat Cement
Post by: PK on September 18, 2013, 04:40:06 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

pk bhai

eclairs apki huin  :biggthumpup:

pk bhai nain bonus baad main add kia, but still spot on :)

 :clap1:  :clap1:  :clap1:
Credit goes to one of my friend ..... laoo echlairs snicker mars .. bounty .. koi KIT KAT ki deal kare toh mapple ki eps b batadeta hu  :laugh:   :good :good
Title: Re: KOHC -- Kohat Cement
Post by: Cheetah on September 18, 2013, 04:45:11 PM
Excellent prediction . BTW he edited after you asked question regarding bonus ( and thats way before announcement) so his prediction is spot on .  :s1: I would love to have bounty as well  :spam:

PS : What tp you forsee in this rally ? I dont find it a strong rally. Your opinion would be handful :)
Title: Re: KOHC -- Kohat Cement
Post by: stockz_123 on September 18, 2013, 05:53:25 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

awesome  :s1:
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on September 18, 2013, 05:57:38 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

pk bhai

eclairs apki huin  :biggthumpup:

pk bhai nain bonus baad main add kia, but still spot on :)

 :clap1:  :clap1:  :clap1:
Credit goes to one of my friend ..... laoo echlairs snicker mars .. bounty .. koi KIT KAT ki deal kare toh mapple ki eps b batadeta hu  :laugh:   :good :good

Well done PK Bhai.
Title: Re: KOHC -- Kohat Cement
Post by: PK on September 18, 2013, 07:50:37 PM
Excellent prediction . BTW he edited after you asked question regarding bonus ( and thats way before announcement) so his prediction is spot on .  :s1: I would love to have bounty as well  :spam:

PS : What tp you forsee in this rally ? I dont find it a strong rally. Your opinion would be handful :)
i guess 2/3 caps .. 110 may b :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: stalker on September 18, 2013, 07:57:48 PM
Excellent prediction . BTW he edited after you asked question regarding bonus ( and thats way before announcement) so his prediction is spot on .  :s1: I would love to have bounty as well  :spam:

PS : What tp you forsee in this rally ? I dont find it a strong rally. Your opinion would be handful :)
i guess 2/3 caps .. 110 may b :fingerscrossed1:

good work PK :)
Title: Re: KOHC -- Kohat Cement
Post by: obaid6 on September 18, 2013, 07:59:10 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

excellent work brother. +1 for u  :s1:
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on September 18, 2013, 08:06:00 PM
Excellent prediction . BTW he edited after you asked question regarding bonus ( and thats way before announcement) so his prediction is spot on .  :s1: I would love to have bounty as well  :spam:

PS : What tp you forsee in this rally ? I dont find it a strong rally. Your opinion would be handful :)
i guess 2/3 caps .. 110 may b :fingerscrossed1:

good work PK :)

Mkt mein agar pressure hatam hota hay to phir 110 pakka. Aur Pk bhai  Mlcf aur Pioc ki eps pa b roshni daal dain.
Title: Re: KOHC -- Kohat Cement
Post by: ayubkhuhro on September 18, 2013, 09:18:50 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

pk bhai

eclairs apki huin  :biggthumpup:

Ouu
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

pk bhai

eclairs apki huin  :biggthumpup:
Ouulman pk seh pehlay main neh kaha tha. Aus ne mera dehaan copy karliya. if you see the thread you will know
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 18, 2013, 09:30:02 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

pk bhai

eclairs apki huin  :biggthumpup:

Ouu
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:

pk bhai

eclairs apki huin  :biggthumpup:
Ouulman pk seh pehlay main neh kaha tha. Aus ne mera dehaan copy karliya. if you see the thread you will know

ok thanks  :biggthumpup:

+1 repped

waisay ppl can get similar results from their own sources/calculations.
Title: Re: KOHC -- Kohat Cement
Post by: ayubkhuhro on September 18, 2013, 09:32:58 PM
Suna hai 20 to 25% bonus aur 5 rs dividend aa raha hai.

Sab seh pehlay main neh bola tha. Kuch thanks bhi mujhe day do.
Title: Re: KOHC -- Kohat Cement
Post by: Salammembers on September 18, 2013, 09:43:19 PM
apni book maay
Aaj saay khuhro bro ka haar message `must Read`  :rtfm:
Title: Re: KOHC -- Kohat Cement
Post by: Cheetah on September 18, 2013, 10:44:47 PM
Suna hai 20 to 25% bonus aur 5 rs dividend aa raha hai.

Sab seh pehlay main neh bola tha. Kuch thanks bhi mujhe day do.

Spot on . I have read yours too . Excellent :)


PS : Please predict about poic if you can . (pk , ouulman , you)  :rtfm:
Title: Re: KOHC -- Kohat Cement
Post by: Hobbyist on September 18, 2013, 11:05:13 PM
Suna hai 20 to 25% bonus aur 5 rs dividend aa raha hai.

Sab seh pehlay main neh bola tha. Kuch thanks bhi mujhe day do.

5 rs cash, 20% bonus, 20+ eps, 9MW whrp in process (resuling cost-saving ~Rs 3/share) , 22.5MW furnace oil power plant to be converted to coal (to add Rs 4-6 to eps) n on top of all that electricity tariff rise still doesn't apply on kohc. What more could an investor want of KOHC.  :clap1: :clap1: :dance :dance

Given these favorables, looks like a great investment even for medium/long term.  :thumbsup_anim:
Title: Re: KOHC -- Kohat Cement
Post by: Saiti on September 18, 2013, 11:32:00 PM
i expect 20.7 eps 5/6 dps  20% bonus  :dunno:
Sorry pk... tera secret aaj sabko bata dia thaa smc per

told them keh tu smc per iss liey nahi cuz tu kohc ki meeting mein hey

now revealing another secret... yeh sare cements ke BOD mein hey

 :thumbsup_anim:
Title: Re: KOHC -- Kohat Cement
Post by: Saiti on September 18, 2013, 11:34:52 PM
Suna hai 20 to 25% bonus aur 5 rs dividend aa raha hai.

Sab seh pehlay main neh bola tha. Kuch thanks bhi mujhe day do.
Nice khuhro
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on September 18, 2013, 11:46:00 PM
Suna hai 20 to 25% bonus aur 5 rs dividend aa raha hai.

Sab seh pehlay main neh bola tha. Kuch thanks bhi mujhe day do.

Thanks ji Thanks Khuhro sb and PK bro tooooooooooo
Both of you good at dehan  :biggthumpup:

 :thanks: Mr. Khuhro
 :thanks: Mr. PK
Title: Re: KOHC -- Kohat Cement
Post by: obaid6 on September 19, 2013, 12:24:23 AM
Suna hai 20 to 25% bonus aur 5 rs dividend aa raha hai.

Sab seh pehlay main neh bola tha. Kuch thanks bhi mujhe day do.

ayub khuhro bro. well done . keep sharing  :s1:
Title: Re: KOHC -- Kohat Cement
Post by: aaghumro on September 19, 2013, 09:46:18 AM
Zabardat Khuhro Sahab  :thumbsup_anim:
Title: Re: KOHC -- Kohat Cement
Post by: arifjamal on September 19, 2013, 08:29:58 PM
Market or result ka asar nazar nahi aa raha
Title: Re: KOHC -- Kohat Cement
Post by: arifmahmood on September 19, 2013, 09:23:22 PM
han yar main nay b aj 95 py lia :(........koi maza nai aaya
Title: Re: KOHC -- Kohat Cement
Post by: Cheetah on September 19, 2013, 09:54:08 PM
Excellent prediction . BTW he edited after you asked question regarding bonus ( and thats way before announcement) so his prediction is spot on .  :s1: I would love to have bounty as well  :spam:

PS : What tp you forsee in this rally ? I dont find it a strong rally. Your opinion would be handful :)

Told ya .The fluctuation of this script on result day was very suspicious . . . buy below 90 . may be on 88 .  :console:
Title: Re: KOHC -- Kohat Cement
Post by: MZ on September 20, 2013, 10:00:43 AM

Result Review
 
KOHC – Earnings meet expectations
Result announcement
Kohat Cement Company Limited (KOHC) announced its FY13 financial results on 18th September, 2013. EPS for FY13 clocked in at PKR20.45, up 59% YoY and in line with our expectations. EPS for 4QFY13 came out at PKR5.61, up 9% YoY but marginally down 1% QoQ. The company also announced a cash dividend of PKR5/share along with a 20% stock dividend.
Dispatch growth outpaced industry
KOHC posted total dispatches of 1.82mn tons during FY13, up 8% YoY which is significantly higher than industry growth of 3% during the same period. Contrary to industry trends, exports clocked in at 0.31mn tons during FY13, up 13% YoY. Local dispatches clocked in at 1.51mn tons, up 7% YoY and higher than industry growth of 5% during the same period.
Strong margin growth boosted earnings
KOHC’s gross margin improved substantially by 43% YoY from PKR85/bag in FY12 to PKR120/bag in FY13. Margins rose primarily on the back of higher retention prices and lower costs of production. Average retention price increased by 14% from PKR276/bag in FY12 to PKR310/bag in FY13 coupled with cost of sales decreasing by 1% from PKR192/bag in FY12 to PKR 190/bag in FY13.
Deleveraging further supported bottom-line
KOHC repaid its debt by PKR1.22bn during 9MFY13. The company would likely have paid down further PKR499bn of its debt during 4QFY13. Thus, total debt for KOHC is estimated at PKR1.2bn as of Jun-13 as opposed to PKR2.9bn at the end of FY12. Strong debt repayments supported KOHC earnings as finance cost dropped by 60% YoY to PKR249mn in FY13.
Waste Heat Recovery (WHR) project to be value accretive
With its FY13 financial results, KOHC announced installation of Waste Heat Recovery (WHR) plant which is expected to reap significant savings amid rising energy costs. The company has not yet disclosed details of the planned capex. If we assume that the company installs a 5MW capacity plant, KOHC would be able to derive ~22% of its electricity requirement from this initiative. Thus, it is estimated to result in savings of PKR15/bag during FY15, yielding an EPS impact of PKR3.18. The project is estimated to cost ~PKR1.2bn and would likely be funded from operational cash flows.
Investment perspective
KOHC is currently trading at an FY14 PER of 4.0x. However, we are currently revisiting our investment case on the sector owing to risks that have emerged recently (Refer to our flash note titled “Cements: Dark Clouds” dated: August 29, 2013). We advise caution at current levels and will update our recommendation once more information is available regarding the matter.

elixir
Title: Re: KOHC -- Kohat Cement
Post by: arifjamal on September 20, 2013, 12:37:50 PM
Is ko to upper lock lagaanay chahyey thay par yeh to neechay ja raha hay
Title: Re: KOHC -- Kohat Cement
Post by: arifmahmood on September 20, 2013, 05:42:21 PM
han yar :(
Title: Re: KOHC -- Kohat Cement
Post by: sst569 on September 22, 2013, 05:50:31 PM
Seniors, What makes this unstable as compared to LUCKY and DGKC? why it does not trade with same P/E ratios?
Title: Re: KOHC -- Kohat Cement
Post by: blindfollower on October 03, 2013, 10:49:06 AM
When will be Stock Ex-Divident / Ex-Bonus?

Title: Re: KOHC -- Kohat Cement
Post by: Saiti on October 03, 2013, 11:09:06 AM
When will be Stock Ex-Divident / Ex-Bonus?
Last date of spot 10/10
X date 11/10
Title: Re: KOHC -- Kohat Cement
Post by: blindfollower on October 03, 2013, 11:27:35 AM
When will be Stock Ex-Divident / Ex-Bonus?
Last date of spot 10/10
X date 11/10

Thanks Bhai, Recommendations if any: hold? sell? buy?
Title: Re: KOHC -- Kohat Cement
Post by: Saiti on October 03, 2013, 11:49:58 AM
When will be Stock Ex-Divident / Ex-Bonus?
Last date of spot 10/10
X date 11/10

Thanks Bhai, Recommendations if any: hold? sell? buy?
hold/buy on dips
Title: Re: KOHC -- Kohat Cement
Post by: MZ on October 08, 2013, 06:54:29 PM
Kohat Cement Limited significant volume outperformance in 1Q

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.

Impact
18% growth in local volumetric sales in 1Q: During 1Q, KOHC has outperformed the industry in terms of volume sales growth. Industry cement offtake witnessed a growth of 1.1% YoY to 7.80mn tonnes in 1Q with local and export growth of +2% YoY and -1.3% YoY respectively. Whereas, KOHC’s local offtake jumped by 32% MoM to 0.13mn tonnes in Sep’13, translating into the 1Q local offtake increase of 18% YoY to 0.32mn tonnes.

On the export front, KOHC’s sales remained depressed due to decline in demand from Afghanistan, down by 3% YoY to 78k in 1Q14. KOHC’s market share of local sales has clocked in at 6% in 1Q vs our full-year expectation of 6.3%.

? PESCO petition on power tariff hike: PKR15/bag cement price hike should
offset more than 50% impact of recent tariff hike on KOHC’s bottom-line. Just to
recall, the government has increased power tariff for industrial consumers by
50% effective 1st Sept. As a result of delay in decision by NEPRA on PESCO’s
petition for power adjustment, KOHC is expected to be charged at old rates of
power tariff in 1Q (PKR9/kwh). Our management discussion suggests PESCO’s
petition issue is likely to be addressed by mid Oct’13.
? Delay in the WHR commissioning: In order to reduce its energy cost, KOHC
announced Waste Heat Recovery (WHR) of 9MW which was expected to be
commissioned in 3QFY14. However, the project commissioning has been
postponed till FY15 owing to technical snags and law & order situation. The
project is expected to reduce KOHC’s reliance on national grid by 38% beyond
1QFY15.
? 30% YoY increase in EPS driven by higher offtake: KOHC is expected to
post earnings of PKR686mn in 1QFY14, up by 44% YoY (EPS: 5.33/sh). The
jump is mainly driven by 1) 13% YoY increase in total offtake, 2) 10% YoY
higher cement prices, 3) lower power cost due to expected old rates application
and 4) softer coal prices (averaged at US$74.2/ton FOB). Gross margin is likely
to increase to 43% in 1Q, up by 8pps YoY, because of aforementioned factors.
Moreover, lower financial burden is expected to further corroborate the
bottomline (financial charges are anticipated to drop by 62% YoY in 1Q). In the
case of new power tariff rate imposition in 1Q, KOHC is assumed to post an EPS
of PKR4.90 and gross margin of 40%.

Earnings Revision
? We have revised down our FY14-16E estimates by 2-4% due to delay in the commissioning of WHR.
Price catalyst? June-14 price target: PKR135.9/sh based on DCF methodology.
? Catalyst: Sustainability in current domestic prices with firm cement demand.
Action and recommendation
? We maintain our Outperform stance on the scrip. At current price level, KOHC trades at FY14E P/E, EV/EBITDA and D/Yof 4.3x, 2.5x and 7.4%. KOHC remains our preferred pick among small players.

Foundation Research
Title: Re: KOHC -- Kohat Cement
Post by: sst569 on October 08, 2013, 07:47:40 PM
When will be Stock Ex-Divident / Ex-Bonus?
Last date of spot 10/10
X date 11/10
KOHC spot is from 17-22 October?
Title: Re: KOHC -- Kohat Cement
Post by: Rao Paras on October 11, 2013, 02:15:07 PM
When will be Stock Ex-Divident / Ex-Bonus?
Last date of spot 10/10
X date 11/10
KOHC spot is from 17-22 October?

It will be spot and x from 24-10-2013 to 31-10-2013, Reference, www.kse.net.pk in announcement tag
Seniors please guide me that if 95 or 96 pay agar buying kerain to kaisi rahay gee....x hony k baad kitny din main ye dobara 95 pay a jay ga........?
Title: Re: KOHC -- Kohat Cement
Post by: MZ on October 11, 2013, 07:25:43 PM
1QFY14 earnings expected to clock in at PKR 4.68/share
Based on our estimates, Kohat Cement Limited (KOHC) with a ~14%YoY increase in dispatches, a ~2%YoY improvement in retention prices followed by an impressive ~55% YoY reduction in financial charges will post an earning of PKR 4.68/share. This is ~27%YoY higher than the last year same quarter.

 

Changes in GST regime to keep retention prices relatively subdued
We expect retention prices to post a modest ~2% YoY increase during 1QFY14 and ex-factory prices are expected to jump by a ~8% YoY. But, having said that,  a ~1% increase in GST rate and computation of GST at retail prices level (announced in federal budget FY14) would keep this healthy retail price increase from translating into higher retention prices.

Unchanged power tariff to keep power cost low
The good part is, unlike its peers operating on the national grid, plants operating on the PESCO grid still enjoy the old power tariff (PKR ~9/Kwh) due to a stay order granted by the court.

In our discussion with the management of companies operating on PESCO, we learnt that the tariff increase can’t be retrospective in nature and the companies are not required to make any provision for the said. This will keep the plants operating on PESCO to enjoy the lower tariff till a decision has been made by the courts.

Aggressive deleveraging to reduce finance cost by a hefty 55%

Finance cost is expected to drop down by a hefty 55% YoY to PKR 38mn during the quarter mainly on account of aggressive deleveraging by the company. Evident from its declining debt to equity, standing at 0.24 compared to 0.8 a year back.

Recommendation
We recommend a ‘Buy’ stance for the scrip with June-14 target price of PKR 147.8/share, offering an attractive upside potential of 57%. In addition to the sizeable upside potential the stock is currently trading at a 4.6x PER and offering a 5% dividend yield based on FY14 estimates

AHL Research
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 11, 2013, 08:03:20 PM
annual 2013 (http://www.kohatcement.com/pdf_files/reports/635169811031234126_30_June_2013.pdf)
Title: Re: KOHC -- Kohat Cement
Post by: Valueestimator on October 11, 2013, 09:58:05 PM
Good stock, undervalued
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on October 21, 2013, 03:34:19 PM
i think tomorrow is last date of spot
Title: Re: KOHC -- Kohat Cement
Post by: MZ on October 24, 2013, 03:46:23 PM

Result Preview
 
KOHC – 1QFY14 EPS expected at PKR3.77
Result expectation
Kohat Cement Company Limited (KOHC) is scheduled to announce its 1QFY14 financial results on 28th October 2013. The company is expected to post PAT of PKR582mn (EPS: PKR3.77), up 22% YoY but down 19% QoQ.
Local dispatches to outpace industry growth
KOHC is expected to have posted total dispatches of 0.40mn tons during 1QFY14, up 12% YoY due to strong expected local dispatch growth. Local dispatches shall clock in at 0.32mn tons during the period, up 18% YoY and significantly higher than industry growth of 2%.
PESCO petition has delayed cost hike
KOHC is expected to post an EBITDA margin of PKR134/ton during 1QFY14, up 23% YoY and 9% QoQ. While most other manufacturers are facing margin attrition, KOHC is expected to post margin expansion owing to PESCO’s unchanged power tariff. KOHC remained immune to increased power costs during the period due to a petition filed by PESCO which is still under consideration.
Deleveraging to boost earnings further
Owing to strong debt repayments in FY13, finance costs are expected to clock in at PKR46mn in 1QFY14, down 46% YoY. The company repaid PKR1.4bn of its outstanding debt during the previous fiscal year.
Investment perspective
KOHC is currently trading at FY14 PER of 4.4x. Our Jun-14 price target of PKR125/share offers an upside of 53% along with a dividend yield of 6%. With strong fundamentals and attractive valuations, KOHC is one of our top picks in the cement space. BUY!

elixir
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 28, 2013, 09:38:54 AM
 :dance

http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=048197&qsid=52

eps 4.78
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on October 31, 2013, 06:47:05 PM

 :confused1: :confused1: :confused1:         Can anyone kindly explain why KOHC is so much subdued in such a tezi even after good payout last year and respectable EPS is 1st Quarter???  :dunno:

Is there any hiccups ????  :skeptic:
Title: Re: KOHC -- Kohat Cement
Post by: MZ on November 01, 2013, 12:43:51 PM

Result Review
 
KOHC – Earnings meet expectations
Result announcement
Kohat Cement Company Limited (KOHC) announced its 1QFY14 financial results on 28th October 2013. The company posted EPS of PKR3.99, up 29% YoY but down 15% QoQ, in line with our expectations.
Dispatch growth outpaces industry
KOHC posted total dispatches of 0.41mn tons during 1QFY14, up 15% YoY. Local dispatches clocked in at 0.33mn tons during the period, up 21% YoY and significantly higher than industry growth of 2%. In addition to this, exports also remained strong, clocking in at 0.08mn tons during 1QFY14, up 3% YoY against industry contraction of 2%.
Strong margins sustain in 1Q
KOHC posted EBITDA margin of PKR129/bag during 1QFY14, up 18% YoY and 4% QoQ. COGS clocked in at PKR200/bag during the period, up by only 4% QoQ, owing to PESCO’s unchanged power tariff. KOHC’s average retention clocked in at PKR323/bag, up 4% QoQ. Though export retention remained on the lower side due to unstable prices in Afghanistan, retention on local dispatches largely contributed to average retention growth. Export retention clocked in at PKR314/bag (USD62/ton), down 2% QoQ while retention on local dispatches clocked in at PKR332/bag, up 2% QoQ.
Lower tax rate supported bottom-line
Profit before tax (PBT) came out in line with our expectations, however, lower tax rate during 1QFY14 further boosted bottom-line. Effective tax rate for 1QFY14 clocked in at 30% against our expectation of 32%.
Investment perspective
KOHC is currently trading at FY14 PER of 4.3x. Our Jun-14 price target of PKR125/share offers an upside of 57% along with a dividend yield of 6%. Strong fundamentals with attractive valuation make KOHC one of our top picks in the cement space. BUY!

elixir
Title: Re: KOHC -- Kohat Cement
Post by: SBM on November 11, 2013, 03:16:29 PM
http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=048804&qsid=348

339k shares bought by insider
Title: Re: KOHC -- Kohat Cement
Post by: umar on November 18, 2013, 02:19:32 PM
When will the bonus shares and dividend be credited to our accounts?
Title: Re: KOHC -- Kohat Cement
Post by: MZ on November 21, 2013, 08:03:14 AM
In 1984, the State Cement Corporation of Pakistan established a thousand Tons Per Day (TPD) Romanian cement line in Kohat town, about sixty kilometers from Peshawar. The facility was privatised and subsequently incorporated during the 1992 privatisation wave, and was taken over by a new management with Tariq Sheikh as CEO. The incorporated entity was registered as Kohat Cement Company Limited and is in the business of manufacturing and sale of cement.

In 1995, the company underwent an extensive Balancing, Modernisation and Restructuring (BMR) programme, funded by the proceeds of public offering and issuance of commercial debt. Subsequently, the Company expanded its production capacity to eighteen hundred tons per day as a result of technical collaboration with KHD Humboldt Wedag, a renowned German engineering company.

Ever since, the Company has undergone several expansion phases, including establishment of a white cement facility with a capacity of 450 tons per day. The high point in KCCL's history came with the commencement of 6,700TPD grey cement line. Its current annual production capacity stands at 2.8 million tons for grey cement and 148,500 tons for white cement. The Company is listed on the Karachi, Lahore and Islamabad stock exchanges known by the ticker symbol KOHC. The Company is majority owned by the Tariq and Nadeem Sheikh Family, which has business interests in lesser known enterprises in the construction, textile, automobile and hospitality industry.

INDUSTRY REVIEW FY13 proved to be an excellent year for the cement sector, with total industry cement dispatches growing by nearly three percent. This was despite the two percent decline in cement export, which dropped due to lower demand for bagged cement. However, domestic sales proved to be the saving grace for the sector, which saw growth by more than 1.11 million tons, making up for the lost export volumes.

For several years, exports have stood at around a quarter of total cement dispatches for the industry. During the year, Kohat cement's cumulative share in the export market was 3.7 percent, a gain of 50 basis points since last year. Kohat's share in the export market has flip-flopped over the years, from a low of 2.1 percent in FY09 to peaking at 4.2 percent in FY11, registering a cumulative growth of six and a half percent over the past six years.

In the domestic market, Kohat's share remained intact at six percent on a year-on-year basis. However, this was less than half of the domestic market share of industry leaders Lucky Cement, with share of 15 percent. Overall, Kohat's market share was 5.5 percent of total industry off-take.

While Kohat is known to be a significant player in the cement industry, its plant operated much below its full capacity, with capacity utilisation for clinker and cement (grey) averaging at sixty-five percent. Capacity utilization for white cement was much worse, with 13.4 and 14.4 percent utilization for clinker and cement, respectively.

According to the Company report, the underutilization is a direct result of overcapacity in the cement industry; Kohat's old grey cement line remained non-operative with new grey cement line operating at 83.4 percent.

PERFORMANCE BRIEF FY13 As for the rest of the industry, FY13 was a good year for the Company as local industry sales rose by 4.6 percent on the back of growing domestic demand. According to the industry experts, the catalysts for this demand was higher government spending on infrastructure during an election year, coupled with increased private spending on new construction driven by growth in remittances from expatriate Pakistanis. For Kohat cement, growth in local sales was in line with the industry, growing by seven percent.

Over the years, the saturation of the export market has stifled growth for the sector. Surplus production capacity in the Middle East as well as decline in exports has encouraged players to look inwards. During the past two years, Kohat has been successful in doing just that: the Company has reduced its reliance on exports from the peak of 36 percent export share in FY08 to just 17 percent in FY13, while at the same time maintaining its overall sale volumes and market share in the total industry off take by increasing focus on the local market.

Growth rate in local sales has outperformed the industry for last many years. On a cumulative basis, Kohat's local sales have increased by 30.61 percent year on year since FY08, at a time when the industry local sales have seen a cumulative year-on-year growth of only 1.76 percent. Surely, the lost share in the export market has been more than made up for by increasing reliance on domestic market.

FINANCIAL PERFORMANCE FY13 Increase in cement prices in both domestic and international markets allowed turnover to grow by 21.26 percent compared to last year. Coal prices also remain under control. As a result, cost of sales declined as percentage over net turnover from 69.4 percent to 61.4 percent last year.

Distribution and administrative cost grew with inflation but remained stable as a percentage of sales. Other operating expenses grew disproportionately on account of exchange rate fluctuation related loss, growing by nearly 100bps as a percentage of sales. Decline in discount rate by the central bank also helped trim finance costs for the Company during the year, which declined by 61 percent on a year-on-year basis. Other income remained stable but insignificant.

PROFITABILITY Stable product prices allowed gross margin to grow by a healthy eight percentage points during the year. Gross margin stood at nearly 38.6 percent, up from just 30.6 percent last year. Nominal growth in distribution expenses allowed the Company to sustain the growth in gross margin. Operating margin hence also grew by nearly eight percentage points, clocking in at 37.3 percent.

