Bank Al Habib Limited (BAHL): 4QCY24 EPS clocks-in at PKR 6.8; PAT up 20%YoY/down 40%QoQ - By Taurus Research

Jan 30 2025


Taurus Securities


  • 4QCY24 EPS: PKR 6.8. 4QCY24 PAT up 20%YoY. CY24 EPS: PKR 37.7. CY24 PAT up 17%YoY – in line with expectations. BAHL also announced a final DPS of PKR 6.50, taking the full year payout to PKR 17.0/sh.
  • Net Interest Income (NII): Down 6%QoQ mainly due to drop in yields on earning assets due to re-pricing following reduction in interest rates by the SBP. Nevertheless, interest expenses also fell 9%QoQ indicating drop in cost of funds.
  • Non-Markup Income (NMI): Up 14%YoY/10%QoQ. Wherein, fee and commission income was up 23% on a sequential basis. Supported by PKR 376Mn in capital gains booked by the bank during the quarter.
Bank Al-Habib Limited (BAHL): 1QCY25 EPS arrives at PKR 9.7; PAT up 5%YoY/ up 41%QoQ - By Taurus Research

Apr 24 2025


Taurus Securities


  • 1QCY25 EPS: PKR 9.7. 1QCY25 PAT up 5%YoY – above expectations. BAHL has also announced an interim DPS of PKR 3.50.
  • Net Interest Income (NII): Down 9%YoY/15%QoQ owing falling yields on the earning assets of the Bank following re-pricing in the aftermath of lower interest rates, which offset the simultaneous decrease in the cost of funds during the period.
  • Non-Markup Income (NMI): Up 7%YoY/20%QoQ. Wherein, fee and commissions income was down 8%QoQ. While, dividend income, forex income and other income were up substantially during the period.
Bank Al Habib Limited (BAHL): Inline Earnings, Standout Dividend! - By IIS Research

Jan 30 2025


Ismail Iqbal Securities


  • Bank Al Habib has announced 4QCY24 result, where the bank has posted unconsolidated earnings of PKR 6.1/sh, up by 13% YoY and down by 43% on QoQ basis. The result is inline with our expectations. The bank has announced final cash dividend of PKR 6.5/sh against our expectation of PKR3.5/sh, taking full year dividend to PKR 17/sh.
  • Net Interest Income (NII) remained flat on YoY, while down by 7% QoQ, mainly due to lower advances income as banks lent cheaper to meet the ADR target, abolished in late December, and larger repricing has already been reflected in 2Q/3Q.
  • Non-markup income increase by 3% YoY and 11% QoQ. The increase is mainly because of 64%/25% increase in fee income. Operating expenses increased by 2% YoY and 7% QoQ.
Bank Al Habib Limited (BAHL): 4QCY24 EPS clocks-in at PKR 6.8; PAT up 20%YoY/down 40%QoQ - By Taurus Research

Jan 30 2025


Taurus Securities


  • 4QCY24 EPS: PKR 6.8. 4QCY24 PAT up 20%YoY. CY24 EPS: PKR 37.7. CY24 PAT up 17%YoY – in line with expectations. BAHL also announced a final DPS of PKR 6.50, taking the full year payout to PKR 17.0/sh.
  • Net Interest Income (NII): Down 6%QoQ mainly due to drop in yields on earning assets due to re-pricing following reduction in interest rates by the SBP. Nevertheless, interest expenses also fell 9%QoQ indicating drop in cost of funds.
  • Non-Markup Income (NMI): Up 14%YoY/10%QoQ. Wherein, fee and commission income was up 23% on a sequential basis. Supported by PKR 376Mn in capital gains booked by the bank during the quarter.
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%.
Bank Al Habib Limited (BAHL): 4QCY24 EPS clocks-in at PKR 6.8; PAT up 20%YoY/down 40%QoQ - By Taurus Research

Jan 30 2025


Taurus Securities


  • 4QCY24 EPS: PKR 6.8. 4QCY24 PAT up 20%YoY. CY24 EPS: PKR 37.7. CY24 PAT up 17%YoY – in line with expectations. BAHL also announced a final DPS of PKR 6.50, taking the full year payout to PKR 17.0/sh.
  • Net Interest Income (NII): Down 6%QoQ mainly due to drop in yields on earning assets due to re-pricing following reduction in interest rates by the SBP. Nevertheless, interest expenses also fell 9%QoQ indicating drop in cost of funds.
  • Non-Markup Income (NMI): Up 14%YoY/10%QoQ. Wherein, fee and commission income was up 23% on a sequential basis. Supported by PKR 376Mn in capital gains booked by the bank during the quarter.
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