Dolmen City REIT (DCR): Transition towards a new rental model – By JS Research

Dec 30 2024


JS Global Capital


  • Dolmen City REIT (DCR) is the largest REIT in Pakistan. One of its prominent projects Dolmen City mall had an average monthly footfall of 723k during FY24 compared to 708k visitors last year. The management in a recently held analyst briefing shared that the Dolmen Mall and the Harbor front had occupancy levels of 97.6% and 97.2%, respectively.
  • Management revealed that they have transitioned to a new rental model, wherein tenants pay a base rent, with the remaining amount calculated as a percentage of the tenant's revenue. They further highlighted that over 50% of tenants have already been moved to the new model.
  • The company has posted a growth in both rental and marketing revenue of 7% and 39% YoY, respectively during 1QFY25. Company’s net income, however, declined 2% YoY due to higher admin and operating expenses due to one-off renovation charge during the quarter.
Dolmen City REIT (DCR): Transition towards a new rental model – By JS Research

Dec 30 2024


JS Global Capital


  • Dolmen City REIT (DCR) is the largest REIT in Pakistan. One of its prominent projects Dolmen City mall had an average monthly footfall of 723k during FY24 compared to 708k visitors last year. The management in a recently held analyst briefing shared that the Dolmen Mall and the Harbor front had occupancy levels of 97.6% and 97.2%, respectively.
  • Management revealed that they have transitioned to a new rental model, wherein tenants pay a base rent, with the remaining amount calculated as a percentage of the tenant's revenue. They further highlighted that over 50% of tenants have already been moved to the new model.
  • The company has posted a growth in both rental and marketing revenue of 7% and 39% YoY, respectively during 1QFY25. Company’s net income, however, declined 2% YoY due to higher admin and operating expenses due to one-off renovation charge during the quarter.
Dolmen City REIT (DCR): FY24 Corporate Briefing Takeaways – By Taurus Research

Dec 27 2024


Taurus Securities


  • Dolmen City REIT (DCR), launched by Arif Habib Dolmen REIT Management in June 2015, holds the distinction of being Pakistan’s first real estate investment trust. The Company operates as a perpetual, Shariah-compliant, rental REIT listed on the PSX. DCR’s portfolio centers around the Dolmen City Project, a mixed-use development situated along the Arabian Sea in Clifton, Karachi.
  • Dolmen City Project comprises of Dolmen Mall and Harbour Front. Dolmen Mall spans 543,000 sq. ft. with over 130 outlets, a hypermarket, and a large food court. Harbour Front offers 257,000 sq. ft. of premier office space across 19 floors, housing multinational and local corporations. The Company comprises of two more office towers: Sky Tower A and B.
  • DCR’s Dolmen Mall recorded an average monthly footfall, the number of visitors entering the mall, of 722,666 in FY24, up from 708,278 in FY23. Total footfall for FY24 increased to 8.67Mn from 8.50Mn in FY23.
Pakistan Economy: Policy rate likely to remain ‘unchanged’ - By Taurus Research

Jun 13 2025


Taurus Securities


  • State Bank of Pakistan’s Monetary Policy Committee (MPC) is scheduled to meet on Monday June 16, 2025, wherein we expect the MPC to keep the benchmark policy rate ‘unchanged’ at 11%. Our expectations are primarily based on the following factors:
  • Geo-political developments: Recent escalation between Iran and Israel, as well as the war between Russia & Ukraine, continues to pose upside risks to commodity prices in particular oil. For context, oil prices are up ~9% following Israel’s attack on Iran. These pressures pose a significant risk to inflation expectations.
  • Core inflation remains elevated: Core inflation in Urban and Rural areas was recorded at 7.3% and ~9%, respectively in the latest NCPI reading for the month of May’25. We believe the MPC would like to see a more sustained decrease in the same.
Technical Outlook: KSE-100; Expected to trade range bound - By JS Research

