KSB Pumps Company Limited (KSBP): 9MCY24 Corporate Briefing Takeaways - By Taurus Research

Feb 11 2025


Taurus Securities


  • KSBP is one of the world’s largest manufacturers of pumps and valves with extensive operations in Pakistan having a comprehensive range of products as it is the only Company in the country with a foundry to support the local market and huge potential for exports. KSBP has a diverse product portfolio i.e. type series products (local manufacturing and distribution) and export pumps & parts (used to export to South Africa, Germany, Saudi Arabia and USA).
  • Regarding the process of Rights issue (72.54% shares acquisition by KSB SE & Co – A German Multinational Manufacturer of the Pumps), the management told that the Company has completed the process and the proceeds haven been utilized to meet the working capital needs and to pay off outstanding running financing balances. Further, the Company has made a major development by expanding its exports to Germany to increase topline.
  • As per the financial highlights, the management discussed that some proceeds of sales delivery will come in 4QCY24 and 1QCY25 which will significantly increase the topline along with enabling the Company to become cash flow positive in 4QCY24. During 3QCY24, Gross margins improved by 1.5pptsYoY to 19.1% on the back of better sales prices despite lower sales volume (9MCY24 volumes plunged due to supply chain disruptions – Red Sea issues) and turnover. The management believes that the Company will generate higher volumes in CY25 on account of expected increase in sales orders specifically from Germany and other countries. Further, the management also expects gross margins to further improve due to the addition of 850KW solar plant in its production facility – operational from Oct’24. The management also highlighted expected turnaround of the Lahore production facility in CY25.
KSB Pumps Company Limited (KSBP): 9MCY24 Corporate Briefing Takeaways - By Taurus Research

Feb 11 2025


Taurus Securities


  • KSBP is one of the world’s largest manufacturers of pumps and valves with extensive operations in Pakistan having a comprehensive range of products as it is the only Company in the country with a foundry to support the local market and huge potential for exports. KSBP has a diverse product portfolio i.e. type series products (local manufacturing and distribution) and export pumps & parts (used to export to South Africa, Germany, Saudi Arabia and USA).
  • Regarding the process of Rights issue (72.54% shares acquisition by KSB SE & Co – A German Multinational Manufacturer of the Pumps), the management told that the Company has completed the process and the proceeds haven been utilized to meet the working capital needs and to pay off outstanding running financing balances. Further, the Company has made a major development by expanding its exports to Germany to increase topline.
  • As per the financial highlights, the management discussed that some proceeds of sales delivery will come in 4QCY24 and 1QCY25 which will significantly increase the topline along with enabling the Company to become cash flow positive in 4QCY24. During 3QCY24, Gross margins improved by 1.5pptsYoY to 19.1% on the back of better sales prices despite lower sales volume (9MCY24 volumes plunged due to supply chain disruptions – Red Sea issues) and turnover. The management believes that the Company will generate higher volumes in CY25 on account of expected increase in sales orders specifically from Germany and other countries. Further, the management also expects gross margins to further improve due to the addition of 850KW solar plant in its production facility – operational from Oct’24. The management also highlighted expected turnaround of the Lahore production facility in CY25.
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).
Economy: Apr’25 CAB posts USD 12Mn surplus - By Taurus Research

