January 13, 2014

Company Update
Pakistan Research

Please refer to the last page for Analyst Certification and other important disclosures.


Kohat Cement Company Limited (KOHC) has evolved through tough times with reduced debt
levels and robust production efficiencies. KOHC is the most efficient player in the cement
industry with FY13 EBITDA margin being 22% higher than industry average. With a debt free
balance sheet and no major capex plans, KOHC will likely improve its payout going forward.
The company has the lowest break-even price in the industry (PKR201/bag in FY13) which
provides it a relative immunity to price wars. Being one of the cheapest on EV/ton basis,
KOHC remains one of our top picks in the sector even after incorporating a possible price
war in FY18. Our Dec-14 price target of PKR130/sh offers the highest upside potential of 25%
in our cement space along with a dividend yield of 5%. With KOHC transcending above the
tier-II zone, we reiterate our BUY recommendation on the stock.
Operational efficiencies to ensure margin sustainability: KOHC remained the most efficient
player in the cement industry in FY13 with EBITDA margin of PKR126/bag, 22% higher than
industry average of PKR103/bag. Going forward, commencement of Waste Heat Recovery
(WHR) plant from FY15 will further enhance operational efficiency.
Strong dividend paying capacity to strengthen investment case: With early debt retirement
and completion of capex plans (WHR project) by Jun-14, KOHC will likely have a cash rich
balance sheet post-FY14 which is likely to be utilized to enhance dividend payout. The
company does not have any major expansion plans so far; however the company is
considering a capacity debottlenecking project which may enhance capacity by 10%.
Relative immunity to price wars due to lowest break-even price: KOHC maintained the
lowest break-even price of PKR201/bag during FY13, significantly lower than industry average
of PKR238/bag. This makes a strong case for KOHC to defy historical discount to the sector
average valuation. KOHC currently trades at FY14 PER of 5.6x as compared to industry average
of 6.8x, a gap which is likely to close as KOHC sustains earnings and increase payout.
Among the cheapest cement players: Though KOHC has outperformed the index by 26%
FYTD, it still remains one of the cheapest players in our universe with EV/ton of USD48, much
lower than our universe average of USD84/ton and replacement cost of USD150/ton.
Risks: Key risks that pose downside to our estimates for KOHC includes 1) Lower-than-
expected dispatch growth, 2) price war earlier than FY18 and 3) increase in power costs.
KOHC Financial Highlights


FY11A FY12A FY13A FY14E FY15E FY16E
EPS 0.4 10.7 17.0 18.7 18.6 21.0
DPS (PKR) 0.0 2.5 4.2 5.0 9.5 10.5
BV/share 13.6 24.3 39.1 52.8 63.6 74.8
PER (x) 253.4 9.7 6.1 5.6 5.6 5.0
Dividend Yield 0% 2% 4% 5% 9% 10%
PBR (x) 7.7 4.3 2.7 2.0 1.6 1.4
EV/EBITDA 18.3 6.1 3.7 3.1 2.8 2.3
ROA 1% 18% 26% 26% 24% 24%
ROE 3% 57% 54% 41% 32% 30%
EBITDA growth 123% 169% 49% 10% 1% 12%
Net Profit growth -119% 2506% 59% 10% 0% 13%
Source: Elixir Research
Construction & Materials
KOHC: No more a tier-II stock!
KOHC PA BUY
Price Target: PKR130/Share
Closing Price: PKR103.7/Share

Key Data
12m Price Range (PKR) 103.7 52.8
Market Cap (PKR mn) 16,146.2
Outstanding Shares (mn) 154.5
Avg. Daily Volume mn (6m) 0.7











1Yr Relative Performance











Source: Elixir Research

Syed Nasir Rizvi
AC

snarizvi@elixirsec.com
(+92-21) 3569 4679

Sohaib Bin Shahid
AC

sshahid@elixirsec.com
(+92-21) 3569 4679
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KOHC KSE-100 INDEX
Company Update Cements