Lower finance cost allowed Company to bag a fat bottom line, although offset partly by increased taxation. Profit after tax grew by 58.5 percent, from Rs 1.6bn last year to 2.6bn in FY13. Earnings per share stood Rs 20.45, with net margin improving from 17.8 to 23.3 percent.

OUTLOOK Going forward, cement sector in general as well as Kohat is expected to see growth in FY14 on the back of higher budget allocations towards PSDP by the new Federal Government. However, inflationary macroeconomic outlook for FY14 and devaluation of Pak rupee may prove to be the sector's undoing. On the other hand, currency depreciation could increase the cost of inputs, eroding the ground gained by gross margins. Kohat also plans to continue reducing its debt over the next year; however, a successive increase in discount rate may make the process difficult.

Political and security uncertainty in the region makes export to Afghanistan and India an unstable demand factor. The cement sector in general not only needs to look inward but also expand its export market from traditional Middle Eastern to potential markets in emerging African economies. Going forward, Kohat cement has plans to incorporate cost reduction processes in production, including setting up of a Waste Heat Recovery Plant to mitigate the increase in energy costs.


============================================================================================
Kohat Cement Company Limited
============================================================================================
Rs (mn)                                   FY13      FY12     FY11    FY10     FY09      FY08
============================================================================================
Financial Performance
--------------------------------------------------------------------------------------------
Sales - net                              11,297     9,316    6,085   3,692    3,396    1,372
Cost of goods sold                       -6,936    -6,464   -5,158  -3,335   -2,591   -1,284
Gross profit                              4,361     2,852      927     357      805       87
Selling & distribution expenses             -58       -46      -41     -56     -111      -25
Administrative and general expense          -86       -67      -49     -36      -30      -41
Operating profit                          4,216     2,739      837     265      663       22
Other operating expenses                   -234      -108      -16      -5       -3      -21
Other income                                 36        31       20      23       34       36
Finance cost                               -249      -626     -715    -665     -673      -49
Voluntary Seperation scheme                   0         0        0       0        0     -267
Profit before taxation                    3,770     2,036      126    -382       21     -280
Taxation                                 -1,137      -375      -62      54        6       57
Profit after taxation                     2,633     1,661       64    -328       27     -222
Earnings per share (Rs)                   20.45      12.9     0.49   -2.55     0.21    -1.73
============================================================================================
Source: Company Accounts
============================================================================================

============================================================================================
Kohat Cement Company Limited
============================================================================================
Rs (mn)                                   FY13      FY12     FY11     FY10    FY09      FY08
============================================================================================
Financial Position
--------------------------------------------------------------------------------------------
Share capital and reserves                6,041     3,756    2,103   1,961    2,272    2,329
Non-current liabilities                   2,459     2,557    4,211   3,470    3,407    3,278
Current liabilities                       2,294     2,899    2,811   3,242    2,946    2,016
Total liabilities                         4,754     5,456    7,022   6,712    6,353    5,295
Total equity and liabilities             10,795     9,213    9,124   8,673    8,625    7,624
Non-current assets                        6,668     6,894    7,171   7,266    6,979    6,291
Current assets                            4,126     2,318    1,954   1,407    1,646    1,333
Total assets                             10,795     9,213    9,124   8,673    8,625    7,624
============================================================================================
Source: Company Accounts
============================================================================================
============================================================================================
Year ending June           UoM       FY13      FY12      FY11      FY10      FY09       FY08
============================================================================================
Profitability
--------------------------------------------------------------------------------------------
Gross margin                 %      38.60%    30.60%    15.20%     9.70%    23.70%     6.40%
Operating  margin            %      37.30%    29.40%    13.80%     7.20%    19.50%     1.60%
Net  margin                  %      23.30%    17.80%     1.00%    -8.90%     0.40%   -16.20%
Return on equity             %      53.70%    56.70%     3.10%   -15.50%     0.70%    -9.60%
Return on capital employed   %      47.30%    42.20%    12.30%     6.20%    12.30%    -3.10%
--------------------------------------------------------------------------------------------
Liquidity & Solvency
--------------------------------------------------------------------------------------------
Current ratio                          1.8       0.8       0.7      0.43      0.56      0.66
Debt-to-equity                  0.88888889  43:57:00  70:30:00  72:28:00  69:31:00  67:33:00
Interest cover ratio                 16.14      4.25      1.18      0.42      1.26     -4.71
--------------------------------------------------------------------------------------------
Investment
--------------------------------------------------------------------------------------------
EPS (basic)                 Rs       20.45      12.9      0.49     -2.55      0.21     -1.73
Breakup value per share     Rs       46.92     29.17     16.33     15.23     17.64      19.9
============================================================================================
Source: Company Accounts
============================================================================================

Title: Re: KOHC -- Kohat Cement
Post by: MZ on November 28, 2013, 07:15:32 PM
KOHAT CEMENT COMPNAY LIMITED low cap with high pace

Synopsis:

Among the prominent small players in the cement sector, Kohat Cement Company Limited (KOHC), listed on three stock exchanges of Pakistan is among the few cement manufactures that has managed to produce solid growth in 1QFY14 despite low demand during the term. Increased sales volumes with improved prices assisted by reduction in finance costs allowed KOHC to present solid growth over the period. Better performance in core operations on account of improved margins allowed for net earnings of PKR 616mn (EPS: PKR 4.78), an increase of 29% YoY against PKR 476mn (EPS: PKR 3.7).

Coal prices on the rise:

After a period of increased profitability on account of declining international cost of coal, prices have once again begun to rise which is expected to diminish earnings due to elevated production costs. Prices for coal dispatched from South Africa’s Richard Bay Coal Terminal (Pakistan’s primary coal supplier) have increased by 13% over the two month period of Sep-Nov’13 now at USD 80.48/ton against USD 71.34/ton. Increased pressure will be added due to further appreciation of coal prices on account of local currency devaluation of 2.1% so far in the 2Q of FY14.

Company Outlook:

Our anticipation is on strong performance in 2Q, however, there is reason for concern due to rising prices of coal and local currency depreciation. As KOHC is shielded from increased power tariffs as supply is provided from PESCO, which are maintained at lower levels due to ongoing discussions with NEPRA, we can expect the company to benefit from increase in cement prices which is under consideration by the cement industry. To reduce energy costs, a Waste Heat Recovery (WHR) unit with 9MW capacity is expected to come online in Jan’14. If demand is increased, which is expected as PKR 96mn have been released under PSDP, there is a likelihood of outperformance by KOHC.

 Pearl Research
Title: Re: KOHC -- Kohat Cement
Post by: SBM on November 28, 2013, 09:10:40 PM
i dont think they have installed whr yet ...
at least khareeda tu nahi hai
2 billion ki investment hai .. never saw it in accounts
 uuu
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on November 28, 2013, 09:34:10 PM
i dont think they have installed whr yet ...
at least khareeda tu nahi hai
2 billion ki investment hai .. never saw it in accounts
 uuu

Mojay bonus nahi mila abi is ka. SBM bhai kab aa reha hay bonus.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on November 28, 2013, 09:38:05 PM
mujhay bhi nahi mila .. milgae tomrrow or next week ]
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on November 28, 2013, 09:43:02 PM
Did you people received dividend??? I did not received warrants nor the amount credited in Bank so far  :skeptic:
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on November 28, 2013, 09:48:28 PM
Did you people received dividend??? I did not received warrants nor the amount credited in Bank so far  :skeptic:

Yes dividend to hazam b ho gia ab bonus ka intizar hay.
Title: Re: KOHC -- Kohat Cement
Post by: stalker on November 28, 2013, 10:33:20 PM
Did you people received dividend??? I did not received warrants nor the amount credited in Bank so far  :skeptic:

aaj hi warrant aya hai!
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on November 28, 2013, 10:53:28 PM
Did you people received dividend??? I did not received warrants nor the amount credited in Bank so far  :skeptic:

aaj hi warrant aya hai!

Matlab Monday tak wait kiya jaey  :lazy2:
Title: Re: KOHC -- Kohat Cement
Post by: Rookie on November 28, 2013, 10:55:08 PM
Alhumdulillah received dividend today..
Title: Re: KOHC -- Kohat Cement
Post by: faizanshams on November 29, 2013, 06:58:24 PM
who is ready for a sharp ride to 100... than 150..............
Title: Re: KOHC -- Kohat Cement
Post by: faizanshams on November 29, 2013, 06:59:34 PM
chalo phir monday ko I.A cap krte hain
Title: Re: KOHC -- Kohat Cement
Post by: Abdul Qadir on November 29, 2013, 08:03:47 PM
who is ready for a sharp ride to 100... than 150..............

Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on November 29, 2013, 08:07:08 PM
who is ready for a sharp ride to 100... than 150..............


Tripple top ....... :D

Qadir Bhai !! MATLAB PLEASE  :confused1:
Title: Re: KOHC -- Kohat Cement
Post by: faizanshams on November 29, 2013, 10:45:00 PM
mkt tou shaid tripple top ke baad 21500 ayi hi nhi
aur logo k rate bhi 23900 wale aa gaye kia

itna damm tha tou aaj closing pai de dete bhai 200k+ ka buyer tha kohc mai
Title: Re: KOHC -- Kohat Cement
Post by: faizanshams on November 29, 2013, 10:56:09 PM
monday pre open mai jise dena hai 84 mai dey dena
i will be buyer
not munaaf ya uski koi ************
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on November 29, 2013, 11:06:14 PM

Mein aur SBM bhai Rs. 100 saay kam mein to sale karnein walay nahi. Aur agar ap is ko 150 kar dein to kia baat hay.
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on December 02, 2013, 11:32:40 PM
who is ready for a sharp ride to 100... than 150..............


Tripple top ....... :D

Qadir Bhai !! MATLAB PLEASE  :confused1:

monday pre open mai jise dena hai 84 mai dey dena
i will be buyer
not munaaf ya uski koi ************

Mein aur SBM bhai Rs. 100 saay kam mein to sale karnein walay nahi. Aur agar ap is ko 150 kar dein to kia baat hay.

Kia bana ja is ka.
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on December 03, 2013, 09:32:55 AM
BONUS  :dunno:
Title: Re: KOHC -- Kohat Cement
Post by: Salammembers on December 03, 2013, 09:48:00 AM
Someone continuously wisphering 'buy karoo-buy karoo' kia kaar loo?
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on December 03, 2013, 10:06:29 AM
But someone is selling huge. Noticing high gap down selling  :$:
Either to create some panic ya maal nikaal raha hai  :fingerscrossed1:  :crying_anim02:
Title: Re: KOHC -- Kohat Cement
Post by: Salammembers on December 03, 2013, 11:28:32 AM
Someone continuously wisphering 'buy karoo-buy karoo' kia kaar loo?

lagta haay whisper will soon convert into a `shout` :rtfm:
value bro and SBM pl dilasaaaaaa doooo before conversion
 
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on December 04, 2013, 12:04:31 AM
Abhi to Bonus bhi nahi aya aur 103 se 82 per XDXB honay k baad recover b kuch nahi hua aur oper say yeh news:

"Cements that seemed upbeat earlier, on reported price hike later faced selling pressure over rumors of issues with pricing agreement between cement manufacturers. We were also hearing unconfirmed chatter of a possible govt inquiry over alleged price fixing.

Elixir"

Lagta hai on the basis of these RUMORS & UNCONFIRMED CHATTER aik bar phir cement ki dhunai honi hai aur hum awaam  huhu
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on December 05, 2013, 10:38:16 AM
Bonus Credited  ;)

& ride is on :thumbsup_anim:
Title: Re: KOHC -- Kohat Cement
Post by: stalker on December 05, 2013, 12:24:37 PM
laaaaao KOHC!
Title: Re: KOHC -- Kohat Cement
Post by: PK on December 05, 2013, 12:38:31 PM
who is ready for a sharp ride to 100... than 150..............
Chaa gaya .... bhaiiiiii  :good 100 karo ab
Title: Re: KOHC -- Kohat Cement
Post by: apple on December 05, 2013, 12:41:20 PM
Faizan Brother .. thnx for your timely call in KOHC ..  :thumbsup_anim:
Title: Re: KOHC -- Kohat Cement
Post by: faizanshams on December 05, 2013, 12:52:55 PM
ungli baba ki jay ho
buaaaaaaaahhhhhhhhhh
baaaaaaaaaaallllllllllaaaaaaaaaaaaaaaaaaaaaaaam
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on December 05, 2013, 01:18:28 PM
ungli baba ki jay ho
buaaaaaaaahhhhhhhhhh
baaaaaaaaaaallllllllllaaaaaaaaaaaaaaaaaaaaaaaam

 :spam: :spam: :spam:

Bro focus on KOHC leave alone all others; just chill chill  :[

BTW  :thanks: good call appreciated  :thumbsup_anim:
Title: Re: KOHC -- Kohat Cement
Post by: stalker on December 05, 2013, 01:23:53 PM
ungli baba ki jay ho
buaaaaaaaahhhhhhhhhh
baaaaaaaaaaallllllllllaaaaaaaaaaaaaaaaaaaaaaaam

nice call faizan :)
Title: Re: KOHC -- Kohat Cement
Post by: PK on December 05, 2013, 01:57:36 PM
Asam u too holding this kachraaaaa ?????????
Title: Re: KOHC -- Kohat Cement
Post by: stalker on December 05, 2013, 02:29:37 PM
Asam u too holding this kachraaaaa ?????????

Yes!!! But PK yeh kachra nahi sona hai sona! :D
Title: Re: KOHC -- Kohat Cement
Post by: Rookie on December 05, 2013, 04:18:37 PM
pk mere kohc ko khacra kaha  :mad: !!! ek hi tou share hi jis ne Alhumdulillah har bar profit diya  :thumbsup_anim:
Title: Re: KOHC -- Kohat Cement
Post by: aliraza on December 05, 2013, 04:52:40 PM
who is ready for a sharp ride to 100... than 150..............
Chaa gaya .... bhaiiiiii  :good 100 karo ab

great call pk bhaiiiiiiiii :shoaby: :shoaby:
Title: Re: KOHC -- Kohat Cement
Post by: PK on December 05, 2013, 05:25:22 PM
who is ready for a sharp ride to 100... than 150..............
Chaa gaya .... bhaiiiiii  :good 100 karo ab

great call pk bhaiiiiiiiii :shoaby: :shoaby:
U mean to say Faizan .... Ye to faizan ki call hain .. 100%
Title: Re: KOHC -- Kohat Cement
Post by: Hsn_roxstar on December 05, 2013, 06:23:47 PM
Mujhe abhi tk devidend bonus kuch bh nai milaa... :$:
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on December 05, 2013, 06:33:07 PM
Mujhe abhi tk devidend bonus kuch bh nai milaa... :$:

Cash dividend aia hovay kafi din ho gay. Bonus ab credit ho rehay hain.
Title: Re: KOHC -- Kohat Cement
Post by: Hsn_roxstar on December 05, 2013, 06:38:40 PM
mujhe toh cash divident bh nai mila ab tk.. kya karun main.
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on December 05, 2013, 06:47:39 PM
mujhe toh cash divident bh nai mila ab tk.. kya karun main.

Ap phir talash karein k kis nein daba rakha hay ab ka Cash.
Title: Re: KOHC -- Kohat Cement
Post by: faizanshams on December 06, 2013, 12:09:58 AM
 
kohc  :shoaby: :shoaby: :shoaby:
Title: Re: KOHC -- Kohat Cement
Post by: stockz_123 on December 06, 2013, 12:46:52 AM

kohc  :shoaby: :shoaby: :shoaby:

simply rocked bro  :s1:
Title: Re: KOHC -- Kohat Cement
Post by: faizanshams on December 10, 2013, 01:00:51 PM
who is ready for a sharp ride to 100... than 150..............


Tripple top ....... :D

Qadir Bhai !! MATLAB PLEASE  :confused1:
:D
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on December 16, 2013, 01:55:38 PM
who is ready for a sharp ride to 100... than 150..............

 :thanks: :thanks: :thanks:

100 in sight  :clap1:

 :dance :dance :dance
Title: Re: KOHC -- Kohat Cement
Post by: PK on December 17, 2013, 01:08:34 PM
Kohc k baad Fectc ... wah faizan........... cap shah ..............  :D
Good dehannnnnnn.............  :good :good
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on December 17, 2013, 06:36:55 PM
PESHAWAR: Peshawar High Court (PHC) has declared fuel adjustment charges as illegal, Geo News reported.

Might not impact share price but a contingent liability declared in favor of KOHC  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: MZ on January 13, 2014, 03:10:10 PM
Company Update
 
KOHC: No more a tier-II stock!

Kohat Cement Company Limited (KOHC) has evolved through tough times with reduced debt levels and robust production efficiencies. KOHC is the most efficient player in the cement industry with FY13 EBITDA margin being 22% higher than industry average. With a debt free balance sheet and no major capex plans, KOHC will likely improve its payout going forward. The company has the lowest break-even price in the industry (PKR201/bag in FY13) which provides it a relative immunity to price wars. Being one of the cheapest on EV/ton basis, KOHC remains one of our top picks in the sector even after incorporating a possible price war in FY18. Our Dec-14 price target of PKR130/sh offers the highest upside potential of 25% in our cement space along with a dividend yield of 5%. With KOHC transcending above the tier-II zone, we reiterate our BUY recommendation on the stock.
Operational efficiencies to ensure margin sustainability
KOHC remained the most efficient player in the cement industry in FY13 with EBITDA margin of PKR126/bag, 22% higher than industry average of PKR103/bag. Going forward, commencement of Waste Heat Recovery (WHR) plant from FY15 will further enhance operational efficiency. 
Strong dividend paying capacity to strengthen investment case
With early debt retirement and completion of capex plans (WHR project) by Jun-14, KOHC will likely have a cash rich balance sheet post-FY14 which is likely to be utilized to enhance dividend payout. The company does not have any major expansion plans so far; however the company is considering a capacity debottlenecking project which may enhance capacity by 10%.
Relative immunity to price wars due to lowest break-even price
KOHC maintained the lowest break-even price of PKR201/bag during FY13, significantly lower than industry average of PKR238/bag. This makes a strong case for KOHC to defy historical discount to the sector average valuation. KOHC currently trades at FY14 PER of 5.6x as compared to industry average of 6.8x, a gap which is likely to close as KOHC sustains earnings and increase payout.
Among the cheapest cement players
Though KOHC has outperformed the index by 26% FYTD, it still remains one of the cheapest players in our universe with EV/ton of USD48, much lower than our universe average of USD84/ton and replacement cost of USD150/ton.
Risks
Key risks that pose downside to our estimates for KOHC includes 1) Lower-than-expected dispatch growth, 2) price war earlier than FY18 and 3) increase in power costs.

elixir
Title: Re: KOHC -- Kohat Cement
Post by: SBM on January 25, 2014, 03:25:43 PM
KOHC floored
I think it is collateral effect of CHCC below expectation dividend which is due to expansion plans. KOHC is now in attractive range trading at 5.3x. Buy for 1-2 year

my FY 2013-14 eps estimates are 19.50-20.50

my FY 2013-14 eps estimates are 19.50-20.50

sometimes market just gets it wrong.
sometimes price action is indicative of change of underlying fundamentals


i hope its not the second one. warna  :crying_anim02:

should post eps of around 17-18 in fy14 after adjusting for increase in electricity cost.

17*7 = 119

dividend might be lower than i expected earlier.. might be  5 rupees with 10-15% bonus - kohc has a long history of bonus issues .. and had paid somewhat consistently cash  dividends before expansion in 2006

on the plus side, lots of potential for improvement in eps via installation of whr (within 12 months ) and potentially switching power generation to coal (18 months )

All research is still saying that KOHC will reach to Rs.150/-....but the share is going down like a uncontrolled aeroplane ....what is next?
KOHC has now become a major test of my experience. With such a lavish balance sheet which almost attracts the eyes of even a conservative investor, I called for buying when it dropped below 109 and now it is below 81 within a span of few days. Worst case scenario, Rs. 35/bag impact and cement prices remain unchanged for complete 2014, my estimates give eps of 16.6 but I hope cement prices will rise by Rs. 15/bag in next 2-3 months thus implying an eps of 18-19 for FY 2014. If at the end of year this eps comes true, then I will think my estimates were write and market was wrong and if its eps comes below 15, then I will believe my research was a failure  :fingerscrossed1:
With such a balance sheet, it deserves to be traded at par with dgkc and acpl multiples i.e Rs. 150/-.

KOHC price has declined by 30% from recent high of 130. I believe the weakening sales have been overplayed. With FY 2014 eps expected 19.65, the stock is now trading at 4.7x. Quite undervalued.

http://investorguide360.com/wp-content/uploads/2013/07/FS-Research5.pdf

accoding to FS its based on furnace oil ... which seems weird considering the fact that kohc didnt have any problems at that time with gas supply ....

gross margins also suggest either the company buys all of its electricity from pesco, or runs its captive power plant on gas.
this is confusing.

 :confused1:

As a fear of unknown is haunting this stock, I would recommend to buy dgkc instead which is rated higher in terms of stability by the investors. I will buy kohc instead, already holding this, will buy more just waiting for lower locks to stop.  :fingerscrossed1:

As a fear of unknown is haunting this stock, I would recommend to buy dgkc instead which is rated higher in terms of stability by the investors. I will buy kohc instead, already holding this, will buy more just waiting for lower locks to stop.  :fingerscrossed1:

Dont worry, you will reap the reward of your patience soon. The cement industry will hopefully pass on the effect to the consumers. Its really disheartening to see it fall like this, but all we can do is wait right now for the rebound to come. I'm sure you will reap good profit.

http://investorguide360.com/wp-content/uploads/2013/07/FS-Research5.pdf

accoding to FS its based on furnace oil ... which seems weird considering the fact that kohc didnt have any problems at that time with gas supply ....

gross margins also suggest either the company buys all of its electricity from pesco, or runs its captive power plant on gas.
this is confusing.

 :confused1:
However, it is confirmed that KOHC has a 22.6 MW power plant and cost impact is in my opinion is < Rs. 20/bag.
They are also planning a 9MW waste heat recovery plant in 2014 which will further reduce the cost of production beyond 2014.

Annual Production Capacity as per company website is :
Grey cement       2.55 million m/tons
White cement     135,000 m/tons

Actual production 2013 comes around 70% of capacity.
Long term loans are Rs. 1 billion out of which Rs. 650 million will be paid in 2013 and Rs. 350 million will be remaining.
Book Value : Rs. 42/- per share (Lucky Cement Rs. 119/-)
Total worth of the company Rs. 10 billion
Total shares 128 million
Gross profit margins : 38.75% (very high)
PAT margins : 23.33% (very high)
Sales/share : Rs. 86/- (Very high)
Captive power plant : 22.6 MW installed in 2009
Recent project : 9 MW Waste Heat Recovery Plant to be commissioned in 2015
Projected worst case eps (My estimates) : 16.60 (2014)
P/E : 4.6x (dirt cheap) (Lucky Cement eps 30 P/E 7.5x)

Still unable to find any good reason for such a steep fall except madness.  :skeptic:


People have been selling like idiots in the cement sector. i am a constructor and i know that hardly any work takes place in ramzan and then the work restarts after 10 to 15 days after eid as labour usually takes that much to come back. THUS the cement sales were bound to drop last month! dont know why people started selling at lower lock in the cements when the news came out!!! And as far as the pricing is concerned, the big business men are not crazy to jeapordize their profits by breaking the pricing and starting a pricing war! LUCK WILL be back in the cartel and the pricing WILL remain intact. I predict all the cements to be back where they were in 2 months time... Just take it easy

Good stock, undervalued


Mein aur SBM bhai Rs. 100 saay kam mein to sale karnein walay nahi. Aur agar ap is ko 150 kar dein to kia baat hay.

kohc is trading around 5.8x, it seems to me it will touch luck and acpl multiples. target 150-160 medium term. gross margins for q3 were 37.5%.


kohc  :shoaby: :shoaby: :shoaby:

Congrats to all the holders who didnt sell in the vicious sell-off post august 13th.
Sometimes it pays to have conviction in your buys.
I still believe the sell-off was unwarranted, and the fears justifying the sell off  totally illogical
Kohc has now moved above its previous high of 130, adjusted for bonus.
i have sold 40% of my holding, which has recovered my initial amount invested in kohc.
will sell rest as i see fit.

(http://i1012.photobucket.com/albums/af242/ouulman/kohc_zpsa6c48642.png)
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on January 25, 2014, 06:55:39 PM
KOHC floored
I think it is collateral effect of CHCC below expectation dividend which is due to expansion plans. KOHC is now in attractive range trading at 5.3x. Buy for 1-2 year

my FY 2013-14 eps estimates are 19.50-20.50

my FY 2013-14 eps estimates are 19.50-20.50

sometimes market just gets it wrong.
sometimes price action is indicative of change of underlying fundamentals


i hope its not the second one. warna  :crying_anim02:

should post eps of around 17-18 in fy14 after adjusting for increase in electricity cost.

17*7 = 119

dividend might be lower than i expected earlier.. might be  5 rupees with 10-15% bonus - kohc has a long history of bonus issues .. and had paid somewhat consistently cash  dividends before expansion in 2006

on the plus side, lots of potential for improvement in eps via installation of whr (within 12 months ) and potentially switching power generation to coal (18 months )

All research is still saying that KOHC will reach to Rs.150/-....but the share is going down like a uncontrolled aeroplane ....what is next?
KOHC has now become a major test of my experience. With such a lavish balance sheet which almost attracts the eyes of even a conservative investor, I called for buying when it dropped below 109 and now it is below 81 within a span of few days. Worst case scenario, Rs. 35/bag impact and cement prices remain unchanged for complete 2014, my estimates give eps of 16.6 but I hope cement prices will rise by Rs. 15/bag in next 2-3 months thus implying an eps of 18-19 for FY 2014. If at the end of year this eps comes true, then I will think my estimates were write and market was wrong and if its eps comes below 15, then I will believe my research was a failure  :fingerscrossed1:
With such a balance sheet, it deserves to be traded at par with dgkc and acpl multiples i.e Rs. 150/-.

KOHC price has declined by 30% from recent high of 130. I believe the weakening sales have been overplayed. With FY 2014 eps expected 19.65, the stock is now trading at 4.7x. Quite undervalued.

http://investorguide360.com/wp-content/uploads/2013/07/FS-Research5.pdf

accoding to FS its based on furnace oil ... which seems weird considering the fact that kohc didnt have any problems at that time with gas supply ....

gross margins also suggest either the company buys all of its electricity from pesco, or runs its captive power plant on gas.
this is confusing.

