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Cement Sector: Dispatches Slow Down Continues
Cement Sector: Dispatches Slow Down Continues
Cement Sector: Dispatches Slow Down Continues
11MFY10
21,460 9,757 31,216
11MFY11
19,944 8,535 28,479
Y-o-Y -7% -13% -9% Y-o-Y -10% -9% -9% M-o-M -8% -6% -8%
BUY
Market Snapshot Index KSE 30 11903.73 KSE 100 12314.99 KSE ALL 8565.10 Key Data (DGKC) Market Cap(PRs bn) Shares Outstanding (m) Bloomberg 12M Avg. Volume (m) Key Data (LUCK) Market Cap(PRs bn) hares Outstanding (m) Bloomberg 12M Avg. Volume (m) Key Data (ACPL) Market Cap(PRs bn) Shares Outstanding (m) Bloomberg 12M Avg. Volume (m) Chg 119.21 103.34 67.30 % 1.01 0.85 0.79
Pakistan Research
Synopsis
Total industry dispatches witnessed a decline of 9% YoY to 27.48m tons. Local dispatches declined by 7% YoY to 19.95m tons against 21.46m tons in 11MFY11. 11MFY11 export dispatches posted a negative growth of 9% YoY to 8.54m tons Escalating input costs remains a top challenge in dwindling demand scenario. Federal Budget 2011-12 seems slightly favoring to the sector in terms of duties reduction coupled with higher allocation of PSDP and bigger share of PSDP allocated to the mega project may bode well. We suggest a BUY stance on LUCK, DGKC and ACPL.
Tons
Local Exports Total
May-FY10
2,084 957 3,041
May-FY11
1,879 876 2,755
Tons
Local Exports Total
Apr-FY11
2,047 932 2,980
May-FY11
1,879 876 2,755
175%
140%
105%
70%
35% Aug-10 Sep-10 Feb-11 Jun-10 Apr-11 Dec-10 Oct-10 May-11 Jan-11 Nov-10 Mar-11 Jun-11 Jul-10
Muhammad Sarfraz Abbasi Sarfraz.abbasi@summitcapital.com.pk 021-35376125 B-209, Park Towers, Clifton, Karachi
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