International Steels Limited (ISL): 2QFY25 EPS clocked-in at PKR 0.8, PAT of ~PKR 355Mn - By Taurus Research

Jan 29 2025


Taurus Securities


  • 2QFY25– EPS: PKR 0.8; PAT: ~PKR 355Mn, up 98%QoQ.
  • ISL’s net sales clocked-in at PKR 18Bn in 2QFY25, up 36%QoQ mainly on the back of improved industry sales i.e. Automobile (up 37%QoQ). Gross margins hovered at 8% in 2QFY25, up 1pptsQoQ due to higher HRC prices (up 5%QoQ). Net earnings arrived at PKR 355Mn in 2QFY25, up 98%QoQ due to increase in sales volume along with lower finance cost (down 26%QoQ) on account of monetary easing cycle. The Company did not announce a cash dividend for the quarter.
  • Outlook: We expect global CRC-HRC spread to remain lower for 3QFY25 due to China’s weak economic outlook amid ongoing property crisis and subdued industrial demand and deflationary pressure, resulting in oversupply of industrial raw material in the country. We also expect ISL’s gross margin to remain under pressure in 3QFY25 which can put significant stress on the bottom-line.
International Steels Limited (ISL): Earnings drop 41% YoY on Lower Sales and Margins - By IIS Research

Apr 24 2025


Ismail Iqbal Securities


  • International Steels Limited (ISL) announced its 3QFY25 results today, reporting a PAT of PKR 417 million (EPS: PKR 0.96), compared to PKR 706 million (EPS: PKR 1.63) in the same period last year, down by 41% YoY, mainly due to lower sales and gross margins. However, earnings increased by 18% QoQ.
  • The company’s topline declined by 15% YoY and 24% QoQ to PKR 13.9 billion, primarily due to lower volumetric sales as cheaper imported material in the market made the company less competitive. Additionally, falling product prices further impacted revenue.
  • Gross margins stood at 8.6% in 3QFY25, declining 300 bps YoY due to a contraction in CRC-HRC spread, while improving 50 bps QoQ.
International Steels (ISL): 3QFY25 EPS at Rs0.96, down by 41% YoY (Earnings lower than expectations) - By Topline Research

Apr 24 2025


Topline Securities


  • ISL announced its 3QFY25 result today, where the company recorded earnings of Rs417mn (EPS of Rs0.96), down by 41% YoY while up by 18% QoQ.
  • The result came below expectations in 3QFY25 due to lower-than-expected Net Sales. Flat steel volumes were impacted by higher dumping from FATA/PATA region, as per channel checks.
  • Net Revenue decreased by 15% YoY and by 24% QoQ to Rs13.8bn in 3QFY25. Decrease in revenue on a YoY basis is due to lower average selling prices
International Steels Limited (ISL): 3QFY25 EPS clocked-in at PKR 1.0, PAT of ~PKR 417Mn - By Taurus Research

Apr 24 2025


Taurus Securities


  • 3QFY25– EPS: PKR 1.0; PAT: ~PKR 417Mn, up 18%QoQ – in line with our expectations.
  • ISL’s net sales clocked-in at PKR 13.9Bn in 3QFY25, down 24%QoQ mainly on the back of drop in industry sales i.e. construction sales declined during the quarter. However, the Company’s CRC sales went up due to overall increase in Automobile sales by 22%QoQ along with increase in CRC-HRC spread in 3QFY25. Gross margins hovered at 9% in 3QFY25, up 1pptsQoQ. Net earnings arrived at PKR 417Mn in 3QFY25, up 18%QoQ. Lastly, the Company did not announce a cash dividend for the quarter.
  • Outlook: We expect global CRC-HRC spread to remain lower for 4QFY25 due to China’s weak economic outlook amid subdued industrial demand, deflationary pressure and trade war with US, resulting in oversupply of industrial raw material. We also expect ISL’s gross margin to remain under pressure in 4QFY25 which can put significant stress on the bottom-line.
International Steels Limited (ISL): 2QFY25 EPS clocked-in at PKR 0.8, PAT of ~PKR 355Mn - By Taurus Research

Jan 29 2025


Taurus Securities


  • 2QFY25– EPS: PKR 0.8; PAT: ~PKR 355Mn, up 98%QoQ.
  • ISL’s net sales clocked-in at PKR 18Bn in 2QFY25, up 36%QoQ mainly on the back of improved industry sales i.e. Automobile (up 37%QoQ). Gross margins hovered at 8% in 2QFY25, up 1pptsQoQ due to higher HRC prices (up 5%QoQ). Net earnings arrived at PKR 355Mn in 2QFY25, up 98%QoQ due to increase in sales volume along with lower finance cost (down 26%QoQ) on account of monetary easing cycle. The Company did not announce a cash dividend for the quarter.
  • Outlook: We expect global CRC-HRC spread to remain lower for 3QFY25 due to China’s weak economic outlook amid ongoing property crisis and subdued industrial demand and deflationary pressure, resulting in oversupply of industrial raw material in the country. We also expect ISL’s gross margin to remain under pressure in 3QFY25 which can put significant stress on the bottom-line.
Pakistan Banks: SBP imposed MDR on Islamic Banks for individuals Removed MDR for Conventional Banks for companies – By Topline Research

Nov 26 2024


Topline Securities


  • State Bank of Pakistan (SBP) has removed the Minimum Deposit Rate (MDR) requirement for all conventional banks on deposits from financial institutions, public sector enterprises, and public limited companies. The MDR will now only be applicable to deposits of individual account holders. Since last few days there were market gossip on this development.
  • This shall be effective from January 01, 2025.
  • It will benefit banks with a higher mix of corporate deposits, as they are no longer required to pay any MDR. Banks will now pay negotiated rates to corporates.
Market Wrap: Highlights of the day - By JS Research

