Nishat Chunian Power Limited (NCPL): Corporate Briefing Notes – By Chase Research

Nov 22 2024



  • Nishat Chunian Power Limited (NCPL) reported a net profit of PKR 4.91 billion (EPS: PKR 13.37) in FY24, compared to PKR 3.96 billion (EPS: PKR 10.77) in the same period last year (SPLY).
  • Revenue for FY24 stood at PKR 15.22 billion, reflecting a 16% YoY decline compared to PKR 18.22 billion in FY23
  • NCPL incurred a penal interest of PKR 1.56 billion on receivables. The management stated that the dispute regarding PKR 8.3 billion in trade debts is expected to be resolved soon, either by the end of this month or early next month, with no anticipated cashflow impact.
Nishat Chunian Power Limited (NCPL): Corporate Briefing Notes – By Chase Research

Nov 22 2024



  • Nishat Chunian Power Limited (NCPL) reported a net profit of PKR 4.91 billion (EPS: PKR 13.37) in FY24, compared to PKR 3.96 billion (EPS: PKR 10.77) in the same period last year (SPLY).
  • Revenue for FY24 stood at PKR 15.22 billion, reflecting a 16% YoY decline compared to PKR 18.22 billion in FY23
  • NCPL incurred a penal interest of PKR 1.56 billion on receivables. The management stated that the dispute regarding PKR 8.3 billion in trade debts is expected to be resolved soon, either by the end of this month or early next month, with no anticipated cashflow impact.
Nishat Chunian Power Limited (NCPL): FY24 Corporate Briefing Takeaways – By Taurus Research

Nov 22 2024


Taurus Securities


  • NCPL, operates a 200 MW power plant running on residual furnace oil (RFO) with high-speed diesel as a backup fuel. The plant achieved a capacity factor of 13.99% in FY24 (FY23: 22.52%) and dispatched 240GWh (FY23: 386GWh), with an availability factor improved from to 91.4% in FY23 to 93.8% in FY24.
  • FY24 revenue stood at PKR 15.22Bn, down from PKR 18.2Bn in FY23, primarily due to reduced power generation demand.
  • Net profit for FY24 increased by 24%YoY to PKR 4.91Bn (FY23: PKR 3.95Bn), supported by delay in markups payment, which contributed to approximately PKR 1.56Bn for the bottom line. However, the company highlighted that the recovery of this amount remains uncertain, adding a layer of risk to future cash flows. EPS improved to PKR 13.37 from PKR 10.77 in FY23, reflecting overall profitability despite these uncertainties
Market Wrap: Highlights of the day - By JS Research

Jul 10 2025


JS Global Capital


  • The KSE-100 Index surged 1,325 points to reach an intraday high of 133,902, as investor sentiment turned bullish on the back of strong macroeconomic signals. Record-high remittances of $38.3 billion and robust demand in recent government debt auctions drove renewed interest in the banking sector. This marks a key inflection point for the market. With improving fundamentals and fiscal stability, the index appears poised to consolidate above the 130,000 mark. Continued foreign inflows and structural reforms could sustain this momentum in the quarters ahead
Automobile Assembler: Pakistan Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high - By Topline Research

Jul 10 2025


Topline Securities


  • Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 21,773 units in Jun 2025, reflecting a 64% YoY and 47% MoM rise.
  • MoM rise was mainly led by a 39-month high Alto sales due to pre-buying as GST was set to increase effective from Jul 01, 2025 from 12.5% to 18.0%.
  • YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment
Oil and Gas Exploration: Improving liquidity in E&P sector to set stage for recovery - By AKD Research

Jul 10 2025


AKD Securities


  • As per released figures from PPIS for Jun’25, oil/gas production for the year amounted to 62.4k bpd and 2,882mcfd, reflecting a decline of 12%/8%YoY.
  • We expect rebound in domestic hydrocarbons as excess RLNG issue is to be resolved through i) renegotiation of RLNG contract in 2026, ii) deferral of cargoes, and iii) increase in demand.
  • Industry participants have struck 21 discoveries during FY25, up 40%/91% compared to 15/11 discoveries during FY24/23, culminating to incremental production of 2.9k bpd of oil and 253mmcfd of gas as per initial flow rates.
Market Wrap: Evening Chronicle July 10, 2025 - By AHCML Research

