<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We maintain our overweight stance on the Pakistan Cement
sector in anticipation of the expected recovery on both demand and pricing
side. In our base case, we had assumed domestic dispatches growth of 8% in both
north and south regions. However, recent trends of Jul and Aug 2025 suggest the
actual growth could be much higher.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">In Jul 2025, domestic cement sales were up 18% YoY, while
the first 17 days of August were depicting trend of 28% YoY. We believe, 2MFY26
domestic sales could depict YoY growth of 20-25%. The north average currently
is around over 98,000 tons per day (in working days its over 100k TPD) compared
to 75,000 tons per day in Aug 2024 and 7...
