*Jun 04, 2025 | AKD Daily | Pakistan Cement* *May'25 local offtakes reach 21-month high amid improvement in construction activity* Cement dispatches for May’25 clocked in at 4.65mn tons, an increase of 9%YoY, driven by 9%YoY surge in local offtakes, while exports increased by 7%YoY. Industry-wide capacity utilization increased to 66% (up 4.6ppt YoY), highest in 21 months. We maintain a positive outlook on the sector on the back of anticipated gross margin expansion due to improvement in retention prices and declining power cost, supported by declining interest cost. Our preferred picks from the sector remain LUCK & FCCL with Dec’25 target prices of PkR393/sh and PkR61/sh, respectively. Read more https://research.akdsl.com/AKD_Daily_Jun_04_2025.pdf *Regards* *AKD Research*