Company Report

July 18, 2012

Lucky Cement Limited

Construction and Materials

Strong Pricing to Drive Growth

We reaffirm our buy stance on Lucky Cement Limited (LUCK) with an upwards
revision in our Dec-12 target price to PKR 170/share, offering an upside potential of
32.5%. Our positive stance stems from the strong pricing scenario, softening coal

Buy
Target Price

170.0

prices and a healthy demand outlook with the governments renewed interest in
PSDP spending. The companys strategic investments in the Democratic Republic
of Congo and Iraq along with its diversification strategy of venturing into a wind
power project will further unlock its potential going forward. LUCK is on a course to
diversify its earnings through 40MW power sales and carbon credits. In addition,
LUCK is also planning to acquire ICI Pakistan Limited, which if successful, will
further diversify its earnings.

Last Closing

128.3

Upside

32.5%

LUCK the biggest beneficiary of strong pricing

Economies of scale and energy efficiency make LUCK the lowest cost cement
manufacturer in the country having 18.3% lower cost than its competitors. This
makes LUCK the biggest beneficiary of the current pricing scenario, which is
evident from its 37.8% gross margin in 9MFY12 as compared to 24.5% by the
industry. With a resilient cement price outlook and softening cost pressures, we
expect LUCK to earn its highest ever gross margin of 43% in FY13. Before this,
such a rosy margin scenario was witnessed in FY04, when company achieved
37.8%.

KSE Code

Shares
436.9

Outstanding Shares (m)

323.4

Free Float

40.0%

12M Avg. Daily Turnover (m)

PKR mn

FY10A

FY11A

FY12E

FY13F

FY14F

Net Revenues

24,509

26,018

33,100

35,436

35,814

Net Earnings

3,137

3,970

6,700

8,955

9,446

EPS (PKR

9.70

12.28

20.72

27.69

29.21

DPS (PKR)

4.00

4.00

5.00

5.00

6.00

PER (x)

13.2

10.5

6.2

4.6

4.4

3.1%

3.1%

3.9%

3.9%

4.7%

13.0%

15.0%

22.1%

24.5%

21.4%

Div Yield (%)

ROE

2.1

12M High/Low (PKR)

Major Shareholders

137.64/70.48
Yunus Brothers

Shareholding

Others,
14%

Yunus
Brothers
Group, 3
9%

General
Public, 4
2%
NIT, 5%

Stock Perform ance

220%

LUCK

KSE100

190%
160%
130%
100%
70%

Jul-11
Aug-11
Aug-11
Sep-11
Oct-11
Nov-11
Nov-11
Dec-11
Jan-12
Feb-12
Feb-12
Mar-12
Apr-12
Apr-12
May-12
Jun-12
Jul-12

Financial Highlights

LUCK PA

Market Cap (US$ m)

Power sales likely to add PKR 1.4/share in FY13

The company has entered into power sales agreements with HESCO and PESCO
for 20MW each. The company has already started its 20MW power dispatch to
KESC since July 02, 2012 where as commission of power sale to PESCO is
expected in 2HFY13. Under the New Captive Power Policy, LUCK is expected to
generate PKR 1.8bn and PKR 2.8bn in FY13 and FY14, with bottom line impact of
PKR 1.4/share and PKR 2.2/share, respectively.
Softening coal prices to expand the margins further
In line with crude oil, coal price has crashed in June 2012 to USD 87/ton (Richards
Bay fob), lowest since October 2010. Besides fall out in commodity prices, coal
prices were also affected by the sluggish demand from China. In our base case
assumption we expect coal prices to cool off by 9% and 16% in FY13 and FY14,
respectively. Coal is the biggest cost component of cement manufacturing process
constituting around 41.2% of the total production cost for LUCK. Thus, this
declining trend in coal prices will further boost the margins for LUCK going forward.

