Wah Noble Chemicals Limited (WAHN): FY24 Corporate Briefing Takeaways – By Taurus Research

Dec 2 2024


Taurus Securities


  • Wah Noble Chemicals Limited, incorporated in 1983, specializes in the manufacturing of Urea Formaldehyde Moulding Compound (UFMC), Formaldehyde, and Formaldehyde-based liquid resins, primarily used as bonding agents in chipboard, plywood, and flush door manufacturing industries.
  • WAHN’s revenue increased to PKR 4,685Mn in FY24 from PKR 4,383Mn in FY23 (6.87% YoY incease). This year’s revenue was the highest ever net sales recorded by the Company.
  • Due to higher sales, cost control and production efficiencies, the Company’s gross profit margin was 22.52% in FY24, an increase from 20.16% in the same period last year.
Wah Noble Chemicals Limited (WAHN): FY24 Corporate Briefing Takeaways – By Taurus Research

Dec 2 2024


Taurus Securities


  • Wah Noble Chemicals Limited, incorporated in 1983, specializes in the manufacturing of Urea Formaldehyde Moulding Compound (UFMC), Formaldehyde, and Formaldehyde-based liquid resins, primarily used as bonding agents in chipboard, plywood, and flush door manufacturing industries.
  • WAHN’s revenue increased to PKR 4,685Mn in FY24 from PKR 4,383Mn in FY23 (6.87% YoY incease). This year’s revenue was the highest ever net sales recorded by the Company.
  • Due to higher sales, cost control and production efficiencies, the Company’s gross profit margin was 22.52% in FY24, an increase from 20.16% in the same period last year.
K-Electric (KEL): Transmission and Distribution Tariff Unveiled All three businesses now will get USD tariff - By Topline Research

May 26 2025


Topline Securities


  • In Seven months after securing dollarized tariff for generation business, the K-Electric (KEL) has also secured dollarized tariff for its transmission and distribution business for 7 years, i.e. from FY24 to FY30.
  • Distribution Business awarded USD ROE of 14%: NEPRA has awarded USD IRR of 14% to KEL for distribution business against requested USD IRR of 16.67%. The USD IRR of 14% translates into PKR ROE of 25.6% for Y1 (i.e. FY24). Which is better than previous tariff PKR return of 16.67%.
  • Transmission Business awarded USD ROE of 12%: NEPRA has awarded USD IRR of 12% to KEL for transmission business against requested USD IRR of 15%. The USD IRR of 12% translates into PKR ROE of 21.4% for Y1 (i.e. FY24). Which is better than previous tariff PKR return of 15%
Market Wrap: Highlights of the day May 26, 2025 - By JS Research

May 26 2025


JS Global Capital


  • The KSE-100 Index fell 0.8% to an intraday low of 118,150, as investor sentiment weakened due to the government's delay in presenting the federal budget and ongoing uncertainty surrounding IMF fiscal targets. The postponement of Budget 2025–26 and unresolved negotiations with the IMF are driving the risk-off behavior. Market direction remains contingent on clarity from upcoming IMF discussions and the budget announcement; volatility is likely to persist until fiscal policy details are finalized.
Pakistan Economy: OPEC’s aggressive output hike puts Pakistan in a sweet spot - By Insight Research

May 26 2025


Insight Securities


  • OPEC+ is expected to announce another output hike of 411 k bbl/day starting July, according to multiple news reports . During the group’s upcoming meeting on June 1st, members are likely to approve a production increase that is three times larger than the previously planned hike of 137 k bbl/day . If materialized, this move could add pressure to already struggling international crude oil prices, which have been weighed down by a weak global economic outlook.
  • Sources close to the group indicate that larger -than -expected output hike may be part of a broader strategy to bring as much as 2 . 2mn bbl/day back into the market by Nov’25 . The decision is widely seen as an effort, particularly by Saudi Arabia to regain lost market share and push high cost producers out of the market . Notably, Saudi Arabia’s market share has been on a declining trend since 2022 , following OPEC+ production cuts that reduced the cartel’s overall share in global oil supply . KSA’s market share declined even faster than the group’s average . The current strategy also appears to target non -compliant OPEC+ members, with Saudi Arabia leveraging its cost advantage to reclaim share from both shale producers and cartel members who are not adhering to quotas . Additionally, experts suggest a geopolitical angle to the move, particularly in the context of U . S . -Saudi relations . The Trump administration is reportedly keen on lower oil prices to curb inflation and restore market confidence especially due to tariff-induced uncertainty . On the other hand, Saudi Arabia is seeking deeper defense cooperation and has recently announced plans to invest US $600bn in US .
  • We believe that Saudi Arabia aims to capture market share from high -cost producers while maintaining some degree of control on prices through monthly OPEC+ meetings, as highlighted in group’s recent press releases . A sharp price decline would not be in KSA’s interest, especially considering its ambitious development plan .
Pakistan Economy: National Consumer Price Index (NCPI) - By AHCML Research

