Autos: Demand recovery likely to keep the sector in limelight – By JS Research

Dec 27 2024


JS Global Capital


  • Auto sector continued to underperform the KSE-100 Index for the fourth consecutive year (-21% CYTD) due to weaker demand. However, within the Auto assemblers we saw mixed trends among stocks based on their respective sales performance, where SAZEW was the top performer (up 553% CYTD), followed by GHNI and GAL, 4-wheelers and tractor companies on the other hand lagged behind the race.
  • 5MFY25 sales data reflected 51% YoY surge in 4-wheeler sales, 25% YoY jump in 2-wheeler sales and 83% YoY jump in truck and bus volumes. However, tractor volumes declined significantly, down 50% YoY.
  • We highlight, our sample of automobile assembler sector has reported cumulative net sales of Rs513bn during 9MCY24, arriving at a growth of 31% YoY due to increased volumes and higher car prices. This, coupled with improved industry margins driven by PKR stability, is evident in the sector's earnings, which have more than doubled during the period.

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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.
Market Wrap: KSE-100 Stays Resilient Amid Budget Uncertainty - By HMFS Research

May 23 2025


HMFS Research


  • The KSE-100 index exhibited a choppy trajectory today as investor sentiment remained cautious ahead of the FY26 budget announcement. Ongoing discussions with the IMF and anticipation of new conditionalities kept market participants on edge, curbing aggressive positions. Still, broader optimism anchored in improving macroeconomic fundamentals— such as expected external financing from the UAE and World Bank, and renewed efforts to enhance trade and exports—offered some stability amidst the turbulence. After hitting an intraday high of +389 points, the index ultimately settled at 119,103, recording a marginal decline of 50 points. Market activity reflected a wait-and-see approach, with muted volumes of 99.8mn shares on the KSE-100 and 337.1mn shares traded overall. Leading the board were BBFL (33mn), WTL (19mn), and DOL (16mn). Going forward, the market is likely to remain sensitive to unfolding budgetary disclosures and IMF-related developments. Nonetheless, a constructive macroeconomic backdrop could provide the necessary support to steer equities toward recovery. Investors are advised to remain vigilant, closely track policy cues, and prioritize fundamentally sound stocks with long-term value potential.
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.
Morning News: IMF not too ‘keen’ on relief steps in budget, links them to FBR revenue - By Vector Research

May 23 2025


Vector Securities


  • Signaling its reluctance to grant a major relief to the salaried, property, beverage, and export sectors, the visiting IMF team has linked the FBR’s tax collection target with reduction in expenditures. This is the crux of the ongoing parleys, as the team is going to accomplish its visit on Friday (today). However, the Fund will make an exception for the defence budget, as Islamabad will take an appropriate decision to hike the defence spending in view of the current geopolitical environment.
  • Prime Minister Shehbaz Sharif on Thursday met with a delegation from the World Bank, led by Managing Director of Operations Anna Bjerde, to discuss the Bank’s development investment and cooperation in Pakistan. The prime minister said the government is taking practical steps to maximize benefits from the World Bank’s investment under the Country Partnership Framework. He said the framework is expected to bring more than $20 billion in development financing to Pakistan.
  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms. According to a press statement issued on Thursday, the minister shared plans to launch a competitive electricity market soon, noting that preparatory work is underway. An Independent System and Market Operator (ISMO) has been established, and experienced professionals are being appointed. The government will no longer be the sole electricity purchaser.
Morning News: Forex reserves exceed $16bn mark on IMF tranche - By WE Research