2 Elixir Securities January 13, 2014















All set to thrive
We believe that KOHC has transcended above the tier-II zone over time and is now well-
equipped to outperform during all seasons. Where its surplus capacity and margin leadership
make it a major beneficiary of the volume growth theme, its low debt levels and higher
efficiency ensure that it outperforms even during price wars. With one of the highest FY14 ROE
of 35% in our cement universe, KOHC remains our top pick in the sector even after
incorporating a possible price war in FY18. Our Dec-14 price target of PKR130/sh offers the
highest upside potential of 25% in our cement space along with a dividend yield of 5%. With
KOHC transcending above the tier-II zone, we reiterate our BUY recommendation on the stock.
































Valuation
We have valued KOHC using FCFE methodology with cost of equity of 17% and terminal
growth rate of 3%. We have also incorporated for a price war during FY18 (refer to our report:
Cements: Retracing history for finer stock selection dated 30
th
Sept-13) and have taken FY21
as the terminal year for our valuation.




Highest total return in universe


-40%
-30%
-20%
-10%
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30%
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Source: Elixir Research
FY14 - PER

3.6
3.8
4.1
5.6
6.3
6.9 7.0
8.2
8.5
8.8
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2.0
3.0
4.0
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6.0
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Source: Elixir Research

FY14 EV/EBITDA

2.6
2.9
3.1
3.7
3.8
4.1
4.4
5.4 5.5
5.7
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1.0
2.0
3.0
4.0
5.0
6.0
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Source: Elixir Research

Highest ROE in FY14

41%
36%
34%
28%
26%
19%
18%
16%
15%
12%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
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Source: Elixir Research

FY14 - PBV

0.7
1.1
1.2
1.3 1.3
1.4
1.7
1.9
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2.0
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Source: Elixir Research


EV/ton - USD

40 41
48
55
68
71
77
81
107
117
-
20
40
60
80
100
120
140
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Source: Elixir Research


Kohat Cement Company Ltd. KOHC
3 Elixir Securities January 13, 2014















KOHC Valuation


PKRMn

FY14E FY15E FY16E FY17E FY18E FY19E FY20E FY21E
Assumptions:

Risk Free Rate 10.0%

Risk Premium 7.0%

Cost of Equity 17.0%

Terminal Growth 3.0%



FCFE (Excl. income on cash deposits) 559* 1,981 2,818 2,950 942 1,274 1,665 1,972
Discount Factor

- 0.5 1.5 2.5 3.5 4.5 5.5 6.5
Discounted FCFE

559 1,952 2,696 2,740 849 1,115 1,415 1,628

PV of FCFE 12,954

PV of Terminal Value 5,230

Cash & Cash Eq. Balances 2,613

Less: Dividends (773)

Dec-14 Equity Value 20,024

No. of Shares (Mn) 155


Dec-14 Price Target 130

Source: Elixir Research

* FCFE for 2HFY14 only

Improved investor confidence: Rerating to continue
Owing to inherent risk of price wars, the cement sector has historically traded at a discount to
market multiples as sector profitability is largely determined by the sustainability of marketing
arrangement. Within the sector, small cap inefficient players are more exposed to such risks,
reflected by lower investor confidence and further discounted multiples. Similarly, KOHC has
historically traded at a steep discount to sector and market multiples. During FY09-13, KOHC
traded at an average discount of 69% and 95% to our cement space PER and Elixir universe PER
respectively. However, owing to increased efficiencies reflected by lowest break-even price,
investor confidence has been on the rise reflected in discount compression. During FY14 to
date, KOHC has traded at forward PER of 4.3x, reflecting discount of a mere 17% and 42% to





















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2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
Jul-09 Jul-10 Jul-11 Jul-12 Jul-13
ELX Universe Cements KOHC
PER (x)
Investor confidence stronger than ever
`
Source: Elixir Research, Company Accounts

