Attock Cement (Pakistan) Limited (ACPL): 2QFY25 EPS clocked in at PKR4.2 – Above expectation - By Insight Research

Jan 27 2025


Insight Securities


  • ACPL has announced its 2QFY25 result, wherein company has posted PAT of PKR0.6bn (EPS: PKR4.2) vs. PAT of PKR0.5bn (EPS: PKR3.6). The result is above our expectation due to higher-than-expected other income
  • In 2QFY25, revenue increased by 12%/39% YoY/QoQ mainly due to higher volumetric sales.
  • Gross margins of the company clocked in at 21.2%, up by 412 bps QoQ, possibly due to better fuel mix.
Pakistan Economy: May-25 CPI likely at 2.7%, base effect wears off - By JS Research

May 27 2025


JS Global Capital


  • Pakistan's Consumer Price Index (CPI) is expected to clock in at 2.7% for May-2025. The base effect is now fading, signalling a return to normalized price trends. This is likely to take 11MFY25 average inflation to 4.7%, down from 11MFY24 average of 24.9%.
  • Due to the rapid disinflation during the year, our base case CPI forecast for FY25 averages 4.6%. The rolling 12-month forward CPI estimate stands at around 5.7%.
  • State Bank of Pakistan (SBP) reduced policy rate to 11% in the last MPC meeting, owing to rapidly declining inflation. A further rate cut of 50-100bps cannot be ruled out in the near future. SBP is scheduled next to meet on 16th June 2025 for its Monetary Policy Committee (MPC) meeting.
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%).
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.
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.
Economy: Pakistan Federal Budget FY26 Preview Fiscal consolidation to continue; Third consecutive year of primary surplus - By Topline Research

May 22 2025


Topline Securities


  • Fiscal consolidation to continue: Pakistan is set to announce Federal Budget FY26 on Jun 02, 2025. We expect this budget to continue fiscal consolidation, focus on IMF guidelines and bring untaxed/low tax areas in tax net. Furthermore, we believe, this Budget FY26 hold high importance from policy point of view as various additional legislative engagements are likely to be undertaken i.e. inclusion of Section 114c, National Tariff Policy, Captive Power Levy Ordinance, removing cap on Debt Servicing Surcharge (DSS) amongst others.
  • Government’s commitment to IMF for FY26 Budget: Government has committed with IMF to continue with fiscal consolidation in FY26 budget to ensure debt sustainability. The government targets primary surplus of 1.6% of GDP (vs. 2.0-2.1% of GDP in FY25), a surplus for third consecutive year after 2 decades. The govt. has also committed to use any windfall dividend expected from central bank over and above 1% of GDP to retire debt.
  • FBR FY26 Tax revenue growth target could be lowest in 6 years: FBR revenue target is expected at Rs14.1-14.3tn, up 16-18% YoY, which will be a lowest % growth in last 6 years. FBR has achieved 5-year revenue CAGR of 25% from FY21-25. We believe, out of this required 16-18% growth, ~12% would be achieved through autonomous growth driven by real GDP growth of 3.6% and inflation of 7.7%. The remaining 4-5% growth translates into additional tax measures of Rs500-600bn, we estimate.
Pakistan Power: Power generation marks highest YoY growth since Apr-2022 - By JS Research

May 22 2025


JS Global Capital


  • As per latest data released by National Electric Power Regulatory Authority (NEPRA), Power generation during Apr-2025 clocked in at 10,513GWh, posting a significant increase of 22% YoY. Cumulatively, power generation during 10MFY25 remained flat with a marginal dip of 0.4% YoY, clocking-in at ~100,661GWh.
  • Average cost of generation for Apr-2025 stood at Rs8.95/kWh, remaining flat YoY. Nevertheless, on a sequential basis, average cost dipped 3%.
  • The sequential decline in generation cost is mainly attributable to higher contribution from Hydel plants in generation which stood at 22% in the energy mix during Apr-2025 compared to 15% during the last month.
Pakistan Power: Power Generation up 25%YoY in Apr'25 - By AKD Research