May 16 2025


Taurus Securities


  • 21%MoM surge in the trade deficit along with a 22%MoM decrease in remittances, have reduced Pakistan Current Account Surplus in Apr’25 ~1xMoM, to USD 12Mn (USD 1.2Bn in Mar’25). However, cumulatively CA remains in a surplus of USD 1.9Bn during 10MFY25, as against a deficit of USD 1.3Bn in 10MFY24.
  • Trade deficit for the month clocked-in at USD 2.6Bn, up 21% MoM; amounting to USD 21.3Bn for 10MFY25, up 19%YoY. Exports were down 6%MoM owing to 9%MoM drop in Food Exports mainly Rice which fell ~12% during the month. Whereas, textile exports were flat. In addition, exports of Carpets, Sports Goods, Leather Goods and Engineering Goods were down too.
  • Conversely, Imports were up 6%MoM driven by across the board growth including Transport (25%MoM), Agri & Chemicals (14% MoM); and Machinery (up 12%MoM), respectively. This is a likely outcome of pick-up in economic activity in the country. Overall, 10MFY25 exports are up 5% and imports are up 12%, compared to the corresponding period last year. 10MFY25 services deficit stands at ~USD 2.5Bn, up 4% over the SPLY.
Oil Marketing Companies: Apr’25 Volumes surge 20%MoM, up 32%YoY - By Taurus Research

May 5 2025


Taurus Securities


  • Petroleum products off-take for April’25 stood at approximately 1.45Mn tons, reflecting a monthly growth of 20%. Similarly, on a yearly basis, sales were up 32%YoY.
  • The increase in volumes on a MoM basis was primarily driven by lower POL prices along with controlled smuggling activities.
  • Specifically, volumes for MS increased 14%MoM and 24%YoY. HSD volumes witnessed a huge 28%MoM and 33%YoY growth. Similarly, FO sales increased significantly 55%MoM and 1.8xYoY. The increase in FO sales can be attributed to uptick in demand from the power sector.
Honda Atlas Cars Limited (HCAR): 4QMY25 EPS to clocked-in at PKR 4.82; PAT down 50%YoY - By Taurus Research

Apr 22 2025


Taurus Securities


  • MY25: EPS: PKR 12.01; DPS: NIL; PAT: PKR 1.7Bn, down 27%YoY.
  • HCAR’s top line is expected to arrive at PKR 25.8Bn in 4QMY25, up 4%YoY and 45%QoQ, driven by a strong recovery in sales volumes to 5,692 units during the quarter up 13%YoY and 52%QoQ. For MY25, HCAR sold 16,061 units, marking a robust 53%YoY growth from 10,530 units last year supported by easing recovery in demand amid favorable macros.
  • Gross profit is projected to decline slightly by 2%YoY to PKR 2.1Bn, with gross margins compressing due to cost-side pressures despite higher revenues. Operating profit is expected at PKR 1.1Bn, down 12%YoY, amid a rise in administrative expenses by 21%YoY.
Power: Mar’25 generation up 5%YoY / 15%MoM - By Taurus Research

Apr 17 2025


Taurus Securities


  • Power generation in March 2025 clocked in at 8,409GWh, marking a 5%YoY increase and a 21%MoM recovery, driven by seasonal improvement in demand as the weather changes. This rebound follows the February slowdown, where generation had declined to 6,945GWh due to reduced industrial and household demand during winter.
  • For the 9MFY25, power generation dropped by 2%YoY, declining to 90,147GWh from 92,345GWh recorded in the SPLY.
  • Hydel generation declined sharply by 41%YoY and 31%MoM, contributing only 1,297GWh amid lower water availability. In contrast, coal-based generation surged 1.2xYoY to 1,938GWh and 68%MoM, likely due to better plant availability and reduction in global coal prices. Nuclear generation rose 7%YoY and 20%MoM, contributing the highest share at 2,223GWh. Elsewhere, generation from expensive sources like HSD and furnace oil dropped to 0%, aligning with the Government’s strategy to transition toward more cost-efficient and sustainable energy sources.
United Bank Limited (UBL): 1QCY25 EPS clocks-in at PKR 29.3; PAT up 1xYoY/39%QoQ - By Taurus Research

