DGKC: Improving core earnings as coal cost decline We are raising our SOTP-based PO for DGKC by 3% to PRs107 and FY14E/FY15E/FY16E EPS by 0.9%/4.6%/1.6% to incorporate decline in cost from lowering of coal prices and PKR/US devaluation assumption. The marginal benefit of lower coal prices is reduced due to PKR/USD appreciation as export revenues are dollar based. We highlight exports contributes 26% of DGKCs net sales (28% of volumes sold) while coal accounts for ~50% of the total cost of producing cement KASB
Posted on: Mon, 24 Mar 2014 16:19:08 +0000
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