May 21 2025


AKD Securities


  • Power generation for Apr’25 clocked in at 10,513GWh, marking an increase of 22%YoY/25% MoM. The rise is driven by elevated cooling demand amid rising temperatures and reduced reliance on captive generation by industries. Key contributors to the power mix during the month were Coal, Hydel, RLNG, and Nuclear sources.
  • Notably, authorities imposed a levy of PkR791/mmbtu on gas-based CPPs during Mar'25, raising gas tariff to PkR4,291/mmbtu. This translates into a significantly higher effective generation cost of ~PkR42/kwh, assuming a thermal efficiency of 35% for off-grid captives utilizing natural gas. The sharp increase in generation cost likely prompted industries to shift towards relatively cheaper grid electricity in the near term, in light of recent reductions in grid tariffs, which is estimated at ~PkR28/kwh (excluding taxes and duties).
  • More positively, the cost of generation declined by 5%YoY/8%MoM to PkR8.95/kWh, compared to PkR9.75/kWh in Apr’24, reflecting improved fuel economics. On a cumulative basis, total power generation during 10MFY25 stood at 100,648GWh, broadly unchanged YoY.
Pakistan Cement: Earnings rise on margin gains, lower finance costs - By JS Research

May 21 2025


JS Global Capital


  • We review 3QFY25 performance of the Cement sector with our sample size of 8 companies. Our sample posted a 2.3x YoY surge in earnings during the quarter, driven primarily by margin expansion (+4.1ppt YoY) and dividend income from subsidiaries — MLPL (~Rs5.6bn) for MLCF and LEPCL (~Rs6.0bn) for LUCK. While local cement dispatches witnessed a mild YoY increase of 2%.
  • Margin improvement on YoY basis in 3QFY25 was largely driven by declining coal prices across both North & South regions, cost efficiencies, and higher retention prices. However, margins declined 2.7ppt QoQ, primarily due to a drop in cement prices in the North.
  • Looking ahead, we expect margins to improve, supported by a recovery in cement prices, especially in the North region (up Rs60/bag since Feb-2025), while low international coal prices are likely to continue benefiting companies operating in the South.
AirLink Communication Ltd ((AIRLINK): Innovation unplugged - By Foundation Research

May 27 2025


Foundation Securities


  • We initiate coverage on AirLink Communication Ltd. with an ‘Outperform’ rating and a Dec’25 TP of PKR 273.3/sh, implying a 67.8% upside. AIRLINK has established a strong position in the mobile manufacturing market through the local assembly of prominent brands including Xiaomi, Tecno, and Itel. The company has ambitious plans to expand its product portfolio further by venturing into the manufacturing of laptops, TV’s and EV’s.
  • Our positive outlook on AIRLINK is supported by (1) increasing broadband and smartphone penetration in Pakistan, (2) strategic expansion aided by a 10-year tax holiday, (3) rising market share of low budget smartphones, (4) diversification into laptops and TVs, (5) potential in Xiaomi smartphone exports, and (6) expanding horizons with EV’s. Despite growing competition, the company’s forward looking initiatives position it strongly to capitalize on untapped market opportunities.
  • Increasing broadband and smartphone penetration: Pakistan’s smartphone penetration (31%) is significantly lower than in neighboring India (47%) and other developing countries (avg: 54%) with a GDP per capita close to Pakistan’s. Similarly, smartphone penetration in South-East Asia stood at 79% in 2024, highlighting the gap and growth opportunity in Pakistan. Improved internet access and evolving popularity of social apps coupled with digitalization are likely to keep demand for smartphones robust in the near term.
Pakistan Economy: May-25 CPI likely at 2.7%, base effect wears off - By JS Research

