...the cement industry of Pakistan The construction and material sector of Pakistan is supporting like the right hand in the economy of Pakistan. Though the cement industry in Pakistan has witnessed its lows and highs in recent past, it has recovered during the last couple of years and is buoyant once again. Pakistan cement factories continue to make significant progress in cement exports. The industry is contributing around Rs. 30 billion per annum to the national exchange in the shape of excise duty and other taxes and is also adding around Rs. 100 billion to the GDP of the country each year. The industry has been offering direct and indirect employment opportunities to more than one lakh people. Total investment in the cement industry currently exceeds Rs. 160 billion and is likely to go further up to Rs. 200 billion by 2011. Despite unprecedented growth in demand of cement, the industry is currently not able to generate adequate margins due to low level of prices of cement. (A. Cement, 2009) Cement industry overview Pakistan is ranked 5th in the world’s cement exports after a huge increase of 47 percent in exports during last fiscal year. According to the (Global cement report, 2009) China maintained first position with 26 million tonnes in exports, while Japan got second position by exporting 12.6 million tonnes of cement. Third largest cement exporter in world is Thailand with around 12 million tonnes, followed by Turkey which exported 11.6 million tonnes of cement. Pakistan...
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...Pakistan Construction & Materials: Lucky Cement 19 December 2014 Target Price: PKR 596 Current Price: PKR 477 Stock Data Price (PKR/Share) Reuters LUKC.KA Bloomberg LUCK PA 477 Website www.lucky-cement.com 513.8 /278.4 2% 154 1,534 269 2.8 Lucky Cement Limited Company Report Growing on all fronts! We initiate coverage on Lucky Cement Limited (LUCK) with a target price of PKR596/sh, offering an upside of 25%. Our conviction for the scrip stems from i) growing cement demand in the country (5 year CAGR of 4%), ii) expanding footprint beyond national borders (Congo and Iraq), iii) increasing margins backed by cost efficiencies, iv) accumulating cash reserves, v) diversification into low risk power business and vi) growing profitability of subsidiary ICI. Factoring in the mentioned factors, our 3yr earnings (consolidated) CAGR for the company settles at 15%. Additionally, mounting cash reserves will result in continued funding of investments through internal cash generation, making a strong case for multiple expansion via continued scrip re-rating. Given a strong track record and management efficacy, LUCK stands out as a preferred long term play –BUY! Expanding beyond borders: Given limited space in the local industry, LUCK has opted to expand aboard specifically in Africa to benefit from higher demand and margins in the region. This is expected to add significantly to the bottomline of company given ~80%-100% higher margins compared to Pakistan. As per the management, Congo...
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...ANALYSIS OF FIANANCIAL STATEMENT MUSTEHKAM CEMENT LIMITED PRESENTED TO: TAHSEEN MOHSIN PRESENTED BY: MUHAMMAD USMAN GHANI 105221003 (03454657966) PREFACE This is the project of financial statement analysis in which we have to apply the financial technique to doo the financial analysis in deep by firm comparability, by ding credit analysis, making pro forma statements and showing reality in it, we were asked to do long term solvency analysis, profitability analysis and valuation in which we have to calculate expected return through DDM and CAPM model. We do the analysis of whole firm in detail on its financial data, calculate the whole ratios of business through which we can analyze in which position the business is running and what problems are faced by the firm and is the firm having any financial risk or in case of solvency measure the firm has through which it can pay its obligations. The project was full of problem because to apply the financial technique we need financial data have to find out which element have to put in that formula and first time I have visit the KSE site to collect the previous stock price of share which was learning point for me that which place how you have to collect data have to do interpretation. ...
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...Report: Financial Statement Analysis of bestway cement limited (BWCL) Submitted to:- Prof. Abdul Rehman Submitted by:- Manan Saeed 13 arid 3646 MBA (morning) sec (A) Table of content Answer of questions that are related to company: 1 1. Who are the owner of the bestway cement company? 4 2. Director of the company? 4 3. Brief History of Company? 5 4. Incorporation date 5 5. Listing date? 5 6. What are the company’s principal lines of business and major competitors? 5 7. Market Price of share? 6 8. Total Capitalization 6 9. On what day does the company’s fiscal year end? 7 10. What method of depreciation is used by the company to depreciate its operational assets? 7 11. What inventory method is used to state the value of the company’s inventory? 7 12. What is the average income tax rate for the fiscal year reported? 7 13. Identify the Strengths and weaknesses of company 8 - Ratio analysis 9 Liquidity 9 Current Ratio 9 2. Working capital 10 3. Acid Test Ratio 11 Profitability 1. Gross profit margin 12 2. Operating margin 13 3. Net Profit margin 14 4. Return on Equity 15 5. Return on investment 16 6. Earnings per Share (EPS) 17 Leverage 18 1. Debt ratio 18 2. Debt-to-equity ratio 19 3. Interest coverage ratio (ICR) 20 4. Long term debt to total capitalization 20 Activity ratio 21 1-Receivables Turnover Ratio 21 2-Inventory Turnover Ratio 22 3-total assets turnover 23 ...