LUCK

Bloomberg Code

Source: Bloomberg
Analyst
Syed Abid Ali
abid.ali@arifhabibltd.com
021-32462589

www.arifhabibltd.com

Sources: Company Financials, AHL Research

For important disclosure and analyst certification, kindly refer to end of the report

Lucky Cement Limited

Valuation Summary
Our Discounted Cash Flow (DCF) based December 2012 target price for LUCK works
out to PKR 170/share, translating into a striking upside potential of 32.5% from closing
price of PKR 128.3/share. Our valuation is based on the market return of 18%, beta of
1.16 and a terminal growth rate of 3%. Besides this sizeable upside potential the stock
is trading at FY13 PER of 4.6x, offering a deep discount of 26% from the market PE,
thus forming a strong case of rerating from these levels.

Risks to Valuation
Cement Price Risk
Our valuation is very sensitive to the cement price, evident from the fact that every PKR
5/bag change in our Ex-Factory price assumption changes our earnings forecast by
PKR 0.8/share or 3.1%.
International Coal Price Risk
Coal is the biggest cost component of the cement manufacturing process constituting
around 43% of the total manufacturing cost. We have pegged our coal price assumption
with international crude oil price and we are expecting coal prices to average around
USD 95/ton in FY13. Every USD 5/ton change in coal price forecast will change our
FY13 EPS by PKR 0.82 or 3.3%.
Gas availability Risk
There is a proposal under consideration to divert gas from captive power to KESC. In
such scenario, LUCK will have to use its newly built connection line to import power
from HESCO rather than dispatching it. As per our calculations, if LUCK has to rely on
HESCO grid for 2 months of power requirement than its electricity cost may jump by 5%
and revenue from power sales to HESCO may reduce by 14%. We see lower
probability of this risk materializing, nonetheless if may have an adverse EPS impact of
~PKR 1.1/share in FY13.

Healthy pricing to drive earnings growth

Cement prices in the domestic market have steadily withstand the hawkish stance of
Competition Commission of Pakistan (CCP) and weak demand pressures during wheat
harvesting; remaining unbudged around PKR 420-435 per bag. Prices in the retail
market averaged at PKR 419/bag during FY12, an 18.3% jump, when compared with
PKR 354/bag averaging in FY11.

Retail Cement Prices

PKR /bag
450
400
350

Source: Pakistan Bureau of Statistics

Everybodys a winner!
The current pricing environment has enabled large cement manufacturers to further
consolidate their position by investing in energy efficiency projects. Small and medium
players on the other hand have found some breathing space after facing consistent
losses for a couple of years. Thus, the industry as a whole is emerging as a winner
under this scenario.

Jul-12

May-12

Jan-12

Mar-12

Nov-11

Jul-11

Sep-11

May-11

Jan-11

Mar-11

Sep-10

300
Nov-10

Pricing outlook still remains attractive

In our discussion with the management of cement companies, we have learned that the
industry is far from any price war. Our confidence in their claim is solidified with the fact
that the current pricing environment prevailed even after demand shocks and the
hawkish stance of CCP. Following are a few factors, highlighting the resilience of the
current pricing scenario.

Lucky Cement Limited

Only the big players can break it, but they cant afford it either!
Breaking up of status quo or a price war could only be initiated by large cement
manufacturers. However with a huge investment of PKR 5.9bn and acquisition plans of
ICI in the pipeline, Lucky Cement would not like to engage in a price war. Similarly D.G
nd
rd
Khan Cement and Bestway Cement, 2 and the 3 largest cement producers are not in
this position either as both have suffered from extremely low profitability in FY11, which
they would like to recover in FY12 and FY13. Small players on the other hand dont
have the financial muscle to muster such a move.
It worked when demand was dull, why break it when demand is picking up!
Pricing consensus prevailed even when demand remained sluggish during 2HFY11. We
find it highly unlikely that any price venture would take place when demand has already
inched up in FY12 (8% YoY) and the momentum is likely to continue in FY13 due to
renewed government interest in infrastructure spending.
Cost pressures may also keep price from falling
Although coal prices in the international market have cooled down by 15.2% in 4QFY12,
the falling rupee has reduced the full benefit of this decline. Rising electricity and gas
prices will also increase cost pressures, keeping cement manufacturers from reducing
prices. This is exactly what we have witnessed with the start of FY13, when cement
manufacturers did not pass on the FED cut to the end consumers due to increase in
gas Cess by PKR 87/mmbtu.
Thus we remain upbeat about the continuation of this pricing scenario with our ExFactory price assumption of PKR 360/bag and PKR 355/bag in FY13 and FY14,
respectively. However it is pertinent to mention here that every PKR 5/bag change in
our assumption reduces bottom line by PKR 0.8/share; as summarized in the sensitivity
table below.
Sensitivity Analysis of Ex-Factory Prices
FY13F
Base Case Prices