May 26 2025


Al Habib Capital Markets


  • Inflation in May’25 is expected to clock in at 3.0% YoY, up from 0.3% in Apr’25 and down from 11.8% in May’24, as base effects continue to fade. On a monthly basis, CPI is likely to decline by 0.6% MoM, posting the second consecutive drop, mainly due to a 2.3% fall in food prices amid improved supply of perishables. However, poultry shortages are expected to push egg and chicken prices up by 32.8% and 20.7% MoM, respectively.
  • The transport index is expected to decline by 0.7% MoM due to lower fuel prices, while the clothing and footwear index is projected to rise by 1.2% MoM.
  • On a YoY basis, food inflation is anticipated to ease to 0.9%, but non-food inflation is likely to remain elevated, led by healthcare (+12.5%), education (+10.4%), clothing (+9.9%), and restaurants (+8.4%).
K-Electric (KEL): NEPRA approves Multi-Year T&D Tariff for K-Electric - By Taurus Research

May 26 2025


Taurus Securities


  • NEPRA has approved Multi-Year Tariff for Transmission & Distribution (T&D) network segments of K-Electric for FY24- FY30. Salient features of the multi-year tariff approved by NEPRA are as follows:
  • Control Period: 7 Years, from FY24- FY30.
  • Allowed Debt-to-Equity Ratio: 70:30.
Pak Aluminium Beverage Cans Ltd (PABC): Exports outlook gets weaker; Reiterate Sell - By JS Research

May 26 2025


JS Global Capital


  • We tweak down our CY25E/CY26E EPS estimates for Pak Aluminium Beverage Cans Ltd (PABC) by 9% and TP by 4%. The revision is mainly led by the expected fall in volumes led by border issues with Afghanistan coupled with the upcoming capacity expansions in Central Asia, which may adversely impact PABC’s export prospects to the region. We reiterate our Underperform rating for the stock with a TP of Rs110.
  • Furthermore, any reduction in regulatory duty in the upcoming budget (from 22%-26% currently to 15% or less) given to the local industry, may create pressure on sales volumes from dumping of cheaper products in the country.
  • We consider resumption of dividend payout and announcement of any Capex or investment plan as key triggers for the stock going forward. To highlight, PABC stands at net cash position of Rs10.7bn (Mar-2025).
Morning News: Budget put off to June 10 as talks with IMF continue - By HMFS Research

May 26 2025


HMFS Research


  • The government on Friday postponed the announcement of the federal budget 2025-26 by more than a week to June 10 amid inconclusive discussions with the International Monetary Fund (IMF) on some of the critical fiscal measures and to avoid the Eid break during the budget session. Informed sources said the visiting IMF staff mission had multiple rounds of discussion on Friday, including a wrap-up session with Finance Minister Muhammad Aurangzeb.
  • In a significant development, the International Monetary Fund (IMF) and Pakistani authorities have reached a preliminary agreement on a comprehensive financial framework, paving the way for continued negotiations on the budget for fiscal year 2025-26. Officials in the finance ministry indicate that discussions are set to advance in the coming days, with the goal of finalising crucial fiscal policies, including the revenue collection target for FY26, development outlay, defence expenditure, and the highly debated tariff rationalisation plan for the industry.
  • The Asian Infrastructure Investment Bank (AIIB) has approved $240 million in funding for the second phase of the Karachi Water and Sewerage Services Improvement Project (KWSSIP). The new phase will increase water availability, improve the safety of water and sewerage services in Karachi, and improve the financial and operational performance of the Karachi Water and Sewerage Corporation (KWSC).
Market Wrap: Highlights of the day - By JS Research