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...Financial Analysis of DG Khan Cement Company Ltd. Preface As the world is growing rapidly, the businesses are also moving to become the huge one. And by that result, more and more people want to become a master in these businesses. The main purpose in the finance field is to know how the financial analysis is done. We all know that finance is the blood of any business and without it no business can run. Financial analysis of a company is very difficult and the most important task and by doing this I am able to know the whole financial position and financial structure of the company. Simply by looking at how much cash a company has does not provide enough information. The financial statements need to be analyzed to measure a company’s performance and to compare it with other firm’s in the same industry. The resulting information is intended to be useful to owners, potential investors, creditors, analysts, and others as the analysis evaluates the past performance, future potential and financial position of the firm. This report is an analysis of financial statements of D.G. Khan Cement Company Ltd. This report has been prepared with an objective to develop analytical skills required to interpret the information (explicit as well as implicit) provided by the financial statements and to measure the company’s performance during the past few years. The financial statements are analyzed using traditional evaluation techniques such as horizontal analysis, vertical...
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...Morning Briefing Monday, March 24, 2014 FOOD PRODUCERS: Earnings decline but outperforming In our today's morning briefing we would discuss the performance of Food producer sector in 2013-14. Trading at highly expensive multiples The sector is currently trading at highly expensive PE multiples of 57.3 as against a PE multiples of 8 of KSE-100 Index due to buyback rumors in few companies after Unilver Buyback and Nestle India. Furthermore, lower multiple remain also reason to corner float by major institution. We believe this is unjustified and can witness heavy sell-off once market goes through a bearish trend. Therefore investors are advised to adopt a cautious stance and switch to other sector. Market Review KSE 100 Index KSE 30 Index KMI 30 Index All Share Index Market Cap. (Rs bn) Volume Leaders TRG BAFL LPCL JSCL AICL Last Change 26,765.49 -383.03 18,990.38 -348.77 44,606.35 -604.01 20,026.10 -249.31 6,460.62 -83.52 Close 15.17 25.86 11.24 10.99 44.33 Volume 14,782,000 11,662,000 9,405,000 7,747,000 5,402,400 Outperforming KSE-100 index so far in CY14 The sector has posted a return of 15% so far in CY14 outperforming the benchmark KSE-100 index by 9% which Sector Cap Relative to KSE 100 Index Inde x posted a return of 6%. This was main- 28,000 ly on back of tremendous performance 25,000 by NESTLE which posted a return of 22,000 27.5% in CY14TD outperforming 19,000 KSE-100 index by 21.5% primarily 16,000 owing to buyback news of NESTLE India. Second on the...
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...BP Paper Rough Draft 11/23/2012 April 20, 2012 British Petroleums drilling vessel Deepwater Horizon suffered an explosion, and then began expelling enormous amounts of crude oil into the Gulf of Mexico. Although many different individuals and organizations attempted to help BP fix their spewing well, it wasn’t until July 15 that the vent was cut off. Through our research we have developed an analysis that examines the cause of the cause of the disaster, the event itself and its aftermath. We would also like to offer our recommendations on the subject. British Petroleum is an international oil company base in London and is one the nations leading oil and gas producer (History of oil spill). In spite of BP’s market share, as a company they have an unfortunate history of safety breeches including a 2005 explosion at oil refinery in Texas (Deep Water dDrilling). These accidents seem to be a cause of weak corporate safety culture and cost leadership (On average, fifty percent of management bonuses were awarded on the basis of cost cutting). The lack of proper safety practice and absence of oversight has ultimately resulted in infrastructure and architectural failure (Deep Water Drilling). As with any disaster, each party involves attempts to prove their innocence and are all too quick to point a finger at a party that must be guiltier than they and the Deepwater Horizon spill is no different. Although BP owned the oil, other companies had considerable interaction with Horizon;...