360

FY14F
355
EPS PKR

FY15F

Target Price

350

170

Scenario1: Increment by PKR 10/bag

29.25

30.83

30.54

181

Scenario2: Increment by PKR 5/bag

28.47

30.02

29.70

175

Scenario3: Base Case

27.69

29.21

28.86

170

Scenario4: Reduction by PKR 5/bag

26.91

28.40

28.02

165

Scenario5: Reduction by PKR 10/bag

26.13

27.59

27.17

159

Source: AHL Research

Dispatch growth to remain subdued

We have been witnessing a paradigm shift in LUCKs sales strategy since FY11, when
the company started to increase its focus towards the domestic market due to better
margins. For instance LUCKs exports accounted 47.1% of total dispatches in FY10,
which has dropped considerably around 37.7% in FY12. This renewed interest in
domestic sales has enabled LUCK to attain 16% share in the domestic volumes.
Despite suffering a 5% YoY decline in exports, LUCK still holds the largest (26%) share
in exports, followed by DGKC with 14% share of the export pie. We expect domestic
volumes to grow at CAGR 4.8% (FY12-14) to 4.1mn tons, taking domestic contribution
to 68.1% in total volumes.

Volumetric growth at 1.6% CAGR (FY12-14)

Local
Exports
Capacity Utilisation

mn tons
5

84%
82%

80%
3
78%
2
76%
1

74%

72%
FY10

FY11

FY12

FY13

FY14

Source: Company Financials and AHL Research

Lucky Cement Limited

Domestic Market Share (FY12)

Exports Market Share (FY12)

LUCK
15%

DGKC
12%

Others
44%

LUCK
26%

Others
37%

DGKC
14%

Best
14%
Maple FCCL
7%
8%

FCCL
6%

Maple
7%

Best
10%

Source: APCMA

Revenues are expected to jump at 11.2% CAGR

With strong pricing scenario coupled with healthy volumetric growth we expect the net
revenues of the company to jump at 8.6% CAGR (FY11-14) to PKR 35.8bn.
Strong pricing coupled with healthy volumetric growth is fueling the top line
PKR/bag
400

Ex-Factory Price
Net Revenues (LHS)

PKR bn
40

Total Volumes (RHS)

Net Revenues (LHS)

mn tons
6.8

PKR bn
40

6.6

350

35

300
30
250
25

200

35

6.4
6.2

30

6.0
5.8

25

5.6

150

20
FY10

FY11

FY12

FY13

FY14

5.4

20
FY10

FY11

FY12

FY13

FY14

Source: Company Financials and AHL Research

In line with crude oil, coal price has crashed in June 2012 to USD 81/ton (Richards Bay
fob), lowest since October 2010. Besides fall out in commodity prices, coal prices were
also affected by the sluggish demand from China. Coal prices are expected to remain
under pressure till demand from emerging markets regain its original position.
We have pegged our coal price assumption with international crude oil price because of
2
its strong correlation (0.88) and an R of 0.77. Crude prices continued to remain under
pressure as US and EU continue to struggle from muted growth and sovereign debt
crisis, which pushed WTI crude down to USD 77/bbl level. Oil prices have regained by
x% to USD 88/bbl from its recent low, mainly on account of sanctions on Iran, effective
from July 1, 2012. In our base case assumption we expect coal prices (RB fob) to cool
off by 9% and 16% to USD 95/ton and USD 89/ton in FY13 and FY14, respectively from
USD 105.5/ton averaging in FY12.