Jun 13 2025


JS Global Capital


  • The KSE-100 index failed to sustain its intraday high of 126,718 and slid to close at 124,093, down 260 points DoD. Volumes stood at 1,025mn shares compared to 1,041mn shares traded in the previous session. The index is likely to test support at yesterdays’ low of 123,847 where a fall below initiating a corrective trend. However, any upside will face resistance in the range of 124,880-125,925 level, followed by 126,718. The MACD is rising, while the RSI has shown weakness, signaling no clear trading view. Investors are advised to view any downside as an opportunity to ’Buy’, keeping stoploss below 123,238 level. The support and resistance are at 123,054 and 125,925, respectively.
Morning News: IMF raises eyebrows over Rs344b grant - By Vector Research

Jun 13 2025


Vector Securities


  • The International Monetary Fund (IMF) has raised concerns over provision of Rs344 billion grants to various sectors without approval from the National Assembly. Sources said the multilateral lender termed the grant for defence, Independent Power Producers (IPPs) and other sectors without the nod of parliament a violation of the govt-IMF agreement. The federal government has additionally spent Rs344.66 billion during the current fiscal year in the shape of grants.
  • Pakistan slashed spending and pledged to stay the course on fiscal consolidation for the upcoming financial year, reinforcing the government’s commitment to its International Monetary Fund loan programme, reports Bloomberg. The budget plan unveiled Tuesday kept expenses unchanged, while proposing to increase taxes by 18 per cent to Rs2.56 trillion ($9 billion) for the year starting July, Finance Minister Muhammad Aurangzeb said in a parliament speech. That will lead to a primary balance surplus of 2.4 per cent of gross domestic product, said Aurangzeb, higher than the 1.6 per cent agreed with the IMF.
  • In a significant win for Pakistan, the International Finance Corporation (IFC) and the World Bank have approved a concessional loan of $700 million for the Reko Diq project, a major mining and resource development initiative. This approval, granted during a board meeting in Washington, is a significant diplomatic victory for Pakistan and a major setback for India, which had actively lobbied against the funding.
Pakistan Economy: Monetary Policy Survey 56% of the participants expecting status quo; we also expect no change - By Topline Research

Jun 12 2025


Topline Securities


  • State Bank of Pakistan (SBP) is scheduled to hold its Monetary Policy Committee (MPC) meeting on May 05, 2025.
  • In a Poll conducted by Topline Securities, 56% of the market participant expect a status quo in upcoming monetary policy meeting compared to 31% in last poll. While 44% are expecting a rate cut of at-least 50bps.
  • Out of total 44% rate cut participants, 19% are expecting 50bps cut , and 25% are expecting 100bps cut.
Highnoon Laboratories (HINOON): Corporate Briefing Key Takeaways - By Topline Research

Jun 12 2025


Topline Securities


  • Topline Securities organized Corporate Briefing Session of Highnoon Laboratories(HINOON), where management discussed financial performance and future outlook.
  • HINOON outperformed the industry, with its revenue growing at a 10-year CAGR of 23%, compared to the pharmaceutical industry’s 10-year CAGR of 15%.
  • HINOON’s revenue grew by 25% to Rs24.6bn in 2024, of which 8% was driven by volume growth and 17% by price increases. The management expects the growth momentum to continue in the coming period and to outperform industry growth
Auto: Pakistan Car sales in 11MFY25 up 39% YoY; 2/3 wheelers record ~ 3 year high - By Topline Research

Jun 12 2025


Topline Securities


  • Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 14,762 units in May 2025, reflecting a 35% YoY and 39% MoM rise.
  • MoM rise was mainly due to lower base as Apr 2025 saw road closure in Sindh (due to strikes over canal issues) which delayed deliveries and thus lower sales.
  • YoY growth is supported by a more stable macroeconomic environment, lower interest rates, easing inflation, and improving consumer sentiment.
Oil and Gas Development Company Ltd (OGDC): OGDC discovers oil and gas at Fakir-1 in Bitrism E.L., Sindh - By AKD Research

