Maple Leaf Cement Factory Limited (MLCF): On stronger footings than peers – By Alpha - Akseer Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We reiterate our 'BUY' stance on Maple Leaf Cement (MLCF) and have revised our Price Target (PT) upwards from PKR 32/share to PKR 35/share. PT revision is driven by upwards earnings revision due to higher reliance on cheaper domestic coal.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">MLCF offers an upside of 37% and is currently trading at FY24E PER of 7.7x, which is at 10% discount to the median FY24 PE of Akseer Cement Universe. MLCF P/B at 0.5x is at a 57% discount to median P/BV of Akseer Cement Universe)</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">MLCF has a superior-than-peer energy mix with higher share of domestic coal for kiln use an...