Coal; trading at 20 months low

USD/ton
130
120
110
100
90
80
70
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12

Softening coal prices to expand the margins further

Source: Bloomberg

Our earnings forecast and valuations are very sensitive to coal price assumption, as
coal constitutes around 41.2% of the total production cost for LUCK. Following
sensitivity analysis suggests that every USD 5/ton change in coal price assumption
increases our earnings estimates by PKR 0.8/share.

Lucky Cement Limited

Sensitivity Analysis of International Coal Prices
FY13F
Base Case Prices

FY14F

95

89

FY15F

Target Price

89

170

EPS PKR
Scenario1: Increment by USD 10/ton

26.12

27.62

27.19

159

Scenario2: Increment by USD 5/ton

26.91

28.41

28.02

165

Scenario3: Base Case

27.69

29.21

28.86

170

Scenario4: Reduction by USD 5/ton

28.48

30.01

29.69

176

Scenario5: Reduction by USD 10/ton

29.26

30.80

30.52

181

Source: AHL Research

TDF Plant to reduce the cost further

The company has been investing in energy efficiency for past couple of years as it has
completed two Wast Heat Recovery Plant (WHRP) of 25MW at both its Karachi and
Pezu Plants. To take a step forward in energy efficiency, the company has invested in
Tyre Derived Fuel Plant (TDFP) at its Karachi plant, which will replace expensive coal
with scrap tyres. Tyres in the kiln burning yields savings on two accounts;

It costs ~18% lower than imported coal

It ~20-25% higher heat value than coal; thus almost 20-25% less tyres would
be required to generate the same amount of energy as with coal.

The company started its trial production in December 2011 and has reached 20%
replacement rate, with a target of 40% in FY13. We have incorporated a 30%
replacement rate in FY13, which is likely to have an after tax savings of PKR 1.8/share
in FY13.

Lowest cost production

Economies of Scale and energy efficiency make LUCK the lowest cost producer in the
domestic market. As per the latest accounts available, LUCK produces a ton of cement
in PKR 3,402, an 18% lower than the industry average of PKR 4,166, giving it a cover of
PKR 764/ ton (PKR 38/bag) if the price competition does occur in the industry. LUCK
has a lead of PKR 19/bag over its closest cost competitor, DGKC, which requires PKR
3,780 to produce one ton of cement. This further strengthens our stance about
competitiveness of LUCK and its ability to command the price war situation, if it arises.
Producing at 18% lower cost than the Industry
PKR/ ton

4,493

4,500
4,300

4,122

4,100
3,900

3,780

3,791

DGKC

BWCL

3,857

3,700
3,500

3,402

3,300
3,100
2,900
2,700
2,500
LUCK

KOHC

ACPL

MLCF

Source: AHL Research

Lucky Cement Limited

Gross margin to touch highest ever!

Downwards sticky cement prices, falling coal prices and energy efficiency measures like
WHRP and TDFP have started to pay dividends as LUCK has already achieved 8 years
high gross profit margin of 37.8% in 9MFY12. It is pertinent to mention that the
company operated its TDF plant only in 2HFY12 only at a 20% replacement rate. Thus
we expect the company to post highest ever gross margin of 43% in FY13 due to strong
pricing outlook, softening coal prices and full impact of TDF.
Gross profit and Margins
PKR bn
16

Gross Profit

14
12
10
8
6
FY10

FY11

FY12

Gross Margins
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
FY13

FY14

PKR bn
16

Gross Profit

YoY Change
50%
40%

14

30%
20%

12

10%
10

0%
-10%

-20%
6

-30%
FY10

FY11

FY12

FY13

FY14

Source: Company Financials and AHL Research

Power Sales

Power Sales; diversifying revenue base

LUCK has started to dispatch 20MW of electricity to Hyderabad Electric Supply
Company (HESCO), a local power distribution company from July 2, 2012. The Power
Purchase Agreement (PPA) for this electricity sale comes under New Captive Power
Policy approved by NEPRA, which guarantees greater returns for power seller in terms
of higher fixed and financial charges components. The company has another
agreement to sell 20MW of electricity from its Pezu plant to PESCO, which is likely to
start commercial operations in 2HFY13. Assuming an 80% dispatch rate, we expect
LUCK to generate additional revenue of PKR 1.5bn from the power sales in FY13, with

PKR bn

3.0
2.5
2.0
1.5
1.0
0.5
0.0

a bottom line impact of PKR 1.15/share.