Jul 10 2025


Al Habib Capital Markets


  • The KSE-100 Index opened on a positive note and surged to an intraday high of 133,902.34 points before closing at a record 133,782.34, gaining 1,205.36 points or 0.91%. Investor sentiment remained buoyant amid strong economic indicators and corporate developments. Record remittances of USD 38.3bn in FY25 (up 26.6% YoY), progress on the Roosevelt Hotel’s USD 1.0bn valuation in the proposed redevelopment plan, World Bank’s likely support for Reko Diq, a 10% rise in US exports, and a USD 1 billion syndicated loan by Dubai Islamic Bank all boosted investors’ confidence. Top contributors to the index included MEBL, MCB, UBL, BAHL, and FFC, which collectively added 570.42 points. BOP led the volumes with 155.38 million shares, while total market turnover reached 941.72 million shares.
Market Wrap: PSX Rebounds Strongly amid Strong Economic Indicators - By HMFS Research

Jul 10 2025


HMFS Research


  • The KSE 100 index resumed its upward trajectory today, reaching an intraday high of 133,902 after a slight correction in the previous session driven by profit-taking. The benchmark index closed at the 133,782 level, recording a gain of 1,205 points. The positive sentiment was primarily driven by a remarkable 26.6% surge in cumulative remittances in FY25, which reached a record high of USD 38.3bn. Consequently, buying was observed across major sectors including banking and cement. Investor confidence also improved ahead of corporate results season, furthermore, a 10% y/y increase in exports to the US, which reached USD 5.8bn in FY25, also aided momentum. Total traded volumes remained strong, with the KSE-100 Index posting 326mn shares and the All-Share Index recording 940mn shares. The most actively traded scrips today were BOP (155mn), KOSM (55mn), and HASCOL (33mn). Going forward, the market’s upward trend is expected to continue. However, since the Trump administration as of now has made no announcements over its tariff position on Pakistan, the bourse could swing in the opposite direction should the US decide to impose or reinstate trade barriers. Such a move could dampen investor sentiment, thereby stalling the market's momentum. Amidst this backdrop, investors are advised to remain cautious amid the recent gains in market indices, focusing on fundamentally strong sectors and companies with stable earnings and long-term potential.
Fertilizer: 2QCY25E earnings to jump on higher off-take - By Taurus Research

Jul 10 2025


Taurus Securities


  • We expect Fertilizer players in our universe to witness robust surge in profitability on the back of significant increase in offtake during 2QCY25 i.e. Urea up 14%QoQ and DAP up 99% QoQ, attributed to rise in demand for fertilizer products at the start of the Kharif Season 2025 amid facilitating farmers with Kissan Cards, mitigating wheat crisis and stable fertilizer prices.
  • On the Company front, EFERT’s market share went up by 32% (up 8pptsYoY) in 2QCY25 due to base effect as the Company had undergone scheduled plant maintenance activities for 2 months during 2QCY24, resulting in rise in Urea off-take (up 9pptsYoY to 34%). Further, disparity in gas pricing mechanism has still put significant pressure on the margins of EFERT, forcing to sell Urea at a discounted price (discount of PKR 100-150 per bag started in Jan’25). Further, FFC has also reduced Urea prices by PKR 40/bag effective from May’25.
  • FFC’s net sales to clock-in at ~PKR 68Bn in 2QCY25, up 7%QoQ on account of increase in overall off-take by 17%QoQ (Urea and DAP off-take were up by 9% and 66%, respectively). Gross margins to hover around 38% in 2QCY25, up 2pptsQoQ. Distribution and admin expense to increase 2%QoQ, in-line with the increase in sales volumes. Finance cost to remain on the lower side (down 16%QoQ) amid deleveraging of FFBL and ongoing monetary easing cycle.
Nishat Mills Limited (NML): BUY Maintained Earnings revised due to lower margins; SOTP value higher - By Topline Research

Jul 10 2025


Topline Securities


  • We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25 and FY26 to Rs18.49 and Rs19.11 on the back of lower-than-expected gross margins posted by company in 9MFY25.
  • We have now assumed gross margins of average 11.1% for FY25-FY27 in our forecast compared to 9MFY25 gross margins of 11.3%. While gross margins in last 10 years i.e. FY15- FY24 have averaged at 12.4%.
  • Despite decline in earnings, we maintain our BUY stance on the company with Jun 2026 target price of Rs225, suggesting total return of 60% including dividend yield of 2%.
Commercial Banks: Banks earnings to increase 7% YoY in 2Q2025 Market Weight Stance Maintained - By Topline Research

Jul 10 2025


Topline Securities


  • Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income
  • Despite the decline in the average policy rate from 21.5% in 2Q2024 to 11.3% in 2Q2025, Net Interest Income (NII) of banks in our universe is expected to increase by 12% YoY to Rs303bn, driven by (1) volumetric growth particularly in current accounts and (2) higher investment yields on old portfolio.
  • Non-interest income of Topline Universe is also expected to post a 14% YoY growth, reaching Rs84bn in 2Q2025, mainly driven by an increase in fee and commission income and higher gain on sale of securities.
Technical Outlook: KSE-100 may undergo corrective trend - By JS Research