 :confused1:

As a fear of unknown is haunting this stock, I would recommend to buy dgkc instead which is rated higher in terms of stability by the investors. I will buy kohc instead, already holding this, will buy more just waiting for lower locks to stop.  :fingerscrossed1:

As a fear of unknown is haunting this stock, I would recommend to buy dgkc instead which is rated higher in terms of stability by the investors. I will buy kohc instead, already holding this, will buy more just waiting for lower locks to stop.  :fingerscrossed1:

Dont worry, you will reap the reward of your patience soon. The cement industry will hopefully pass on the effect to the consumers. Its really disheartening to see it fall like this, but all we can do is wait right now for the rebound to come. I'm sure you will reap good profit.

http://investorguide360.com/wp-content/uploads/2013/07/FS-Research5.pdf

accoding to FS its based on furnace oil ... which seems weird considering the fact that kohc didnt have any problems at that time with gas supply ....

gross margins also suggest either the company buys all of its electricity from pesco, or runs its captive power plant on gas.
this is confusing.

 :confused1:
However, it is confirmed that KOHC has a 22.6 MW power plant and cost impact is in my opinion is < Rs. 20/bag.
They are also planning a 9MW waste heat recovery plant in 2014 which will further reduce the cost of production beyond 2014.

Annual Production Capacity as per company website is :
Grey cement       2.55 million m/tons
White cement     135,000 m/tons

Actual production 2013 comes around 70% of capacity.
Long term loans are Rs. 1 billion out of which Rs. 650 million will be paid in 2013 and Rs. 350 million will be remaining.
Book Value : Rs. 42/- per share (Lucky Cement Rs. 119/-)
Total worth of the company Rs. 10 billion
Total shares 128 million
Gross profit margins : 38.75% (very high)
PAT margins : 23.33% (very high)
Sales/share : Rs. 86/- (Very high)
Captive power plant : 22.6 MW installed in 2009
Recent project : 9 MW Waste Heat Recovery Plant to be commissioned in 2015
Projected worst case eps (My estimates) : 16.60 (2014)
P/E : 4.6x (dirt cheap) (Lucky Cement eps 30 P/E 7.5x)

Still unable to find any good reason for such a steep fall except madness.  :skeptic:


People have been selling like idiots in the cement sector. i am a constructor and i know that hardly any work takes place in ramzan and then the work restarts after 10 to 15 days after eid as labour usually takes that much to come back. THUS the cement sales were bound to drop last month! dont know why people started selling at lower lock in the cements when the news came out!!! And as far as the pricing is concerned, the big business men are not crazy to jeapordize their profits by breaking the pricing and starting a pricing war! LUCK WILL be back in the cartel and the pricing WILL remain intact. I predict all the cements to be back where they were in 2 months time... Just take it easy

Good stock, undervalued


Mein aur SBM bhai Rs. 100 saay kam mein to sale karnein walay nahi. Aur agar ap is ko 150 kar dein to kia baat hay.

kohc is trading around 5.8x, it seems to me it will touch luck and acpl multiples. target 150-160 medium term. gross margins for q3 were 37.5%.


kohc  :shoaby: :shoaby: :shoaby:

Congrats to all the holders who didnt sell in the vicious sell-off post august 13th.
Sometimes it pays to have conviction in your buys.
I still believe the sell-off was unwarranted, and the fears justifying the sell off  totally illogical
Kohc has now moved above its previous high of 130, adjusted for bonus.
i have sold 40% of my holding, which has recovered my initial amount invested in kohc.
will sell rest as i see fit.

(http://i1012.photobucket.com/albums/af242/ouulman/kohc_zpsa6c48642.png)

yaar aa tay poori kitab hi chaap ditti aa.
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on January 25, 2014, 08:11:45 PM
@ SBM
Thanx bro
and congrats to all
 :good
Title: Re: KOHC -- Kohat Cement
Post by: engrusama on January 25, 2014, 09:53:16 PM
@ SBM
Thanx bro
and congrats to all
 :good

Poker bro whats your recommendation now? Should we book some profits or wait till results?
Title: Re: KOHC -- Kohat Cement
Post by: Poker Face on January 25, 2014, 11:30:53 PM
There is still some upside, till 135-140 on fundamentals.

I think, book some profit at 120 and hold some for 140.
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on January 28, 2014, 11:14:28 AM
There is still some upside, till 135-140 on fundamentals.

I think, book some profit at 120 and hold some for 140.

Itna shok hai KOHC ko correction ka   :[

 :bangin:
Title: Re: KOHC -- Kohat Cement
Post by: 007 on January 28, 2014, 11:47:49 PM
going south
Title: Re: KOHC -- Kohat Cement
Post by: Irfankhan on February 04, 2014, 10:40:05 PM
going south
yes brother it seemed so. we are out at 123-124 yesterday.
no more KOHC for us till it come back below 90. Good luck guys :good :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on February 04, 2014, 10:48:32 PM
going south
yes brother it seemed so. we are out at 123-124 yesterday.
no more KOHC for us till it come back below 90. Good luck guys :good :biggthumpup:

Bhai mein to 130 ka wait kar reha hon. Ab mera kia ho ga?
Title: Re: KOHC -- Kohat Cement
Post by: tahirdxb on February 04, 2014, 10:50:14 PM
AP ALLAH PER BHAROSA RAKHAIN ........................................  :D
Title: Re: KOHC -- Kohat Cement
Post by: Irfankhan on February 04, 2014, 11:10:38 PM
going south
yes brother it seemed so. we are out at 123-124 yesterday.
no more KOHC for us till it come back below 90. Good luck guys :good :biggthumpup:

Bhai mein to 130 ka wait kar reha hon. Ab mera kia ho ga?
Bhai this is second time i sold at 123-124 first i sold when it was before X sold 50% and the rebought when it came 83
but this time i sold 100% at 123-124 and trying my luck if it comes below 90. but i dont think it will come.
i believe your rate can come before my rate comes for buying.
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on February 05, 2014, 05:41:01 PM
going south
yes brother it seemed so. we are out at 123-124 yesterday.
no more KOHC for us till it come back below 90. Good luck guys :good :biggthumpup:

Bhai mein to 130 ka wait kar reha hon. Ab mera kia ho ga?
Bhai this is second time i sold at 123-124 first i sold when it was before X sold 50% and the rebought when it came 83
but this time i sold 100% at 123-124 and trying my luck if it comes below 90. but i dont think it will come.
i believe your rate can come before my rate comes for buying.

Bas bahi rate ana chahia, ap ka aia, mera aia ya dono ka aia. Kahein darmain mein na ghomta reh jaia.
Title: Re: KOHC -- Kohat Cement
Post by: tahirdxb on February 12, 2014, 05:51:45 PM
KOHC   Mon, Feb 17 2014   11:00      Accounts for Oct-Dec 13.
Title: Re: KOHC -- Kohat Cement
Post by: tahirdxb on February 13, 2014, 06:40:22 PM
(http://investorguide360.com/wp-content/uploads/2013/11/kohat-cement.jpg)

Kohat Cement Company Limited gets 29% QoQ earnings growth – AHL Research


By: Syed Abid Ali,kohat cement
abid.ali@arifhabibltd.com
+92-21-32462589
Arif Habib Limited

The Board of Directors of Kohat Cement Company Limited (KOHC) is scheduled to meet on February 18, 2014 to approve its 1HFY14 results. We expect the company to post a strong 29% QoQ earnings growth of PKR 5.13/share in 2QFY14 compared to PKR 3.99/share. This growth mainly stems from lower power tariff as the government is yet to notify the price increase for consumers on Peshawar Electric Supply Corporation (PESCO). Resultantly we expect the gross margins of the company to reach 41% from 33% a quarter back. In addition to strong margins, a 16% QoQ growth in total dispatches and a 45%QoQ drop in financial charges would further contribute towards profitability.

This strong performance in 2QFY14 is expected to take 1HFY14 earnings to PKR 9.11/share a healthy 19% YoY growth compared to PKR 7.63/share in the same period last year. A healthy 12% YoY improvement in retention prices coupled with a modest 3% YoY increase in dispatches is expected to be the major contributor towards the profitability rise.

Lower electricity prices to improve gross margins by ~8ppt

Industrial power tariff on PESCO is on average 28% lower than rest of the country, which makes KOHC one of the major beneficiaries from rising cement prices (+4% QoQ). This we believe would be the major contributor towards a massive 8 percentage points (ppt) rise in gross margin to 41% in 2QFY14, which was hovering around 33% a quarter back.

Volumetric growth to further support the bottom line

Despite a 10% QoQ lower exports (70k tons), the company is expected to post a 16% QoQ volumetric growth to 463k tons mainly on account of strong recovery in domestic sales, which jumped to 393k tons in 2QFY14 from 323k tons a quarter back. On account of lower exports however, we foresee selling and distribution expenses going down by an 8% QoQ to PKR 13.2mn.

Finance Cost following a downwards trajectory

We expect the finance cost to drop by a hefty 45% and 56%, QoQ and YoY respectively. The company has been following an aggressive loan repayment strategy evident from a 25% YoY drop in its interest bearing liabilities.

Recommendation

Our DCF based target price for the stock works out to PKR 151/share, translating into an upside potential of 31% from current levels. The stock is currently trading at a PER of 5.6x, reflecting a discount of 22% from AHL Cement Stock Universe PER of 7.5x. We recommend Buy for the stock.
Title: Re: KOHC -- Kohat Cement
Post by: MZ on February 14, 2014, 06:04:13 PM
Result Preview

KOHC: 1HFY14 EPS expected at PKR8.76
 
Result expectation

Kohat Cement Company Limited (KOHC) is scheduled to announce its 1HFY14 financial results on 17th February 2014. The company is expected to post PAT of PKR1.35bn (EPS: PKR8.76), up 15% YoY. We also highlight the possibility of a cash payout of PKR2/sh along with the half year results.
Expect better margins
EBITDA margin for the company is expected to clock in at PKR133/bag in 2QFY141, up 4% QoQ. Margins are expected improve owing to slight uptick in cement prices coupled with higher mix of local sales in total dispatches
Deleveraging to reduce finance costs
Strong debt repayments shall decrease finance costs to PKR81mn in 1HFY14, down 48% YoY. The company repaid PKR155mn of its debt in 1QFY14 and is expected to repay a further PKR266mn during 2Q. 
Slow Afghan demand to limit dispatches
We expect KOHC to post dispatches of 0.46mn tons during 2QFY14, down 5% YoY primarily owing to slowdown in demand from Afghanistan. Nevertheless, total dispatches are expected to increase 7% QoQ due to seasonal uptick in demand prior to winter season. Local dispatches and exports shall clock in at 0.39mn and 0.07mn tons, down 1% and 24% YoY.

Investment perspective
KOHC is currently trading at a FY14E PER of 6.1x. Our Dec-14 price target of PKR130/sh offers potential upside of 14% along with a dividend yield of  4%. BUY!

elixir
Title: Re: KOHC -- Kohat Cement
Post by: engrusama on February 17, 2014, 03:24:18 PM
(http://www.kse.com.pk/newsimage/50840-1.gif)
Title: Re: KOHC -- Kohat Cement
Post by: engrusama on February 17, 2014, 03:25:24 PM
Good result
Title: Re: KOHC -- Kohat Cement
Post by: MZ on February 18, 2014, 08:47:52 PM
First quarter keeps growth steady

There is a certain air about those who go against the tide. Same is the case with the businesses who continue to grow despite a stagnant demand. The announcement of Kohat Cements half-yearly results paints a similar picture, with sales volume posting year-on-year growth of 5.2 percent, at a time when growth in industry dispatches is stagnant at a paltry 1.1 percent.

However, the company recorded a year-on-year decline of 2.2 percent in its dispatches during the quarter ending December--at a time when industry managed to post some growth on account of improvement in dispatches in the South. Kohats performance, however, remained in line with the declining trend in the North region, though Kohats sales decline was at a much higher pace than the regions average of 0.5 percent drop over previous year.

The companys top line grew by 15.5 percent from last year on account of excellent results posted during the first quarter, when dispatches had also grown at the same rate. Back then, Kohats performance was surprising as regional sales had started reversing gears and has shown no sign of respite since.

But attributing all the credit to first quarter performance will be misleading. In fact, second quarter accounts are also rosy, as a 15.4 percent year-on-year increase in cement prices during the period kept top line jacked up despite a slowdown in sales.

And while volumes may have dropped on a year-on-year basis, they did record a quarter-on-quarter growth of 16.6 percent against the seven percent regional and industry average. The quarter-on-quarter volumetric growth is very much in line with historic trend, as pre-winter buying usually picks up during October-November.

At the same time, a strict check on input costs, coupled with the delay in PESCOs power tariff hike notification, further helped support gross profitability, where margin rose by 273 basis points compared to last year.

And, as if luck was not already generous enough to Kohats profitability, continued de-leveraging over the past few years brought a fifty percent year-on-year decline in finance costs, further supporting the bottom line.

With net earnings growing by 25 percent and clocking in at Rs1.47 billion, it has been a good six-month period for Kohat. And with local dispatches expected to grow in the second half, FY14 may very well prove to be an excellent year for this medium-sized cement player.

==============================================================
KOHAT CEMENT COMPANY LIMITED
==============================================================
Rs (mn)                             Dec-12    Dec-13       chg
==============================================================
Sales                                5,068     5,853     15.5%
Cost of goods sold                  (3,142)   (3,469)    10.4%
Gross profit                         1,926     2,384     23.8%
Gross margin                          38.0%     40.7%
Selling & distribution cost            (25)      (38)    51.7%
Administrative & general expenses      (45)      (54)    20.9%
Other operating expenses               (86)     (150)    75.3%
Other operating income                   6        40    534.0%
Operating Profit                     1,777     2,182     22.8%
Operating Margin                      35.1%     37.3%
Finance cost                          (156)      (80)   -48.9%
Profit after taxation                1,179     1,474     25.0%
Net margin                            23.3%     25.2%
EPS (Rs)                              7.63      9.54     25.0%
--------------------------------------------------------------
Source: KSE notice
==============================================================
Title: Re: KOHC -- Kohat Cement
Post by: SBM on April 02, 2014, 11:50:41 AM
http://www.brecorder.com/fuel-a-energy/193:pakistan/1168634:pescos-petition-supreme-court-suspends-phc-verdict/?date=2014-04-02
Title: Re: KOHC -- Kohat Cement
Post by: MZ on April 10, 2014, 06:47:41 PM
The Bell

Cements: Recent SC verdict to impact KOHC and CHCC
SC has reverted previous PHC verdict

On April 01 2014, the Supreme Court of Pakistan suspended a previous Peshawar High Court verdict that had declared fuel adjustment charges (FACs) in electricity bills of Khyber Paktunkhwa illegal. News reports suggest that the SC verdict will allow PESCO to start collecting monthly FACs from here on and collect accrued FACs in full. 
Future FACs shall have minimal affect on KOHC and CHCC
KOHC and CHCC are the only companies in our cement universe that shall be affected by this verdict since they are connected to the national grid via PESCO. However, it is important to note that FACs are a very small portion of the overall power tariff and subsequent monthly FACs from here on shall have a minimal impact on power costs and profitability of the two companies.   

One time adverse impact likely from accrued FACs
Managements of CHCC and KOHC remain unclear on whether FACs will be charged retrospectively and do not know the exact amount since it has not appeared on power bills since 2012. We believe that it is highly likely that PESCO shall charge the accrued amount by adjusting electricity bills going forward and that the companies shall provision for this amount in its financial statements. Our initial estimates suggest that the provisioning shall amount to PKR250mn and PKR80mn for KOHC and CHCC, translating into an EPS impact of PKR1.04 and PKR0.54..

Verdict may pave way for rationalization of power tariff in KP
We believe that the recent SC verdict shall pave way for the power tariff to be rationalized in the province. However, this does not change our investment case since we had already assumed that higher tariff would be applicable from FY15.


We maintain estimates until further clarity

We maintain our estimates for CHCC and KOHC for now and await further clarity on provisioning for accrued FACs. However, we do highlight that the impact of provisioning shall not be as significant with FY14 earnings of KOHC and CHCC likely declining by 5% and 3% respectively.

elixir
Title: Re: KOHC -- Kohat Cement
Post by: MZ on April 22, 2014, 05:57:01 PM
KOHC: 3QFY14 EPS expected at PKR4.94
KOHC is scheduled to announce its 3QFY14 results on April 24, 2014. We expect the company to post EPS of PKR4.94, up 4% YoY but down 11% QoQ.

elixir
Title: Re: KOHC -- Kohat Cement
Post by: SBM on April 29, 2014, 08:42:57 PM
http://www.kohatcement.com/pdf_files/reports/635343191334586286_3rd_Quarter_2013-2014.pdf

Waste Heat Energy Power Plant (WHR)
We are pleased to inform you that Letter of credit
for the import of 15 MW Waste Heat Recovery Power
Plant (WHR) from China has been established. The
WHR Plant is expected to be operative in next one
and a half years approximately.
After installation of WHR system, the Company
shall be able to generate almost 30% of its current
electricity requirements from the aforesaid WHR
Plant. The electricity generated by this system
will be almost free of cost except for some salary,
maintenance and finance costs. This will help to
mitigate the impact of rising cost of electricity on
overall production cost of cement.
The cost of the proposed project is estimated at Rs.
2 billion which shall be financed through 20% equity
and 80% debt i.e., Rs 1.6 billion which shall be raised
through a term loan from financial institutions.


10.1 During the period under reference, the Company has purchased 10.5 Kanal land at Gulberg, Lahore for its Head Office
--- for 422 million only :@ :@

Title: Re: KOHC -- Kohat Cement
Post by: SBM on April 29, 2014, 09:12:09 PM
8-10 rupees cash is possible with final results. with another bonus 15-20%
Title: Re: KOHC -- Kohat Cement
Post by: MZ on May 17, 2014, 12:03:05 PM
INTRODUCTION: The Kohat Cement Company Limited (KSE: KOHC) was originally established as State Cement of Pakistan (SCCP) by the Government of Pakistan in 1984. The company was privatised in an open bidding by the Government in 1992. In its initial public offering in 1994, over 2 million ordinary shares were issued at a price of Rs 52 per share. KOHC's plant is located in Kohat, about 60 kilometres off the city of Peshawar.

The plant was originally established with a 1,000 TPD Romanian cement line. After its privatisation, the company went through a major Balancing, Modernisation and Restructuring (BMR) programme under the management of Tariq Sheikh. The BMR programme added 240,000 tons to the annual production capacity. Further expansion was pursued in subsequent years, including a white cement line adding 135,000 tons and a grey cement line adding over two million tons to the annual production capacity. In 2009, a 22.6MW in-house power plant was also established. The company expanded its sales to export markets in the year 2002. Currently, the major export destinations include Afghanistan and Central Asia.

The company manufactures grey and white cement under the brand names of Kohat Cement and Kohat Super White, respectively. According to the most recent statistics available, the KOHC plant has an annual operational capacity of 2.6 million tons for clinker and 2.7 million tons for cement. KOHC is part of a wider group involved in industries including real estate, textiles and auto parts. KOHC has a board of seven members, most of whom are non-executive directors.

INDUSTRIAL REVIEW The construction sector is vibrant with the highest sales of cement recorded during April 14 for the current fiscal year. As was noted in an earlier BR Research column, domestic sales have been rising since February 14 as the weather took a turn. The industry is also kicking off due to initiation of a number of public and private real estate and infrastructure related projects. Industrial exports have, however, taken a downturn, mainly because of suppressed demand from Afghanistan, the major export destination of Pakistani cement.

In the nine-month period, the cement sector has also posted impressive earnings, experiencing 15 percent growth. KOHC has been one of the major performers in the sector this year with a bottom line growth of 27 percent. In terms of cement despatches, KOCH's share in the market remained close to its share during the same period of last year at 5.7 percent.

PERFORMANCE: THIRD QUARTER FY14 During the third quarter of the current fiscal year, clinker production of the company fell by 37.42 percent owing to already available stocks. For the nine-month period of FY2013-14, industrial despatches grew at a rate of 0.96 percent compared to the same period of previous year. For KOHC, however, sales growth was higher at 2.72 percent during the period. Cement despatches for the company stood at 4.9 million tons for the quarter, about 1.5 percent lower than that of last year.

Reduction in operating costs, along with increase in sales price, has helped the company achieve an EPS of Rs 15. Earnings have also been augmented by higher sales volumes as industrial sales usually take a hike during this season. The company posted a net profit of Rs 2.4 billion during the period under review.

KOHC has also announced the receipt of letter of credit for the import of a 15MW Waste Heat Recovery (WHR) power plant from China. The plant is projected to be operational in about a year and a half's time and will allow the company to generate up to 30 percent of its electricity requirements. Installation of the in-house power plant will also bring down production costs which have been affected due to increasing costs of electricity. Reportedly, the project will cost Rs 2 billion, of which 20 percent will be financed through equity and 80 percent through debt.

The interim profit and loss accounts of the company reveal that a PAT of Rs 955 million was registered during the quarter, up by 30 percent compared to the same period of last year. On a nine-month basis too there was an increase of 27 percent in PAT compared with last year. Further, EPS have grown by 30 percent during the quarter. Operating profit as a percentage of total sales for the quarter was higher at 42 percent compared to 37 percent of last year. Taxation as a percentage of sales reduced marginally, down at 11.8 percent from 12.1 percent of last year.

FUTURE OUTLOOK While demand for cement is likely to remain high in the coming months, a number of firms in the sector have already expressed their interest in a major industrial buyout of Lafarge Pakistan Cement Limited (LPCL). KOHC is also one of these firms and has already issued a notice of interest for acquisition of 75.86 percent shares of LPCL at Rs 10 per share.

Aside from two million tons in capacity enhancement, the acquisition of LPCL will expand KOHC's operations beyond the frontiers of Khyber-Pakhtunkhwa into Punjab. Expansion into Punjab offers lucrative opportunities for anyone in the sector, given the PML-N's historical focus on infrastructure related projects.

On the export front, however, things still do not seem to be picking up yet. The sector has experienced a declining trend in cement exports throughout the year and KOHC has not been an exception. Export sales of the company fell by a substantial 11.5 percent during 9M FY13, much higher than the industrial average.

Afghanistan remains to be the major export destination for KOHC, and exports to the country are already assumed to suffer due to withdrawal of Nato troops this year. On the other hand, the election of a new government and the interest of multilateral agencies may just as likely lead to initiation of major new projects. In that scenario, Afghanistan remains a lucrative market for cement exports and it may be too early to suggest diversification at the cost of losing existing markets.

========================================================================
KOHC Key financials
========================================================================
Rs (000)                         January-March                July-March
========================================================================
                                        2014        2013        2014        2013
Net Sales Revenue          3,309,458   3,117,027   9,162,459   8,185,349
Operating Profit              1,393,068   1,156,300   3,575,284   2,933,511
Finance Cost                   46,205      47,509     126,026     203,582
Profit after taxation        954,812     731,602   2,428,809   1,910,569
Earnings per share (Rs)         6.18        4.74       15.72       12.37
========================================================================
Title: Re: KOHC -- Kohat Cement
Post by: Dehan on May 31, 2014, 12:53:42 PM
Jab b Kohc below 117 pa dip laita hay to phir 120-122 to aram sa laga daita hay. Is baar is nein below 117 koch ziada time laga dia hay, despite of the fact k mkt has gone to all time high, so now 120-122 nahi, 124-125 lagay ga aram say.
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on May 31, 2014, 04:59:50 PM
Jab b Kohc below 117 pa dip laita hay to phir 120-122 to aram sa laga daita hay. Is baar is nein below 117 koch ziada time laga dia hay, despite of the fact k mkt has gone to all time high, so now 120-122 nahi, 124-125 lagay ga aram say.