Carbon credits; energy efficiency pays

Power Sales

3.5

FY13 FY14 FY15 FY16 FY17 FY18

Sources: NEPRA and AHL Research

LUCK has qualified for Carbon Credits under Kyoto Protocol for its WHRPs. The
Company will reduce carbon emission equivalent to ~ 80k CERs. Carbon credits are not
expected to add much to the revenues as the carbon market in EU has plummeted
since the start of CY11. A CER, which was trading above EUR 10/CER in January 2011
has dropped to EUR 3.9/CER in July 2012. Assuming a rate of EUR 4/CER, carbon
credits are likely to yield another revenue stream of around PKR 31mn in FY13.

PKR mn
45

Moving beyond borders

35

LUCK is undertaking two expansion projects, a 1mn tons per annum green field project
in Democratic Republic of Congo and a 0.9mn tons grinding facility in Iraq. The
company is expected to bear a capital expenditure of around PKR 5.9bn in FY13 to
invest in these projects. Both of these strategic investments are made in the areas
which are going under reconstruction phase, where strong domestic demand and
attractive pricing environment will shorten the payback period.

Load Factor
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Carbon Credits

40

Carbon
Credit
CER Rate

30

25

EUR/CER
5.0
4.8
4.6
4.4
4.2
4.0
3.8
3.6
3.4
3.2
3.0

FY13 FY14 FY15 FY16 FY17 FY18

Source: AHL Research

Lucky Cement Limited

Venturing chemicals; eyeing to acquire ICI Pakistan

LUCK is amongst the investors who are looking to acquire ICI Pakistan Limited (ICI), a
company to inherit non paint businesses from Akzo Nobel Pakistan after its demerger.
ICI is one of the largest PSF manufacturers in Pakistan, which goes into the textile
sector. Yonus Brothers Group, the sponsors of LUCK has a significant exposure in
textile, thus acquisition of ICI would create a vertical integration for the group. LUCK
has a strong balance sheet, with debt comprising hardly 12% of the balance sheet size.
This coupled with strong free cash flow generation of PKR 7.2bn and PKR 4.6bn in
FY12 and FY13, respectively makes the company in a good position to acquire ICI
without putting considerable debt pressure on its balance sheet.

Earnings are expected to jump by 33% CAGR

We expect the net earnings to grow at 3 years CAGR of 33% to PKR 9.4bn in FY14.
Despite this strong earnings growth we are not upbeat on the dividend payout of the
company. We expect the company to pay dividends of PKR 5/share and PKR 6/share at
a payout ratio of 24% and 13% in FY12 and FY13, respectively. Expansion and
diversification plans of the company are likely to keep payout at low levels.
Profitability and Net Margins
PKR bn
10

PAT

Net Margin

PKR/share
30%
25%

Margins outlook

EPS and DPS

20%

45%
EPS

DPS

Payout
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%

35
30
25
20
15

15%

10%

10
5

FY10

FY11

FY12

FY13

FY14

0
FY10

FY11

FY12

FY13

FY14

Source: Company Financials and AHL Research

Gross
EBITDA
Net

40%
35%
30%
25%
20%
15%
10%
FY10

FY11

FY12

FY13

Source: AHL Research

About the Company

Lucky Cement (LUCK) is the largest cement manufacturer in Pakistan with an installed
capacity of 7.75mn tons. LUCK operates two cement plants, strategically located in
Pezu, close to Afghanistan boarder and Karachi, a coastal city in Pakistan. This location
gives the company freight advantage over its competitors in exporting cement to
Afghanistan and through sea. The company has the largest market share of 26% in
exports.
The company is managed by the renowned Yunus Brothers Group, which has exposure
to Textile, energy and cement sectors. Timely decisions of management regarding
expansion, financial management, infrastructure development for exports and
implementing new technologies has made LUCK the market leader in Pakistani cement
industry.

