Equity Analysis /
Pakistan

Pakistan Cement: Maintain our liking despite some headwinds

  • We remain Overweight on the sector and suggest shifting focus on LUCK, KOHC and MLCF which are less exposed to risks

  • Elevated coal prices is major threat to sector profitability but we believe prices will likely to normalize in 2HFY22

  • We have revised local demand and interest rates assumption, included new expansion and rollover valuation to June 2022

Intermarket Securities
25 October 2021