 :biggthumpup: ya 3 times did that, bought around 116 sold around 122  :tongue:
But this time its seems to go till 110-112 will buy if it did so otherwise its in hibernation mode till mid july
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on June 11, 2014, 03:03:11 PM
:biggthumpup: ya 3 times did that, bought around 116 sold around 122  :tongue:
But this time its seems to go till 110-112 will buy if it did so otherwise its in hibernation mode till mid july

 :rtfm: :rtfm: Once More  :tongue:

January to May 2014; same pattern -800 mai b aur 600+ mai b  :console:
Title: Re: KOHC -- Kohat Cement
Post by: MZ on August 19, 2014, 05:43:17 PM
KOHC: FY14 EPS expected at PKR20.96; DPS at PKR8.5
We expect KOHC to post FY14 EPS of PKR20.96, up 23% YoY. 4Q earnings are estimated to clock in at PKR5.24/sh, up 12% YoY but down 15% QoQ. We also expect KOHC to declare cash payout of PKR8.5/sh

elixir
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on September 05, 2014, 04:44:52 PM
KOHC: FY14 EPS expected at PKR20.96; DPS at PKR8.5
We expect KOHC to post FY14 EPS of PKR20.96, up 23% YoY. 4Q earnings are estimated to clock in at PKR5.24/sh, up 12% YoY but down 15% QoQ. We also expect KOHC to declare cash payout of PKR8.5/sh

elixir

 :spam: DPS 2  :thumbsdown_anim: :thumbsdown_anim: :thumbsdown_anim:

Although EPS 20.42 :dunno:
Title: Re: KOHC -- Kohat Cement
Post by: aleeimran on September 05, 2014, 05:03:06 PM
Good Earnings but bad pay out................what to do with it? any one can suggest??
Title: Re: KOHC -- Kohat Cement
Post by: stalker on September 05, 2014, 05:04:36 PM
KOHC: FY14 EPS expected at PKR20.96; DPS at PKR8.5
We expect KOHC to post FY14 EPS of PKR20.96, up 23% YoY. 4Q earnings are estimated to clock in at PKR5.24/sh, up 12% YoY but down 15% QoQ. We also expect KOHC to declare cash payout of PKR8.5/sh

elixir

 uuu uuu uuu uuu uuu
Title: Re: KOHC -- Kohat Cement
Post by: MZ on September 05, 2014, 06:01:02 PM
Kohat Cement KOHC PA announced FY14 EPS PKR20.42 +20% YoY along with final cash payout of PKR2/sh. Top line of the company expanded by 13% YoY and was in line with our estimates, however, higher cost of sales (+15%) dragged gross margins to 38%. Our June 2015 PT of PKR130/sh offers an upside of 9% to last closing along with a dividend yield of 8%. Hold!
 
elixir
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 05, 2014, 08:17:51 PM
Why the f**k did they just announce 2 rupees. BC .  huhu

 :down: :crying_anim02:
Title: Re: KOHC -- Kohat Cement
Post by: Avi2013 on September 05, 2014, 09:03:16 PM
Waiting for 100 to 105.... To enter in this script  :s1: :s1:
Title: Re: KOHC -- Kohat Cement
Post by: sars333 on September 05, 2014, 10:37:06 PM
Why the f**k did they just announce 2 rupees. BC .  huhu

 :down: :crying_anim02:
i


So sir what does it mean should one keep it for long term.....what  does it mean company is making so much profit and retaining all of it  WHYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY .... :confused1: :crying_anim02: :crying_anim02: :crying_anim02:
Title: Re: KOHC -- Kohat Cement
Post by: aleeimran on September 06, 2014, 05:19:13 PM
Some pplz are of the view that it can go down below 100 but i think those lives in fool's paradise...............................
D.G Khan Cement with expected EPS 12 for Y14 (below than Y13) and expected Div payout of 25-30% (with no interim div & bonus) has a PO of 83-85 so how come KOHC is expected to come below 100 with EPS 20.42 (Y13 EPS 17.04) and div payout of 20% (although very much below than estimate but things will be clear at AGM as to why BOD opted to kept significant earnings and increase their revenue reserve).
may be they want to finance some new expansion projects or diversify their business portfolio which they could not consider feasible to finance through banks/FIs or through increase in Equity by issuing Right shares.......this i think goes in favor of shareholders in long run
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 06, 2014, 05:57:42 PM
Some pplz are of the view that it can go down below 100 but i think those lives in fool's paradise...............................
D.G Khan Cement with expected EPS 12 for Y14 (below than Y13) and expected Div payout of 25-30% (with no interim div & bonus) has a PO of 83-85 so how come KOHC is expected to come below 100 with EPS 20.42 (Y13 EPS 17.04) and div payout of 20% (although very much below than estimate but things will be clear at AGM as to why BOD opted to kept significant earnings and increase their revenue reserve).
may be they want to finance some new expansion projects or diversify their business portfolio which they could not consider feasible to finance through banks/FIs or through increase in Equity by issuing Right shares.......this i think goes in favor of shareholders in long run

It remains to be seen that whatever they are upto will be positive for minority shareholders.
As per previous financials, they are currently investing in two projects,
1) Waste heat recovery for the main kiln 
2) Constructing new head office building in Gulberg, Lahore

I feel they might be looking at expansion plans or diversification into some other business line.
Hopefully directors report will shed some light into their decision

PKR 2/sh is just too disappointing..
Title: Re: KOHC -- Kohat Cement
Post by: aleeimran on September 06, 2014, 06:10:56 PM
Some pplz are of the view that it can go down below 100 but i think those lives in fool's paradise...............................
D.G Khan Cement with expected EPS 12 for Y14 (below than Y13) and expected Div payout of 25-30% (with no interim div & bonus) has a PO of 83-85 so how come KOHC is expected to come below 100 with EPS 20.42 (Y13 EPS 17.04) and div payout of 20% (although very much below than estimate but things will be clear at AGM as to why BOD opted to kept significant earnings and increase their revenue reserve).
may be they want to finance some new expansion projects or diversify their business portfolio which they could not consider feasible to finance through banks/FIs or through increase in Equity by issuing Right shares.......this i think goes in favor of shareholders in long run
even at 125, Kohat Cement has the lowest P/E among it's peers e.g; Attock, Cherat, D.G Khan, PIOC, Lucky................
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 06, 2014, 07:13:35 PM
Some pplz are of the view that it can go down below 100 but i think those lives in fool's paradise...............................
D.G Khan Cement with expected EPS 12 for Y14 (below than Y13) and expected Div payout of 25-30% (with no interim div & bonus) has a PO of 83-85 so how come KOHC is expected to come below 100 with EPS 20.42 (Y13 EPS 17.04) and div payout of 20% (although very much below than estimate but things will be clear at AGM as to why BOD opted to kept significant earnings and increase their revenue reserve).
may be they want to finance some new expansion projects or diversify their business portfolio which they could not consider feasible to finance through banks/FIs or through increase in Equity by issuing Right shares.......this i think goes in favor of shareholders in long run
even at 125, Kohat Cement has the lowest P/E among it's peers e.g; Attock, Cherat, D.G Khan, PIOC, Lucky................

fccl, pioc & acpl are returning cash back to investor
Lucky has provided details of how they intend to improve shareholder wealth with the cash they are generating from current operations
There is zero guidance from kohc ... In this kind of situation, market generally punishes the stock till they see something tangible come from the company
Title: Re: KOHC -- Kohat Cement
Post by: Kashif.toufiq on September 06, 2014, 07:18:00 PM
if someone noticed last 3-4 months directors selling in KOHC , he would have predicted the plan. :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: Irfankhan on September 06, 2014, 10:12:05 PM
brother two times have bought 85 and sold at 124
now again waiting for 85.

ofcourse it seems day dreams but I prefer to wait until my target price which seems too ambitious

when Fecto is 45-47. KOHC canbe 80-90 whats new in it max it should be 100 with this kind of payout.

SBM Bhai give your expert idea how you think this statement?
Title: Re: KOHC -- Kohat Cement
Post by: Salammembers on September 07, 2014, 05:51:07 AM
brother two times have bought 85 and sold at 124
now again waiting for 85.

ofcourse it seems day dreams but I prefer to wait until my target price which seems too ambitious

when Fecto is 45-47. KOHC canbe 80-90 whats new in it max it should be 100 with this kind of payout.

SBM Bhai give your expert idea how you think this statement?
  baat dil aur deemag koo lagti haay
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on September 08, 2014, 10:02:29 AM
Baat simple aur seedhi si hai k agar koi expansion plan tha to why it was not mentioned in PRICE SENSITIVE INFORMATION  uuu
So jab justification b nahi di aur paisy b it has no right to be trading above 100 "ethically"  :bangin: :bangin: :bangin:
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 08, 2014, 10:52:10 AM
Baat simple aur seedhi si hai k agar koi expansion plan tha to why it was not mentioned in PRICE SENSITIVE INFORMATION  uuu
So jab justification b nahi di aur paisy b it has no right to be trading above 100 "ethically"  :bangin: :bangin: :bangin:

kohc notice with directors report
http://www.kse.com.pk/newsattachment/056990.pdf
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on September 08, 2014, 11:48:02 AM
Baat simple aur seedhi si hai k agar koi expansion plan tha to why it was not mentioned in PRICE SENSITIVE INFORMATION  uuu
So jab justification b nahi di aur paisy b it has no right to be trading above 100 "ethically"  :bangin: :bangin: :bangin:

kohc notice with directors report
http://www.kse.com.pk/newsattachment/056990.pdf

if the WHR was the project for retaining +90% profit then please note as per
http://kse.com.pk/newsattachment/053712.PDF
total cost of WHR Project is Rs. 2.0 Billion and will be financed through 80:20 debt equity, then why holding 7.4 Billion of accumulated profit for just 400 Million equity injection  :skeptic:
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 08, 2014, 01:52:49 PM
they might not have gotten good rates from banks as they were in default not too long ago.
Might be financing WHR from internally generated cash.
Anyway.
We still don't know for sure what company is going to do with extra cash generated.
Title: Re: KOHC -- Kohat Cement
Post by: ab_hassan on September 08, 2014, 02:17:23 PM
http://investorguide360.com/wp-content/uploads/2014/09/FS-Research3.pdf
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 08, 2014, 03:18:03 PM
http://investorguide360.com/wp-content/uploads/2014/09/FS-Research3.pdf

thanks for share

? Lower than expected payout: KOHC declared cash dividend of PKR2/sh with
FY14 results, below our and market’s consensus. As per the management,
planned investment in Waste Heat Recovery Project (WHRP) and significant tax
liability (PKR1.27mn as of Mar 31st  2014) are attributed to lower payout in FY14.
Title: Re: KOHC -- Kohat Cement
Post by: MZ on September 10, 2014, 07:21:52 PM
KOHC POSTED EARNINGS INLINE WITH EXPECTATION ACOMPANIED BY LOWPAYOUT:

Kohat cement posted its resulted inline with our expectation for FY-14. The company reported PAT of PKR 3154 milion (EPS of 20.42/share), up by 20% (YoY). The company also anounced cash dividend of PKR 2/share below ours and market expectation. For 4QFY14 KOHC posted EPS of PKR 4.69/share.

13% INCREASE IN TOPLINE ONACOUNT OF HIGH RETENTION & SALES VOLUME:

Topline of the company grewup by 13% (YoY). The increase in sales is atributable to 5% (YoY) increase in volume and 7.9% (YoY) increase in net retention. Total dispatches of the company clocked in at 1.91 mn tons. Local volumes grewup to 1.62 mn tons marking growth of 6.6% (YoY), whereas export volumes showed a decline of 6.7% (YoY).

GROSS MARGINS GOT HIT ON ACCOUNT OF BOOKING ARREARS OF FAC:

In FY-14 cost of sales rosed by 15% (YoY) whereas gross margin clocked in at 38% (down by 1% YoY). 4QFY14 showed better picture where cost of sales increased by 34% (YoY) and gross margin clocked in at 28% from 38% in same period last year. The decline in gross margins is on account of high cost of sales stemming from booking of arrears of Fuel Adjustment charges of PKR 289 million in 4QFY14. As the PESCO has raised the tariffs so the Kohat cement will now be charged on increased tariffs. However, this does not change our investment case as we had already incorporated the increased tariffs in our model.

MMSPL Research
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 25, 2014, 04:38:39 PM
http://www.kohatcement.com/pdf_files/reports/635466791376713611_Kohat_Cement_Annual_Report_2014.pdf

Can't find reason for low payout ...
Title: Re: KOHC -- Kohat Cement
Post by: aliraza on October 20, 2014, 10:42:36 AM


http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=058882&qsid=212
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on October 25, 2014, 12:34:05 PM
KOHC: 1QFY15 EPS expected at PKR 4.72/share, +19% up YoY
The board of directors of Kohat Cement Company Ltd (KOHC) is scheduled to
meet on 27th Oct’14 to approve its 1QFY15 financial result. We expect net
earnings to clock in at PKR 4.72/share in 1QFY15 (+19% YoY). In our view, a
9.7% YoY rise in Ex-Factory prices coupled with 7% YoY higher dispatches (with
mainly 10% YoY growth in local dispatches) is expected to improve gross profit
by 6% YoY to PKR 1.07bn. We expect the company’s finance cost to register at
PKR 23mn in 1QFY15 from PKR 29mn from the corresponding last year,
projecting a drop of 20% on account of lower leveraging. Other operating income
is expected to register a growth 5.8x YoY on account of higher interest income
from cash and cash equivalents (from PKR 1.98bn in FY13 to PKR 5.1bn in
FY14).

Recommendation
Our based Dec-14 target price for the scrip works out to PKR 166.5/share,
translating into upside potential of 21.7% from current levels. We recommend
‘Buy’ on the scrip.

ahl
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 27, 2014, 01:27:15 PM
http://www.kse.com.pk/newsattachment/059529.pdf

q1 eps 4.42 v 3.99
Title: Re: KOHC -- Kohat Cement
Post by: HAMDANI_Punjtani on October 27, 2014, 05:58:24 PM
http://www.kse.com.pk/newsattachment/059529.pdf

q1 eps 4.42 v 3.99
Seniors pls comment on the result........looks to be promising as Electricity prices for them increased 50%
Title: Re: KOHC -- Kohat Cement
Post by: MZ on October 27, 2014, 07:02:40 PM
Kohat Cement KOHC PA 1Q EPS PKR4.42, up 11% YoY but down 6% QoQ. Top line expanded by 11% YoY on the back of dispatch growth of 5%, clocking in at 0.45mn. Both were in line with our expectations. At last closing, KOHC offers an upside of 12% to our June 2015 PT of PKR150/sh along with a dividend yield of 7%. BUY

elixir
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 30, 2014, 02:43:00 PM
Purchase of Investment Property (234,524,813)
last year they also bought land .. this is what they will do with all the extra cash they are generating .. because the sponsors have background in real estate and hospitality.


http://www.kohatcement.com/pdf_files/reports/635501563915668172_Kohat_Cement_1st_Qrt_Sept_30_2014.pdf

Title: Re: KOHC -- Kohat Cement
Post by: atifb on January 08, 2015, 02:11:37 PM
What happend to it ? huhu
Title: Re: KOHC -- Kohat Cement
Post by: SBM on January 08, 2015, 03:19:21 PM
What happend to it ? huhu

Kohat Cement Company Limited

Headwind from excavation ban to suppress near term returns 

Summary

Local court has placed a mineral excavation ban on KOHC as residents allege non-payment of dues. This has already resulted in 41%MoM drop in Dec-14 dispatches due to shut down.
KOHC has moved a petition with PHC asking for a removal of the ban, stating that the payment issue is between the government and the locals.
With Jan dispatches also likely to take the hit, we eye near-term stock price drag while we await clarity on the issue in the next hearing on 15th Jan.

Surprise mineral excavation ban poses unique risk to KOHC

A surprising unnoticed development of a complete ban by local court on excavation of minerals by Kohat Cement Company (KOHC) adds to significant uncertainty on dispatches in near-term and may potentially result in FY15E earnings downside of 15-16% (assuming 2-mth impact). We opine that lack of other triggers and prevailing uncertainty pose risk of stock underperformance in the near-term.  We see possibility of an early resolution of legal issue on our Buy-rated stock.

Local court stays KOHC production citing non-payment of dues

In a recent development, a few mine owners in Kohat region had moved a petition in the local courts against KOHC, accusing the company of not paying their liable dues to the locals with regards to excavation of mineral as per agreement. This has led to a ban on excavation of essential minerals, namely limestone and aluminum ore, for manufacturing cement. In response to the ban, KOHC moved a petition with Peshawar High Court (PHC) requesting to overturn the ban, arguing that the royalty payment had been paid to the government and it was the government’s responsibility to pay the locals. The PHC took notice of the issue, and has directed the Secretary of KPK Directorate of Mines and Minerals as well as a few district and civil judges to file written replies regarding the ban on mineral excavation. The replies are required to be filed before the next court hearing scheduled on 15 January 2015.

Dec/Jan dispatches face the brunt, uncertainty looms over future

The ban on excavation has disrupted KOHC’s cement production, resulting in a 41%MoM drop to 101k tons in Dec’2014. We note that KOHC’s dispatches for Dec’2014 dropped 38%YoY, and were also about 33% lower than its monthly average dispatches in 5MFY15 (150k tons per month). We highlight two scenarios going forward. (1) Assuming a long legal battle between the locals and KOHC, the case could consume significant amount of time, and may also be challenged by either party in the Supreme Court. Assuming KOHC is not able to make up for the lost sales in future months,  this would result in complete loss of off-take for the company as we expect inventory levels to have already run out by December 2014. We highlight that key beneficiaries in this case would be DGKC, FCCL and Bestway Cement who are mostly likely to cater to supply shortage in KOHC’s target market, in our view. Assuming no off-take for KOHC in January 2015, our calculations suggest a negative EPS impact PRs1.42/sh for KOHC in 3QFY15 and EPS upside of PRs0.12/PRs0.03/PRs0.10 for DGKC, FCCL and Bestway Cement respectively.  (2) In case KOHC can make up for the lost market share, dispatches and earnings of future months/quarters may jump, rendering the development largely a non-event.
2QFY15 earnings to drop 14% from prior estimate

We highlight that KOHC’s dispatches have dropped by about 3%QoQ, compared to about 10%QoQ growth in industry’s total dispatches. We expect KOHC to post 2QFY15 EPS of PRs4.19/sh, down 14% from our pre-excavation ban development forecast.
Title: Re: KOHC -- Kohat Cement
Post by: atifb on January 26, 2015, 07:09:56 PM
what is target price ????
Title: Re: KOHC -- Kohat Cement
Post by: MZ on January 30, 2015, 06:46:57 PM
 
Result Preview
 
KOHC: Brief mining suspension to suppress earnings
Result expectation
Kohat Cement Company Limited (KOHC) is scheduled to announce its 1HFY15 financial results on February 6, 2015. We expect the company to post earnings of PKR8.68/sh, down 9% YoY, while 2Q earnings are estimated to clock in at PKR4.26/sh, down 23% YoY.
Brief mining suspension in December…
KOHC was unable to operate its cement factory during December and 1st half of January after a local court banned KOHC from mining minerals for production of cement on the petition of local area elders. While the ban was shortly lifted off, clearing the legal impediment for the company to restart mining activities, KOHC in order to maintain cordial relations with the locals, did not decided to pursue any legal action. Consequently, with the company unable to source required raw materials, reported dispatches for the company in December declined by ~40% MoM (against average growth of 2.3% in industry during the same period) and 38% YoY.
… To suppress earnings in 2Q
We expect top line of the company to fall by 10% YoY with negative dispatches growth of 10% during the quarter, while higher power costs (+41%) shall more than offset decline in fuel costs (-19%), weighing down the gross margins of the company which is expected to decline by a hefty 8pp. Overall, while lower operating expenses (-11% YoY) & finance costs (-37% YoY) and higher other income (+76% YoY) is expected to support the bottom line, we still expect earnings to decline by 23% YoY during the quarter owing to 28% attrition at the gross level.
Investment Case; Reiterate BUY
Although KOHC is currently trading close to sector average PER multiple of 10.1x owing to expected flat earnings in FY15, we believe expected efficiency gains from change in energy mix (shifting to FO from WAPDA) and commissioning of 15MW WHR (~PKR4.0/sh after tax savings) in FY16 shall keep the stock in limelight. Our Dec-15 PT of PKR250/sh, offers an upside of 24% to last closing. BUY!

elixir
Title: Re: KOHC -- Kohat Cement
Post by: SBM on February 06, 2015, 03:40:14 PM
http://www.kse.com.pk/newsattachment/062184.pdf

Title: Re: KOHC -- Kohat Cement
Post by: SBM on February 17, 2015, 11:23:19 AM
Half year report  (http://www.kohatcement.com/pdf_files/reports/635592276182886284_Kohat_Half_Yearly_2014_-_2015.pdf)
Title: Re: KOHC -- Kohat Cement
Post by: MZ on April 06, 2015, 06:20:56 PM
 
Result Review
 
KOHC – Mining suspension overhang to keep earnings in check
Result Expectation
Kohat Cement Company Ltd (KOHC) is scheduled to announce its 9MFY15 results on 9th April 2015. We expect the company to post earnings of PKR13.42/sh, down 15% YoY. 3Q earnings are estimated at PKR4.58/sh down 26% YoY, but up 4% QoQ.
Mining suspension overhang to drag bottom line
Suspension overhang from its mining operations during Dec-14 and Jan-15 has led KOHC to post negative dispatches growth of 15% YOY during 3QFY15. While dispatches of subsequent month has remained robust (Feb +19% and Mar +21%), 40% decline in dispatches during Jan-15 has weighed down overall quarterly dispatches. Consequently we expect top line to recede by 15% during the quarter. Margins on the other hand are expected to improve by 4.3pp on QoQ basis owing to lower power costs emanating from monthly fuel charge adjustments and lower fuel costs as both coal prices (-20% YoY) and transportation charges have come down by ~15% (PKR3,500/ton).
WHR update
The company is currently in the process of setting up a 15MW WHR facility at its plant. Approximately ~PKR1.2bn of capex has already been incurred for the project with remaining ~PKR800mn to be booked in 4Q. This project is expected to come online at the start of FY16 where we expect that it will fulfill ~35% of total power costs for the company resulting in after tax savings of ~PKR4.2/sh.
Investment case
Although KOHC is currently trading at FY15 PER of 8.5x, close to sector average, we believe expected efficiency gains from WHR in FY16 and higher dispatch growth potential owing to significantly higher surplus capacity warrants outperformance stance with our Dec-15 PT of PKR257/sh, offering a potential upside of 48% to last closing price. Our discussion with management also suggests that the company might also announce a hefty payout along with full year FY15 results given PKR32/sh worth of cash and STI’s as at 2QFY15 and limited investment avenues.

elixir
Title: Re: KOHC -- Kohat Cement
Post by: Koolfire on April 09, 2015, 11:12:47 PM


(http://kse.net.pk/newsimage/064388-1.gif)
Title: Re: KOHC -- Kohat Cement
Post by: Capricon83 on April 10, 2015, 10:09:34 AM
Such a ................ Managment; at the time of annual results they have so much cash but minimum dividend announced without any reason for holding cash then again in half year results same and now when results have marginal hit this quarter they announced dividend of Rs. 5. I have no offence lakin doesn't it look like they are artificially maintaining prices and at the same time their directors has been selling recently  :confused1:
Title: Re: KOHC -- Kohat Cement
Post by: ejeeee6 on April 10, 2015, 11:11:48 AM
3Q surpasses expectations; WHR savings to fortify fundamentals
 
KOHC posted 3QFY15 EPS of PRs5.60, up 27%QoQ but down 9%YoY. 9MFY15 EPS stands at PRs14.44, down 8%YoY.
Positive earnings surprise was largely led by a hefty 209%QoQ jump in other income, expected to normalize going forward; PRs5/sh cash dividend was another positive surprise.
We believe expected installation of WHR in Jun-15 and continued strong earnings momentum will drive near term stock price momentum. Reiterate Buy with a PO of PRs227/sh.
 
See the Morning Shout dated April 10, 2015, http://www.kasbdirect.com/downloads/research/MS10-04-15.pdf for details.
 
Title: Re: KOHC -- Kohat Cement
Post by: nadeemkhaliq on April 13, 2015, 07:58:33 PM
Short term TP 220
Title: Re: KOHC -- Kohat Cement
Post by: dr.muhammad zia on June 26, 2015, 02:40:43 PM
t.p 325 inshallah dec within 6-8 months
Title: Re: KOHC -- Kohat Cement
Post by: SBM on June 26, 2015, 02:47:21 PM
t.p 325 inshallah dec within 6-8 months

324 looks a bit much
mine is 275 with 8-10 rupees dividend with full year results
Title: Re: KOHC -- Kohat Cement
Post by: dr.muhammad zia on June 26, 2015, 03:02:14 PM
t.p 325 inshallah dec within 6-8 months

324 looks a bit much
mine is 275 with 8-10 rupees dividend with full year results
[/qoute]
kahan yeh 2-3 rs ka hota tha :ohmy:
Title: Re: KOHC -- Kohat Cement
Post by: shaalim on July 01, 2015, 12:12:04 PM
t.p 325 inshallah dec within 6-8 months

324 looks a bit much
mine is 275 with 8-10 rupees dividend with full year results
[/qoute]
kahan yeh 2-3 rs ka hota tha :ohmy:
bhool jana chahyay unn dinon ko.... 8 pe buy ker k 10 per sell ker k baray khush hway thay.... :D
After that time.... now thinking to buy some   ::)
Title: Re: KOHC -- Kohat Cement
Post by: Small Investor on July 09, 2015, 12:58:33 PM
t.p 325 inshallah dec within 6-8 months

324 looks a bit much
mine is 275 with 8-10 rupees dividend with full year results

I am in, even at bit higher price, but with little worries.
Title: Re: KOHC -- Kohat Cement
Post by: Small Investor on July 15, 2015, 04:31:37 PM
Approval has been given to acquire land for refinery in Kohat -KPK
Kohat cement being the closest, may benefit.
It's my view and could be biased because I m holding KOHC.
Title: Re: KOHC -- Kohat Cement
Post by: MZ on August 11, 2015, 07:01:22 PM
KOHC: 4QFY14 EPS expected at PKR3.19; DPS at PKR5.0
Kohat Cement Company Ltd is shortly expected to announce its full year earnings. We expect the company to post earnings of PKR19.34/sh, down 5% YoY. 4Q earnings are expected to clock in at PKR4.98/sh, up 6% YoY. Given limited investment avenues and surplus cash and STI’s worth of PKR38/sh as at 3QFY15, we highlight the company might declare final cash payout of PKR5.0/sh along with the results, taking total dividend to PKR10.0/sh. Operating profitability of the company is expected to be robust during the quarter on YoY basis owing to ~50% power tariff hike in 4QFY14. Note that gross margins of the company clipped by a massive 14pp during 4QFY14 on QoQ basis. That said we expect gross margins to clock in at 37% owing to declining fuel costs and lower weighted average power costs as the company has partly generated power on FO during peak hours. With WHR commencement being the key near term trigger along with excess idle capacity reaffirms our long term bullish stance on the company. Our rolled forward Jun-16 PT of PKR284/sh offer a total upside of 25% to last closing. Reiterate BUY!

elixir
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 13, 2015, 09:16:06 PM
20 eps 8-10 dps ?
11am result tomorrow
Title: Re: KOHC -- Kohat Cement
Post by: MZ on September 15, 2015, 06:28:34 PM
 
The Bell
 
KOHC: Stellar 4Q earnings marred by delay in WHRPP commencement
Stellar 4QFY15 results…

Kohat Cement Company Ltd (KOHC) announced its FY15 financial results yesterday where the company posted stellar 4Q earnings of PKR7.06/sh, up 50% YoY and 26% QoQ. Full year earnings registered at PKR21.50/sh, up 5% YoY. The company also declared final cash payout of PKR4.0/sh along with the results, taking total yearly payout to PKR9.0/sh against PKR2.0/sh in the previous year. Growth in the top line remained tepid, rising by 2% YoY with total dispatches rising by 4% YoY. However major boost in the profitability emanated from significantly lower cost of sales which propped up gross margins of the company by a massive 18pp YoY and 8pp QoQ to 46%.
…Marred by delay in WHRPP commencement
While KOHC posted robust earnings during 4Q along with modest payout, jubilation for the scrip at the bourse remained unexciting owing to announcement of slight delay in WHRPP which was scheduled to commence from July of this year. The delay has come about due to hold up in civil work where arrival of the foreign team of engineers got deferred due to law and order situation in the province.
Robust demand growth coupled with subdued fuel costs warrant premium vals
With robust demand growth potential in the country along with subdued coal and power costs and commencement of WHR, we believe KOHC remains an ideal bet to ride on local demand growth scenario while efficient operations (lowest COGS/ton after LUCK) coupled with further efficiency gains from WHR and strong balance sheet reduces the overall risk profile of the company. Our Jun-16 PT of PKR283/sh offers a total upside of 39% to last closing along with a dividend yield of 4%. Reiterate BUY!

elixir
Title: Re: KOHC -- Kohat Cement
Post by: Atif1 on October 01, 2015, 10:51:08 AM
SBM, current rates are too attractive to ignore buying, kindly advise :confused1:
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 01, 2015, 10:58:59 AM
SBM, current rates are too attractive to ignore buying, kindly advise :confused1:

I HAVE bought some yesterday and few days before as well ..
its attractive for sure ..
targetting 260+
but rest of the market is good as well  :laugh:
UBL ka haal dekhlo
Title: Re: KOHC -- Kohat Cement
Post by: stuka on October 06, 2015, 12:37:05 PM
tomorrow kohat will b xd or day after tomorrow??
Title: Re: KOHC -- Kohat Cement
Post by: MZ on November 04, 2015, 06:49:09 PM
The Bell
 
KOHC: Valuations yet to price in efficiency gains from WHR; Reiterate BUY!

