Kohat Cement is pursuing two strategic initiatives: establishing a real estate subsidiary called Ultra Properties with an initial investment of Rs. 750 million to develop its 1,128-kanal land (book value: Rs. 9.19 billion), while simultaneously implementing a 5:1 share split to enhance liquidity.

The stock currently trades at Rs. 434.98 (PE: 6.9x) post split PKR87/share. The initiatives unlock significant land value (Rs. 50/share or 11.5% of current price), improve market liquidity through the share split (increasing shares from 183.9m to 919.3m), and create new revenue streams from real estate development.

Investors should track several upcoming developments, including the EGM approval scheduled for August 7, 2025, the launch timeline of initial real estate projects, post-split trading liquidity patterns, and any changes in institutional ownership percentages.

Courtesy- AHCML Research