May 27 2025


JS Global Capital


  • Pakistan's Consumer Price Index (CPI) is expected to clock in at 2.7% for May-2025. The base effect is now fading, signalling a return to normalized price trends. This is likely to take 11MFY25 average inflation to 4.7%, down from 11MFY24 average of 24.9%.
  • Due to the rapid disinflation during the year, our base case CPI forecast for FY25 averages 4.6%. The rolling 12-month forward CPI estimate stands at around 5.7%.
  • State Bank of Pakistan (SBP) reduced policy rate to 11% in the last MPC meeting, owing to rapidly declining inflation. A further rate cut of 50-100bps cannot be ruled out in the near future. SBP is scheduled next to meet on 16th June 2025 for its Monetary Policy Committee (MPC) meeting.
Morning News: IMF in disagreement over key targets, subsidies - By Vector Research

May 27 2025


Vector Securities


  • The Finance Ministry said on Monday that the presentation of the Federal Budget 2025-26 has been delayed from June 2 to June 10 due to disagreements with the International Monetary Fund (IMF) over key budgetary figures, including subsidy allocations.
  • Prime Minister Muhammad Shehbaz Sharif said that the bilateral trade between Pakistan and Iran which stood at $3billion would be taken to $10 billion volume in the next few years, as there was immense potential of growth. Prime Minister Shehbaz Sharif on Monday departed to Iran after concluding his two-day official visit to Turkiye.
  • Despite projected remittance inflows of $38 billion in the current fiscal year (FY25), Pakistan’s per expatriate remittance remains significantly lower than that of peer countries. “Although remittances have grown at a compound annual rate of 6.1 per cent from 2013 to 2023, per expatriate remittance remains low in comparison to other countries in the region,” said a report released by the Policy Research and Advisory Council (PRAC) on Monday.
Morning News: Budget features bold measures for ‘strategic direction - By HMFS Research

May 27 2025


HMFS Research


  • Finance Minister Muhammad Aurangzeb on Monday pledged that the upcoming federal budget would introduce “bold measures” to steer the national economy in a strategic direction and make available whatever support is required by the armed forces. Further said that every possible support would be provided to the armed forces, stressing that it was a national need in light of recent cross-border aggression, not just a military requirement. He said the government would ensure simplified tax returns and forms for the salaried class. He said that around 70 to 80 percent of salaried people did not hold equity and fixed-income portfolios. “They receive salaries through bank accounts with tax deducted at source. They should not have to fill in 140-150 data points,” he said, adding that the government aimed to reduce that number to just nine — five for wealth tax and four for income tax. He said the process would now be accelerated, with transactions involving Pakistan International Airlines (PIA), three power distribution companies and some financial institutions expected to reach completion by the end of this year.
  • The Finance Ministry said on Monday that the presentation of the Federal Budget 2025-26 has been delayed from June 2 to June 10 due to disagreements with the International Monetary Fund (IMF) over key budgetary figures, including subsidy allocations. “The budget announcement has been delayed by a week because the Finance Ministry’s figures are still under reconciliation. The IMF has placed a cap on subsidies,” he added. He further noted that the IMF has declined to make any changes to the revised budget figures recently presented to the Fund’s team.
  • The government is seriously considering reducing federal excise duty (FED) on beverages (aerated water) in the coming budget (2025-26) to attract foreign investment in this sector. Foreign investors including Turkish investors have promised more foreign direct investment in beverage sector in case of tax relief in the coming budget (2025-26). Leading global players with Turkish and Korean franchise investors have invested over USD 2 billion in Pakistan since 2018. However, no new investments have been made since 2023 due to the current fiscal environment. The industry contributes over Rs 175 billion in taxes annually (FED, GST, income tax, super tax) - one of the highest taxed sectors.
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).
Oil and Gas Development Company Limited (OGDC): 3QFY25 EPS clocked in at PKR10.96 – Above expectation - By Insight Research