 
KOHC recently announced its 1QFY16 financial results where the company posted earnings of PKR6.12/sh, up by 38% YoY and outperforming our expectations. Major thrust in earnings primarily emanated from expansion in gross margins which clocked in at 45% (?9pp YoY), resulting from lower power and fuel costs. The company has also disclosed its plans for setting up of an additional cement mill at an estimated cost of PKR650mn, which we believe is expected to bring in operational efficiencies as production disruptions from infrequent mill break downs will diminish as the company would be able to substitute away from old and inefficient mills to latest and more efficient cement mill. Given expected robust local demand in the backdrop of massive infrastructure spending, KOHC remains an ideal bet to ride on given surplus capacity (38% in FY15). While expected efficiency gains from WHR coupled with depressed fuel and power costs, KOHC is expected to post 22% growth in FY16 earnings, second highest in Elixir cement space. Our Jun-16 PT of PKR270/sh offers an upside of 24% from last closing along with a dividend yield of 6%. Reiterate BUY!

elixir
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on November 14, 2015, 12:02:58 PM
Kohat Cement Limited: Addition of ~0.8mn tons (105 tph) of cement mill is to enhance company’s ability to cater to robust local demand. Furthermore, commissioning of 15MW Waste Heat Recovery (WHR) plant from December 2015 would also heave up the already higher margins (44.7% in 1QFY16). Outperforming the industry in 4MFY16 (9.3% growth versus industry growth of 3.8%) coupled with the availability of dual fired Captive Power Plant (CPP) of 22.6MW further strengthens our conviction on the stock.

We revise up our FY16E earnings by 5% whereas increased our FY17/18E earnings by 20%/28% after incorporating revamped line, better utilization of CPP and sales mix skewing towards high margins local sales. Simultaneously, we roll forwards our valuation to Jun-16 with revised TP of Rs294.9/sh, providing an upside of 35.3%.

Cement plant revamp to accelerate utilization levels: Inefficient cement line of ~0.8mn tons caused the company to have one of the lowest utilization levels amongst the local player (average utilization of 65% vs Industry utilization of 76% in the last 3years). The company has decided to add a new cement mill of 105tph at a cost of PKR 650mn which will enable the company to operate at higher utilization level going forward. However, we highlight that cement mill inclusion does not rule out the expansion which may be announced by the company in line with other players.

Inclusion of WHR plant/utilization of CPP to further bump up margins: The long awaited Waste Heat Recovery Plant is set to become operational from December 2015, and will have an annualized earning impact of PKR 3.5/share. Moreover, the company has dual fired Captive Power Plant which can be run on FO and gas. As per our discussion with the management, the company is likely to switch its ~45% dependency on CPP since the prices of FO in international market have dropped sharply. We believe the said factors amid lower coal prices are likely to raise the margins even in the absence of increase in local cement prices.

http://investorguide360.com/wp-content/uploads/2015/11/KOHC-13-Nov-2015.pdf
Title: Re: KOHC -- Kohat Cement
Post by: stuka on November 20, 2015, 03:18:19 PM
whats goinng on in KOHC Single trade of above 100000 going on from last few days. maybe negotiated market selling horahi ha
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on November 30, 2015, 05:13:22 PM
Exceptional rates to go long right now despite the outlook for KSE being weak. One of the cheapest in cement right now.

Deserves much higher rates, at least 300 in next year, reasons:

Consistent growth.
Very well managed, strong group.
Future outlook is solid

Also 1 of the 2 pakistani companies selected for forbes "Best under a billion award" (other was luck, which is too expensive)
Title: Re: KOHC -- Kohat Cement
Post by: SBM on December 23, 2015, 11:16:31 AM
(http://puu.sh/m5Gob/65ea7d3e97.png)
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on January 28, 2016, 12:45:20 PM
Kohat Cement Company Limited (KOHC): 2QFY16 EPS expected at PKR7.2/sh
 
Kohat Cement Company Limited (KOHC) is scheduled to hold its board meeting on 28th Jan’16 to consider the financial result for the period ended 1HFY16. We expect the company to post earnings of PKR2.0bn (EPS: PKR13.3) as compared to PKR1.4bn (EPS: PKR8.8) reported in 1HFY15, representing a growth of 50%YoY. On a sequential basis, the company is expected to post earnings of PKR1.1bn (EPS: PKR7.2) in 2QFY16 against PKR945mn (EPS: PKR6.1) reported in 1QFY16, up 16%QoQ. The growth in earnings is primarily attributable to i) 10.5%QoQ growth in total dispatches and ii) 210bps margins expansion due to lower power generation cost on FO and decline in coal prices. We maintain our liking for KOHC given i) expanding margins due to shift in power sourcing from grid to FO, ii) rising local dispatches and iii) expected commissioning of WHR plant in 3QFY16. Thus, at our target price of PKR352/sh, we have a ‘BUY’ stance on the scrip offering a total return of 46%, as of last close.
 
bma
Title: Re: KOHC -- Kohat Cement
Post by: Omer The Researcher on January 28, 2016, 02:08:05 PM
great result
bought few after result
Title: Re: KOHC -- Kohat Cement
Post by: SBM on January 28, 2016, 03:47:13 PM
300+ karo tu baat banay ...
Title: Re: KOHC -- Kohat Cement
Post by: Atif1 on January 28, 2016, 05:56:19 PM
300+ karo tu baat banay ...


yes please........ :biggthumpup:

http://www.psx.com.pk/notices-updates/detail2.php?0.3873476183968283&id=4&nid=076096
good earnings 7.48 for the qtr and 13.6 for half hear
Title: Re: KOHC -- Kohat Cement
Post by: SBM on January 28, 2016, 07:04:34 PM
300+ karo tu baat banay ...


yes please........ :biggthumpup:

http://www.psx.com.pk/notices-updates/detail2.php?0.3873476183968283&id=4&nid=076096
good earnings 7.48 for the qtr and 13.6 for half hear

full year eps will be easily above 30
Title: Re: KOHC -- Kohat Cement
Post by: Omer The Researcher on January 29, 2016, 12:14:36 PM
for time being above 275 is a good rate for profit taking
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on January 30, 2016, 04:00:34 PM
Exceptional rates to go long right now despite the outlook for KSE being weak. One of the cheapest in cement right now.

Deserves much higher rates, at least 300 in next year, reasons:

Consistent growth.
Very well managed, strong group.
Future outlook is solid

Also 1 of the 2 pakistani companies selected for forbes "Best under a billion award" (other was luck, which is too expensive)

almost 30% return in barely two months despite such a horrible market  :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: atif Bajwa on March 15, 2016, 11:52:38 AM
great result
bought few after result

Did any one get PKR 5 dividend ????

what is expectation in short run ????
Title: Re: KOHC -- Kohat Cement
Post by: SBM on March 15, 2016, 12:06:16 PM
great result
bought few after result

Did any one get PKR 5 dividend ????

what is expectation in short run ????

no, ubt we should get that by end of next week
Title: Re: KOHC -- Kohat Cement
Post by: atif Bajwa on March 15, 2016, 12:30:41 PM
great result
bought few after result

Did any one get PKR 5 dividend ????

what is expectation in short run ????

no, ubt we should get that by end of next week

Means changes of upward movement ???
Title: Re: KOHC -- Kohat Cement
Post by: SBM on March 18, 2016, 02:13:18 PM
Better capacity utilization to drive earnings growth; Buy!                                           
 
We raise our earnings estimates for Kohat Cement Company Limited (KOHC) by 12/17/13% to PRs30.25/33.01/32.59 for FY16/17/18E, incorporating: (1) actual 2QFY16 earnings, (2) reduction in oil prices and freight cost, (3) commencement of production from old line since Feb-16, and (4) further delay in Waste Heat Recovery commissioning.
Consequently, we revise our DCF-based PO up by 4% to PRs303 (19% upside from current levels).
With lower- than-average industry capacity utilization of 71% for 1HFY16, and an impressive financial position with PRs6.8bn in cash and cash equivalents, we believe KOHC is well poised to capture the expected growth in local sales and improve margins going forward. Reiterate Buy!
 
See the Morning Shout dated March 18, 2016 on http://www.kasbdirect.com/downloads/research/MS18-03-16.pdf  for details.
 
Title: Re: KOHC -- Kohat Cement
Post by: SBM on April 06, 2016, 04:51:51 PM
Has anyone received the half year dividend?
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on April 28, 2016, 03:09:29 PM
KOHC: 9MFY16 earnings expected at PKR21.1/sh
 
The board meeting of Kohat Cement Company Limited (KOHC) is scheduled to be held on 29th Apr’16 to consider financial results for the period ended 9MFY16. We expect the company to post earnings of PKR3.26bn (EPS: PKR21.1) in 9MFY16 compared to PKR2.23bn (EPS: PKR14.4) in 9MFY15, up 46%YoY. The growth in earnings comes on the back of i) 21%YoY growth in dispatches and ii) 10.2ppsYoY increase in margins backed by lower fuel and power costs. On a sequential basis, earnings are expected to clock in at PKR1.16bn (EPS: PKR7.5) in 3QFY16 remaining flat on a QoQ basis. The earnings are expected to remain flat despite a 4.4%QoQ decline in dispatches following 630bpsQoQ higher margin amid 34%QoQ decline in furnace oil prices. Post commissioning of waste heat recovery (WHR) plant in 3QFY16, the scrip is expected to remain in limelight as savings from the plant will begin from 4QFY16. At our target price of PKR349/sh we have an ‘Overweight’ stance on the scrip offering a total return of 36%.

bma
Title: Re: KOHC -- Kohat Cement
Post by: stuka on April 30, 2016, 07:51:19 PM
http://psx.com.pk/notices-updates/detail2.php?0.02688994502596409&id=4&nid=081497

good result i think.

any comments by seniors.... 300+ to pka lga dy ga year end tkkk
Title: Re: KOHC -- Kohat Cement
Post by: Atif1 on May 01, 2016, 12:02:48 AM
excellent result,  margins increased up to 49.1% as compared to 42% in fy15 and 44% in hy result , may be due to commissioning of whr plant during 3rd qtr, sales slightly down but increased margins compensate that.
Next qtr whr plant will be operational for full qtr so margins and earnings will be excellent.
Should be a hold till full year result.
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 03, 2016, 03:40:38 PM
http://www.kohatcement.com/pdf_files/reports/635975659469913966_Kohat_Cement_3rd_Quarterly.pdf

As per directors report

On Going Projects

Waste Heat Recovery Power Project (WHRPP) – WHRPP has
started generating electricity from 1st April 2016;
which shall
substantially reduce the electricity costs and shall further
enhance the profitability of the company.

105 tph Cement Mill – LC for the cement mill has been
established and imported part of the cement mill shall reach
Pakistan by March 2017, whereas Civil works shall commence
shortly and the mill is expected to be operational by Dec 2017.

Impact of WHR is not included in earnings of this qtr  :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 04, 2016, 12:49:43 AM
http://www.kohatcement.com/pdf_files/reports/635975659469913966_Kohat_Cement_3rd_Quarterly.pdf

As per directors report

On Going Projects

Waste Heat Recovery Power Project (WHRPP) – WHRPP has
started generating electricity from 1st April 2016;
which shall
substantially reduce the electricity costs and shall further
enhance the profitability of the company.

105 tph Cement Mill – LC for the cement mill has been
established and imported part of the cement mill shall reach
Pakistan by March 2017, whereas Civil works shall commence
shortly and the mill is expected to be operational by Dec 2017.

Impact of WHR is not included in earnings of this qtr  :biggthumpup:

have invested another 420 million in property
 uuu
Title: Re: KOHC -- Kohat Cement
Post by: stuka on May 05, 2016, 01:44:16 PM
why so much selling in KOHAT???? result b acha future even better expected. phr b itni tezi mai itni selling is mai
Title: Re: KOHC -- Kohat Cement
Post by: ally on May 05, 2016, 02:07:16 PM
why have these guys huge amounts in mutual fund and term deposit; are they planning expansion or is there any big in the pipeline; waste heat recovery is being financed by loan would it not be better to settle this and other loan instead of keeping the term deposit.
Or else pay to the share holders as dividends or did i miss something.
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 05, 2016, 02:59:11 PM
why so much selling in KOHAT???? result b acha future even better expected. phr b itni tezi mai itni selling is mai

dont worry... number aega iss ka bhi..pehley funds ko satta karlene do.. in index heavy names.. bcs yehi hain jn ka sab se pehley number aega when pak gets classified in emerging markets.
Title: Re: KOHC -- Kohat Cement
Post by: stuka on May 05, 2016, 03:17:19 PM
current worth iski 300 se km nahi. i am adding on dips.... hope to sell it 300 plus till final result, 6 rupee ka dividend b milna ha abhi
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 05, 2016, 03:36:44 PM
current worth iski 300 se km nahi. i am adding on dips.... hope to sell it 300 plus till final result, 6 rupee ka dividend b milna ha abhi

agree.. its a good stock and a definite hold
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 06, 2016, 02:00:03 PM
http://www.kohatcement.com/pdf_files/reports/635975659469913966_Kohat_Cement_3rd_Quarterly.pdf

As per directors report

On Going Projects

Waste Heat Recovery Power Project (WHRPP) – WHRPP has
started generating electricity from 1st April 2016;
which shall
substantially reduce the electricity costs and shall further
enhance the profitability of the company.

105 tph Cement Mill – LC for the cement mill has been
established and imported part of the cement mill shall reach
Pakistan by March 2017, whereas Civil works shall commence
shortly and the mill is expected to be operational by Dec 2017.

Impact of WHR is not included in earnings of this qtr  :biggthumpup:



have invested another 420 million in property
 uuu

Are they buying land for expansion??  :skeptic:  :confused1:
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 06, 2016, 02:16:59 PM
no, for satta
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 06, 2016, 02:46:49 PM
no, for satta

5.6 investments in mutual funds + 1.2 investment property + 1.4 cash in hand.. less 1 billion of long term loan..

They have 7.2 billion of spare assets.. which is gonna increase further due to WHR savings and increased sales.. its almost equal to the current WDV of all their PPE..  :rtfm: what are they gonna do with these piles of spare cash.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 06, 2016, 03:14:31 PM
no, for satta

5.6 investments in mutual funds + 1.2 investment property + 1.4 cash in hand.. less 1 billion of long term loan..

They have 7.2 billion of spare assets.. which is gonna increase further due to WHR savings and increased sales.. its almost equal to the current WDV of all their PPE..  :rtfm: what are they gonna do with these piles of spare cash.

saving for expansion
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 06, 2016, 03:15:24 PM
part of it will be used to pay for the replacement of old cement grinding mill of around 0.8mtpa
Title: Re: KOHC -- Kohat Cement
Post by: ally on May 06, 2016, 05:13:39 PM
cost of mill is apparently 650million; would still be left with a lot of surplus; but as SBM mentioned they might be planning expansion.

But the thing is that cash flow is expected to stay strong in the coming four to six quarters; anyways lets c what they have to offer in the coming weeks and months.

Cement sector should stay good for foreseeable future; major drop in exports remains risk; local numbers are also all time high not sure how if this is sustainable for an extended period.

Q2 mann ramzan b hy!!!!
Title: Re: KOHC -- Kohat Cement
Post by: Farhan Kermani on May 08, 2016, 01:48:10 PM
no, for satta

5.6 investments in mutual funds + 1.2 investment property + 1.4 cash in hand.. less 1 billion of long term loan..

They have 7.2 billion of spare assets.. which is gonna increase further due to WHR savings and increased sales.. its almost equal to the current WDV of all their PPE..  :rtfm: what are they gonna do with these piles of spare cash.

Not pay dividend atleast, lol

saving for expansion
Title: Re: KOHC -- Kohat Cement
Post by: Abna on May 09, 2016, 11:06:44 AM
yeh kun daily neechey aa raha hay. huhu..seniors??
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 09, 2016, 11:29:42 AM
yeh kun daily neechey aa raha hay. huhu..seniors??

its on support region right now..should complete its corrective move here.
Title: Re: KOHC -- Kohat Cement
Post by: sars333 on May 09, 2016, 01:01:02 PM
In such a positive market this is coming down drastically  ...there must be some news ...... almost lost 10% over last 10 days  :confused1:
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 09, 2016, 01:33:23 PM
In such a positive market this is coming down drastically  ...there must be some news ...... almost lost 10% over last 10 days  :confused1:

most plausible reason is recent selling of around 50,000 shares by one director.. this putting pressure on companys stock..but to me seems like a ploy by insiders to accumulate..  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 10, 2016, 12:25:42 PM
Even the crap dcl, fectc.. is trading more expensive than this .. chal jaa...beghairat.. huhu

seems like it forgot that it makes cement too    :tongue:
Title: Re: KOHC -- Kohat Cement
Post by: Farhan Kermani on May 10, 2016, 01:15:03 PM
KOHC is one of thoese shares that moves separately of the market. it can take a huge dip in a very bullish market and vice versa. But its a great share to keep.
Title: Re: KOHC -- Kohat Cement
Post by: stuka on May 10, 2016, 01:49:24 PM
negotiated selling ha kisi ki trf se. jaisy he khtm ho gi north bound journey shru h jaye gi.
Title: Re: KOHC -- Kohat Cement
Post by: stuka on May 11, 2016, 03:00:58 PM
is sari rally mai apna maza to is kmbakht nay kir kira kr dia ha. strong hold ha 300 se km nahi bechna
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 11, 2016, 03:52:51 PM
Relative underperformance amid improving outlook; Buy
We believe the recent underperformance of the Kohat Cement Company Limited (KOHC) scrip
by 15.7% over past 3-mths relative to sector provides a good entry point for the investors.
While the 3QFY16 earnings of PRs7.93/sh were close to our expectations of PRs8.1/sh, we
continue to have a positive earnings outlook. Our conviction in the stock is based on; (1) lower
capacity utilization (2) improving operational efficiencies where the company has started
producing from old line as well since Feb-16, and (3) further expected jump in margins from
4QFY16 and beyond on the back of power cost savings through Waste Heat Recovery
(operational since Apr-16). Trading at an attractive FY17E P/E of 7.48x, 15% discount to sector
average, we reiterate our Buy call on the stock with a DCF-based PO of PRs303 (22% upside).

http://www.kasbdirect.com/downloads/research/MS10-05-16.pdf
Title: Re: KOHC -- Kohat Cement
Post by: stuka on May 11, 2016, 04:05:31 PM
Relative underperformance amid improving outlook; Buy
We believe the recent underperformance of the Kohat Cement Company Limited (KOHC) scrip
by 15.7% over past 3-mths relative to sector provides a good entry point for the investors.
While the 3QFY16 earnings of PRs7.93/sh were close to our expectations of PRs8.1/sh, we
continue to have a positive earnings outlook. Our conviction in the stock is based on; (1) lower
capacity utilization (2) improving operational efficiencies where the company has started
producing from old line as well since Feb-16, and (3) further expected jump in margins from
4QFY16 and beyond on the back of power cost savings through Waste Heat Recovery
(operational since Apr-16). Trading at an attractive FY17E P/E of 7.48x, 15% discount to sector
average, we reiterate our Buy call on the stock with a DCF-based PO of PRs303 (22% upside).

http://www.kasbdirect.com/downloads/research/MS10-05-16.pdf

ye tp to final result tk ki lgti ha. december end tk to 320 easily cross kr jaye ga imho
Title: Re: KOHC -- Kohat Cement
Post by: stuka on May 17, 2016, 03:19:37 PM
kon itni selling kr raha ha ismai  huhu huhu  :confused1: :confused1:
Title: Re: KOHC -- Kohat Cement
Post by: Oddest on May 17, 2016, 04:54:08 PM
kon itni selling kr raha ha ismai  huhu huhu  :confused1: :confused1:

It seems that the downward trend will continue a little more. Lower band seem to be 233.4. It should complete its correction before this level. And might bounce back but recovery would be short lived, then there will be a consolidation period to follow.

So Good luck!
Title: Re: KOHC -- Kohat Cement
Post by: zelmc on May 17, 2016, 04:57:13 PM
Hopefully selling would subside tomorrow or day after. Technically, it is oversold now and can rebound any time.
Title: Re: KOHC -- Kohat Cement
Post by: Atif1 on May 17, 2016, 10:10:47 PM
today gora sold 300k shares @245 in off mkt, and in regular mkt a lot of around 100k traded at 245 :console:
Title: Re: KOHC -- Kohat Cement
Post by: stuka on May 18, 2016, 12:29:01 AM
@sbm what do you suggest bharty rehna chahiye dip per??? foreign selling ha no change in fundamentals.... aik or share off load kr k KOHC or add krny ka irada ha. ::) ::)
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 18, 2016, 12:56:33 AM
@sbm what do you suggest bharty rehna chahiye dip per??? foreign selling ha no change in fundamentals.... aik or share off load kr k KOHC or add krny ka irada ha. ::) ::)

fundamentals are strong but i feel the way market has treated cements in the past few weeks i think there will be some adverse developments in the sector in the next budget
lets c
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 18, 2016, 01:13:28 AM
today gora sold 300k shares @245 in off mkt, and in regular mkt a lot of around 100k traded at 245 :console:

Banks have bought. They are more shrewd than foreigners.
Title: Re: KOHC -- Kohat Cement
Post by: stuka on May 18, 2016, 05:11:35 PM
@sbm what do you suggest bharty rehna chahiye dip per??? foreign selling ha no change in fundamentals.... aik or share off load kr k KOHC or add krny ka irada ha. ::) ::)

fundamentals are strong but i feel the way market has treated cements in the past few weeks i think there will be some adverse developments in the sector in the next budget
lets c


as such koi proposal to nahi i abhi. lets hope for the better.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 18, 2016, 08:09:52 PM
@sbm what do you suggest bharty rehna chahiye dip per??? foreign selling ha no change in fundamentals.... aik or share off load kr k KOHC or add krny ka irada ha. ::) ::)

fundamentals are strong but i feel the way market has treated cements in the past few weeks i think there will be some adverse developments in the sector in the next budget
lets c


as such koi proposal to nahi i abhi. lets hope for the better.

"Rumors of PKR25/bag FED being imposed on cement bags kept the sector under pressure"
hmfs
Title: Re: KOHC -- Kohat Cement
Post by: Atif1 on May 19, 2016, 10:41:50 AM
@sbm what do you suggest bharty rehna chahiye dip per??? foreign selling ha no change in fundamentals.... aik or share off load kr k KOHC or add krny ka irada ha. ::) ::)

fundamentals are strong but i feel the way market has treated cements in the past few weeks i think there will be some adverse developments in the sector in the next budget
lets c


as such koi proposal to nahi i abhi. lets hope for the better.

"Rumors of PKR25/bag FED being imposed on cement bags kept the sector under pressure"
hmfs

I think rising oil prices has a direct relation to coal prices which are also rising, that leads to margin shrinkage, that's one more probable cause of cement weakness
Title: Re: KOHC -- Kohat Cement
Post by: sars333 on May 25, 2016, 01:40:28 PM
buy hold or sell?????? uuu
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 25, 2016, 03:26:50 PM
buy hold or sell?????? uuu


 
Elixir Insight

Kohat Cement Company Limited
Discounted Valuations to Garner Traction
KOHC lately has been a laggard at the bourse, underperforming the broader market and Elixir Cement Universe by 17% and 12% in 2QTD respectively. We believe relative underperformance of the stock is unwarranted specifically in the backdrop of robust margins emanating from i) lower fuel costs, ii) increased reliance on cheaper captive generation and iii) commissioning of WHR in 4Q.
KOHC reported exceptional margins of 49% during 3Q with bottom line expanding by 42% YoY. We believe the same momentum to continue into 4Q as well on account of subdued coal and energy prices. Additionally, KOHC has also operationalized its old line during 3Q with capacity utilization improving by 12pp YoY and 9pp QoQ during the quarter
KOHC currently trades at an attractive FY17 PER of 7.3x, a steep discount of 29% to Elixir Cement Universe’s multiple where the stock offers an upside of 37% to last closing along with a dividend yield of 7% to our Dec-16 PT of PKR332/sh. Maintain BUY!
Title: Re: KOHC -- Kohat Cement
Post by: MZ on May 25, 2016, 10:17:18 PM
In our today's morning briefing we would discuss the performance of Kohat Cement Company Limited (KOHC) in 9MFY16.
Primarily on back of increased volumetric sales, lower coal prices, and reduced energy prices, the cumulative profit after taxation (PAT) of KOHC reached Rs 3,327 million (EPS: Rs 21.53) in 9MFY16 resulting in a 49% YoY growth when compared to a PAT of Rs 2,231 million (EPS: Rs 14.44) in 9MFY15. However on QoQ basis the bottom-line posted a 6% growth in 3QFY16 to Rs 1,226 million (EPS: Rs 7.93) versus a PAT of Rs 1,156 million (EPS: Rs 7.48) in 2QFY16. This growth was mainly attributed to reduced cost of goods sold due to lower coal and electricity prices. However decline in net revenue restricted the growth.
The net revenue of the company increased by 23% YoY in 9MFY16 to Rs 10,780 million as against Rs 8,795 million in the identical period in FY15. This was on back of increased sales volume. On the other side, cost of sales witnessed a limited surge of 3% YoY during the period under review owing to reduced coal prices and further cheap electricity generation from company's captive power plant. Therefore gross profit jumped by 58% YoY in 9MFY16 to Rs 4,923 million as against Rs 3,119 million in 9MFY15. Similarly gross profit margin elevated to 45.7% in 9MFY16 versus 35.5% in 9MFY15.

WE Financial Services Limited
Title: Re: KOHC -- Kohat Cement
Post by: Abna on May 25, 2016, 10:33:59 PM
so much positivity..then why it is heading south... huhu uuu
Title: Re: KOHC -- Kohat Cement
Post by: Arif Nadeem on May 26, 2016, 12:22:09 AM
In our today's morning briefing we would discuss the performance of Kohat Cement Company Limited (KOHC) in 9MFY16.
Primarily on back of increased volumetric sales, lower coal prices, and reduced energy prices, the cumulative profit after taxation (PAT) of KOHC reached Rs 3,327 million (EPS: Rs 21.53) in 9MFY16 resulting in a 49% YoY growth when compared to a PAT of Rs 2,231 million (EPS: Rs 14.44) in 9MFY15. However on QoQ basis the bottom-line posted a 6% growth in 3QFY16 to Rs 1,226 million (EPS: Rs 7.93) versus a PAT of Rs 1,156 million (EPS: Rs 7.48) in 2QFY16. This growth was mainly attributed to reduced cost of goods sold due to lower coal and electricity prices. However decline in net revenue restricted the growth.
The net revenue of the company increased by 23% YoY in 9MFY16 to Rs 10,780 million as against Rs 8,795 million in the identical period in FY15. This was on back of increased sales volume. On the other side, cost of sales witnessed a limited surge of 3% YoY during the period under review owing to reduced coal prices and further cheap electricity generation from company's captive power plant. Therefore gross profit jumped by 58% YoY in 9MFY16 to Rs 4,923 million as against Rs 3,119 million in 9MFY15. Similarly gross profit margin elevated to 45.7% in 9MFY16 versus 35.5% in 9MFY15.

