• Cement dispatches for Apr’25 clocked in at 3.34mn tons, an increase of 13%YoY, driven by 8%YoY surge in local offtakes, while exports increased by 35%YoY.
• We believe MRPs in the South are likely to rise to match those in the North. As a result, South-based players are expected to be the primary beneficiaries.
• Our preferred picks from the sector remain LUCK and FCCL, with target prices of PkR393/sh and PkR61/sh for December ’25, respectively.

Courtesy – AKD Research