FY14

Lucky Cement Limited

Summary Financials and Forecasts

Income Statement (PKR mn)
Net Sales
Cost of Sales
Gross profit
Admin expenses
Selling expenses
Other income
Other expenses
Earnings before Interest and Tax
Depreciation
EBITDA
Financial charges

FY10A
24,509
16,530
7,979
303
3,433
2
258
3,987
1,411
5,398
569

FY11A
26,018
17,306
8,711
313
3,236
2
325
4,838
1,571
6,409
518

FY12E
33,100
20,353
12,747
486
3,287
4
428
8,550
1,655
10,205
401

FY13F
35,436
20,184
15,252
549
3,181
690
425
11,786
1,684
13,471
157

FY14F
35,814
20,615
15,199
555
3,083
1,264
430
12,395
1,717
14,112
128

3,418

4,321

8,149

11,629

12,267

280

350

1,449

2,675

2,821

3,137

3,970

6,700

8,955

9,446

Earnings per Share - (PKR)

9.70

12.28

20.72

27.69

29.21

DPS

4.00

4.00

5.00

5.00

6.00

FY10A

FY11A

FY12E

FY13F

FY14F

3,234
7,343
10,000
4,519
25,096

3,234
7,343
12,500
4,696
27,773

3,234
7,343
12,500
9,779
32,856

3,234
7,343
12,500
17,117
40,194

3,234
7,343
12,500
24,946
48,023

Non Current Liabilities

Long Term Finances
Other Non Current Liabilities
Total Non Current Liabilities

1,659
1,914
3,573

658
2,082
2,740

439
2,082
2,521

219
2,082
2,301

2,082
2,082

Current Liabilities
Current Portion of Long Term Finances
Short Term Financing
Trade and Other Payables
Total Current Liabilities

176
6,267
3,199
9,642

265
6,302
4,129
10,697

219
1,260
4,180
5,660

219
1,134
4,469
5,823

219
1,021
4,516
5,757

Total Liabilities and Equity

38,310

41,210

41,037

48,318

55,861

Assets
Total Fixed Assets
Long Term Investments and Other Assets
Total Non Current Assets

31,378
61
31,439

31,705
60
31,765

31,150
60
31,210

29,765
5,689
35,454

29,348
5,689
35,037

Current Assets
Store and Spares
Stock in Trade
Trade Debts and Other Receivables

4,008
609
1,921

6,314
1,249
1,531

6,620
1,154
1,831

7,087
1,145
1,896

7,163
1,169
1,907

Cash
Total Current Assets

334
6,871

351
9,444

221
9,827

2,736
12,864

10,585
20,824

38,310

41,210

41,037

48,318

55,861

Profit before tax

Taxation
PAT

Balance Sheet
Share Capital & Reserves
Paid-up share capital
Shares Premium
General reserve
Accumulated Profit
Shareholders' equity

Total Assets

Lucky Cement Limited

Disclaimer and related information
Analyst certification
The analysts for this report certify that all of the views expressed in this report accurately reflect their personal views about the subject
companies and their securities, and no part of the analysts compensation was, is or will be, directly or indirectly related to specific
recommendations or views expressed in this report.
Disclosures and disclaimer
This document has been prepared by investment analyst at Arif Habib Limited (AHL). AHL investment analysts occasionally provide
research input to the companys Corporate Finance and Advisory Department.
This document does not constitute an offer or solicitation for the purchase or sale of any security. This publication is intended only for
distribution to current and potential clients of the Company who are assumed to be reasonably sophisticated investors that understand
the risks involved in investing in equity securities.
The information contained herein is based upon publicly available data and sources believed to be reliable. While every care was
taken to ensure accuracy and objectivity, AHL does not represent that it is accurate or complete and it should not be relied on as such.
In particular, the report takes no account of the investment objectives, financial situation and particular needs of investors. The
information given in this document is as of the date of this report and there can be no assurance that future results or events will be
consistent with this information. This information is subject to change without any prior notice. AHL reserves the right to make
modifications and alterations to this statement as may be required from time to time. However, AHL is under no obligation to update or
keep the information current. AHL is committed to providing independent and transparent recommendation to its client and would be
happy to provide any information in response to specific client queries.
Past performance is not necessarily a guide to future performance. This document is provided for assistance only and is not intended
to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this
information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent
evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and
should consult his or her own advisors to determine the merits and risks of such investment. AHL or any of its affiliates shall not be in
any way responsible for any loss or damage that may be arise to any person from any inadvertent error in the information contained in
this report.
We and our affiliates, officers, directors, and employees may: (a) from time to time, have long or short positions in, and buy or sell the
securities thereof, company (is) mentioned herein or (b) be engaged in any other transaction involving such securities and earn
brokerage or other compensation or act as advisor to such company (is) or have other potential conflict or interest with respect to any
recommendation and related information and opinions. The disclosures of interest statements incorporated in this document are
provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. AHL
generally prohibits it analysis, persons reporting to analysts and their family members from maintaining a financial interest in the
securities that the analyst covers.

