Pioneer Cement Limited: Investment Summary - By Cedar Research

<p>&nbsp;</p><p><span style="font-size:medium;line-height:107%;font-family:Arial, Helvetica, sans-serif;">We initiate coverage on </span><span style="font-size:10pt;">Pioneer Cement Limited (</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">PIOC) with a target price of PKR194.6/share, providing a capital upside of 38% with a dividend yield of 4%.</span></p><p><span style="font-size:medium;line-height:107%;font-family:Arial, Helvetica, sans-serif;">The company has an expansion plan to increase its capacity by 2.5mn tpa to 4.5mn tpa along with 12MW waste heat recovery power plant and 24MW coal power plant. The overall outlay is estimated to be around PKR25bn as per man-agement discussion while debt to equity ratio would be 75:25. We expect expan-sion would come online in FY&rsquo;20.</span></p><p><span ...