<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Bestway Cement Limited (BWCL) registered earnings of PKR
3,463 million (EPS: PKR 5.81) in 3QFY17. The company’s top-line showed an
improvement of 12.5% from the same period last year, however due to higher cost
of goods sold, the earnings remained almost flat as compared to corresponding
period last year. Further, the company has decided not to proceed with the
acquisition of Dewan Cement’s (DCL) north plant. To recall, the company had
previously announced that it has signed a non-binding agreement with DCL to
acquire its north plant. Considering the above factors, we have revised our
target price for BWCL to PKR 320, from PKR 330 previously. Our new target price
offers an upside of 52%; hence we are maintaining a positive stance on the
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