Jul 10 2025


JS Global Capital


  • The KSE-100 index failed to sustain its intraday high of 133,566 and slid to close at 132,577, down 826 points DoD. Trading volume stood at 906mn shares, compared to 1,207mn shares in the previous session. The index is likely to test support at 132,326 (yesterday’s low), where a break below this level could trigger a corrective trend, with downside targets at 129,878 and 127,205. On the upside, resistance is expected in the 133,560-134,200 range. We recommend investors remain cautious at higher levels and consider accumulating on dips. The support and resistance levels are placed at 132,080 and 133,320, respectively.
Morning News: Remittances from workers at a record high - By IIS Research

Jul 10 2025


Ismail Iqbal Securities


  • In a historic economic milestone, Pakistan recorded its highest-ever home remittance inflows, exceeding $38 billion during the last fiscal year FY25. This unprecedented surge is credited to robust policy measures and sustained efforts by the federal government and the State Bank of Pakistan (SBP) to channelise remittances through formal avenues.
  • The State Bank of Pakistan (SBP) mobilised approximately Rs1.62 trillion through its latest auctions of government securities, of which a substantial proportion, Rs1.413 trillion, was raised from Market Treasury Bills (MTBs) and Rs208.42 billion from 10- year Pakistan Investment Bonds Floating Rate (PFL).
  • Political uncertainties, security issues, and external shocks continue to threaten Pakistan’s moderate economic recovery, says the Asian Development Bank (ADB). “Structural and institutional factors, as well as issues such as cumbersome land acquisition procedures, procurement delays, lack of counterpart funds, and currency and price fluctuations, affect project readiness, implementation, and outcomes,” said the bank in its member fact sheet.
Ittehad Chemicals Limited (ICL): Corporate Briefing Notes - By Chase Research

Jun 18 2025



  • Ittehad Chemicals Limited reported earnings per share of PKR 13.86 in FY24 against earnings per share of PKR 18.26 in FY23 a decrease of 24%.
  • Total revenue in FY24 reached PKR 24.3 Bn remaining stagnant compared to FY23 with PKR 24.3 Bn.
  • The company saw its gross margin decrease from 21% in FY23 to 20% in FY24.
Economy: Middle East Conflict-Implications for PSX - By Chase Research

Jun 16 2025



  • The conflict erupted after Israel launched surprise airstrikes on Iranian nuclear and military facilities, killing several high-ranking generals and nuclear experts.
  • In retaliation, Iran fired over 150 ballistic missiles and more than 100 drones at Israel, targeting military sites and urban centers, in what it called "Operation True Promise III".
  • Both sides have since traded escalating rounds of attacks: Israel has struck more than 250 targets in Iran, including nuclear development sites, missile launch facilities, energy infrastructure, and the Defense Ministry headquarters in Tehran.
Economy: Pre-MPC Survey Results - By Chase Research

Jun 16 2025



  • In anticipation of the SBP’s upcoming policy decision, Chase Securities conducted a short poll to gauge market sentiment on:
  • A total of 34 participants provided their insights.
  • We believe that these insights are key to identifying market sentiments and gauging the confidence in the equity market.
Economy: Pre-Budget FY26 Market Sentiments - By Chase Research

Jun 5 2025



  • Chase Securities conducted a pre-budget survey in the run up to the annual budget announcement.
  • A total of 44 participants provided their insights on key issues.
  • We believe that these insights are key to identifying market sentiments and gauging the confidence in the equity market.
  • 27% of the participants expect KSE-100 to be above 150,000 points by the end of June 2026.
Pak Datacom Limited (PAKD): Corporate Briefing Notes - By Chase Research

May 30 2025



  • Pak Datacom Limited reported a net profit of PKR 110.16 million (EPS: PKR 9.29) in 9MFY25, marginally higher than PKR 107.83 million (EPS: PKR 9.09) in 9MFY24.
  • Management explained that Pak Datacom partners with local service providers to purchase bandwidth at wholesale prices, receiving rebates based on operational areas, which it then sells to customers. Subscription revenue is linked to bandwidth consumption. The company also offers solar equipment sales and tailored solutions to corporate clients. Currently, it is conducting a feasibility study on hybrid service arrangements. Pak Datacom holds a market share of 30–35% in VSAT services.
  • The company represents two major international telecom firms in Pakistan—British Telecom and Orange Telecom. As a pioneer of VSAT services in Pakistan and Bangladesh, Pak Datacom has established VSAT networks for the Pakistan Army, Navy, and Air Force. It has also provided VSAT solutions to NADRA, SNGPL, and serves banks and oil companies.
Asia Insurance Company Limited (ASIC): Corporate Briefing Notes - By Chase Research