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KOHC KSE-100 INDEX
KOHCs relative performance

Source: Company Accounts, Elixir Research
Company Update Cements

4 Elixir Securities January 13, 2014















our cement space and entire universe respectively. Owing to increasing investor confidence,
we expect rerating to continue and to be further helped by companys payout policy of cash
and bonus shares. In addition, our Dec-14 price target of PKR130 offers an exit multiple of 7x,
lower than FY14 PERs of FCCL (8.8x), LUCK (8.5x) and LPCL (8.2x).
Still among the cheapest cement players
Despite having outperformed the benchmark index by 28% FYTD, KOHC still remains one of
the cheapest players in our cement space. KOHCs EV/ton of USD48 is significantly lower than
our universe average of USD84 and replacement cost of USD150, hinting towards a probable
rerating.
Lowest break-even retention minimizes risks
PKR/bag Retention Price COGS SGA Finance Cost Break-Even Retention
KOHC 310 190 4 7 201
LUCK 312 174 38 1 212
PIOC 307 209 6 7 222
CHCC 318 207 14 6 227
DGKC 311 194 27 12 234
ACPL 312 216 23 0 239
LPCL 302 198 32 22 251
FCCL 319 218 7 30 255
MLCF 323 210 20 32 262
DCL 281 250 15 0 266
THCCL 304 241 18 11 270
GWLC 309 225 8 38 271
FECTC 323 235 26 10 271
AACIL 289 230 16 32 277
Industry 311 203 22 13 238
Source: Elixir Research

Based on FY13 volumes and utilization levels, KOHC maintained the lowest break even
retention price of PKR201/bag as against industry average of PKR238/bag and lower than LUCK
(PKR212/bag). This analysis implies that KOHC is no more a tier-II stock and has the the least
vulnerability to the pricing arrangement.
KOHC evolved through tough times with enhanced efficiency
Buoyant demand outlook for cement in the country during FY06 added KOHC to the list of
cement players that undertook an expansion. KOHC announced installation of a new 6,700 tpd
(2.7x of the then existing capacity) line of grey cement at a cost of ~PKR4bn. The expansion
was financed by a mix of debt and equity with PKR2.8bn raised as debt and the remaining
arranged through a right issue. Towards the end of FY06, while KOHC was in process of
installing its new line, the situation reversed gears and the expansion cycle was accompanied
by a fierce price war. Lower retention levels, operational inefficiencies and high leverage
pushed the companys bottom-line below positive threshold.
However, after its new plant became fully operational in FY10, KOHC managed to significantly
improve its production efficiencies. Despite no investments in alternate fuel and power
projects to date, the new production line has helped KOHC significantly reduce its production
costs. In fact, after installation of its new plant, KOHC has remained one of the most efficient
players in the industry with costs of production 6%, 1%, 3% and 6% lower than industry
average during FY10, FY11, FY12 and FY13 respectively.
Kohat Cement Company Ltd. KOHC
5 Elixir Securities January 13, 2014





























Price war of FY10: lean profitability driven by debt not inefficiency
Although KOHC achieved strong production efficiency after its new plant came online in FY10,
the year was marked by a fierce price war in the industry. The company posted an after-tax
loss of PKR328mn during the year, the worst year for KOHC since FY98. However, efficiency
had little to do with dismal earnings during the period as high leverage post-expansion
exposed KOHC to a rough ride. Though KOHC expanded at a lower cost of ~USD36/ton
compared to peers, high finance costs amid decreasing retention levels severely dented the
companys bottom-line. However, in contrast, KOHC posted a positive EBITDA of PKR514mn
during FY10 owing to production and efficiency enhancement. In fact, KOHC outperformed the
industry during this fierce price war period in terms of margins. The company posted an
EBITDA margin of PKR22/bag, 8% higher than industry average of PKR20/bag.
