WE Financial Services Limited
Should expect an EPS around Rs 30 and a TP of Rs 350.Patience is the key.August is not very far away for an invester.Just hold if you can.
Title: Re: KOHC -- Kohat Cement
Post by: Abna on May 26, 2016, 10:06:28 AM
@Arif .. :thanks:
Title: Re: KOHC -- Kohat Cement
Post by: Arif Nadeem on May 30, 2016, 09:37:37 AM
In our today's morning briefing we would discuss the performance of Kohat Cement Company Limited (KOHC) in 9MFY16.
Primarily on back of increased volumetric sales, lower coal prices, and reduced energy prices, the cumulative profit after taxation (PAT) of KOHC reached Rs 3,327 million (EPS: Rs 21.53) in 9MFY16 resulting in a 49% YoY growth when compared to a PAT of Rs 2,231 million (EPS: Rs 14.44) in 9MFY15. However on QoQ basis the bottom-line posted a 6% growth in 3QFY16 to Rs 1,226 million (EPS: Rs 7.93) versus a PAT of Rs 1,156 million (EPS: Rs 7.48) in 2QFY16. This growth was mainly attributed to reduced cost of goods sold due to lower coal and electricity prices. However decline in net revenue restricted the growth.
The net revenue of the company increased by 23% YoY in 9MFY16 to Rs 10,780 million as against Rs 8,795 million in the identical period in FY15. This was on back of increased sales volume. On the other side, cost of sales witnessed a limited surge of 3% YoY during the period under review owing to reduced coal prices and further cheap electricity generation from company's captive power plant. Therefore gross profit jumped by 58% YoY in 9MFY16 to Rs 4,923 million as against Rs 3,119 million in 9MFY15. Similarly gross profit margin elevated to 45.7% in 9MFY16 versus 35.5% in 9MFY15.

WE Financial Services Limited
Should expect an EPS around Rs 30 and a TP of Rs 350.Patience is the key.August is not very far away for an invester.Just hold if you can.
KOHC LAAO
Title: Re: KOHC -- Kohat Cement
Post by: mister.asif on May 30, 2016, 11:05:39 AM
Hmm..fauji plant destruction is a huge boost for kohat cement sales...
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 30, 2016, 11:45:24 AM
ab kia doosray plants ki barbaadi pe he ooper jaega.. manhoos..
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 30, 2016, 12:57:27 PM
ab kia doosray plants ki barbaadi pe he ooper jaega.. manhoos..

ismein manhoosiat ki kia baat hai ?
 
they are benefiting from poor maintenance practices at a competitor ..
Title: Re: KOHC -- Kohat Cement
Post by: sars333 on May 30, 2016, 01:11:01 PM
 ;)
Title: Re: KOHC -- Kohat Cement
Post by: Farhan Kermani on May 30, 2016, 01:15:23 PM
ab kia doosray plants ki barbaadi pe he ooper jaega.. manhoos..

ismein manhoosiat ki kia baat hai ?
 
they are benefiting from poor maintenance practices at a competitor ..

Poor maintenance is a big question mark. This could have been a catastrophe in terms of human lives. The plant iitself was new and very safe.
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on May 30, 2016, 01:25:56 PM
ab kia doosray plants ki barbaadi pe he ooper jaega.. manhoos..

ismein manhoosiat ki kia baat hai ?
 
they are benefiting from poor maintenance practices at a competitor ..

By manhoos, I mean the looser who was selling it in bulk since last few days..and no one was ready to purchase it, the fundamentals were strong even then. Ab dubara aagey khareednay
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 30, 2016, 01:57:40 PM
ab kia doosray plants ki barbaadi pe he ooper jaega.. manhoos..

ismein manhoosiat ki kia baat hai ?
 
they are benefiting from poor maintenance practices at a competitor ..

Poor maintenance is a big question mark. This could have been a catastrophe in terms of human lives. The plant iitself was new and very safe.

yes, we can see how safe it was ... naya hua tu kia hota hai ? if its not  constructed properly ...
Title: Re: KOHC -- Kohat Cement
Post by: Arif Nadeem on June 02, 2016, 12:23:44 PM
ab kia doosray plants ki barbaadi pe he ooper jaega.. manhoos..

ismein manhoosiat ki kia baat hai ?
 
they are benefiting from poor maintenance practices at a competitor ..
By manhoos, I mean the looser who was selling it in bulk since last few days..and no one was ready to purchase it, the fundamentals were strong even then. Ab dubara aagey khareednay
Slow and steady will win the race.
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on June 02, 2016, 12:45:05 PM
ab kia doosray plants ki barbaadi pe he ooper jaega.. manhoos..

ismein manhoosiat ki kia baat hai ?
 
they are benefiting from poor maintenance practices at a competitor ..
By manhoos, I mean the looser who was selling it in bulk since last few days..and no one was ready to purchase it, the fundamentals were strong even then. Ab dubara aagey khareednay
Slow and steady will win the race.

its not slow, its dead bro.
Title: Re: KOHC -- Kohat Cement
Post by: Ahmed786 on June 02, 2016, 04:54:41 PM
ab kia doosray plants ki barbaadi pe he ooper jaega.. manhoos..

ismein manhoosiat ki kia baat hai ?
 
they are benefiting from poor maintenance practices at a competitor ..
By manhoos, I mean the looser who was selling it in bulk since last few days..and no one was ready to purchase it, the fundamentals were strong even then. Ab dubara aagey khareednay
Slow and steady will win the race.

its not slow, its dead bro.

It is the most under rated share in cement sector. Last quarter eps expected to Rs. 9-10 total EPS Rs. 30 if P/E of minimum 10. it will be 300 by any time. It is in process of upgrading and also has the largest spare capacity & strong financial position.  :fingerscrossed1:
Title: Re: KOHC -- Kohat Cement
Post by: Arif Nadeem on June 06, 2016, 11:21:35 AM
ab kia doosray plants ki barbaadi pe he ooper jaega.. manhoos..

ismein manhoosiat ki kia baat hai ?
 
they are benefiting from poor maintenance practices at a competitor ..
By manhoos, I mean the looser who was selling it in bulk since last few days..and no one was ready to purchase it, the fundamentals were strong even then. Ab dubara aagey khareednay
Slow and steady will win the race.

its not slow, its dead bro.
KOHC laooooooooooooo..........300
Title: Re: KOHC -- Kohat Cement
Post by: sarmad26 on June 06, 2016, 12:32:03 PM
ab kia doosray plants ki barbaadi pe he ooper jaega.. manhoos..

ismein manhoosiat ki kia baat hai ?
 
they are benefiting from poor maintenance practices at a competitor ..
By manhoos, I mean the looser who was selling it in bulk since last few days..and no one was ready to purchase it, the fundamentals were strong even then. Ab dubara aagey khareednay
Slow and steady will win the race.

its not slow, its dead bro.
KOHC laooooooooooooo..........300

Jaldi karo 300 bhai...doosri jaga b jana ha  :tongue:
Title: Re: KOHC -- Kohat Cement
Post by: stuka on June 06, 2016, 04:41:34 PM
MashaAllah gud going
Title: Re: KOHC -- Kohat Cement
Post by: ksenewb on June 06, 2016, 06:33:13 PM
so far so good.. but theres really strong resistance at 280.
Title: Re: KOHC -- Kohat Cement
Post by: momo on June 07, 2016, 08:14:07 AM
Missed a chance to buy it as I was waiting for other stocks to appreciate. Hopefully it'll give another opportunity to accumulate.
Title: Re: KOHC -- Kohat Cement
Post by: stuka on July 25, 2016, 10:09:18 PM
280 se wapis ho jata hr dafa.....
Title: Re: KOHC -- Kohat Cement
Post by: Ahmed786 on July 26, 2016, 10:57:57 AM
280 se wapis ho jata hr dafa.....

It will sure touch 300 soon TP 350 on result
Title: Re: KOHC -- Kohat Cement
Post by: SBM on July 26, 2016, 03:50:43 PM
280 se wapis ho jata hr dafa.....

It will sure touch 300 soon TP 350 on result

it really should cross 300
it has tried to cross 275-285 range thrice and has failed
but everytime the low has been higher than before
lets c
Title: Re: KOHC -- Kohat Cement
Post by: stuka on July 27, 2016, 10:55:11 PM
saray cement chaltay per bc ye he nahi chalta. every major house has kohc as top picks the other is pioc
Title: Re: KOHC -- Kohat Cement
Post by: SBM on July 27, 2016, 11:18:35 PM
saray cement chaltay per bc ye he nahi chalta. every major house has kohc as top picks the other is pioc

pioc is up 50%
kohc is up 10% this year i think
chawal stock
it will move eventually
Title: Re: KOHC -- Kohat Cement
Post by: stuka on July 28, 2016, 04:39:25 PM
lgta ha is ka cement mahinay baad Charss bn jata ha...    really pathetic not moving at all. baichna annual k baad he ha per. frustrate bht krta ye
Title: Re: KOHC -- Kohat Cement
Post by: stuka on August 04, 2016, 02:43:45 PM
 :[ :[ :[ huhu huhu huhu
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on August 09, 2016, 03:11:13 PM
KOHC set to outshine its peers in 4Q, reiterate Buy!
 
We believe, Kohat Cement Company Limited (KOHC) is set to outperform its peers on 4QFY16 earnings growth with an EPS of PRs8.45/sh (up 6% QoQ), leading to FY16E earnings of PRs29.96/sh (a massive jump of 39% YoY, albeit due to low base).
Two major factors including: (1) power cost saving from commissioning of 15MW Waste Heat recovery (WHR) from Apr-16, and (2) one-time tax benefit from 10% credit on ~PRs2bn cost of BMR in terms of WHR, are expected to more than offset the drag on earnings from imposition of super tax (3%).
KOHC currently trades at an attractive FY17E P/E of 8.03x (15% discount to KASB cement universe). We reiterate our Buy call on KOHC, one of our top picks in KASB cement universe, with a DCF-based PO of PRs303
 
See the Morning Shout dated August 9, 2016, on http://www.kasbdirect.com/downloads/research/MS09-08-16.pdf for details.
Title: Re: KOHC -- Kohat Cement
Post by: stuka on August 09, 2016, 04:39:04 PM
KOHC set to outshine its peers in 4Q, reiterate Buy!
 
We believe, Kohat Cement Company Limited (KOHC) is set to outperform its peers on 4QFY16 earnings growth with an EPS of PRs8.45/sh (up 6% QoQ), leading to FY16E earnings of PRs29.96/sh (a massive jump of 39% YoY, albeit due to low base).
Two major factors including: (1) power cost saving from commissioning of 15MW Waste Heat recovery (WHR) from Apr-16, and (2) one-time tax benefit from 10% credit on ~PRs2bn cost of BMR in terms of WHR, are expected to more than offset the drag on earnings from imposition of super tax (3%).
KOHC currently trades at an attractive FY17E P/E of 8.03x (15% discount to KASB cement universe). We reiterate our Buy call on KOHC, one of our top picks in KASB cement universe, with a DCF-based PO of PRs303
 

but it is going down day by day??? each time 280 se wapis ho jata. koi insideto news per to nahi sell kri ja raha??? hold ha. 280 per sell nahi kia now its back to 260
See the Morning Shout dated August 9, 2016, on http://www.kasbdirect.com/downloads/research/MS09-08-16.pdf for details.

Title: Re: KOHC -- Kohat Cement
Post by: momo on August 11, 2016, 02:04:52 AM
Seems like a good price to buy.
Title: Re: KOHC -- Kohat Cement
Post by: atif Bajwa on August 12, 2016, 09:45:17 AM
Seems like a good price to buy.

Yes , good time to buy as its future is bright as its results expected to be very good
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on August 25, 2016, 12:28:32 PM
KOHC: FY16 earnings expected at PKR27.5/sh, up 28YoY
We expect Kohat Cement Company Limited (KOHC) to report earnings of PKR4.3bn (EPS: PKR27.5) in FY16 against PKR3.3bn (EPS: PKR21.5) reported in FY15. The 28%YoY growth in earnings will be primarily driven by i) 13%YoY growth in revenue following dispatch growth and ii) 8.4ppsYoY margin expansion following shift of company’s power reliance from grid to captive generation on FO.

bma
Title: Re: KOHC -- Kohat Cement
Post by: atif Bajwa on August 29, 2016, 02:07:37 PM
KOHC: FY16 earnings expected at PKR27.5/sh, up 28YoY
We expect Kohat Cement Company Limited (KOHC) to report earnings of PKR4.3bn (EPS: PKR27.5) in FY16 against PKR3.3bn (EPS: PKR21.5) reported in FY15. The 28%YoY growth in earnings will be primarily driven by i) 13%YoY growth in revenue following dispatch growth and ii) 8.4ppsYoY margin expansion following shift of company’s power reliance from grid to captive generation on FO.

bma

Buy Call for KOHC good result expected upword movement will be 315 in short term
Title: Re: KOHC -- Kohat Cement
Post by: sarmad26 on August 29, 2016, 02:16:28 PM
KOHC: FY16 earnings expected at PKR27.5/sh, up 28YoY
We expect Kohat Cement Company Limited (KOHC) to report earnings of PKR4.3bn (EPS: PKR27.5) in FY16 against PKR3.3bn (EPS: PKR21.5) reported in FY15. The 28%YoY growth in earnings will be primarily driven by i) 13%YoY growth in revenue following dispatch growth and ii) 8.4ppsYoY margin expansion following shift of company’s power reliance from grid to captive generation on FO.

bma

Buy Call for KOHC good result expected upword movement will be 315 in short term

I got in too few days back...will be in it till result
Title: Re: KOHC -- Kohat Cement
Post by: rashid.Maria on August 29, 2016, 08:50:24 PM
Ais nai kab chalna hai
Title: Re: KOHC -- Kohat Cement
Post by: rashid.Maria on August 30, 2016, 11:04:12 AM
Yai kab chala ga
Title: Re: KOHC -- Kohat Cement
Post by: sarmad26 on August 30, 2016, 11:48:35 AM
Sabar karain...
Title: Re: KOHC -- Kohat Cement
Post by: rashid.Maria on August 30, 2016, 03:56:03 PM
Kohat cement ki board meeting kab hai plz guide
Title: Re: KOHC -- Kohat Cement
Post by: sarmad26 on August 30, 2016, 04:16:39 PM
Kohat cement ki board meeting kab hai plz guide

1st Sept 11am
Title: Re: KOHC -- Kohat Cement
Post by: rashid.Maria on August 30, 2016, 09:46:21 PM
In our today's morning briefing we would discuss the performance of Kohat Cement Company Limited (KOHC) in 9MFY16.
Primarily on back of increased volumetric sales, lower coal prices, and reduced energy prices, the cumulative profit after taxation (PAT) of KOHC reached Rs 3,327 million (EPS: Rs 21.53) in 9MFY16 resulting in a 49% YoY growth when compared to a PAT of Rs 2,231 million (EPS: Rs 14.44) in 9MFY15. However on QoQ basis the bottom-line posted a 6% growth in 3QFY16 to Rs 1,226 million (EPS: Rs 7.93) versus a PAT of Rs 1,156 million (EPS: Rs 7.48) in 2QFY16. This growth was mainly attributed to reduced cost of goods sold due to lower coal and electricity prices. However decline in net revenue restricted the growth.
The net revenue of the company increased by 23% YoY in 9MFY16 to Rs 10,780 million as against Rs 8,795 million in the identical period in FY15. This was on back of increased sales volume. On the other side, cost of sales witnessed a limited surge of 3% YoY during the period under review owing to reduced coal prices and further cheap electricity generation from company's captive power plant. Therefore gross profit jumped by 58% YoY in 9MFY16 to Rs 4,923 million as against Rs 3,119 million in 9MFY15. Similarly gross profit margin elevated to 45.7% in 9MFY16 versus 35.5% in 9MFY15.

WE Financial Services Limited
Should expect an EPS around Rs 30 and a TP of Rs 350.Patience is the key.August is not very far away for an invester.Just hold if you can.

Bhai result mai only one day left mager ais mai koi movement nahi hu rahi
Title: Re: KOHC -- Kohat Cement
Post by: rashid.Maria on August 31, 2016, 02:45:26 PM
Chal par
Title: Re: KOHC -- Kohat Cement
Post by: rashid.Maria on September 01, 2016, 01:15:44 PM
Down
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 01, 2016, 03:46:03 PM
assholes
1 rupee dividend with full year result
28.53 eps
 huhu huhu huhu huhu huhu

https://www.psx.com.pk/newsattachment/085693.pdf
Title: Re: KOHC -- Kohat Cement
Post by: stuka on September 01, 2016, 03:46:53 PM
http://www.pakinvestorsguide.com/index.php?action=post;topic=10.540;last_msg=264011

WTF dividend 1 rupee only....... ya koi mistake ho gai........
Title: Re: KOHC -- Kohat Cement
Post by: Moazzam on September 01, 2016, 03:47:27 PM
Annual EPS - RS 28.53 per share , Final Dividend 10%

Directors report and announcment detail: https://www.psx.com.pk/newsattachment/085693.pdf



Material Information: BOD has directed the managment to explore the opportunities for setting a green filed production line of upto 2.3 million tons per annum.

https://www.psx.com.pk/newsattachment/085696.pdf
Title: Re: KOHC -- Kohat Cement
Post by: stuka on September 01, 2016, 03:48:19 PM
itnay paisay BC company kahan lay kr janay hain?? huhu huhu huhu :[ :[
Title: Re: KOHC -- Kohat Cement
Post by: Zamid on September 01, 2016, 03:52:38 PM
Worst... Unexpected payout....  huhu huhu
Title: Re: KOHC -- Kohat Cement
Post by: stuka on September 01, 2016, 03:56:10 PM
BC dividend to aisy nahi dia jaisay kal se he sb lg janay expansion per. abhi planning b nahi hui k kya krna or bc dividend nahi dia.
Title: Re: KOHC -- Kohat Cement
Post by: Moazzam on September 01, 2016, 03:58:08 PM
In my view, company has preferred to finance the 105 tph new mill by cutting dividends. The new mill is in Installation phase and will be completed by December 2017, . 
Title: Re: KOHC -- Kohat Cement
Post by: sarmad26 on September 01, 2016, 03:59:48 PM
Muje tou apne ap par pehle hi bharosa tha  :D

This is the fifth company this season  :tongue:
Title: Re: KOHC -- Kohat Cement
Post by: rashid.Maria on September 01, 2016, 04:06:18 PM
http://www.pakinvestorsguide.com/index.php?action=post;topic=10.540;last_msg=264011

WTF dividend 1 rupee only....... ya koi mistake ho gai........

SBM Bhai down kha tak jai ga
Title: Re: KOHC -- Kohat Cement
Post by: stuka on September 01, 2016, 04:15:09 PM
Muje tou apne ap par pehle hi bharosa tha  :D

This is the fifth company this season  :tongue:

bhai aap bta do or kon kon c company per mubarak hath hain aap k?????   :D :D :D
Title: Re: KOHC -- Kohat Cement
Post by: ra3kal on September 01, 2016, 04:16:05 PM
Possible/likely new Expansion announced and its above market market expectation expect one brokerage house which expected EPS of Rs29.5.
I thks its a good result
Title: Re: KOHC -- Kohat Cement
Post by: sarmad26 on September 01, 2016, 04:18:47 PM
Muje tou apne ap par pehle hi bharosa tha  :D

This is the fifth company this season  :tongue:

bhai aap bta do or kon kon c company per mubarak hath hain aap k?????   :D :D :D

SAZEW, MUGHAL and ASTL the next targets  :tongue:
Title: Re: KOHC -- Kohat Cement
Post by: sarmad26 on September 01, 2016, 04:23:34 PM
Jokes aside...On the price of 272, 28.53 makes PE ratio of 9.53...isnt still under valued?
Title: Re: KOHC -- Kohat Cement
Post by: stuka on September 01, 2016, 04:27:17 PM
bht arsy se under value ha. tp 300+ ki ha bht time se. but not moving now no dividend will take hit definitely ab long hold krna parna. pehly he itni dair se hold tha
 
Title: Re: KOHC -- Kohat Cement
Post by: DR.MADAN LAL on September 01, 2016, 04:42:43 PM
BAJAA DI SALOON NE  :thumbsdown_anim: huhu uuu
Title: Re: KOHC -- Kohat Cement
Post by: stuka on September 01, 2016, 04:48:55 PM
KOHC - 4QFY16 EPS at PKR 7.0/share (?-1%YoY)

·         KOHC announced its FY16 results today, where the company posted earnings of PKR 4.4bn (PKR 28.53/share); up by 33%YoY which was broadly in-line with our estimates of PKR 29.38/share. 4QFY16 earnings of the company clocked in at PKR 1.0bn (PKR 7/share) declining by -1%YoY.

·         Along with the results, the company also announced a cash dividend of PKR 1/share underperforming our estimates of PKR 8/share.

·         During the year, margins of the company accreted by 770bps to 46.3% which is primarily attributable to i) soft coal and power costs and, ii) initiation of 15MW WHRP in 4QFY16.

·         Other than that effective tax rate of the company clocked in at 29% due to availability of tax credit which nullified the impact of one-time super tax.

·         The company is currently exploring opportunity for setting up Greenfield or Brownfield cement line upto 2.3mnTpa which explains the reason of curtailing current payout. Moreover, the company will install its 105TPD cement grinding mill by Dec-17.

·         The stock is currently trading at an undemanding FY17 P/E of 8.5x with our Jun-17 PT of 353/share offering a substantial upside of 27% from its last closing. We maintain our BUY stance on the stock.

Source: Company Accounts, Elixir Research
Title: Re: KOHC -- Kohat Cement
Post by: arshi on September 01, 2016, 06:30:39 PM
Divident wapis le lo......
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 02, 2016, 12:18:38 AM
http://www.pakinvestorsguide.com/index.php?action=post;topic=10.540;last_msg=264011

WTF dividend 1 rupee only....... ya koi mistake ho gai........

SBM Bhai down kha tak jai ga

Jokes aside...On the price of 272, 28.53 makes PE ratio of 9.53...isnt still under valued?

i dont think it will go down a lot
but their dividend policy is f**king annoying
If capacity utilization increases to 80% + (which it should ), they will post an eps of 30+ so its kind a cheap
that way
i dont know why they gave 1 rupee
wapas rakhlo bhai
Title: Re: KOHC -- Kohat Cement
Post by: Small Investor on September 02, 2016, 12:25:24 AM
Dividend diya hai ya sadqa
Title: Re: KOHC -- Kohat Cement
Post by: SBM on September 02, 2016, 12:27:20 AM
Dividend diya hai ya sadqa

sadqa
 :crying_anim02:
Title: Re: KOHC -- Kohat Cement
Post by: sars333 on September 02, 2016, 12:35:54 AM
http://www.pakinvestorsguide.com/index.php?action=post;topic=10.540;last_msg=264011

WTF dividend 1 rupee only....... ya koi mistake ho gai........

SBM Bhai down kha tak jai ga

Jokes aside...On the price of 272, 28.53 makes PE ratio of 9.53...isnt still under valued?

i dont think it will go down a lot
but their dividend policy is f**king annoying
If capacity utilization increases to 80% + (which it should ), they will post an eps of 30+ so its kind a cheap
that way
i dont know why they gave 1 rupee
wapas rakhlo bhai

 :laugh:
Title: Re: KOHC -- Kohat Cement
Post by: rsuleman on September 02, 2016, 08:58:27 AM
The announced dividend is a token amount and is apparently disappointing and it has created negative sentiments in the market.
However, there are good reasons for it that will add stars to it and hence increased EPS.
KOHC is currently exploring opportunity for setting up cement line of up to annual capacity of 2.3 million tons.
Also, the company will install a 105 ton/day cement grinding mill, by Dec-17.
For retaining the fund for these projects, KOHC could have used some other options, like announcement of bonus shares that would have satisfied common investors.
Still, on curtailment of the dividend negative sentiments are not justified.
Title: Re: KOHC -- Kohat Cement
Post by: momo on September 02, 2016, 10:34:51 AM
http://www.pakinvestorsguide.com/index.php?action=post;topic=10.540;last_msg=264011

WTF dividend 1 rupee only....... ya koi mistake ho gai........

SBM Bhai down kha tak jai ga

Jokes aside...On the price of 272, 28.53 makes PE ratio of 9.53...isnt still under valued?

i dont think it will go down a lot
but their dividend policy is f**king annoying
If capacity utilization increases to 80% + (which it should ), they will post an eps of 30+ so its kind a cheap
that way
i dont know why they gave 1 rupee
wapas rakhlo bhai

 :laugh:

Possibly expansion plans or looking at buyout targets
Title: Re: KOHC -- Kohat Cement
Post by: Farhan Kermani on September 02, 2016, 11:06:34 AM
It seems KOHC is looking into alot of CAPEX, hence the 10% div.
Title: Re: KOHC -- Kohat Cement
Post by: MZ on October 26, 2016, 05:47:24 PM
KOHC: 1QFY17 EPS expected at PKR 5.77/sh, down -6%YoY: Kohat Cement Company Limited is slated to announce its 1QFY17 results on 27 Oct 2016. We expect the company to report NPAT of PKR 891mn (EPS PKR 5.77/share); down by 6%YoY as compared to PKR 943mn (EPS PKR 6.12/share) in the corresponding period last year. The drop in earnings is primarily tepid dispatches, where the company’s sales receded by 70bpsYoY (Local/Export 3/-30%YoY) owing to severe competition from Iranian cement and extended monsoon season in the KPK province. Margins of the company are expected to increase by 126ptsYoY due to installation of WHRP in 4QFY16. Our Jun-17 PT of PKR 353/sh offers a potential capital upside of 46.3% to last closing along with a dividend yield of 6.8%. Maintain BUY!

elixir
Title: Re: KOHC -- Kohat Cement
Post by: MZ on October 27, 2016, 05:58:45 PM
KOHC: Result Review – Earnings up by 5%YoY to PKR 6.42/share

·         Kohat Cement Company Limited (KOHC) just announced its 1QFY17 financial results. The company posted earnings of PKR 991mn (EPS 6.42/sh), up by 5% YoY compared to our estimates of PKR 6.12/share.