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...Pak-AIMS (Institute of Management Science | Top Three Export Commodities of Pakistan | | Program: MBA (Evening) Submitted To: Sir Abdul Qayyum Qureshi Submitted By: Muhammad Tayyab Roll # 111405 Top Three Export Commodities of Pakistan Rice: Rice Export in 2012-13: PAKISTAN’S basmati rice exports are showing signs of an upswing after suffering a plunge in the first six months of this fiscal year because of domestic higher prices, poor marketing and lower prices of India’s basmati. In January 2013, basmati exports were up by 15 per cent, reaching 43,718 metric tonnes compared to 38,294 tonnes in January 2012. Traders are optimistic that the commodity would regain normal levels before the end of the current fiscal year as the price gap between Indian and Pakistani basmati rice has started narrowing. India has been selling rice at a price lower than Pakistan’s – at $100 per tonne against Pakistan’s $1,100-1,150 per tonne. According to Rice Exporters Association of Pakistan (Reap) Pakistan exported 21,000 metric tonnes basmati rice during the first week of March 2013. Total rice exports during July 2012 to February 2013 have already touched more than $1 billion mark, and during the July-March period, the country exported around 350,000 tonnes, and two million tonnes non-basmati rice. Meanwhile, China has become a major market for Pakistani non-basmati rice, and a record sale of 72,623 tonnes, worth $30 million, took place in January 2013 alone. Besides...
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... The shift primarily from agrarian to service economy took place in India which also has a huge impact in boosting the developing economy. India is emerging as a service provider to global market, its developed I.T talent and English speaking skill has helped it to grow worldwide. India is moving from an emerging market to an emerged market. The GDP growth of India over the years has shown the development of India’s different sectors like agriculture, construction & service growth. CEMENT INDUSTRY - OVERVIEW The cement industry across the world is getting concentrated and some of the western countries are closing down the production unit of cement because of its harmful effect to the environment. Cement producing countries of world The real estate boom across the globe including India has lead to rise in demand of cement. However, the cement industry across the world is getting concentrated. China is largest producer of cement and India is second largest producer of cement in...
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...KSE - 30 INDEX BASED ON FREE-FLOAT The Karachi Stock Exchange (Guarantee) Limited Stock Exchange Building, Stock Exchange Road, Karachi-74000 UAN: 111-00-11-22, Fax: (92-21) 2462640, E-mail: info@kse.com.pk, Web-site: http://www.kse.com.pk TABLE OF CONTENTS Sr. No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Brief of KSE Indices Contents Page No. 1 2 3 5 6 7 8 8 8 8 Introduction of KSE-30 Index Free-Float Methodology Pre-Requisites to Qualify for Inclusion in KSE-30 Index Selection Criteria Base Period Maintenance of KSE-30 Index Review Period On-line Computation of the Index Adjustment for Cash Dividend, Bonus, Right and Newly Issued Capital Composition of Companies included in KSE-30 Index based on June 30, 2005 List of Companies included in the KSE-30 Index on the basis of Re-composition as on June 30, 2010 11. 18 12. 19 KSE-30 Index 1. BRIEF OF KSE INDICES The Karachi Stock Exchange is maintaining two indices, which are in place i.e. KSE 100 Index and KSE All Share Index. Both the said indices are market capitalization-based indices. The KSE 100 Index was introduced in 1991 and comprises of 100 companies selected on the basis of sector representation and highest market capitalization, which captures over 80% of the total market capitalization of the companies listed on the Exchange. Out of 35 Sectors, 34 companies are selected i.e., one company from each Sector (excluding Open-End Mutual Fund) on the basis of the large market capitalization...
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...VALUE CALL MONTHLY REVIEW AND OUTLOOK 31 May 2011 The Market Index 13,000 The Market ‐ One Year Performance Volume Index Volume (m) 400 300 200 11,000 9,000 100 0 31‐Aug 30‐Nov 1‐Mar 31‐May 7,000 1‐Jun The market was range bound coupled with thin volumes for most of the month under review before activity The Market ‐ May 2011 Index Volume (m) Turnover Index picked up over the final 10 days. The KSE‐100 Index 12,300 140 12,200 120 posted a minor gain of 65 points or 0.5% during May 12,100 100 12,000 2011 to close at 12,123 while the KSE‐30 Index improved 11,900 80 by only 46 points or 0.4% to 11,762. The average daily 11,800 60 11,700 turnover during May 2011 was 71.39m shares compared 11,600 40 11,500 20 to 75.52m shares during April 2011. The net inflow of 11,400 11,300 foreign funds according to NCCPL figures during the 2-May 5-May 10-May 13-May 18-May 23-May 26-May 31-May month under review was US$26.36m while the fiscal year ‐to‐date net inflow was US$321.39m and the calendar STOCK MARKET DATA 29‐Apr‐11 31‐May‐11 %Chg. year‐to‐date net inflow was US$71.40m. Bank AL Habib Ltd. (BAHL) KSE‐100 Index KSE‐30 Index Shares Traded m 12,057.54 12,123.15 11,716.35 11,762.76 1,585.92 1,570.54 0.5% 0.4% ‐1.0% ‐20.7% ‐20.7% 0.3% 0.3% We are initiating coverage on BAHL, the eight largest ...