1,500
2,000
2,500
3,000
3,500
4,000
4,500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
KOHC - COGS/ton Industry - COGS/ton
KOHC expansion cycle
PKR/ton
KOHC COGS pre-expansion and post-expansion

Source: Company Accounts, Elixir Research

(500)
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1,500
2,000
2,500
3,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
PKRmn
KOHC - PAT Industry - PAT
Price War
Price War
KOHC profitability during expansion and price war

Source: Company Accounts, Elixir Research

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500
1,000
1,500
2,000
2,500
3,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
PKR/ton
KOHC - EBITDA/ton Industry - EBITDA/ton
KOHC expansion cycle
EBITDA margins took a turn since FY10

Source: Company Accounts, Elixir Research

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
PKR/ton
KOHC - Finance cost/ton Industry - Finance cost/ton
Expansion led to higher finance costs

Source: Company Accounts, Elixir Research
Company Update Cements

6 Elixir Securities January 13, 2014















Price-up cycle has helped achieve a sustainable edge
The current price up-cycle has significantly improved KOHCs balance sheet as strong cash
flows enabled it to repay most the outstanding debt acquired for expansion. Net debt of the
company stands at negative PKR1.2bn as of 1QFY14 with cash and short term investments
worth PKR2.6bn, amounting to PKR17/share. Consequently, finance cost has also declined
from PKR553/ton in FY10 to PKR137/ton during FY13. Efficiency, coupled with negligible debt
on its balance sheet, shields KOHC from possible downsides going forward.
KOHC posted the strongest margins during FY13
KOHC posted EBITDA margin of PKR126/bag during FY13, 22% higher than industry average
and the highest amongst peers. COGS clocked in at PKR190/bag during the period, 6% lower
than industry average of PKR203/bag. In addition, KOHC led efficiency in terms of other
operating costs as they clocked in at PKR4/bag during FY13, 82% lower than industry average
of PKR22/bag. Moreover, margins climbed up further during 1QFY14, clocking in at
PKR129/bag, 24% higher than industry average of PKR104/bag.

















WHR to enhance efficiency further
Despite being temporarily immune to the recent increase in power tariff, KOHC relies solely on
the national grid which magnifies its exposure to the increasing power costs. As a measure to
enhance efficiency, KOHC recently announced an investment of ~PKR2bn in a 9MW Waste
Heat Recovery (WHR) plant. The project shall come online by mid-FY15 and shall allow KOHC
to obtain 20% of its electricity requirement from WHR post FY15. This project is expected to
contribute savings of PKR6/bag and PKR14/bag in FY15 and FY16, yielding an EPS impact of
PKR1.07 and PKR2.51 during the same periods. WHR will be value accretive for KOHC as it will
reduce reliance on the expensive national grid and partially hedge the company against further
increase in power costs.




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EBITDA/ton Industry Average
(PKR/ton)
Highest EBITDA/ton during FY13

Source: Company Accounts, Elixir Research

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COGS/ton Industry Average
(PKR/ton)
Among the lowest COGS/ton during FY13

Source: Company Accounts, Elixir Research
Kohat Cement Company Ltd. KOHC
7 Elixir Securities January 13, 2014















EPS impact of Waste Heat Recovery
FY15E FY16E FY17E FY18E
Average Power Cost per ton (Without WHR) PKR/ton 1,458 1,575 1,701 1,837
Average Power Cost per ton (Post WHR) PKR/ton 1,326 1,282 1,406 1,540
Savings PKR/ton 132 293 295 296
Savings (%) 9% 19% 17% 16%
Savings PKRmn 271 647 702 761
After-tax Savings PKRmn 179 427 463 502
EPS Impact PKR/share 1.16 2.76 3.00 3.25
Source: Elixir Research