·         Along with the results, the company announced a surprise dividend of PKR 4/share.

·         Revenue of the company witnessed an accretion of -1%YoY owing to ~0.7%YoY decline in total dispatches. Gross profit margins expanded by 3.35pp YoY to massive 48% primarily on the back of commissioning of 15MW WHRP.

·         Our Jun-17 PT of PKR 353/sh offers a total return of 55% where the stock is currently trading at FY17/18 PER of 7.8/7.3x. Maintain BUY!
Title: Re: KOHC -- Kohat Cement
Post by: leraningtheropes on October 28, 2016, 09:40:49 AM
Any particular reason why KOHC is trading at slightly lower multiples compared to most of its peers? Looks good to buy, no?
Title: Re: KOHC -- Kohat Cement
Post by: stuka on October 28, 2016, 02:15:53 PM
KOHC: Result Review – Earnings up by 5%YoY to PKR 6.42/share

·         Kohat Cement Company Limited (KOHC) just announced its 1QFY17 financial results. The company posted earnings of PKR 991mn (EPS 6.42/sh), up by 5% YoY compared to our estimates of PKR 6.12/share.

·         Along with the results, the company announced a surprise dividend of PKR 4/share.

·         Revenue of the company witnessed an accretion of -1%YoY owing to ~0.7%YoY decline in total dispatches. Gross profit margins expanded by 3.35pp YoY to massive 48% primarily on the back of commissioning of 15MW WHRP.

·         Our Jun-17 PT of PKR 353/sh offers a total return of 55% where the stock is currently trading at FY17/18 PER of 7.8/7.3x. Maintain BUY!

300 SUNTAY SUNTAY SAAL HO GYA AB 350 KR DI TP PEHLI TO ABHI ACHIEVE KRA DO PLZZZZ
Title: Re: KOHC -- Kohat Cement
Post by: HasanZaheer on November 28, 2016, 11:50:37 AM
KOHC announced two dividends dated 1-sept (Rs. 1) and 27 October (Rs. 4).
I have not received any of them. what about you guys?
Title: Re: KOHC -- Kohat Cement
Post by: SBM on December 06, 2016, 02:54:04 PM
KOHC announced two dividends dated 1-sept (Rs. 1) and 27 October (Rs. 4).
I have not received any of them. what about you guys?

received 1 rupees wala
Title: Re: KOHC -- Kohat Cement
Post by: SBM on December 06, 2016, 02:54:20 PM
itni tezi mein bhi cap na hua  :thumbsdown_anim:
Title: Re: KOHC -- Kohat Cement
Post by: momin234 on December 08, 2016, 04:41:19 PM
itni tezi mein bhi cap na hua  :thumbsdown_anim:

SBM bhai just one word for this laggard

LOL

I strongly feel it is resisting the boom bastic upward move until and unless we hear some official step forward relating to material info shared alongwith the fy 16 annual result
Title: Re: KOHC -- Kohat Cement
Post by: alicima on December 16, 2016, 06:56:53 PM
(http://i64.tinypic.com/1eqmb6.jpg)
Title: Re: KOHC -- Kohat Cement
Post by: stuka on December 30, 2016, 02:36:27 PM
sari duniya chal rhi isay 280 se oper kya lakwa mar jata ha  :confused1: :confused1:
Title: Re: KOHC -- Kohat Cement
Post by: stuka on December 30, 2016, 02:37:06 PM
Attock cement ko daikh ly bnda wo kdr ka kdr chla gya
Title: Re: KOHC -- Kohat Cement
Post by: stuka on December 30, 2016, 04:41:44 PM
sari duniya chal rhi isay 280 se oper kya lakwa mar jata ha  :confused1: :confused1:

 :laugh: :D :D :[ :[
Title: Re: KOHC -- Kohat Cement
Post by: momin234 on December 30, 2016, 05:30:24 PM
itni tezi mein bhi cap na hua  :thumbsdown_anim:

SBM bhai just one word for this laggard

LOL

I strongly feel it is resisting the boom bastic upward move until and unless we hear some official step forward relating to material info shared alongwith the fy 16 annual result

Lao
Title: Re: KOHC -- Kohat Cement
Post by: MZ on December 31, 2016, 10:45:24 PM
We maintain a “HOLD” stance on KOHC with a Dec’17 based TP of PkR299/sh providing an upside of 6% from
the current levels.
? KOHC, similar to PIOC, is more inclined to assist the local market rather than the foreign market. The historical
data reveals that the local and foreign sales mixed share stand at 82% and 18%, respectively . We believe that
the conducive macroeconomic scenario, amid positive cement demand due to the initiation of CPEC based
projects – construction of roads, dams and power plants – promises a safe and secure future for KOHC.
? KOHC is one of the companies that is also planning to acquire DCL’s North Plant (1.13mn MT). As per our
calculations, the acquirement of the North Plant will have a TP impact of ~PkR55.
? The company is also in process of installing 105tph Cement Mill which is expected to come online by the end of
2HFY18. We believe that this capacity enhancement will uplift the bottom line of the company .
? KOHC has also joined the expansion phase in cement sector and is exploring opportunities for setting up either
green-field or brown-field expansion plan of 2.3mn MT . We are of the view that it will be operational by 2HFY19.
? The scrip has appreciated by 17% CYTD, underperforming KSE-100 index return of 45%CYTD. The scrip is
currently trading at a one-year forward P/E of 9.83(x), being undervalued comparative to its peers
Title: Re: KOHC -- Kohat Cement
Post by: alidxb on January 01, 2017, 01:01:21 PM
Kohat Cement: Improved economics of idle capacity amid better demand

·         Rising local demand makes a strong case of operational viability of Kohat Cement (KOHC PA) line-1 (~0.6mn tons). Hence, there is increased possibility for the company to enhance its utilization (current ~77%) going forward to surge towards near industry average (~90% currently) in the north. Besides, material progress on its ~2.3mn tons would further improve company’s prospects (Rs27/sh TP impact). Therefore, despite drop in earnings estimate by 13%/9% in FY17/FY18, we revise upwards our TP to Rs.317/sh as ample capacity would allow the company to cater rising demand.
FS
Title: Re: KOHC -- Kohat Cement
Post by: momin234 on January 04, 2017, 07:58:20 PM
mashaAllah stayed firm like a rock
good volume and settlement ratio.
Title: Re: KOHC -- Kohat Cement
Post by: stuka on February 21, 2017, 05:52:21 PM
kal result day or ye yateemo ki trhan chal rha ha no one interested in it. result daikhty hain kal agay Allah ki marzi
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on February 22, 2017, 11:35:02 AM
KOHC- improved topline to sustain earnings growth
In 1HFY17, we expect KOHC to post earnings of Rs14.02/share, up 3% YoY. We
also expect the company to announce a second interim cash dividend of Rs2/share
taking cumulative 1HFY17 dividend to Rs6/share. In 2QFY17, earnings are
expected to record a jump of 18%/2% QoQ/YoY to Rs7.6/share, on account of
improved topline along with better gross margins as the company utilize its newly
installed 15MW WHR for power generation. Our channel checks suggest that
company relied on grid and WHR mostly for its power needs with minimal reliance
on its FO based Captive Power Plant post 21% QoQ increase in oil prices.

jsgcl
Title: Re: KOHC -- Kohat Cement
Post by: grinina on February 22, 2017, 01:04:40 PM
wao, good result with excellent divided
Title: Re: KOHC -- Kohat Cement
Post by: gandasa on February 22, 2017, 01:14:02 PM
 :dance

to banta hai bhai
Title: Re: KOHC -- Kohat Cement
Post by: momin234 on February 22, 2017, 01:54:15 PM
wow dps of 8 was a surprise
alhamdulilah
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on May 25, 2017, 03:36:51 PM
Kohat Cement Company Limited : Attractive valuations & enticing D/Y; reinstate with Overweight

We reinstate coverage on Kohat Cement Company Limited (KOHC), with an Overweight stance and a TP of PKR315, offering 28% upside from current levels.
Our liking for the scrip is based on: (i) siginificant room to enhance capacity utilization, (ii) improving operational efficiency, (iii) strong financial position, and (iv) attractive valuations with highest dividend yield (7%) in BMA Cement Universe.
Start of operations of grinding mill will allow the company to overcome its supply constraint and stabilize its market share (c 5%).
KOHC trades at a forward FY18E P/E of 8.3x and EV/EBITDA of 4.9x, which is well-below its peers (implying 30%/40% discount, respectively).
Key near-triggers include; (i)) announcement of cash dividend (PKR6/sh expected), (ii) commencement of 0.8mn tons grinding mill, expected to be operational by 2QFY18, and (ii) clarity on company’s previously announced expansion remains a key upside to our estimates.
Re-initiate with Overweight: We reinitiate Kohat Cement Company Limited (KOHC), Pakistan’s sixth largest cement producer by installed capacity, with an Overweight stance and a TP of PKR315, offering 28% upside from current levels. Our liking for the scrip is based on: (i) lower-than-average industry capacity utilization (73% in 9MFY17 vs industry’s 88%) providing room to cater to increasing local demand, (ii) management’s commitment towards improving operational efficiency whereby company has installed a 15MW Waste Heat recovery lately and is now in the process of installing 0.8mn tons grinding mill, (iii) strong financial position, (iv) highest dividend yield (7%) amongst BMA Cement Universe, and (v) attractive valuations (trading at a forward FY18 P/E of 8.3x and EV/EBITDA of 4.9x, which is well-below its peers, implying 30%/40% discount, respectively).

Utilization level all-set to improve with sustainable margins: KOHC’s underutilized capacity implies significant room for volumetric growth amid robust demand outlook. Moreover, company’s sales mix is also gradually tilting towards high margin local sales (83% in FY14 vs 94% in 9MFY17), which is expected to improve retention prices given increasing pricing power of local players amid constrained supply in the next two years. We expect utilization levels to improve (86% till FY19E) along with sustainable margins (cash-basis) of 45% over the next two years, given number of projects undergone/currently in progress by the company, including:

#1 Upcoming grinding mill: KOHC is in the process of installing a 0.9mn tons Chinese-made grinding ball mill on its existing cement line to improve its production efficiency. The project, entailing a total cost of PKR750mn, is likely to be operational by 2QFY18. In terms of work progress, the required machinery and equipments have been imported and installation and erection is currently in process. The company is also likely to book a 10% tax credit on the BMR incurred (~PKR75mn) in FY18.

#2 Commencement of production from old-line: In order to take maximum benefit of increasing demand, KOHC restarted production from its old line (0.6mn tpa) after 7-yrs from Feb-16 thus alleviating investors’ concern on the company’s ability to further increase the utilization levels.

#3 15MW Waste Heat Recovery (WHR) installation: The company also installed a 15MW WHR in Apr-16, thus reducing its reliance on grid energy and improving its margins in the wake of increasing commodity prices. The company’s power mix now comprises of a 22.6MW FO-based Captive power plant, 15MW WHR and grid catering to its power requirement of 30-35MW in a cost-efficient manner.

Strong financial muscles: KOHC maintains an impressive financial position with PKR6.7bn in cash and cash equivalents (18% of the market cap, PKR44/sh) as of 9MFY17. EBITDA generation of KOHC is also expected to remain strong at PKR6-7bn per annum over the next three years. Moreover, it has strategic long-term investments in real-estate (reported market value PKR3.06bn), which is expected to generate capital gains from price appreciation. That said, in absence of any development on previously announced expansion plan (2.3mn tons Punjab-based expansion plan announced in FY16, however, the company is unable to secure mining lease till date), the management appears to have changed their dividend policy to compensate investors (as evident from payout of PKR12/sh up to 9MFY17 as against PKR5/sh during the same period last year). We expect the payout to remain at an average of 50%, going forward.

Key risks: Key risks to our thesis include: (1) greater than expected inefficiency of old line (base case: 15% inefficiency relative to new line), (2) inability to expand capacity in a timely manner leading to loss of market share, (3) sharp surge in coal prices, and (4) greater than expected PKR/USD devaluation.

bma
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 25, 2017, 05:02:27 PM
i bought more today
KOHC & gwlc are the cheapest cements ... gwlc has stronger growth potential in the longer run ( proper expansion ) while kohc has the strongest balance sheet in the sector after luck
Title: Re: KOHC -- Kohat Cement
Post by: momin234 on May 25, 2017, 05:58:19 PM
i bought more today
KOHC & gwlc are the cheapest cements ... gwlc has stronger growth potential in the longer run ( proper expansion ) while kohc has the strongest balance sheet in the sector after luck

Kohc s disptch numbers have been pathetic
In the last month they ve lost export about 90+% which will continue considering pak-afg tension and border situation also the worst part was they ve managed to show a decline in their domestic dispatches as wel yoy so i ll wait untill the dust clears
Title: Re: KOHC -- Kohat Cement
Post by: stuka on May 25, 2017, 08:51:22 PM
i bought more today
KOHC & gwlc are the cheapest cements ... gwlc has stronger growth potential in the longer run ( proper expansion ) while kohc has the strongest balance sheet in the sector after luck

GWLC is good but I hate KOHC so much that I will never buy it again. Jtna isk chalny k intizar mai rhy kahin or lgy hty to 40 prcnt skin se mil jata.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on May 26, 2017, 10:51:06 AM
i bought more today
KOHC & gwlc are the cheapest cements ... gwlc has stronger growth potential in the longer run ( proper expansion ) while kohc has the strongest balance sheet in the sector after luck

GWLC is good but I hate KOHC so much that I will never buy it again. Jtna isk chalny k intizar mai rhy kahin or lgy hty to 40 prcnt skin se mil jata.

agreed it has been a laggard
expecting better performance in coming quarters
Title: Re: KOHC -- Kohat Cement
Post by: Ahmed786 on May 26, 2017, 11:21:03 AM
i bought more today
KOHC & gwlc are the cheapest cements ... gwlc has stronger growth potential in the longer run ( proper expansion ) while kohc has the strongest balance sheet in the sector after luck

GWLC is good but I hate KOHC so much that I will never buy it again. Jtna isk chalny k intizar mai rhy kahin or lgy hty to 40 prcnt skin se mil jata.

agreed it has been a laggard
expecting better performance in coming quarters

Same here KOHC not recommended to buy most bad performing stock by price performance.
Title: Re: KOHC -- Kohat Cement
Post by: Oddest on May 31, 2017, 12:59:27 PM
This share isn't even in msci, why the f**k the r***?  huhu
Title: Re: KOHC -- Kohat Cement
Post by: momo on May 31, 2017, 06:57:41 PM
Extremely oversold. Should be bought for some good gains.
Title: Re: KOHC -- Kohat Cement
Post by: ahmedshahbukhari on May 31, 2017, 10:05:25 PM
[Rquote author=Ahmed786 link=topic=10.msg292047#msg292047 date=1495779663]
i bought more today
KOHC & gwlc are the cheapest cements ... gwlc has stronger growth potential in the longer run ( proper expansion ) while kohc has the strongest balance sheet in the sector after luck

GWLC is good but I hate KOHC so much that I will never buy it again. Jtna isk chalny k intizar mai rhy kahin or lgy hty to 40 prcnt skin se mil jata.

agreed it has been a laggard
expecting better performance in coming quarters

Same here KOHC not recommended to buy most bad performing stock by price performance.
[/quote]


As long as company is good with stable future eatningz,underperformance is an opportunity
Title: Re: KOHC -- Kohat Cement
Post by: rsuleman on June 01, 2017, 11:22:23 AM
Strange phenomena.
High in fundamentals.
Low in price performance.
I wonder what could be the reason for it.
Please share if anybody got any clue for it.
Title: Re: KOHC -- Kohat Cement
Post by: MZ on June 02, 2017, 11:31:25 PM
KOHC: A buried treasure
Ø  We initiate our coverage on Kohat Cement (KOHC) where we have an Overweight stance on the scrip and our DCF based TP for Dec’17 stands at PkR301/sh, providing an upside of 29% from the last closing price.
Ø  KOHC has recorded the highest ever utilization levels in FY16, clocking in at 73%. However, it still lies below the industry’s average of 85%, giving it ample room to grow and capture the scintillating demand sprouting from both public and private sector.
Ø  To survive amid the 3rd wave expansion of cement industry, the company located in North is working on upgrading its cement capacity from 2.95mn MT to 3.75mn MT, with the target date of Dec’17.
Ø  We believe that the company shall post a full year EPS of PkR27.88 in FY17 where the margins will also shrink slightly to 43% from 46% due to a surge in fuel and energy prices (Coal prices – USD79/MT in 11MFY17 vs. USD59/MT in SPLY). Moreover, the recently announced increment in FED by PkR0.25/bag shall be passed on to the consumers and the company shall post an EPS of R32.4/sh and PkR35.6/sh for FY18 and FY19, respectively.
Title: Re: KOHC -- Kohat Cement
Post by: MZ on June 06, 2017, 03:21:20 PM
Kohat Cement Company Limited

Kohat Cement Lays Out Expansion Plans
·         As per the company notice, Kohat Cement Limited (KOHC) has announced an expansion of ~2.34mnTpa (7,800TPD) at its existing plant. This is likely to increase the existing capacity of the company by 83% and enhance the company’s market share by 4 ppt to 9.2% after all expansions materialize.

·         As per our correspondence with the company’s management, expected completion gestation period of brownfield expansions span around 36 months (inclusive of testing and commissioning) after financial close. We thus estimate the plant to be fully operational by FY21. Amid robust domestic demand growth emanating from upbeat PSDP allocation and concrete development of hydropower plants (Dasu, Diamer Basha, Suki Kinari, Kohala and Karot Dam) we remain comfortable on sector supply demand dynamics. With an estimated ~10% total demand growth from FY16-21, domestic capacity utilization of the region would hover around 90-95%.

·         The estimated cost of the project is expected to clock in at ~PKR14bn or USD125mn (inclusive of 10MW WHRPP and 5MW Coal Boiler Plant) which will be financed through D/E mix of 20:80 taking total leverage ratio after expansion to ~7%. We expect the company might curtail its payout ratio to 40% (from existing 70%) in order to finance equity portion of the investment. Based on our estimates, the project is likely to add PKR 65/share to our target price; however we await further clarity and financial close prior to incorporating project value in our base case estimates.

·         We maintain our Buy stance on the stock, with our DEC-17 PT of PKR 348 providing a capital upside of 44% from its last closing price, along with a dividend yield of 7%. Buy!
Title: Re: KOHC -- Kohat Cement
Post by: SBM on June 06, 2017, 04:02:29 PM
Kohat Cement Company Limited

Kohat Cement Lays Out Expansion Plans
·         As per the company notice, Kohat Cement Limited (KOHC) has announced an expansion of ~2.34mnTpa (7,800TPD) at its existing plant. This is likely to increase the existing capacity of the company by 83% and enhance the company’s market share by 4 ppt to 9.2% after all expansions materialize.

·         As per our correspondence with the company’s management, expected completion gestation period of brownfield expansions span around 36 months (inclusive of testing and commissioning) after financial close. We thus estimate the plant to be fully operational by FY21. Amid robust domestic demand growth emanating from upbeat PSDP allocation and concrete development of hydropower plants (Dasu, Diamer Basha, Suki Kinari, Kohala and Karot Dam) we remain comfortable on sector supply demand dynamics. With an estimated ~10% total demand growth from FY16-21, domestic capacity utilization of the region would hover around 90-95%.

·         The estimated cost of the project is expected to clock in at ~PKR14bn or USD125mn (inclusive of 10MW WHRPP and 5MW Coal Boiler Plant) which will be financed through D/E mix of 20:80 taking total leverage ratio after expansion to ~7%. We expect the company might curtail its payout ratio to 40% (from existing 70%) in order to finance equity portion of the investment. Based on our estimates, the project is likely to add PKR 65/share to our target price; however we await further clarity and financial close prior to incorporating project value in our base case estimates.

·         We maintain our Buy stance on the stock, with our DEC-17 PT of PKR 348 providing a capital upside of 44% from its last closing price, along with a dividend yield of 7%. Buy!

i think the cost will be nearer to 20 billion ..
i dont know how it can be just 14 billion
Title: Re: KOHC -- Kohat Cement
Post by: MZ on June 06, 2017, 05:12:22 PM
https://www.psx.com.pk/newsattachment/099773.pdf
Title: Re: KOHC -- Kohat Cement
Post by: Srse91 on June 09, 2017, 01:20:36 AM
Is this share long term investment. The results expected will be seen around after 6 months?
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on June 14, 2017, 05:10:46 PM
Earnings revised down
We update our investment case for Kohat Cement Limited (KOHC) to incorporate
9MFY17 results and recent changes in the sector. Our earnings are revised down
by 8-15% throughout project period. Our earnings downgrade is motivated by (1)
subpar performance in 9MFY17, (2) deterioration in our outlook on the ability to
pass-on cost hikes and (3) weaker than anticipated exports.
In-line with the earnings cut, we also tweak down our Dec-17 TP to Rs315 from
Rs330 earlier for the company. Company’s 9MFY17 results had remained
disappointing as it posted EPS of Rs20.20, down 6.2% YoY, mainly due to weak
sales numbers (exports decline) and declining prices in key markets of the North
region where it operates. We expect dull period to continue in 4QFY17 as well
mainly due to holy month of Ramzan. We also adjust our FY17 forecasts to
incorporate Super Tax as envisaged in FY18 budget. The estimated impact is likely
to be Rs1.17/share and booked in 4QFY17.

‘Buy’ maintained with TP of Rs315
We keep our ‘Buy’ rating intact on the company with revised Dec-17 TP of Rs315,
implying upside of 35% from current levels. The stock also offers attractive FY18
D/Y of 6.7% which compares favorably with the overall sector. It is pertinent to note
that we have not incorporated company’s new expansion into our valuations. The
management recently decided to set up a new brownfield cement line of 7,800tpd
along with a Waste Heat Recovery (WHR). As per initial discussions with the
management, the plant is likely to be of Chinese make and will likely come online
by the end of FY21. We estimate this project to cost ~Rs14-15bn. We wait for
further clarity on the expected financing mix and flag this expansion as an upside
risk to our base case. The stock currently trades at cheap FY17E/FY18F P/E of 9.0
and 8.1x respectively.

jsgcl
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on July 14, 2017, 01:58:33 PM
Kohat Cement Company Limited (KOHC) - Well-poised for growth amid attractive vals; reiterate OW

Unlike its peers, we expect FY17 to end on a dull note for Kohat Cement Company Limited (KOHC) with 11%YoY decline in earnings to PKR25.4/sh owing to several negative factors (mostly one-off).
KOHC recently annouced its plans to expand capacity by 2.45mn tons through a brown-field project. The future investment will allow the company to defend its market share post industry-wide expansions.The company also plans to install a Waste Heat Recovery plant of 10-11MW along with the new line.
Installation of 0.9mn tons grinding mill by 2QFY18 remains a key trigger to improve the operational efficiency of the company in the near-term.
With industry’s lowest capacity utilization providing room to absorb demand, clarity on expansion plans, and attractive multiples on offer, we reiterate our Overweight stance on the scrip with a DCF-based TP of PKR315/sh.
KOHC trades at a FY18E P/E/EV/EBITDA of 6.8x/3.9x, reflecting a significant 38/35% discount to peer valuations. Interestinlgy, 21% of KOHC’s market cap is reflected in net cash on the balance sheet.

Well-poised for growth amid attractive vals; one-off factors to lead dismal FY17: While the industry witnessed decent growth in FY17 in terms of sales volume (+4%YoY) and earnings (+3%YoY in 9MFY17), Kohat Cement Company Limited (KOHC) remained a laggard. Resultantly, we expect the company to post FY17E earnings of PKR25.4/sh (down 11%YoY). Moreover, in order to defend its market share post industry-wide expansions, KOHC has also jumped on the expansion bandwagon recently with an announcement of capacity addition of 2.45mn tons through a brown-field project. The company also plans to install a Waste Heat Recovery plant of 10-11MW along with the new line. While details on the project are still awaited, our crude estimates suggest the project to will add ~PKR20/sh to our TP.

Installation of 0.9mn tons grinding mill by 2QFY18 remains a key trigger to improve the operational efficiency of the company. KOHC trades at a forward P/E of 6.8x (reflecting a significant 38% discount to its peers). With industry’s lowest capacity utilization providing room to absorb demand (73% in 9MFY17 vs industry’s 88%), clarity on expansion plans (first announced in Sep’16 with no progress until Jun’17), and attractive multiples on offer, we reiterate our Overweight stance on the scrip with a DCF-based TP of PKR315/sh. (i) inability to expand capacity in a timely manner leading to loss of market share, (ii) sharp surge in coal prices, and (iii) greater than expected PKR/USD devaluation, remain key risks to our  estimates.

FY17 to end on a dull note: Unlike its peers, we expect FY17 to end on a dull note for KOHC with 11%YoY decline in earnings to PKR25.4/sh. Several factors contributed to sub-par growth during the year including (i) teething issues faced by the company post installation of 12MW Waste Heat Recovery (WHR), leading to abrupt shutdown of production several times during 1HFY17, (ii) closure of Afghanistan border (KOHC’s sole export destination) which proved to be another hit for the company where its exports registered a massive decline of 64%YoY during 2HFY17 (down 40% in overall FY17), (iii) commencement of Cherat Cement’s new line in Jan’17 and subsequent price disruption in KPK from Mar’17, expected to reflect in 4Q margins (however prices were revised upwards during Jun’17 to Mar’17 levels), and (iv) upsurge in commodity prices from 2QFY17 (coal/FO: up 26%/29% on average in last 9MFY17). We expect KOHC to pay final dividend of PKR4/sh along with the earnings, taking cumulative dividend for FY17 to PKR16/sh.

Clarity on expansion to drive future growth: The recent update regarding its brown-field expansion plans are an additional upside where KOHC raised its planned capacity addition from previously announced 2.3mn tons (in Sep’16) to 2.45mn tons (7,800tons per day) with intentions to add another WHR of 10-11MW along with the new line. While the clarity on costing and timeline is still awaited, we reckon the project to cost ~PKR24bn (EV/ton of USD95), which may be financed through a D/E ratio of 65/35 (company maintains PKR6.7bn in cash and cash equivalents as of 9MFY17 along with strong expected EBITDA generation of PKR6-7bn over the next three years). With regards to the timeline, the project may take 24-30months post financial close (expected to be online by FY20). Our crude estimates suggest an incremental impact of PKR20/sh to our valuations; the same is not incorporated in estimates since the project is still in infancy stage.

bma
Title: Re: KOHC -- Kohat Cement
Post by: Oddest on August 03, 2017, 03:10:10 PM
Although selling just doesn't seem to halt but these rates are too good to miss! A good buy right now. I have heard cement dispatches for the July will be good.
Title: Re: KOHC -- Kohat Cement
Post by: karehman on August 03, 2017, 03:33:13 PM
last 2 days se DAY END per aik dum jitna maal lga hota near rate per sub utha lia jata hay.
like
3:20 per 400K Volume tha
3:30 per 900K
in just 10 minutes

kal bhi aisa hoa tha
Title: Re: KOHC -- Kohat Cement
Post by: sumbul on August 03, 2017, 04:51:56 PM
Which one has more upside potential, KOHC, PIOC or MLCF?  :confused1:
Title: Re: KOHC -- Kohat Cement
Post by: nma on September 13, 2017, 08:49:53 PM
Which one has more upside potential, KOHC, PIOC or MLCF?  :confused1:

I personally think KOHC.
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on September 13, 2017, 10:09:49 PM
Which one has more upside potential, KOHC, PIOC or MLCF?  :confused1:

I personally think KOHC.