Apr 30 2025


Insight Securities


  • OGDC has announced 3QFY25 PAT of ~PKR47.1bn (EPS: PKR11.0) vs. PKR47.8bn (EPS: PKR11.1), down by 1% YoY. The result is above our expectation mainly attributable to lower then expected ETR.
  • In 3QFY25, revenue decreased 7% YoY, mainly attributable to decline in oil and gas production coupled with lower oil prices. On QoQ basis revenue is up by 4% attributable to higher oil prices.
  • Operating cost inched up by 19% YoY/QoQ to clock in at ~PKR31.9bn.
Systems Limited (SYS): 1QCY25 EPS clocked in at PKR8.54 – Above expectation - By Insight Research

Apr 28 2025


Insight Securities


  • SYS has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR2.5bn (EPS: PKR8.54) vs. PAT of PKR1.6bn (EPS: PKR5.36) in SPLY. The result is above our expectation mainly due to lower selling and distribution expenses during the quarter.
  • Revenue for the quarter clocked in at PKR18.1bn, up by ~19% YoY, mainly due to higher revenue from Middle east and Europe region. However, same is down by 6% on QoQ basis, mainly due decline in revenue from Middle east and Europe region.
  • Company’s dollarized revenue clocked in at ~US$65mn in 1QCY25, depicting a growth of ~19% YoY. However, same is down by ~6% QoQ due to lower revenue from Middle east region.
Fatima Fertilizer Company Limited (FATIMA): 1QCY25 EPS clocked in at PKR4.0 – Above expectation - By Insight Research

Apr 25 2025


Insight Securities


  • FATIMA has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR3.99) vs. PAT of PKR13.6bn (EPS: PKR6.49) in preceding quarter. The result is above our expectation mainly due to higher than expected gross margins.
  • Revenue for the quarter clocked in at PKR52.0bn vs. PKR66.0bn in SPLY, down by 21%/40% YoY/QoQ, mainly attributable to lower offtakes.
  • Gross margins decreased by ~200bps YoY, to clock in at ~40%, attributable to lower offtakes. While on QoQ basis, margins increased by ~8ppts.
Maple Leaf Cement Limited (MLCF): 3QFY25 EPS clocked in at PKR2.67 – Above expectation - By Insight Research

Apr 23 2025


Insight Securities


  • Maple Leaf cement has announced its 3QFY25 result, wherein company has posted PAT of PKR2.8bn (EPS: PKR2.7) vs. PAT of PKR1.5bn (EPS: PKR1.4) in SPLY. The result is above our expectation due to lower effective tax rate.
  • In 3QFY25, revenue increased by 4% YoY mainly due to higher volumetric sales and better retention price. While on QoQ, same is down by 13% amid lower offtakes and retention price.
  • Gross margins of the company clocked in at 35%, up by ~5.5ppts YoY, due to decline in coal prices and reliance on cheaper fuel mix. While on sequential basis, same is down by ~4.7ppts due to lower retention prices.
Meezan Bank Limited (MEBL): 1QCY25 EPS clocked in at PKR12.3 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • MEBL has announced its 1QCY25 result, wherein it has posted unconsolidated PAT of PKR22.0bn (EPS: PKR12.3) vs. PAT of PKR24.9bn (EPS: PKR13.9) in SPLY. The result came slightly above our expectations, mainly due to healthy volumetric growth QoQ.
  • Profit earned fell by ~10%/8% YoY/QoQ, mainly driven by lower yields on assets. To highlight, bank recorded deposit growth of ~11% QoQ in 1QCY25.
  • Other income recorded QoQ decline of ~23%, amid 8% QoQ decline in fee income and absence of capital gains. On YoY basis, other income inched up by ~29% due to 10% increase in fee income and healthy jump in FX income.
Sazgar Engineering (SAZEW): 3QFY25 EPS clocked in at PKR103.06 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • SAZEW has announced its 3QFY25 result, wherein company has posted PAT of PKR6.2bn (EPS: PKR103.06) vs. PAT of PKR3.0bn (EPS: PKR50.19) in SPLY. The result is above our expectation mainly due to higher than estimated topline and gross margins.
  • During 3QFY25, revenue witnessed an increase of ~83%/100% YoY/QoQ to clock in at PKR36.7bn, primarily due to higher volumetric sales.
  • Gross margins increased by ~360bps/420bps YoY/QoQ to clock in at ~32.6% in 3QFY25, possibly attributable to higher sales volumes.
United Bank (UBL): 1QCY25 EPS clocked in at PKR28.8 – Above expectation - By Insight Research