Strong dividend paying capacity to enhance investment case
With continuous efficiency enhancements and reduced debt levels, KOHC has developed a
strong cash position over time with cash and short term investments worth PKR17/share as of
1QFY14. We believe that KOHC is likely to achieve a debt-free balance sheet by FY15 and is
expected to finance its recently announced investment of ~PKR2bn in WHR with internal cash
flows. Debt repayment and investment in WHR are expected to confine cash position in FY14.
Thus, we expect KOHC to maintain its current payout ratio (29%) and continue to declare stock
dividends for another year. However, strong cash build up post FY14 will likely push the
management towards expansion, further efficiency enhancement or increased dividend
payout. Keeping a conservative payout of 50% going forward, KOHCs DPS is expected to grow
at a CAGR of 30% during FY14-17 while FCFE/share is expected to grow at a CAGR of 38%
during the same period.















Pending PESCO case places KOHC at a short term advantage
On 15-Aug-13, NEPRA increased the average tariff of DISCOs from ~PKR10/Kwh to
~PKR15/Kwh, representing a hike of 50-60% in peak and off-peak tariff. Prior to the
government decision, PESCO (Peshawar Electric Supply Company) filed a petition with NEPRA
on 26-Jun-13 to increase tariff by a larger quantum due to higher transmission and distribution
losses. However, the petition still resides with NEPRA and the tariff increase applicable since
15-Aug-13 can only be applied once the previous petition filed by PESCO has been settled.

0%
2%
4%
6%
8%
10%
12%
KOHC ACPL CHCC DGKC FCCL FECTC LUCK LPCL MLCF PIOC
% FY14E FY15E
KOHC dividend growth to outpace industry

Source: Elixir Research

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5.0
10.0
15.0
20.0
25.0
2013A 2014E 2015E 2016E 2017E
PKR/share
DPS FCFE/share
KOHCs dividend paying capacity over a four year horizon

Source: Elixir Research
Company Update Cements

8 Elixir Securities January 13, 2014















Unlike most cement players that are affected by the tariff hike, KOHC currently remains
immune to the rate hike due to PESCOs pending petition. Being connected to national grid via
PESCO, KOHC currently has a cost advantage over peers. Discussions with industry sources
suggest that no timeline for the power tariff application is eminent and a retrospective
application of tariff increase is highly unlikely. Though we have assumed tariff hike effective
from 3QFY14 in our estimates, delay in tariff implementation will likely yield positive results
for KOHC as other players are set to pass on this cost hike. We have performed a scenario
analysis with respect to the timeline of tariff hike implementation. Our base scenario assumes
power tariff hike effective from 3QFY14, whereas, scenario A and B assumes tariff
implementation in 4QFY14 and in FY15 respectively.





Risks
We highlight the following risks that pose downside to our estimates for KOHC:
1. Lower-than expected dispatch growth: We have assumed local dispatches shall grow
at a CAGR of 6% and exports to decline at a CAGR of 2%. Lower-than-expected
dispatch growth can pose downside to our estimates.
Sensitivity of PT to growth in dispatches

YoY increase in local dispatches
Y
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3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%
-5.0% 120 122 125 128 131 134 137
-4.0% 120 123 126 128 131 134 137
-3.0% 121 124 126 129 132 135 138
-2.0% 122 124 127 130 132 135 138
-1.0% 122 125 127 130 133 136 139
0.0% 123 125 128 131 134 137 140
1.0% 124 126 129 132 134 137 140
Source: Elixir Research

2. Price war earlier than FY18: Though we have assumed a PKR100/bag price reduction
in FY18, a price war scenario before FY18 can lead to reduced profitability in the near
term.
3. Increase in power costs: KOHC will continue to derive ~80% of its power requirement
from the national grid post WHR installation in FY15. We have assumed power tariff
to grow at a CAGR of 8% during FY15-21. However, any further increase will likely
pose downside to our estimates.