May 29 2025



  • Asia Insurance Company Limited reported a net profit of PKR 168.39 million (EPS: PKR 2.31) in CY24, up from PKR 85.70 million (EPS: PKR 1.17) in CY23.
  • Gross and net insurance premiums were reported at PKR 1.23 billion and PKR 990.88 million, respectively, in CY24. The gross premium comprised PKR 596.39 million from Fire & Property Damage, PKR 208.06 million from Marine, Aviation & Transport, PKR 153.62 million from Motor, PKR 147.01 million from Health, and PKR 129.71 million from Miscellaneous segments.
  • In the Takaful segment, contributions stood at PKR 76.53 million from Fire & Property Damage, PKR 27.72 million from Marine, Aviation & Transport, PKR 21.48 million from Motor, and PKR 19.84 million from Miscellaneous. Total Takaful business contribution was reported at PKR 145.57 million in CY24.
IGI Holdings Limited (IGIHL): Corporate Briefing Notes - By Chase Research

May 19 2025



  • IGI Holdings Limited (IGIHL) reported consolidated net profit of PKR 507 million (EPS: PKR 3.47) in 1QCY25, up 12% from PKR 452 million (EPS: PKR 3.12) in the same period last year.
  • In CY24, the company received dividend income of PKR 1.63 billion, reflecting a 2.6% YoY increase. Profit before tax stood at PKR 1.33 billion versus PKR 1.25 billion in the SPLY, while profit after tax rose slightly to PKR 1.35 billion from PKR 1.32 billion. EPS increased to PKR 9.48 compared to PKR 9.24 last year.
  • The company maintained a stable dividend per share of PKR 65 and a payout ratio of 65% in CY24. Total assets were PKR 16.13 billion, with liabilities dropping significantly to PKR 314 million from PKR 888 million in the SPLY, as the company paid off all short- term and long-term loans.
TPL Properties Limited (TPLP): Corporate Briefing Notes - By Chase Research

May 19 2025



  • TPL Properties Limited reported unconsolidated loss per share of PKR 6.47 in FY24 against an earnings per share of PKR 7.50 in FY23. Furthermore, in 3QFY25 the company reported loss per share of PKR 2.37 against loss per share of PKR 0.29 in SPLY.
  • On March 29, 2025, a fire incident occurred at the construction site of The Mangrove Project during borehole drilling operations, which were being conducted at an approximate depth of 1,200 feet. A team of technical specialists was immediately appointed to assess and address the situation. The management has confirmed that there were no injuries, casualties, or damage to property.
  • The first tower of Lagoon Views, officially launched in January 2025, comprises 234 residential units. As of the latest update, 50% of the apartments have been successfully sold. Additionally, a dedicated sports facility has been planned as part of the development, with an inauguration scheduled for August 2025.
AGP Limited (AGP): Corporate Briefing Notes - By Chase Research

Apr 28 2025



  • AGP Limited reported a net profit of PKR 2.08 billion (EPS: PKR 7.44) in CY24, reflecting a 75% increase compared to PKR 1.19 billion (EPS: PKR 4.25) in the previous year.
  • Net sales rose 34% YoY to PKR 18.54 billion, while consolidated revenue reached PKR 25.03 billion, up from PKR 18.74 billion in SPLY. Growth was driven by a 21% increase in volumes and a 13% price impact. Consolidated gross margins improved to 58.1% from 53.6% in the SPLY, while operating margins expanded to 28.5% from 22.7%, attributed to successful price adjustments and operational efficiencies
  • Management highlighted that recent acquisitions have contributed significantly to performance, with a 5-year consolidated revenue CAGR of 38%, of which 52% was driven by inorganic growth.
Nestle Pakistan Limited (NESTLE): Corporate Briefing Notes - By Chase Research

Apr 22 2025



  • In CY24, Nestlé Pakistan Limited reported a net profit of PKR 14.81 billion (EPS: PKR 326.53), reflecting a 10% YoY decline compared to PKR 16.49 billion (EPS: PKR 363.68) in CY23.
  • Net revenue stood at PKR 193.21 billion, down 4% YoY from PKR 200.61 billion in CY23. Export sales registered a 21% YoY increase. The overall decline in revenue was attributed to the imposition of sales tax on the dairy & nutrition segment (impacting 70% of the portfolio), an additional 6.5% tax on non-filer retailers, the export taxation under the Normal Tax Regime, and the impact of a product boycott due to in the Middle East conflict.
  • The revenue mix in CY24 comprised Dairy & Nutrition at 78.9%, Beverages at 20.7%, and Others at 0.4%. Dairy & Nutrition segment sales declined by 4.1% YoY to PKR 153.2 billion. UHT milk contributed 15-20% to this segment’s revenue. Management reported negative growth across all categories, with price hikes of 3–5% implemented during the year. No provision was recorded in CY24 related to the Everyday HS classification matter.
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