Apr 16 2025


Insight Securities


  • UBL has announced its 1QCY25 result, wherein it has posted consolidated PAT of PKR36.1bn (EPS: PKR28.8) vs. PAT of PKR16.1bn (EPS: PKR12.9) in SPLY. The result is above our expectation due to higher than estimated NII and reversal in provisioning expense.
  • Net interest income clocked in at PKR84.2bn, up by 200%/24% YoY/QoQ. The increase is attributable to favorable pricing of investment book aided by healthy volumetric growth and higher share of zero cost deposits.
  • Non markup income declined by 21%/38% YoY/QoQ despite a healthy increase of 26%/90% YoY/QoQ in fee income. The decline is primarily driven by elevated gain on securities in preceding quarters.
Fauji Cement Company Limited (FCCL): 2QFY25 EPS clocked in at PKR1.6 – Above expectation - By Insight Research

Feb 25 2025


Insight Securities


  • FCCL has announced its 2QFY25 result, wherein company has posted PAT of PKR4.0bn (EPS: PKR1.6) vs. PAT of PKR2.7bn (EPS: PKR1.1) in SPLY. The result is above our expectation due to higher-than-expected gross margins.
  • In 2QFY25, revenue increased by 24%/8% YoY/QoQ mainly due to higher volumetric sales and better retention prices. To note, company’s local cement offtakes increased by 17%/14% YoY/QoQ.
  • Gross margins of the company clocked in at 35.8%, up by 314bps/142bps YoY/QoQ, possibly due to optimal energy mix and decline in coal prices.
Gul Ahmed Textile Mills Limited (GATM): 2QFY24 EPS clocked in at PKR0.93 – Above expectation - By Insight Research

Feb 25 2025


Insight Securities


  • GATM has announced its 2QFY25 result, wherein the company has posted consolidated PAT of PKR687mn (EPS: PKR0.93) vs. PKR547mn (EPS: PKR0.74) in SPLY, up by 26% YoY. The result is above our expectation due to higher-than-expected gross margin and lower tax expense.
  • In 2QFY25, company’s revenue clocked in at PKR45.68bn compared to PKR41.23bn in SPLY, up by ~11 YoY. The increase in topline is possibly attributable to higher volumetric sales.
  • In dollar terms, company’s revenue clocked in at US$164.0mn in 2QFY25 vs. US$145.5mn in SPLY, up by ~13 YoY. However, same is down by ~7 QoQ.
Maple Leaf cement (MLCF): 2QFY25 EPS clocked in at PKR3.6 – Above expectation - By Insight Research

Feb 20 2025


Insight Securities


  • Maple Leaf cement has announced its 2QFY25 result, wherein company has posted PAT of PKR3.7bn (EPS: PKR3.6) vs. PAT of PKR2.2bn (EPS: PKR2.1). The result is above our expectation due to higher-than expected gross margins.
  • In 2QFY25, revenue increased by 5%/21% YoY/QoQ mainly due to higher volumetric sales and better retention prices.
  • Gross margins of the company clocked in at 39.8%, up by 450bps/825bps YoY/QoQ, possibly due to increased usage of alternate fuel.
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52 Week High:
Vol Avg(12 m):
Free Float:
52 Week Low:
Market Cap:
Total Share:

Relative Strength Index (RSI)

RSI:

MACD Signals

MACD DAILY:
MACD WEEKLY:

Simple Moving Avg (SMA)

SMA(10):
SMA(30):
SMA(60):
SMA(200):

Performance

One Month:
Three Months:
Six Months:
Twelve Months:

Support & Resistance

Support 1:
Resistance 1:
Support 2:
Resistance 2:

High & Lows

Period
High
Low