Units Base Case Scenario A Scenario B
WAPDA per unit charge PKR/Kwh 12.50 11.25 10
FY14 EPS PKR 18.7 19.6 20.5
Source: Elixir Research

Kohat Cement Company Ltd. KOHC
9 Elixir Securities January 13, 2014















Financials

Income Statement

PKRmn
FY11A FY12A FY13A FY14E FY15E FY16E FY17E FY18E FY19E FY20E FY21E
Net Sales 6,085 9,316 11,297 13,220 14,955 16,884 19,059 17,208 19,971 22,779 25,756
Operating costs 5,248 6,577 7,081 8,550 10,263 11,627 13,547 15,796 17,690 19,835 22,264
EBITDA 1,148 3,088 4,590 5,036 5,100 5,704 5,949 1,839 2,700 3,355 3,897
EBIT 837 2,739 4,216 4,670 4,692 5,257 5,512 1,412 2,281 2,944 3,492
Finance Cost 715 626 249 123 32 13 13 13 13 13 13
Net Profit Reported 64 1,661 2,633 2,891 2,878 3,250 3,433 941 1,476 1,898 2,253
EPS Reported (PKR) 0.4 10.7 17.0 18.7 18.6 21.0 22.2 6.1 9.6 12.3 14.6
DPS (PKR) 0.0 2.5 4.2 5.0 9.5 10.5 11.0 3.0 5.0 6.0 7.5
Source: Elixir Research


Balance Sheet

PKRmn
FY11A FY12A FY13A FY14E FY15E FY16E FY17E FY18E FY19E FY20E FY21E
Shareholders Funds 2,103 3,756 6,041 8,159 9,825 11,561 13,348 12,960 13,881 14,960 16,217
Long Term Loans 3,537 1,163 380 0 0 0 0 0 0 0 0
Current Liabilities 2,811 2,899 2,294 1,757 1,729 1,945 2,250 2,606 2,906 3,246 3,630
Capital & Liabilities 9,124 9,213 10,795 11,579 12,802 14,338 16,015 15,569 16,789 18,208 19,849
Net Fixed Assets 7,141 6,868 6,610 7,359 8,066 7,868 7,694 7,543 7,414 7,306 7,220
Current Assets 1,954 2,318 4,126 4,219 4,735 6,469 8,320 8,025 9,374 10,900 12,628
Total Assets 9,124 9,213 10,795 11,579 12,802 14,338 16,015 15,569 16,789 18,208 19,849
Source: Elixir Research


Cashflow Statement

PKRmn
FY11A FY12A FY13A FY14E FY15E FY16E FY17E FY18E FY19E FY20E FY21E
Net Income 64 1,661 2,633 2,891 2,878 3,250 3,433 941 1,476 1,898 2,253
Depreciation 311 348 374 367 408 448 437 427 419 411 405
Capex 222 76 115 1,115 1,115 250 263 276 289 304 319
Working Capital Changes (258) (117) 4 (158) (122) (165) (165) 352 (240) (232) (237)
FCFF 481 3,064 2,381 2,391 2,337 2,875 3,035 1,037 1,374 1,782 2,111
Net Debt Repayments (184) (2,459) (1,363) (1,152) (300) 0 0 0 0 0 0
FCFE (65) 94 844 1,155 2,016 2,867 3,027 1,029 1,366 1,774 2,102
Dividends 0 0 386 773 1,213 1,514 1,646 1,329 556 819 997
Equity Issued 0 0 0 0 0 0 0 0 0 0 0
Net Cash Flows 13 88 496 383 803 1,353 1,381 (300) 809 955 1,106
Source: Elixir Research
