Pioc
Title: Re: KOHC -- Kohat Cement
Post by: MZ on September 15, 2017, 06:22:24 PM
Kohat Cement Limited: Last Quarter slowdown hits earnings

Friday, 15 September 2017

By: Shajar Capital Pakistan (Private) Limited
KOHC is scheduled to announce its results for FY17 on 18th September 2017. We expect KOHC to announce a Profit after tax of PkR3,761mn (EPS: 24.34) for FY17, down by 15%YoY from PkR4,408mn (EPS: 28.53) in FY16 due to lower gross margins (down 3.6%YoY/7.8%QoQ), on account of higher coal prices; along with the result we expect the company to pay a final cash dividend of PkR3.0/sh, taking total payout for the year to PkR15.0/sh.
On a quarterly basis, earnings are expected to be down 31%QoQ from 3QFY17, due to slower construction activity in the last quarter because of Ramzan; dispatches were down 10%QoQ, with annual dispatches remaining flat (1%YoY increase).
Currently, KOHC trades at a FY17E PE of 7.3(x) against an industry PE of 9.13(x).
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on September 18, 2017, 04:09:54 PM
KOHC - FY17 earnings dropped 20% YoY to PKR22.94/sh

 Kohat Cement Company Limited (KOHC) announced its FY17 result today wherein the company recorded below expected EPS of PKR22.94 (PAT of PKR3.54bn), a drop of 20% YoY.

The company also announced a final dividend of PKR2/sh, taking cumulative dividend for the year to PKR14/sh.

Topline of the company reduced by 3% YoY mainly on account of lower retention prices where average retention price dropped to PKR308/bag in 4Q compared to 9M average of PKR332/bag. Sales volume on the other hand remained flat at 2.08mn tons, taking average utilization level for FY17 to 70% (64% in 4Q).

Lower sales revenue along with rising cost of production amidst surging commodity prices during the year, led to 3ppt decline in gross margins of the company to 43% in FY17.

Effective tax rate clocked-in at 35% during FY17 as against 29% in FY16

bma
Title: Re: KOHC -- Kohat Cement
Post by: MZ on September 18, 2017, 05:05:27 PM
Flash Note


Kohat Cement Limited

Result Review – 4QFY17 EPS declined by massive 61%YoY to PKR2.74
 
·         Kohat Cement Limited (KOHC) announced its 4QFY17 financial results today. The company posted earnings of PKR2.74/sh (in-line with our estimate of PKR2.76/share), significantly down by 61% YoY, while cumulative earnings for FY17 clocked in at PKR22.94/share; down by 18%YoY.

·         Along with the results the company also announced a final cash dividend of PKR2.0/share taking cumulative DPS to PKR14.0 (compared to DPS of PKR6.0 in FY16).

·         Disappointment on payout (we projected final DPS of PKR PKR8.0/share at 85% payout) was likely due to recent capacity addition announcement (dated: June 06, 2017) at its existing site. Recall that the company was earlier facing delays in acquisition of land for its Greenfield Expansion which had allowed it to pay higher dividends.

·         Revenue of the company declined by 11%YoY to PKR2.8bn in 4QFY17 which was primarily attributable to i) 16% drop in total dispatches and ii) hefty price discounts of PKR60-70/bag on local sales. Resultantly, gross margins of the company declined by 13.5ppts to 35% in the final quarter.

·         Finance cost of the company declined by 66%YoY to PKR18mn during 4QFY17 on account of limited debt exposure, while effective tax rate of the company clocked in at 55% due to super tax (4QFY16: 26%).

·         We believe the company is well placed to finance its expansion without exposing significantly to heavy loans given its 1) low debt exposure, 2) hefty cash and STI reserves of PKR~7bn and 3) healthy cash generation capability. Based on today’s closing price, the stock is trading at FY18/19 PER of 6.3/5.8x and offers a total return of 85% to our Jun-18 PT of PKR315/sh (without incorporating expansion value). BUY!
Title: Re: KOHC -- Kohat Cement
Post by: momo on September 18, 2017, 09:54:57 PM
What BS. Don't know what to do with this holding. Incurring a big loss.
Title: Re: KOHC -- Kohat Cement
Post by: momin234 on September 18, 2017, 10:26:56 PM
What BS. Don't know what to do with this holding. Incurring a big loss.

It seems its sponsors have dumped this piece of shit i mean seriously its a disappointment
Title: Re: KOHC -- Kohat Cement
Post by: Ali on September 18, 2017, 10:29:10 PM
Should we purchase this stock on tomorrow lower lock?
Title: Re: KOHC -- Kohat Cement
Post by: zelmc on September 18, 2017, 11:11:33 PM
Should we purchase this stock on tomorrow lower lock?
Below 150 if you have to
Title: Re: KOHC -- Kohat Cement
Post by: mustafaji3000 on October 11, 2017, 02:19:59 PM
Any suggestions, recommendations !!

Seniors ??
Title: Re: KOHC -- Kohat Cement
Post by: Hobbyist on October 25, 2017, 03:14:00 PM
Solid result given industry dynamics.  :biggthumpup:
Q1 eps 5.85 vs 6.42 last year. The drop is due to lower cement prices and higher coal cost.
Otherwise, 14.4% increase is sales volume.
Title: Re: KOHC -- Kohat Cement
Post by: nma on October 25, 2017, 03:18:27 PM
Solid result given industry dynamics.  :biggthumpup:
Q1 eps 5.85 vs 6.42 last year. The drop is due to lower cement prices and higher coal cost.
Otherwise, 14.4% increase is sales volume.

agreed. Good result.
Title: Re: KOHC -- Kohat Cement
Post by: momin234 on October 25, 2017, 03:31:08 PM
Solid result given industry dynamics.  :biggthumpup:
Q1 eps 5.85 vs 6.42 last year. The drop is due to lower cement prices and higher coal cost.
Otherwise, 14.4% increase is sales volume.

just an okay result in line with the other cement players
just a suggestion avoid cement sector that too north players untill all the mess relating to CAT, coal,pricing and other stuff are settled down
still if you would want to go for cement acpl and luck is far better options available than kohc
Title: Re: KOHC -- Kohat Cement
Post by: SBM on October 25, 2017, 03:45:58 PM
Solid result given industry dynamics.  :biggthumpup:
Q1 eps 5.85 vs 6.42 last year. The drop is due to lower cement prices and higher coal cost.
Otherwise, 14.4% increase is sales volume.

just an okay result in line with the other cement players
just a suggestion avoid cement sector that too north players untill all the mess relating to CAT, coal,pricing and other stuff are settled down
still if you would want to go for cement acpl and luck is far better options available than kohc

i think its the other way around
norther players are safer .. the worst is over
There are no new expansion coming online for another 18 months or so ... except roughly 1 million from grdinging mills at kohc pioc gwlc and fccl line 2
If you compare that to south region, with dg, acpl & luck's plants are coming online within the next 4-5 months and will nearly double existing capacity
and will end up creating a glut in the market and intense pricing pressure
Thatta and power will be destroyed.
Title: Re: KOHC -- Kohat Cement
Post by: momin234 on October 25, 2017, 04:08:51 PM
Solid result given industry dynamics.  :biggthumpup:
Q1 eps 5.85 vs 6.42 last year. The drop is due to lower cement prices and higher coal cost.
Otherwise, 14.4% increase is sales volume.

just an okay result in line with the other cement players
just a suggestion avoid cement sector that too north players untill all the mess relating to CAT, coal,pricing and other stuff are settled down
still if you would want to go for cement acpl and luck is far better options available than kohc

i think its the other way around
norther players are safer .. the worst is over
There are no new expansion coming online for another 18 months or so ... except roughly 1 million from grdinging mills at kohc pioc gwlc and fccl line 2
If you compare that to south region, with dg, acpl & luck's plants are coming online within the next 4-5 months and will nearly double existing capacity
and will end up creating a glut in the market and intense pricing pressure
Thatta and power will be destroyed.

we ll find out
Title: Re: KOHC -- Kohat Cement
Post by: rameez1 on October 25, 2017, 04:26:42 PM
South players are much disciplined as compared to North. However, Mansha sahab entering South is a worrying factor as he is a different breed.
Title: Re: KOHC -- Kohat Cement
Post by: momin234 on October 25, 2017, 04:33:43 PM
South players are much disciplined as compared to North. However, Mansha sahab entering South is a worrying factor as he is a different breed.

fully agree with you bro

Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on October 25, 2017, 04:37:29 PM
KOHC: 1Q earnings beat expectations; progress reported

Kohat Cement Company Limited (KOHC) announced its 1QFY18 earnings today whereby the company posted above expected Profit After Tax of PKR903mn (EPS of PKR5.85/sh), a change of +113%/-9% QoQ/YoY.

Better than expected margins of 40% (up 5ppt QoQ), owing to improved average retention price (up by 3% QoQ to PKR318/bag), remained the key surprise element.

On YoY basis, topline of the company grew by 7% YoY; however, 24% YoY increase in cost of production owing to increased commodity prices and grid tariff led to 12% decline in gross profit (8ppt dip in gross margins).

Effective tax rate (ETR) for the company clocked in at 28% in 1QFY18, as compared to 31% ETR in 1QFY17.

The company also reported progress on its expansion project and other capex where KOHC has successfully secured approval from Environmental Protection Agency, KPK for its 2.45mn tons cement line and the project is now in design stage.

Moreover, construction work on company’s long awaited 0.8mn tons grinding mill has been completed and the project is expected to start operations in couple of weeks (ahead of previously reported timeline of Dec’17).

bma
Title: Re: KOHC -- Kohat Cement
Post by: aatradekhi on October 25, 2017, 04:52:11 PM
(http://uploads.im/n9O3N.jpg)
Title: Re: KOHC -- Kohat Cement
Post by: Hobbyist on October 26, 2017, 10:19:49 AM
KOHC: 1Q earnings beat expectations; progress reported


Moreover, construction work on company’s long awaited 0.8mn tons grinding mill has been completed and the project is expected to start operations in couple of weeks (ahead of previously reported timeline of Dec’17).

bma

Thanks for sharing.

^^^^CAPPP^^^^  :clap1:  :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: asim.786 on October 26, 2017, 10:28:14 AM
KOHC: 1Q earnings beat expectations; progress reported


Moreover, construction work on company’s long awaited 0.8mn tons grinding mill has been completed and the project is expected to start operations in couple of weeks (ahead of previously reported timeline of Dec’17).

bma

200 IA

Thanks for sharing.

^^^^CAPPP^^^^  :clap1:  :biggthumpup:
Title: Re: KOHC -- Kohat Cement
Post by: nma on October 26, 2017, 10:59:37 AM
KOHC: 1Q earnings beat expectations; progress reported


Moreover, construction work on company’s long awaited 0.8mn tons grinding mill has been completed and the project is expected to start operations in couple of weeks (ahead of previously reported timeline of Dec’17).

bma

200 IA

Thanks for sharing.

^^^^CAPPP^^^^  :clap1:  :biggthumpup:

Asim bhai, 200 ki timeline? I was thinking of converting it to PIOC. PIOC seems to be in bearish territory. Might take a while to go up.
Title: Re: KOHC -- Kohat Cement
Post by: MZ on October 26, 2017, 07:00:47 PM
KOHC: EPS clocked in at PkR5.85, surpassing market expectations
 
Ø KOHC announced the results for 1QFY18 on 25th October 2017, the company posted an unconsolidated PAT of PkR904mn (EPS: 5.85) against earnings of PkR423mn (EPS: 2.74) in 4QFY17. Revenues improved as a result of higher dispatches (Up 13%QoQ/15%YoY). The earnings were above expectations due improved revenues and a lower tax rate from last quarter (Tax rate is down 27.4%QoQ).
Ø On a YoY basis, revenues were up 7% whilst costs were up 24%, as a result of which KOHC reported an earnings attrition of 9%YoY.
Ø Gross Margins recorded an unexpected improvement, going from 35% in 4QFY17 to 40% in 1QFY18. Net margins improved to 26.4% from 14.7% in 4QFY17, due to improved revenues and lower taxation however net margins saw an attrition of 4.6%YoY possibly due to rising costs and lower Northern retention prices.
Ø Along with the result, KOHC announce that it had received approval from EPA KPK for the installation of the additional line of 7800tpd. We will update investors as more information comes to light regarding this development.
Ø KOHC trades at a forward PE of 7.9(x) against an industry PE of 7.7(x).
Ø We have an Overweight stance on the scrip, where our Jun’18 TP is PkR227 which reflects an upside of 57% from its last close (Please refer to our initiation report on KOHC dated 10th October 2017 for further details).
Investment Risks
Ø Threat to cartelization: A breakdown of the cement marketing arrangement can pose a serious threat to the company’s margins.
Ø Decline in PSDP allocation: A decrease in PSDP allocation to keep fiscal deficit as % of GDP in check will impact the cement industry adversely, reducing dispatches.
Ø Rise in Coal prices: A surge in coal prices adversely affects the gross margins of cement players.
Title: Re: KOHC -- Kohat Cement
Post by: MZ on November 07, 2017, 06:55:11 PM
KOHC: Sequential increase in prices in Peshawar lifted 1QFY18 margins
 
KOHC witnessed above expected topline growth/improvement in gross margins during 1QFY18, unlike players operating in central Punjab, higher retention prices were the main contributing factor behind this deviation. The 4% QoQ growth (or PKR13/bag increase) in local retention prices can largely be attributed to the 7% QoQ improvement (or ~PKR35/bag hike) in retail cement prices in Peshawar on account of low base effect, where the company usually sells a large portion of its total sales volume. In addition to higher retention prices, lower effective tax rate of ~28% (as against 55% in 4QFY17) also contributed towards the 113% QoQ improvement in bottom-line.
Along with the result company also announced that it has received approval from the KPK Environment Protection Agency for setting up a 7,800tpd brownfield cement plant (2.3mn tons per annum). As per our discussion with the management, the brownfield cement expansion and accompanying 18MW WHR plant is expected to have a capital expenditure of around PKR14bn and shall be financed by a combination of debt and equity.
Recommendation
KOHC remains one of our preferred picks in the cement space due to its absence in the South region and relatively lower cash breakeven cost on account of negligible financial leverage. The stock offers an upside of 20% from our Jun-18 TP of PKR175/sh. Furthermore, the 7800tpd brownfield expansion can help against erosion of the company’s market share.
Key valuation methodology & triggers
·         Jun-18 price target: PKR175/sh based on sum of parts.
·         Key upside triggers: 1) Strong local demand, 2) increase in local retention prices, 3) timely initiation of new grinding mill, 3) decline in energy cost and 4) COD of the brownfield expansion.
·         Downside risks: 1) Decline in local retention prices, 2) increase in energy cost, 3) delay in COD of the grinding mill and the brownfield expansion, 4) lower than expected cement demand and 5) imposition of penalty by CCP.
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on December 15, 2017, 12:06:19 PM
Kohat Cement Company Limited

Joining the big boys league

§  We initiate our active coverage on Kohat Cement (KOHC) with a BUY stance where our DCF based TP stands at PKR200/sh, an upside of 65% from the last closing.

§  Our investment thesis is premised on 1) upcoming grinding mill of 0.8mn MT by 4QFY18 and 2) commencement of brownfield expansion with an annual capacity of 2.34mn MT along with an 18MW Waste Heat Recovery (WHR) by Jun’20.

§  KOHC recently opened Letter of Credit for its hybrid plant (combination of European and Chinese) through debt to equity of 55%:45% and the same have been incorporated in our model from the start of FY21.

§  With a cumulative cash flow generation of PKR5.9bn in the next 3 years coupled with short term investment and cash worth PKR6.1bn, we expect the company to easily raise its 45% (PKR6.3bn) equity component.

§  Key risks to the company include 1) delay in upcoming projects, 2) surge in coal prices and 3) intensifying price competition.

bipl
Title: Re: KOHC -- Kohat Cement
Post by: Koolfire on February 26, 2018, 08:05:18 PM
https://www.psx.com.pk/newsattachment/110831.pdf
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on April 19, 2018, 06:33:35 PM
KOHC - 3QFY18 EPS Expected at PKR4.31: The Board of Directors of Kohat Cement Company Ltd (KOHC) is scheduled to approve 3QFY18 results of the company on Saturday, April 21, 2018. We expect the company to post EPS of PKR4.31/share, down 28%YoY on the back of decline in gross margins (15ppts YoY). Along with the result, we expect KOHC to announce a dividend of PKR5.0/sh due to 1) strong cash position of PKR1.6bn (as of Dec-17) and 2) company’s historical trend of higher interim pay outs.

During the quarter, we expect revenue of the company to improve by 10% due to improved local dispatches (up 19% YoY), however rising cost of sales is projected to dilute the impact. Lower margins can be attributed to increasing cost of sales (up 37% YoY) due to 41% YoY expected increase in cost of raw materials and 19% YoY hike in energy costs.

Elixir
Title: Re: KOHC -- Kohat Cement
Post by: MZ on April 23, 2018, 08:45:32 PM
Flash Note

Kohat Cement Company Limited

3QFY18 EPS at PKR4.22
 
·         Kohat Cement (KOHC) announced its 3QFY18 financial results today where it posted earnings of PKR652mn (EPS: PKR4.22), down 30%YoY/12%QoQ. The EPS came in line with our expectations of PKR4.31. The decline in earnings is attributed to 14ppt YoY / 6ppt QoQ contraction in gross margin. As such, cumulative earnings were down 26%YoY to PKR2.30bn (PKR14.86) in 9MFY18.

·         Topline was up by just 1%YoY/2%QoQ despite 19%YoY/10%QoQ growth in local dispatches owing to decline in local retention prices. However, topline fell by 3%YoY during 9MFY18 due to relatively greater impact of lower retention prices than that of 13%YoY growth in local dispatches.

·         Cost of sales jumped by 24%YoY/11%QoQ due to rising coal prices and growth in dispatches. Similarly, cost of sales grew by 18%YoY in 9MFY18.

·         Lower local retention prices and higher coal prices resulted in gross margin attrition by 14ppt YoY / 6ppt QoQ in 3QFY18. Gross margin for 9MFY18 was 12ppt YoY lower due to persisting lower local retention prices and higher coal prices.

·         Contrary to our dividend expectations of PKR5/share, company didn’t announce any cash dividends despite significant cash position (PKR1.6bn at the end of Dec-17) and past trend of paying higher interim payouts.

·         We maintain our Dec-18 PT of PKR276/share, offering capital upside of 77% from last close.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on April 30, 2018, 01:04:30 AM
http://www.kohatcement.com/pdf_files/reports/636603135193514805_Financial_Results_for_the_3rd_Quarter_ended_March_31,_2018.pdf
Title: Re: KOHC -- Kohat Cement
Post by: Ali on June 19, 2018, 09:35:23 PM
http://www.kohatcement.com/pdf_files/reports/636603135193514805_Financial_Results_for_the_3rd_Quarter_ended_March_31,_2018.pdf
Can any one guide what should be the final eps for KOHC? what should be the final dividend? what is the best rate to purchase?
Title: Re: KOHC -- Kohat Cement
Post by: Ali on August 07, 2018, 02:04:53 AM
http://www.kohatcement.com/pdf_files/reports/636603135193514805_Financial_Results_for_the_3rd_Quarter_ended_March_31,_2018.pdf
Can any one guide what should be the final eps for KOHC? what should be the final dividend? what is the best rate to purchase?
pls update
Title: Re: KOHC -- Kohat Cement
Post by: optimistic on August 07, 2018, 10:54:12 AM
http://www.kohatcement.com/pdf_files/reports/636603135193514805_Financial_Results_for_the_3rd_Quarter_ended_March_31,_2018.pdf
Can any one guide what should be the final eps for KOHC? what should be the final dividend? what is the best rate to purchase?
pls update

I guess 8 to 10 rupees final cash dividend as they didn't gave any dividend throughout FY2017-18.
Title: Re: KOHC -- Kohat Cement
Post by: stuka on August 07, 2018, 12:33:24 PM
http://www.kohatcement.com/pdf_files/reports/636603135193514805_Financial_Results_for_the_3rd_Quarter_ended_March_31,_2018.pdf
Can any one guide what should be the final eps for KOHC? what should be the final dividend? what is the best rate to purchase?
pls update

I guess 8 to 10 rupees final cash dividend as they didn't gave any dividend throughout FY2017-18.

its very slow mover. girta speed se ha oper apni marzi se he jata ha agr dil kry to nahi to bs umeed he diay rkhta ha ye
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 07, 2018, 05:19:42 PM
http://www.kohatcement.com/pdf_files/reports/636603135193514805_Financial_Results_for_the_3rd_Quarter_ended_March_31,_2018.pdf
Can any one guide what should be the final eps for KOHC? what should be the final dividend? what is the best rate to purchase?
pls update

I guess 8 to 10 rupees final cash dividend as they didn't gave any dividend throughout FY2017-18.

they will try to retain cash for expansion
Title: Re: KOHC -- Kohat Cement
Post by: optimistic on August 07, 2018, 07:49:48 PM
http://www.kohatcement.com/pdf_files/reports/636603135193514805_Financial_Results_for_the_3rd_Quarter_ended_March_31,_2018.pdf
Can any one guide what should be the final eps for KOHC? what should be the final dividend? what is the best rate to purchase?
pls update

I guess 8 to 10 rupees final cash dividend as they didn't gave any dividend throughout FY2017-18.

they will try to retain cash for expansion

SBM bhai, last year 14 tha iss bar 8 tu zaror ho ga, what is target price please?
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 14, 2018, 04:13:11 PM
150 probably
but better to stick with bigger companies like dg bwcl and luck .. maybe acpl
Title: Re: KOHC -- Kohat Cement
Post by: optimistic on August 15, 2018, 12:03:04 AM
150 probably
but better to stick with bigger companies like dg bwcl and luck .. maybe acpl

KOHC available @ 7 PE.
Title: Re: KOHC -- Kohat Cement
Post by: SBM on August 20, 2018, 03:26:17 PM
150 probably
but better to stick with bigger companies like dg bwcl and luck .. maybe acpl

KOHC available @ 7 PE.

can be 14 at the same price  :rtfm:
Title: Re: KOHC -- Kohat Cement
Post by: Oddest on September 19, 2018, 02:55:47 PM
150 probably
but better to stick with bigger companies like dg bwcl and luck .. maybe acpl


https://www.psx.com.pk/newsattachment/118164.pdf  :rtfm:

Dps 50%
Bonus 30%

150 >>>> i.e.
Title: Re: KOHC -- Kohat Cement
Post by: leraningtheropes on October 19, 2018, 03:21:29 PM
When can we expect to receive the bonus shares in out accounts?
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on October 22, 2018, 01:06:45 PM
KOHC – Other Income Expected to Support Bottom-line: We expect Kohat Cement Limited’s (KOHC) 1QFY19 EPS to decline by 37%YoY/17QoQ to PKR2.8. The decline in earnings is likely attributable to 1) 12ppt YoY compression in Gross Margin (GM) to 28% and 2) 53%YoY increase in Finance Cost. Jump in Other Income by 36%YoY however is expected to support bottom-line.

During the quarter, we expect the revenue to decline by 7%YoY on the back of decline in total dispatches (down 6%YoY). Cost of production is also expected to rise by 11%YoY due to 1) 19%YoY depreciation in average PKR/USD, 2) 19%YoY increase in average international coal prices to USD102/ton and 3) higher Federal Excise Duty (FED) of PKR1,500/ton (from earlier of PKR1,250/ton). Resultantly, GMs are expected to clock in at 28%. On QoQ basis, 17%QoQ decline in EPS is expected to come on the back of normalized Tax rate with 2% super tax incorporated (expected Effective Tax rate: 31%).
Title: Re: KOHC -- Kohat Cement
Post by: Farzooq on October 22, 2018, 01:46:55 PM
KOHC: Earnings to witness a decline of 48% YoY in 1QFY19

Kohat Cement Company Limited (KOHC) is scheduled to announce its 1QFY19 financial result on 23rd Oct’18. We expect the company to record a bottom-line of PKR 474mn (EPS: PKR 2.36), undergoing a retraction of 48% YoY. In particular, company topline is expected to shrink by 8% YoY to PKR 3.1bn led by 4% dip in offtake (514k tons vs. 538k tons) tagged with lower retention prices. Moreover, we forecast margins to arrive at 25% compared to 40% in SPLY; this contraction is owed to i) 18% surge in coal prices, and ii) an identical depreciation of the Pak Rupee against US Dollar. Whereas finance costs are projected to go by 190% YoY to PKR 49mn on account of higher borrowings. On a QoQ basis, earnings may be subject to a dip of 31%. Although revenue may incline by 2% amid a similar jump in dispatches QoQ, margin attrition by 2ppts can be owed to 2% uptick in coal prices as well as the PKR losing 6% QoQ against the USD.

ahl

 
Title: Re: KOHC -- Kohat Cement
Post by: leraningtheropes on November 22, 2018, 10:20:19 AM
Salaam guys,

Any ideas when we can expect 30% bonus shares in our accounts?
Title: Re: KOHC -- Kohat Cement
Post by: aatradekhi on November 26, 2018, 10:41:34 AM
Salaam guys,

Any ideas when we can expect 30% bonus shares in our accounts?

https://www.psx.com.pk/newsattachment/122915.pdf (https://www.psx.com.pk/newsattachment/122915.pdf)

Dispatched on 23-11-2018
Title: Re: KOHC -- Kohat Cement
Post by: mansoorsajid on November 26, 2018, 12:15:33 PM
Salaam guys,

Any ideas when we can expect 30% bonus shares in our accounts?

https://www.psx.com.pk/newsattachment/122915.pdf (https://www.psx.com.pk/newsattachment/122915.pdf)

Dispatched on 23-11-2018
Bonus shares credited today
Title: Re: KOHC -- Kohat Cement
Post by: raxid on November 28, 2018, 06:53:16 PM
needed seniors advise,should it buy at current level?