May 23 2025


JS Global Capital


  • Dull activity was observed on the last trading day of the week at the PSX, as investors adopted a cautious stance and preferred to stay on the sidelines ahead of the Federal Budget. The benchmark KSE-100 index fluctuated between an intraday high of 119,542 points (+389) and a low of 118,665 points (−487), before closing with a marginal loss of 50 points at 119,102. Trading volumes remained thin throughout the day, with major participation seen in sideboard stocks. Going forward, we expect the market to continue consolidating; hence, investors are advised to wait for dips before taking fresh positions.
Image Pakistan (IMAGE): Corporate Briefing Key Takeaways - By Topline Research

May 23 2025


Topline Securities


  • Topline Securities hosted a Corporate Briefing Session (CBS) for Image Pakistan (IMAGE) today, where senior management discussed the recent financial performance and future outlook of the company.
  • Rs193mn capex was incurred in 9MFY25, and management expects an additional Rs250mn for multi-head embroidery machinery and Rs150mn for store expansions over the next 9 months of CY25.
  • IMAGE currently has 14 outlets, with 4 more in progress (3 new and 1 expansion), bringing the total to 17 physical stores alongside a strong global online presence. Upcoming locations include the expanded Zamzama flagship, Bukhari Commercial in Karachi, F-6 MarkazIslamabad, and Giga Mall Rawalpindi.
Image Pakistan Limited (IMAGE): 3QFY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • IMAGE is a premium fashion retailer specializing in Schiffli embroidery and digital lawn. It operates 14 stores across Pakistan and a growing online platform serving both local and international markets. With subsidiaries in the UK and USA, IMAGE targets the affordable luxury segment, blending traditional craftsmanship with modern design for its customers.
  • In 3QFY25, IMAGE reported sales of PKR 1,205 million, relatively unchanged from 3QFY24 sales of PKR 1,204 million. Gross profit margin slightly improved to 45% in 3QFY25 compared to 42% in the same period last year (SPLY). However, net profit after tax (PAT) decreased by 12% to PKR 209Mn in 3QFY25 from PKR 238Mn in the SPLY due to an increase in distribution and selling expenses. EPS stood at PKR 0.91 in 3QFY25 (3QFY24 EPS: PKR 1.81).
  • During 3QFY25, IMAGE expanded its physical presence with three new stores: Multan, Gujrat, and a new outlet at Dolmen Mall Lahore, taking total outlets to 14 nationwide. An additional three outlets (DHA Phase VI Karachi, Giga Mall Rawalpindi, and F-6 Islamabad) are scheduled for launch by the end of CY25, which will bring the total to 17 brick-and-mortar stores. This accelerated rollout indicates management’s confidence in sustained foot traffic recovery and untapped urban demand.
K-Electric (KEL): NEPRA approves Multi-Year T&D Tariff for K-Electric - By Taurus Research