May 23 2025



  • Pakistan's foreign exchange reserves rose by $1.034 billion in one week, reaching $16.649 billion as of May 16, 2025, largely due to a $1.023 billion IMF loan tranche under the Extended Fund Facility (EFF). This marks the highest level in four months. While the State Bank of Pakistan’s (SBP) reserves increased, commercial banks' reserves dipped slightly by $9 million. The IMF also approved a $1.4 billion Resilience and Sustainability Facility (RSF) to help Pakistan address climate challenges and support growth. The IMF funds are expected to attract further international financial support, with SBP projecting reserves to exceed $14 billion by June 2025.
  • World Bank Managing Director Anna Bjerde praised Pakistan’s recent economic reforms as a “globally recognised model,” crediting Prime Minister Shehbaz Sharif’s leadership for driving the transformation. During a high-level meeting in Islamabad, Bjerde highlighted Sharif’s focus on sustainable policies, political unity, and development that prioritizes people. She referred to Pakistan’s Country Partnership Framework as the “Pakistan Model,” citing its successful implementation. Sharif thanked the World Bank for its support, especially following the 2022 floods, and noted the partnership will lead to over $20 billion in development investment. Both sides reaffirmed their commitment to continued collaboration.
  • Prime Minister Shehbaz Sharif met with a World Bank delegation led by Managing Director Anna Bjerde to discuss development cooperation and the Country Partnership Framework, which is expected to bring over $20 billion in financing to Pakistan. Sharif emphasized the government’s efforts to fully leverage this investment and thanked the World Bank for its support during the 2022 floods. Bjerde praised Pakistan’s progress on macroeconomic stability and called the partnership a global model, now referred to as the “Pakistan Model.” The meeting reaffirmed strong cooperation between Pakistan and the World Bank, with several senior officials in attendance.
Morning News: WB announces USD 55m in additional funding - By Alpha - Akseer Research

May 23 2025


Alpha Capital


  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms.
  • Pakistan is targeting the export of 125,000 tonnes of mangoes in the current season, with an anticipated revenue of $125 million, the Pakistan Fruit and Vegetable Exporters Association (PFVA) announced. The export campaign is set to kick off on Sunday (May 25).
  • Honda Atlas Cars Pakistan Limited (HCAR) reported a net profit of Rs2.7 billion (EPS: Rs18.97) for the year ended March 31, 2025, marking a 16 per cent year-on-year (YoY) increase and surpassing industry expectations.
Market Wrap: Highlights of the day - By JS Research

May 22 2025


JS Global Capital


  • The market opened on a positive note on Thursday, with the index gaining 767 points to hit an intraday high of 120,699. However, the momentum faded as investors opted for profit-taking at higher levels, dragging the index down to an intraday low of 119,062 before closing at 119,153, down 778 points. Going forward, range-bound activity is likely to persist ahead of the Federal Budget announcement, and investors are advised to remain cautious."
Technical Outlook: KSE-100 moving towards recent low - By JS Research

May 2 2025


JS Global Capital


  • Bears dominated the session as the KSE-100 index posted a loss of 3,546 points to close at 111,327. Volumes stood at 491mn shares compared to 410mn shares traded in the previous session. The index has dropped below the 100-DMA indicating further downside risk. A fall below 110,632 will extend the decline towards 110,104, extendable to 107,953. However, any upside will face resistance in the range of 112,000-113,385, followed by 114,100 (100-DMA). The RSI and the MACD are heading down, supporting a bearish view. A cautious stance is required at current levels. The support and resistance levels are at 109,950 and 113,385, respectively.
Technical Outlook: KSE-100 moving towards the all-time high - By JS Research

Apr 22 2025


JS Global Capital


  • The KSE-100 index witnessed positive movement to close at 118,383, up 1,068 points DoD. Volumes stood at 672mn shares compared to 425mn shares traded in the previous session. The index is expected to revisit yesterday’s high of 118,827 where a break above targeting the all-time high of 120,796. However, any downside will find support in the range of 117,190-117,790; a fall below these levels will target the 30-DMA at 116,194. The RSI and the MACD are heading up, supporting a positive view. We advise investors to ‘Buy on dips’, keeping stoploss below the 30-DMA. The support and resistance levels are at 117,788 and 118,903, respectively.
Technical Outlook: KSE-100; Moving averages to limit downside - By JS Research

Apr 17 2025


JS Global Capital


  • The KSE-100 index witnessed a volatile session to close at 116,020, down 755 points DoD. Volumes stood at 482mn shares compared to 479mn shares traded in the previous session. The index is moving towards the 30-DMA which is currently at 115,706 where a fall below targeting the 50-DMA at 114,542. However, any upside will find resistance in the range of 116,400-117,430 levels. The momentum indicators are mixed, signaling no clear trading view. We advise investors to ‘Buy on dips’, with risk defined below the 50-DMA. The support and resistance levels are at 115,390 and 117,037 levels, respectively.
Technical Outlook: KSE-100: Closed above 30-DMA - By JS Research

Apr 15 2025


JS Global Capital


  • The KSE-100 index posted a gain of 1,537 points to close at 116,390. Volumes stood at 485mn shares compared to 459mn shares traded in the previous session. The index has closed above the 30-DMA which will now provide support at 115,535, followed by 114,357 (50-DMA). However, any upside will face resistance in the range of 116,500-117,300 where a break above targeting 118,718 level. The RSI and the Stochastic Oscillator have improved, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below the 30-DMA. The support and resistance levels are at 115,593 and 116,840 levels, respectively.
Technical Outlook: KSE-100 expected to test support at the 50-DMA - By JS Research