Company Update Cements

10 Elixir Securities January 13, 2014















Financial Ratios


FY11A FY12A FY13A FY14E FY15E FY16E FY17E FY18E FY19E FY20E FY21E
EPS 0.4 10.7 17.0 18.7 18.6 21.0 22.2 6.1 9.6 12.3 14.6
DPS - 2.5 4.2 5.0 9.5 10.5 11.0 3.0 5.0 6.0 7.5
BVPS 13.6 24.3 39.1 52.8 63.6 74.8 86.4 83.9 89.8 96.8 105.0
PER 253.4 9.7 6.1 5.6 5.6 5.0 4.7 17.2 10.9 8.5 7.2
EV/EBITDA 18.3 6.1 3.7 3.1 2.8 2.3 2.0 6.5 4.1 3.1 2.3
P/BV 7.7 4.3 2.7 2.0 1.6 1.4 1.2 1.2 1.2 1.1 1.0
Div Yield 0% 2% 4% 5% 9% 10% 11% 3% 5% 6% 7%
ROCE 12% 43% 61% 62% 58% 62% 62% 16% 26% 33% 38%
ROA 1% 18% 26% 26% 24% 24% 23% 6% 9% 11% 12%
ROE 3% 57% 54% 41% 32% 30% 28% 7% 11% 13% 14%
Gearing 2.3 0.7 0.1 (0.1) (0.2) (0.3) (0.3) (0.3) (0.4) (0.4) (0.4)
Turnover Growth 65% 53% 21% 17% 13% 13% 13% -10% 16% 14% 13%
EBITDA Growth 123% 169% 49% 10% 1% 12% 4% -69% 47% 24% 16%
Net Profit Growth -119% 2506% 59% 10% 0% 13% 6% -73% 57% 29% 19%
Source: Elixir Research






































Kohat Cement Company Ltd. KOHC
11 Elixir Securities January 13, 2014








































































Chief Executive Officer



Junaid Iqbal
(92-21) 3569 4617
jiqbal@elixirsec.com

Pakistan Research Team
Institutional Equities Retail Equities
Azfer Naseem, CFA
Head of Research
(92-21) 3569 4716
anaseem@elixirsec.com

Sateesh Balani
(92-21) 3569 4679
sbalani@elixirsec.com
Faisal Bilwani
Head of Equities - FII
(92-21) 3569 3919
fbilwani@elixirsec.com

M. Sibtain Mustafa
Head of Equities - LII
(92-21) 3569 3911
smustafa@elixirsec.com

Muhammad Ali Taufiq
Head of Equity Strategy Retail
(92-21) 3569 3922
alitaufiq@elixirsec.com

Sikandar Rahim
(92-21) 3569 3914
srahim@elixirsec.com

Ujala Adnan
(92-21) 35694622
Uadnan@elixirsec.com
Jawwad Aboobakar
(92-21) 3565 3182
jawwad@elixirsec.com
Kamran Kaludi
(92-21) 3569 3920
kkaludi@elixirsec.com

Mubashir Anis Silat
(92-21) 3569 4622
manis@elixirsec.com

Muhammad Raza Rawjani
(92-21) 3569 3911
rrawjani@elixirsec.com
Adil Abid
(92-21) 3569 4666
aabid@elixirsec.com

Syed Nasir Rizvi
(92-21) 3569 4622
snarizvi@elixirsec.com
HNW & Family Offices
Harris Ahmed Batla
(92-21) 3569 4706
habatla@elixirsec.com
Khurram Malik
(92-21) 3569 4602
kmalik@elixirsec.com

Ibad-ur-Rehman
(92-21) 3569 4622
irehman@elixirsec.com

Lahore Office
Tahir Maqbool
(92-42) 3577 2643
tmaqbool@elixirsec.com
Islamabad Office
Asim Ghafoor Qureshi
(92-51) 227 2341
aghafoor@elixirsec.com
Syed Tahseen
(92-21) 3569 4622
tjaved@elixirsec.com


Faisalabad Office
Syed Baqar Hassan
(92-41) 254 1001-4
sbhassan@elixirsec.com
Company Update Cements

12 Elixir Securities January 13, 2014


















Analyst Certification
The Elixir Research Team certifies that (1) the views expressed in this report accurately reflect their personal views about all of the subject
companies/securities and (2) no part of their compensation was, is or will be directly or indirectly related to the specific recommendations or
views expressed in this report.
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