Jun 12 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has announced an oil and gas discovery at the exploratory well Fakir-1, located in the Bitrism E.L., Khairpur, Sindh. The company (95% working interest), successfully tested the results in the Lower Goru formation with gas flow reaching 6.4mmcfd, alongside crude oil of 55bpd. We anticipate the aforementioned discovery to contribute an annualized EPS impact of ~PkR0.36/sh for the company.
  • We reiterate our ‘BUY’ stance on OGDC with a Dec’25 target price of PkR371/sh, alongside a DY of 9% during the same period. Our outlook is strengthened due to the following aspects: i) strong production profile, ii) higher future exploration prospects on back of improving liquidity situation, iii) 8.33% stake in highly prospective Reko Diq Mining Project, iv) offshore working interest in Abu Dhabi Offshore Block-5, along with consortium partners and v) improvement in cash payouts.
Technical Outlook: KSE-100; Upside to continue - By JS Research

Jun 12 2025


JS Global Capital


  • Bulls dominated the session as KSE-100 index gained 2,328 points to close at 124,353 level. Volumes stood at 1,041mn shares versus 593mn shares traded previously. If the gain continues, the next target will be at 125,947 which may later rise to 128,026 level. However, any downside will find support within 123,240-123,530 range. The RSI and the MACD have continued to rise, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below 123,238 level. The support and resistance are at 123,531 and 124,881, respectively.
Morning News: Budget 2025-26: Threat of Rs500bn tax hike if enforcement measures blocked - By Vector Research

Jun 12 2025


Vector Securities


  • Finance Minister Muhammad Aurangzeb on Wednesday repeatedly warned that the government would be compelled to impose a further Rs400 to 500 billion in taxes if parliamentarians failed to approve the sweeping enforcement measures proposed in the 2025-26 budget — as they were already cleared by the International Monetary Fund.
  • Pakistan looks set to exceed its annual remittances target of $38 billion with $3.7bn inflows in May. So far in the 11 months of the fiscal year 2025 — July to May — Pakistan received $35bn in remittances. With the addition of June inflows, the total remittances are expected to exceed the revised target of $38bn for the current financial year.
  • The government raised approximately Rs1.1 trillion through auctions of Market Treasury Bills (MTBs) and floating-rate Pakistan Investment Bonds (PIBs). In the MTB auction, bids worth Rs853 billion were accepted by the State Bank of Pakistan. Similarly, the bond auction saw total acceptance of Rs206.91 billion.
Morning News: Housing scheme with SBP’s help: Rs5bn set aside for mark-up subsidy - By WE Research

Jun 12 2025



  • In the FY26 budget, the federal government has allocated Rs 5 billion for a mark-up subsidy under a new low-cost housing scheme, launched in partnership with the State Bank of Pakistan, along with Rs 1 billion for the Naya Pakistan Housing Authority, to address the country’s housing shortage and revitalize the construction sector. This initiative follows the suspension of the "Mera Pakistan Mera Ghar" scheme in 2022 and includes several tax incentives, such as reduced withholding tax on property purchases and the abolition of the 7% Federal Excise Duty on property transfers. Finance Minister Muhammad Aurangzeb also announced tax credits for home loan interest on properties of specific sizes. Experts, including U.S.-based real estate consultant Dr. Anosh Ahmed, have praised these measures as timely and essential for stimulating economic growth, job creation, and industrial development, highlighting their potential to support middle-income families and boost real estate investment.
  • In May 2025, the Securities and Exchange Commission of Pakistan (SECP) registered a record 3,609 new companies, bringing the total number of registered companies in the country to over 255,000. Nearly all incorporations (99.9%) were completed digitally, with over Rs2.7 billion in capital raised. Private limited companies constituted 59% of new registrations, followed by single-member companies at 37%. The IT and e-commerce sectors led with 718 new incorporations, followed by trading, services, and construction. The SECP also issued 56 licenses, including to NGOs, capital markets, insurance, and nonbanking finance entities. Additionally, foreign investment was reported in 98 of the newly registered companies.
  • In a post-budget press briefing, Finance Minister Muhammad Aurangzeb announced a major tariff reform, eliminating additional customs duties on 4,000 out of 7,000 tariff lines and reducing duties on another 2,700 to support industrial growth and boost exports. This move, part of Pakistan’s broader economic restructuring, aims to lower input costs for exporters, integrate the economy into global supply chains, and transition from import substitution to export-led growth. The minister also introduced fiscal measures for relief to salaried individuals and small businesses, and prioritized support for construction and agriculture through lower transaction costs and improved credit access. Reforms in the digital economy include a new e-commerce framework and mandatory tax registration for small online businesses, alongside the imposition of an 18% GST on solar plant imports to support local manufacturing. The government has generated Rs400 billion in additional revenue this year and aims to raise the tax-to-GDP ratio to 10.9% by FY26. Aurangzeb also shared plans for bond repayments and new international market issuances, including a Panda Bond, while stressing the importance of improving Pakistan’s credit rating. The press conference was briefly disrupted by a journalists' boycott over the lack of a traditional technical briefing.
Technical Outlook: KSE-100; Expected to trade range bound - By JS Research