Apr 14 2025


JS Global Capital


  • The KSE-100 index remained under pressure throughout the session as it closed at 114,853 level, down 1,336 points DoD. Volumes stood at 459mn shares compared to 638mn shares traded in the previous session. The index is expected to test support at the 50-DMA currently at 114,300; a fall below will cause the downtrend to resume. However, any upside will face resistance at 115,473 (30-DMA) where a break above that targeting the 115,930-116,650 range. The indicators are mixed, signaling no clear trading view. We recommend investors to stay ‘long’ above the 50-DMA. The support and resistance levels are at 114,350 and 115,647 levels, respectively.
SYS Limited (SYS): Eyes strong growth in the MENA region - By JS Research

Apr 11 2025


JS Global Capital


  • SYS Limited (SYS) held its Analyst Briefing to discuss CY24 financial performance and outlook. On a consolidated basis, the company reported a 1.15x decline in EPS to Rs25.55, largely attributable to exchange losses. SYS also announced a stock split in the ratio of 5 shares for every 1 share held.
  • SYS reported 26% YoY growth in revenue during CY24 where revenue contribution from MENA region (59% share in the revenue pie) jumped by 35% YoY led by timely expansions to exploit the growth opportunity in the region, mainly Saudi Arabia.
  • Strengthening of workforce, diversification of labour with locations in MENA through Egypt and scaling its ‘Capability Centers of Excellence’ (COEs), should enable the company to achieve 26% YoY growth in revenues (CY25E) and gradually improve gross margins by up to 5% in the next few years, as per the management guidelines.
Technical Outlook: KSE-100; Consolidation to continue 100; Consolidation to continue - By JS Research

Apr 11 2025


JS Global Capital


  • The KSE-100 index witnessed a recovery closing at 116,189, up 2,036 points. Volumes stood at 638mn shares compared to 449mn shares traded in the previous session. The support is present at the 30-DMA currently at 115,455, followed by the 50-DMA at 114,300. However, any upside will revisit yesterday’s high of 117,484; a break above can fill the upward gap at 118,718, followed by 120,797. The RSI and the Stochastic Oscillator have improved, supporting a positive view. We advise investors to ‘Buy on dips’, keeping stoploss below the 50-DMA. The support and resistance levels are at 115,718 and 117,072 levels, respectively.
Technical Outlook: KSE-100 fall below key averages; cautious - By JS Research

Apr 10 2025


JS Global Capital


  • Bears dominated the session as the KSE-100 index posted a loss of 1,379 points to close at 114,153 level. Volumes stood at 449mn shares versus 531mn shares traded previously. The Index has dropped below the 50-DMA and the 30-DMA that will now restrict upside at 114,257 and 115,342 levels, respectively. However, a fall below 112,891 will extend the decline to the recent low of 110,104 level. The RSI and MACD have shown weakness, warranting a cautious stance. We recommend investors to remain cautious at higher levels and wait for dips. The support and resistance levels are at 112,999 and 115,200 levels.
Market Wrap: Highlights of the day April 4, 2025 - By JS Research

Apr 4 2025


JS Global Capital


  • The KSE-100 Index surged by 1.6%, crossing the historic 120,000-point milestone during intraday trading, driven by investor optimism following a 18% electricity tariff cut and easing inflation. However, it closed at 118,791, down 146 points, as global trade tensions and tariff disputes weighed on sentiment. Banking sector shares saw increased buying interest, while oil and gas stocks faced selling pressure. Looking ahead, market performance will depend on global economic stability and domestic policy measures to sustain investor confidence.
Market Wrap: Highlights of the day February 24, 2025 - By JS Research -- By JS Research

Feb 24 2025


JS Global Capital


  • The KSE-100 Index surged by 1,529 points (1.4%) to reach 114,330. Initially, stocks plunged over 900 points in the early hours of the session, but later buying spree helped recover the loss. Initially, the gain stemmed from cautious sentiment amid the ongoing result season, falling cement prices, and uncertainty ahead of the IMF review. However, the Finance Minister's reaffirmation of commitment to tackling tax evasion and corruption provides a positive outlook. Investors await the IMF review outcome, which could catalyze further market movement.