May 26 2025


Taurus Securities


  • NEPRA has approved Multi-Year Tariff for Transmission & Distribution (T&D) network segments of K-Electric for FY24- FY30. Salient features of the multi-year tariff approved by NEPRA are as follows:
  • Control Period: 7 Years, from FY24- FY30.
  • Allowed Debt-to-Equity Ratio: 70:30.
Image Pakistan Limited (IMAGE): 3QFY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • IMAGE is a premium fashion retailer specializing in Schiffli embroidery and digital lawn. It operates 14 stores across Pakistan and a growing online platform serving both local and international markets. With subsidiaries in the UK and USA, IMAGE targets the affordable luxury segment, blending traditional craftsmanship with modern design for its customers.
  • In 3QFY25, IMAGE reported sales of PKR 1,205 million, relatively unchanged from 3QFY24 sales of PKR 1,204 million. Gross profit margin slightly improved to 45% in 3QFY25 compared to 42% in the same period last year (SPLY). However, net profit after tax (PAT) decreased by 12% to PKR 209Mn in 3QFY25 from PKR 238Mn in the SPLY due to an increase in distribution and selling expenses. EPS stood at PKR 0.91 in 3QFY25 (3QFY24 EPS: PKR 1.81).
  • During 3QFY25, IMAGE expanded its physical presence with three new stores: Multan, Gujrat, and a new outlet at Dolmen Mall Lahore, taking total outlets to 14 nationwide. An additional three outlets (DHA Phase VI Karachi, Giga Mall Rawalpindi, and F-6 Islamabad) are scheduled for launch by the end of CY25, which will bring the total to 17 brick-and-mortar stores. This accelerated rollout indicates management’s confidence in sustained foot traffic recovery and untapped urban demand.
Pakistan Aluminium Beverage Cans Limited (PABC): CY24 & 1QCY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • PABC is the leading manufacturer of beverage cans in Pakistan. The Company is also Pakistan’s first and only manufacturer and exporter of aluminium cans.
  • During CY24, sales revenue increased 17%YoY clocking in at PKR 23Bn. The contribution of the exports to total revenue was around 63% during the year. Export sales increased 53%YoY to PKR 14.4Bn. Gross margin recorded a marginal decrease. Net profit for the year was recorded at PKR 6Bn compared to PKR 5Bn during the SPLY. The net profit margin recorded a marginal increase. As a result, EPS increased to PKR 16.9/sh from PKR 13.9/sh during the SPLY.
  • The Company reported a production of 936Mn cans in CY24, at a capacity utilization of 89%. The production capacity is 1.2Bn cans p.a.
Lalpir Power Limited (LPL): CY24 Corporate Briefing Key Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • LPL’s Power Purchase Agreement, originally due to expire in Nov’28, was terminated effective Oct 1, 2024, under a Negotiated Settlement Agreement. Receivables up to Sep 30, 2024—including CPP, EPP, and PTI—were cleared by Dec 31, 2024. Delayed payment interest was waived, resulting in significant reversals in the financials. The Company retains ownership of its 350MW oil-fired complex, and no further compensation was provided by the Government. CPPA-G will reimburse the Company for any adverse tax rulings if applicable.
  • Revenue declined 27%YoY to PKR 14.2Bn (CY23: PKR 19.5Bn), reflecting reduced dispatches ahead of PPA expiry. Gross profit fell to PKR 3.55Bn (CY23: PKR 5.6Bn), while PAT sharply dropped to PKR 465Mn from PKR 4.9Bn. This steep decline was primarily driven by non-recurring reversals—including furnace oil inventory written down to net realizable value due to low selling prices and the reversal of interest income due to waived charges under the settlement. EPS declined significantly to PKR 1.22 (CY23: PKR 12.1).
  • LPL reported surplus funds of PKR 9.8Bn as of Dec 31, 2024, ensuring liquidity strength post-PPA. However, Management clarified that it does not plan to distribute excess reserves via dividends in the near term. Instead, the focus is on pursuing high-potential ventures that can deliver superior long-term shareholder value.
Power Cement Limited (POWER): Corporate Briefing Takeaways - By Taurus Research

May 21 2025


Taurus Securities


  • The management of POWER highlighted that the Company turned into profit after five years amid massive developments i.e. successful plant turnaround, significant payment of a finance cost, improving operational efficiency through better fuel mix and capturing huge market share in high grade cement.
  • On the production and sales front, the management told that net sales dropped 16%YoY in 9MFY25 due to drastic decline in production and sales of Clinker on the back of significant decline in international Clinker prices. However, they expect some recovery in Clinker export prices until Dec’25 i.e. in between USD 35-37 per ton. This will improve profitability of the Company. Further, Operating profit surged 24%YoY in 9MFY25 on account of drop in finance cost (35%YoY) due to lower interest rates along with reduction in operational costs i.e. fuel saving of around 10% by using Agricultural Waste as alternative fuel. Moreover, the management is expecting to pay off significant portion of dividends to preference shareholders (Currently 74.5Mn as outstanding) once it has settled large amount of debt during FY26.
  • According to the management, the Company is using 100% imported coal (mainly from US) with a total cost of around PKR 35-37K per ton. Whereas, total export price per ton of Clicker (70% of total exports) and Cement is currently at USD 35-37 and USD 40-47, respectively. They shared that the recent Plant turnaround made it operating at 100% capacity (capable of utilizing high Sulphur coal to make high grade cement). The current retention price is ~PKR 775-800 per bag.
Pakistan Economy: IMF releases its Country Report on Pakistan - By Taurus Research