2012 Arif Habib Limited, Corporate Member of the Karachi, Lahore and Islamabad Stock Exchanges and Pakistan Merchentile
Exchange. No part of this publication may be copied, reproduced, stored or disseminated in any form or by any means without the
prior written consent of Arif Habib Limited.

Lucky Cement Limited

Contact Information
Equities Research

Designation

Email

Telephone

Faisal Khan

Deputy Head of Research

faisal.khan@arifhabibltd.com

Syed Abid Ali

Research Analyst

abid.ali@arifhabibltd.com

+92-2132460717-19 Ext : 211

Sana Tawfik

Economist

sana.tawfik@arifhabibltd.com

+92-2132460717-19 Ext : 248

Umar Hafiz

Research Analyst

umar.hafiz@arifhabibltd.com

+92-2132460717-19 Ext : 248

Ovais Shakir

Database Officer

ovais.shakir@arifhabibltd.com

+92-2132460717-19 Ext : 211

Domestic sales

Designation

Email

Mohammed Imran, CFA, ACCA

Head of Equity Sales

m.imran@arifhabibltd.com

+92-21-3246-2596

M. Yousuf Ahmed

Senior Vice President

yousuf.ahmed@arifhabibltd.com

+92-21-3242-7050

Farhan Mansoori

Vice President

farhan.mansoori@arifhabibltd.com

+92-21-3247-3268

Syed Farhan Karim

Vice President

farhan.karim@arifhabibltd.com

+92-21-3244-6255

Afshan Aamir

Vice President

afshan.aamir@arifhabibltd.com

+92-21-3244-6256

Faraz Naqvi

AVP

faraz.naqvi@arifhabibltd.com

+92-21-3244-6254

Furqan Aslam

AVP

furqan.aslam@arifhabibltd.com

+92-21-3244-6256

Azhar Javaid

Manager Corporate Sale

azhar.javaid@arifhabibltd.com

+92-21-3246-8312

International Sales

Designation

Email

Adnan Katchi

Head of International Sales

adnan.katchi@arifhabibltd.com

Money Market & FX

Designation

Email

Ziley Askari

Head of Treasury

askari@arifhabibltd.com

Corporate finance and advisory

Designation

Email

M. Rafique Bhundi

Head of Corporate Finance

rafique.bhundi@arifhabibltd.com

+92-21-3246-0741

Usman Saeed

Research Analyst

usman.saeed@arifhabibltd.com

+92-21-3246-2597

Muhammad Zeeshan, CFA

Assistant Vice President

muhammad.zeeshan@arifhabibltd.com

+92-21-3246-0741

Ahmad Zeeshan

Senior Analyst

ahmad.zeeshan@arifhabibltd.com

+92-21-3246-2597

Management

Designation

Email

Bilal Amanullah Moti

CEO

bilalmoti@arifhabibltd.com

+92-21-3246-0742

Telephone

Telephone
+92-21-3246-0743
Telephone
+92-21-3240-0223
Telephone

Telephone
+92-21-3246-0717-9

10