Jun 13 2025


JS Global Capital


  • The KSE-100 index failed to sustain its intraday high of 126,718 and slid to close at 124,093, down 260 points DoD. Volumes stood at 1,025mn shares compared to 1,041mn shares traded in the previous session. The index is likely to test support at yesterdays’ low of 123,847 where a fall below initiating a corrective trend. However, any upside will face resistance in the range of 124,880-125,925 level, followed by 126,718. The MACD is rising, while the RSI has shown weakness, signaling no clear trading view. Investors are advised to view any downside as an opportunity to ’Buy’, keeping stoploss below 123,238 level. The support and resistance are at 123,054 and 125,925, respectively.
Technical Outlook: KSE-100; Upside to continue - By JS Research

Jun 12 2025


JS Global Capital


  • Bulls dominated the session as KSE-100 index gained 2,328 points to close at 124,353 level. Volumes stood at 1,041mn shares versus 593mn shares traded previously. If the gain continues, the next target will be at 125,947 which may later rise to 128,026 level. However, any downside will find support within 123,240-123,530 range. The RSI and the MACD have continued to rise, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below 123,238 level. The support and resistance are at 123,531 and 124,881, respectively.
Technical Outlook: KSE-100; Post breakout consolidation expected - By JS Research

Jun 10 2025


JS Global Capital


  • The KSE-100 index witnessed a volatile session to close at 121,641, down 158 points DoD. Volumes stood at 855mn shares compared to 711mn shares traded in the previous session. The index is expected to test resistance at 122,282 (Thursday’s high) where a break above targeting 123,375 which may later rise to 125,947. However, any downside will find support within 121,050-121,350 range. The indicators are mixed, signaling no clear trading view. We advise investors to stay cautious on the higher side and wait for dips. The support and resistance are at 121,345 and 122,109, respectively.
Autos: May-2025 sales to record highest levels since Dec-2022 - By JS Research

Jun 5 2025


JS Global Capital


  • We preview automobile sales volumes for May-2025, expecting the three major players including Indus Motors Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR), and Pak Suzuki Motor Company Ltd, representing 84% of the four-wheeler market, to post a major volumetric growth of 44%/49% YoY/MoM, reaching ~13.3k units.
  • INDU and HCAR are expected to lead monthly growth with volumes up 2.4x and 69% YoY, respectively. The 49% MoM increase is largely due to delivery delays led by protest on highways over canal projects. Overall, we anticipate a 38% YoY growth for our sample in 11MFY25.
  • We highlight key risks in the FY26 budget to include a potential carbon tax on petrol vehicles, reduced average tariffs on imported cars, extension of used car import age limit from 3 to 5 years, and higher sales tax on vehicles up to 800cc – all of which could significantly impact the auto industry sales.
Technical Outlook: KSE-100; Upside to continue - By JS Research