May 20 2025


Taurus Securities


  • The International Monetary Fund (IMF) has released its latest Country Report (or staff report) on Pakistan, following conclusion of the first review under the 37-month USD 7Bn Extended Fund Facility (EFF), leading to the immediate disbursement of ~USD 1Bn (SDR 760Mn). In addition, Pakistan also secured approval for a Resilience & Sustainability Facility (RSF) amounting to USD 1.4Bn for the purposes of tackling climate change.
  • Overall, policy efforts have continued to bear fruit. Wherein, financial and external conditions have continued to improve, with a current account surplus in 10MFY25 and FX reserves exceeding the IMF’s projections. NCPI has also declined to historical lows, albeit core inflation remains elevated. Economic recovery is continuing. Hence, Pakistan’s capacity to repay has improved too.
  • According to the Staff Report, Pakistan’s GDP growth is expected to arrive at 2.6% for FY25 (revised down from earlier forecast of 3.2%). Similarly, GDP growth for FY26 has also been revised down from 4% to 3.6%. However, the IMF’s forecast for headline inflation has been revised down substantially from the earlier estimates; to 5.1% and 7.7% for FY25 and FY26, respectively— expected to arrive within the SBP’s target range of 5%-7%.
Textile: Apr’25 Textile exports down 1%YoY/15%QoQ - By Taurus Research

May 19 2025


Taurus Securities


  • Textile exports arrived at USD 1.22Bn in Apr’25 as compared to USD 1.23Bn in the SPLY, a decline of ~1%YoY. Whereas, on a monthly basis it has significantly decreased by 15%MoM. The decrease was mainly due to the decline in exports of cotton yarn, cotton cloth, bed wear, tents & canvas, arts & silk and other textiles, down 31%YoY, 6%YoY, 3%YoY, 15%YoY, 3%YoY, and 10% YoY, respectively. However, 10MFY25 textile exports increased 8%YoY to USD 14.8Bn as compared to USD 13.6Bn in the SPLY.
  • In Apr’25, Basic textile exports totaled USD 166Mn, a significant decline of ~13%YoY, mainly attributed to the decline in exports of cotton yarn. Whereas, value added exports showed an increase of 2%YoY with a 4%YoY decline in other textiles.
Textile: Apr’25 Textile exports down 1%YoY/15%QoQ - By Taurus Research

May 19 2025


Taurus Securities


  • Textile exports arrived at USD 1.22Bn in Apr’25 as compared to USD 1.23Bn in the SPLY, a decline of ~1%YoY. Whereas, on a monthly basis it has significantly decreased by 15%MoM. The decrease was mainly due to the decline in exports of cotton yarn, cotton cloth, bed wear, tents & canvas, arts & silk and other textiles, down 31%YoY, 6%YoY, 3%YoY, 15%YoY, 3%YoY, and 10% YoY, respectively. However, 10MFY25 textile exports increased 8%YoY to USD 14.8Bn as compared to USD 13.6Bn in the SPLY.
  • In Apr’25, Basic textile exports totaled USD 166Mn, a significant decline of ~13%YoY, mainly attributed to the decline in exports of cotton yarn. Whereas, value added exports showed an increase of 2%YoY with a 4%YoY decline in other textiles.
TPL Properties Limited (TPLP): Corporate Briefing Takeaways - By Taurus Research

May 19 2025


Taurus Securities


  • The management conducted an analyst briefing on Friday 16, 2025 to provide an update on the March 29, 2025 fire incident at the Mangrove Project and shared updates on its progress.
  • On March 29, 2025, a minor fire occurred at the construction site of the Mangrove project due to an underground gas pocket encountered during deep borehole drilling for water.
  • In response, on April 8, 2025, the Government formed a technical team comprising of representatives from PPL, OGDCL and PRL to oversee the assessment and containment efforts.
Rafhan Maize Products Company Limited (RMPL): CY24 Corporate Briefing Takeaways - By Taurus Research

May 16 2025


Taurus Securities


  • Rafhan Maize Products Company Limited (RMPL) is an affiliate of Ingredion Incorporated, USA. Ingredion is one of the world’s leading corn refiners and carries a 71% stake in RMPL. RMPL considers itself to be an ingredients solution provider and serves more than 50 industries domestically and internationally. RMPL operates three manufacturing facilities in Punjab and Sindh.
  • RMPL primarily produces Starch (40%), Glucose (40%), and Dextrose (20%). RMPL operates in the following product categories and their respective segments: Food (confectionery, bakery, dairy, beverages, snacks, savory); Pharmaceuticals (Pharma-grade starches and glucose syrups for a wide range of applications); Industrial (textile, paper and corrugation, chemical and allied, and home and personal care); and Animal Nutrition (poultry, livestock, and aquaculture).
  • The Management noted that RMPL carries over 90% market share in its primary segments.
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