Equity Analysis /
Pakistan

PAKISTAN CEMENT: June 2018 volumes in line, supporting our bullish stance

    Vahaj Ahmed
    Vahaj Ahmed

    Head of Industrials Equity Research

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    Tellimer Research
    5 July 2018
    Published byTellimer Research
    Local volumes increased 8% yoy in June 2018, exports grew 15% yoy. We like Pakistan’s cement sector, and Maple Leaf Cement (TP PKR92, ETR 94%) remains our top pick. We highlight that current market caps for the sector are 60% below replacement costs.