Jun 5 2025


JS Global Capital


  • Bulls continued to dominate the session as the KSE-100 Index gained 1,348 points DoD, closing at the 121,799 level. Trading volumes stood at 711mn shares, up from 578mn shares previously. We believe a break above 121,882 (yesterday’s high) will sustain the uptrend, with 123,375 and 125,947 as the next targets. On the downside, support is seen between 120,900 and 121,170, with a break below this range likely to trigger a corrective phase. Both the RSI and MACD are trending upward, reinforcing a positive outlook. We recommend investors 'Buy on dips,' while keeping a stop-loss below the 120,896 level. The support and resistance are at 121,169 and 122,155, respectively.
Fertilizers: Slight demand pick-up ahead of the Budget - By JS Research

Jun 4 2025


JS Global Capital


  • As per provisional figures, Urea off-take during May 2025 is expected to clock in at 420k tons, up 6% YoY/67% MoM. This marks the first YoY growth in Urea sales volumes after a sustained period of weak performance since CYTD. While DAP volumes likely to arrive at 94k tons (+2.3x YoY). CYTD urea/ DAP sales are likely to post 31%/20% YoY decline.
  • Company-wise, Fauji Fertilizer Company (FFC) is expected to post Urea off-take of 206k tons in May-2025, down 28% YoY. In contrast, Engro Fertilizers (EFERT) is expected to post 86% YoY growth reflecting a low base-effect, while the company is also expected to surpass the CYTD monthly run-rate.
  • Urea inventory is expected to reach an 8-year high of 1.3mn tons in May-2025, similar to the levels seen during the same month in 2017/ 2020, which were later offloaded due to exports / strong sales in latter months. Although the chances for govt allowing exports are low at this point, however, any such allowance would favor EFERT more than the peers.
Technical Outlook: KSE-100 setting new high - By JS Research

Jun 4 2025


JS Global Capital


  • The KSE-100 index showed positive movement to close at 120,451, up 1,573 points DoD. Volumes stood high at 578mn shares compared to 498mn shares traded in the previous session. The index is likely to test its intraday all-time high of 120,797 where a break above targeting 123,375 which may later rise to 125,947. However, any downside will find support between 119,130 and 119,490 levels, respectively. The RSI and the MACD have moved up, supporting a positive view. We advise investors to view any downside as an opportunity to ‘Buy’, with risk defined below 119,130. The support and resistance are at 119,489 and 121,053, respectively.
Technical Outlook: KSE-100 expected to trade range bound - By JS Research

Jun 3 2025


JS Global Capital


  • The KSE-100 index made a high of 120,591 before sliding to close at 118,878, down 813 points DoD. Volumes stood at 498mn shares compared to 580mn shares traded in the previous session. The index is expected to test support at yesterday’s low of 118,673 where a fall below that targeting the 50-DMA at 116,521. However, any upside will face resistance in the range of 119,380-120,090 levels. The RSI has moved down, while the Stochastic Oscillator is heading up, signaling no clear trading view. We advise investors to stay cautious on the higher side and wait for dips. The support and resistance are at 118,170 and 120,088, respectively.
Market Wrap: Highlights of the day June 2, 2025 - By JS Research

Jun 2 2025


JS Global Capital


  • PSX opened on a positive note and rallied to an intraday high of 120,591 points. Selling pressure dragged the index down to close at 118,878 (down 813 points). On the economic front, CPI data was recorded at 3.5% YoY, providing further cues to market participants. Market volume stood at 498mn shares, with notable activity in DCL, ICIBL, KEL, WTL and FFL. Looking ahead, we expect market pressure to persist in the near term; however, this may present a buying opportunity in select sectors. Investors are advised to accumulate fundamentally strong stocks in the cement, automobile, and fertilizer sectors on dips.
Technical Outlook: KSE-100; Consolidation likely below the peak level - By JS Research

Jun 2 2025


JS Global Capital


  • The KSE-100 index witnessed positive movement to close at 119,691, up 720 points DoD. Volumes stood at 580mn shares compared to 742mn shares traded in the last session. The index is likely to test resistance at 119,914 (Friday’s high); a breakout above this level could target 120,797. On the downside, initial support lies in the 118,770-119,450 range, with a breach below this zone potentially taking the index to the 30-DMA at 116,253. The RSI and Stochastic Oscillator are heading up, supporting a positive view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 119,004 and 120,146, respectively.
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