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...nternship Report on Real Estate Business / Companies / Industries / Marketing / Development / Housing Association of Bangladesh ACKNOWLEDGEMENT Research for internship program is a very complicated job, especially for a student of MBA who is quite inexperienced in this field. A research project of this nature cannot be completed without active support from different sources. But it becomes easy to me after getting cordial help from the respectable teachers of the Marketing Department. I have been lucky in this respect to have received advice and assurance from many directions. I acknowledge the valuable feedback provided by various Real Estate Companies owner as well as consumer. The theoretical knowledge also helps me perform the project, which was taught by the experienced teachers of the department. So, I am very grateful to the teachers of the Marketing Department. A special mention of appreciation must go to my supervisor and teacher Dr. Dipongkor Roy, Professor for his sincere guidance and cordial assistance. His heartfelt help, experienced guidance and cordial inspiration will remain in my mind forever. I am also grateful to Dr. Narayon Bhowmick, Chairman, Department of Marketing, for their help. Finally, I would like to thank the students of Marketing Department for their cooperation. Sincerely, (Krantic Chandra) 1.1 INTRODUCTION Now a days, flat means own home, personal abode, as well as safe shelter. Because the residential facilities...
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...PP16832/01/2013 (031128) Malaysia Company Update 17 January 2013 Buy (unchanged) Share price: Target price: MYR1.83 MYR2.40 (unchanged) Padini Holdings No Stranger To Competition Recent concerns addressed; Maintain BUY. We conducted channel checks to determine whether Padini has been affected by increasing competition. Our on-the-ground findings are that Padini’s brands remain popular among shoppers, and Brands Outlet in particular has been well received. Maintain BUY with an unchanged TP of MYR2.40 (14x 2013 PER). A net dividend yield of 4.4-4.9% and quarterly dividend payments further enhances the stock’s appeal. Paradigm Mall observation. We observed shoppers’ buying pattern at the newly opened mall in Petaling Jaya last weekend (Chinese New Year shopping has started), which houses major local and international apparel brands such as H&M, Uniqlo, Zara, Padini Concept Store (PCS) and Brands Outlet (BO) under one roof. Our findings are that Padini remains the “market leader” in this mall; its PCS and BO brands have a combined 45% “market share”. H&M stood out as the main competitive threat, accounting for a 38% “share of the market”. Extending its market presence. Elsewhere, store expansions will resume in FY6/14 after the slowdown in FY6/13 with only one new Brands Outlet. The five new stores (3 Brands Outlets, 2 Padini Concept Stores) for FY6/14 will all be located outside the Klang Valley, as the group extends its presence in the suburban areas. Besides facing...
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...Maybank IB Research PP16832/01/2013 (031128) Economics & Market Update 2 May 2012 Minimum Wage Labour Day “Gift” Another SRI delivered. PM Najib announced the country’s minimum wage policy on the eve of Labour Day. The National Minimum Wage Policy is part of the Strategic Reform Initiatives (SRI) for Human Capital Development under the Economic Transformation Programme. The minimum wage is set at MYR800-MYR900 per month with some allowances or fixed cash payments allowed to be considered in the calculation for minimum wage. It will be enforced six months from the date the Order is gazetted and will benefit 3.2m private sector workers (26%) out of the 12.3m total employment in the country. Impact on inflation should be gradual. Labour costs account for 9% of total production costs for the whole economy. But with only 26% of workers to benefit from the minimum wage, this group, at most, constitutes only 2.4% of total production cost, we estimate. According to a World Bank study in 2011, Malaysia’s wage growth (2.6% p.a.) was slower than productivity growth (6.7% p.a.), implying the capacity to implement minimum wage without causing excessive inflation rate pressures. We expect a gradual impact on inflation and maintain our inflation rate forecasts of 2.7% for 2012 and 3.3% for 2013. Gradual implementation to help manage the impact. The impact on other macroeconomic variables like employment and investment can only be gauged after some time since this is the first time an economywide...
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...mobile phone division, LG Mobile, marketed the LG Chocolate TM phone, changing the company's i ' image of th maker of thi k 3G phones. f the k f thick h • Focuses on the design and marketing of phones such as the LG Shine and LG Prada (KE850 ( • The company was picked as 'The Design Team of the Year' by the Red Dot Design Award in 2006~2007 • Called the 'New Apple' or 'New Sony' in the industry and online communities • S Sponsor E li h Premier League club -Fulham FC. English P i L l b F lh LG ELECTRONICS - ORIGIN Established in 1958 as GoldStar, producing radios, TVs, g , g , refrigerators, washing machines, and air conditioners. Merger of two Korean companies, Lucky and GoldStar, from which the abbreviation of LG was derived Before having the title LG – The p household products were sold under the brand name – Lucky, and the electronic products sold under the name Goldstar In 1995, GoldStar was renamed 1995 LG Electronics, and acquired Zenith Electronics of the United States. LG – ELECTRONICS – BUSINESS DIVISIONS Mobile communications Currently number five, LG Electronics is expected to become...
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