STCL - Shabbir Tiles and Ceramics Limited

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xResearch

Active member
Apr 9, 2017
1,918
1
38
#2
Shabbir Tiles and Ceramics Limited
(STCL)

August 30th, 2017

FINANCIAL RESULT FOR THE YEAR ENDED 30/06/2017
PROFIT/LOSS BEFORE TAXATION RS. IN MILLION (189.770)
PROFIT/LOSS AFTER TAXATION RS. IN MILLION (151.484)

EPS = (0.63)

ANNUAL GENERAL MEETING WILL BE HELD ON 09/10/2017
BOOK CLOSURE FROM 03/10/2017
BOOK CLOSURE TO 09/10/2017
 
Apr 11, 2017
709
1
18
#3
Shabbir Tiles and Ceramimited (STCL): Hold Your Horses! Marketweight cs Li


09 May 2018
Shajar Capital Pakistan (Private) Limited




  • After STCL’s phenomenal price performance since our coverage initiation, “STCL -From Rags to Riches” dated December 5th ’17, where the stock has appreciated a staggering 52% to date against a 10% benchmark KSE-100 return; we Downgrade the stock from Overweight to Marketweight
  • As per the latest 9MFY18 result, the company’s profitability has improved substantially. The company posted a Profit after Tax of PkR113mn (EPS: PkR0.47) in 9MFY18 against a Loss after Tax PkR125mn (LPS: PkR0.52) in 9MFY17. The company’s margins have risen considerably with gross margins rising 11ppts to 22% in 9MFY18 from 11% in 9MFY17. On a quarterly basis, the company posted PAT of PkR103mn (EPS: 0.43) in 3QFY18, up a staggering 238%QoQ from PkR30mn (EPS: 0.13) in 2QFY18.
  • As per management guidance, the company has completed the first phase of scheduled BMR on its production facilities that will allow it to have flexible production such that STCL will have a substantially improved product mix along with lower production costs. With clarity on the imposition of the Final Anti-Dumping duty expected in the succeeding months, we expect local ceramic manufacturers to have improved pricing power moving forward.
 
Apr 11, 2017
709
1
18
#4
Shabbir Tiles and Ceramics Limited (STCL): Discounts offered to customers expected to dent margins


05 June 2018
Shajar Capital Pakistan (Private) Limited




  • As per market intel, STCL has started to offer customers discounts of upto 30% to customers until 30th June 2018.
  • Whilst this is expected to improve Shabbir Tiles’ market penetration and lead to higher volumes, margins are expected to take a hit due to lower prices. We expect earnings to take a hit in 4QFY18 due to these discounts where earnings are expected to decline by 20%QoQ to PkR82mn (EPS: 0.34) in 4QFY18 from PkR103mn (EPS: 0.43) in 3QFY18.
  • STCL’s current after discount selling price for most tile segments is lower than that being offered by importers. The company is offering a 20% discount on its entire range of tiles with discounts of up to 30% being offered on selected products.
 

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