Jul 11 2025


JS Global Capital


  • The KSE-100 Index surged 1,325 points to reach an intraday high of 133,902, as investor sentiment turned bullish on the back of strong macroeconomic signals. Record-high remittances of $38.3 billion and robust demand in recent government debt auctions drove renewed interest in the banking sector. This marks a key inflection point for the market. With improving fundamentals and fiscal stability, the index appears poised to consolidate above the 130,000 mark. Continued foreign inflows and structural reforms could sustain this momentum in the quarters ahead.
Market Wrap: Bullish Momentum Persists as PSX Hits Historic Peak - By HMFS Research

Jul 11 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) continued its record-setting momentum, with the KSE-100 Index hitting a new all-time high of 134,932 level, ultimately closed at 134,300 level posting a robust gain of 517 points during the session. The rally reflects sustained investor confidence, underpinned by a sharp improvement in macro fundamentals. Key catalysts included a marked improvement in Pakistan’s external position—with FX reserves surpassing USD 20bn for the first time in three years—and record-high PSDP utilization of PKR 1.046tn in FY25, representing 96% of the total allocation. This reflects strong fiscal execution and a clear commitment to growth-driven policy support. Investor sentiment was further bolstered by expectations of improved corporate earnings and a stable monetary outlook. Market activity remained strong, with 290mn shares traded on the KSE-100 and 764mn shares traded across the broader market. Top volume leaders included BOP (94mn), ASL (25mn), and KOSM (24mn). While short-term consolidation may follow the recent sharp gains, the medium-term outlook remains positive, supported by macroeconomic stability and earnings visibility. Investors are advised to maintain a selective, fundamentals-driven approach, with a focus on sectors benefiting from domestic demand recovery and policy tailwinds.
United Bank Limited (UBL): 2QCY25 EPS clocks-in at Rs 11.3, DPS Rs8.0 - By Foundation Research

Jul 11 2025


Foundation Securities


  • United Bank Limited (UBL) announced its 2QCY25 results today reporting earnings of PKR 28.2Bn (EPS: PKR 11.3), ↑103/↓21% YoY/QoQ respectively. This pulls 1HCY25 earnings to PKR 25.5/sh, up 117% YoY. The bank also announced an interim dividend of PKR 8.0/sh (1HCY25 pay-out: PKR 13.5/sh). The result is higher than our expectations because of greater than estimated NII however, high effective tax rate of 61.6% in 2Q dragged earnings.
  • Net Interest Income (NII) of the bank underwent a significant jump of 237% YoY to PKR 91.2Bn in 2Q with NIMs accretion supporting top-line growth. Note that NIMs declined to only 2.5% in the SPLY. The surge came from 1) robust investments book delivering strong fixed income returns, 2) sharp decline in deposit costs and 3) lagged impact of asset re-pricing. On a QoQ basis, NII increased by 8%.
  • Non-funded income arrived at PKR 15.2Bn in 2Q, ↓17% YoY mainly on account of streamlined capital gains. The decline was recorded despite a prolific 68% YoY jump in fee income. Forex income recorded an increase of 7% YoY over the same period. Over the past year, the bank has recorded handsome gains in commission on trade, commission on guarantees and card related fees which we believe continue to propel fee income accretion. On a sequential basis, NFI recorded a paltry decline of 3%.
Market Wrap: Highlights of the day - By JS Research

Jul 10 2025


JS Global Capital


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

Jul 10 2025


Topline Securities


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

Jul 10 2025


AKD Securities


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

Jul 10 2025


Al Habib Capital Markets


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

Jul 10 2025


HMFS Research


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

Jul 10 2025


Taurus Securities


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

Jul 10 2025


Topline Securities


  • We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25 and FY26 to Rs18.49 and Rs19.11 on the back of lower-than-expected gross margins posted by company in 9MFY25.
  • We have now assumed gross margins of average 11.1% for FY25-FY27 in our forecast compared to 9MFY25 gross margins of 11.3%. While gross margins in last 10 years i.e. FY15- FY24 have averaged at 12.4%.
  • Despite decline in earnings, we maintain our BUY stance on the company with Jun 2026 target price of Rs225, suggesting total return of 60% including dividend yield of 2%.
International Steels Limited (ISL): 2QFY25 EPS clocked-in at PKR 0.8, PAT of ~PKR 355Mn - By Taurus Research

Jan 29 2025


Taurus Securities


  • 2QFY25– EPS: PKR 0.8; PAT: ~PKR 355Mn, up 98%QoQ.
  • ISL’s net sales clocked-in at PKR 18Bn in 2QFY25, up 36%QoQ mainly on the back of improved industry sales i.e. Automobile (up 37%QoQ). Gross margins hovered at 8% in 2QFY25, up 1pptsQoQ due to higher HRC prices (up 5%QoQ). Net earnings arrived at PKR 355Mn in 2QFY25, up 98%QoQ due to increase in sales volume along with lower finance cost (down 26%QoQ) on account of monetary easing cycle. The Company did not announce a cash dividend for the quarter.
  • Outlook: We expect global CRC-HRC spread to remain lower for 3QFY25 due to China’s weak economic outlook amid ongoing property crisis and subdued industrial demand and deflationary pressure, resulting in oversupply of industrial raw material in the country. We also expect ISL’s gross margin to remain under pressure in 3QFY25 which can put significant stress on the bottom-line.
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