Apr 16 2025


Taurus Securities


  • 1QCY25 EPS: PKR 29.3. 1QCY25 PAT up 1xYoY. UBL also announced an interim cash dividend of PKR 11/sh. The Bank also plans to sub-divide the face value of its shares in the ratio of 2:1 subject to approval by shareholders.
  • Net Interest Income (NII): Up 2xYoY/24%QoQ, in line with expectations amid significant drop in interest expenses due to the lower cost of funds on the back of build-up in current accounts and the revised MDR regime. Deposits are up ~29% YTD.
  • Non-Markup Income (NMI): Down 20%YoY/38%QoQ, owing to ~77% drop in capital gains compared to 4QCY24
United Bank Limited (UBL): 1QCY25 EPS to clock-in at PKR 18.4; PAT up 43%YoY/down 12%QoQ - By Taurus Research

Apr 15 2025


Taurus Securities


  • Board Meeting: Wednesday, April 16, 2025
  • 1QCY25 EPS: PKR 18.4. 1QCY25 PAT up 43%YoY. UBL is also expected to announce an interim cash dividend of PKR 12/sh.
  • Net Interest Income (NII): Expected to go up 2xYoY/9%QoQ, driven by robust growth in current accounts and a lower cost of funds as changes to the MDR regime go into effect, along with a drop in leverage on a sequential basis – offsetting the pressure on yields, specially on the Bank’s investment portfolio.
Mughal Iron & Steel Industries Limited (MUGHAL): 1HFY25 Corporate Briefing Takeaways - By Taurus Research

Apr 9 2025


Taurus Securities


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  • With regards to the non-ferrous sales, the management discussed that the Company’s exports of Copper and Aluminum would remain subdued due to ongoing geo-political issues (US – China trade war), recent price competition in the EVs globally and sluggish growth in China’s industrial activity. However, the management expects slight recovery in exports on the back of anticipating some recovery in Chinese Economy during 2nd half of 2025.
  • The management shared some views regarding benefiting from the recent changes globally i.e. imposition of US tariffs. They told that the US administration did not discuss specifically about imposing tariffs on steel products. So, they expect steel market to remain stable and may not consider a backlash on the recent changes in global dynamics
Fauji Cement Company Limited (FCCL): 2QFY25 EPS clocked-in at PKR 1.6, up 24%QoQ - By Taurus Research

Feb 25 2025


Taurus Securities


  • 2QFY25: EPS: PKR 1.6; PAT: PKR 4.0Bn, up 51%YoY – in line with expectation.
  • FCCL’s net sales clocked-in at PKR 25Bn, up 8%QoQ on account of increase in overall dispatches by 12%QoQ and better retention prices. Further, gross margin arrived at 36% for the quarter, up 2pptsQoQ due to improving cost efficiencies i.e. better fuel and power mix. Further, finance cost was down significantly by 22%QoQ on the back of lower interest rates. 2QFY25 PAT arrived at PKR 4.0Bn, up 24%QoQ. Lastly, the Company did not announce any dividend for quarter.
Fertilizer: Jan’25: Fertilizer off-take down 52%MoM - By Taurus Research

Feb 14 2025


Taurus Securities


  • Total fertilizer off-take down 52%MoM in Jan’25 to 642,990 tons mainly due to seasonality factor i.e. aggressive marketing by the fertilizer companies to off-load higher inventory at the year end along with massive disbursement of Kissan Cards in 4QCY24 (forming high base effect which normalized fertilizer off-take during Jan’25). On a YoY basis, total fertilizer off-take fell significantly by 23%YoY in Jan’25 on the back of lower demand owing to seasonal slowdown post Rabi sowing.
  • Total nutrient off-take up 23%YoY to 290K tons in Jan’25. Where, Nitrogen and Phosphate offtake decreased by 25% and 16%, respectively. Whereas, Potash off-take increased by 26%YoY.
KSB Pumps Company Limited (KSBP): 9MCY24 Corporate Briefing Takeaways - By Taurus Research

Feb 11 2025


Taurus Securities


  • KSBP is one of the world’s largest manufacturers of pumps and valves with extensive operations in Pakistan having a comprehensive range of products as it is the only Company in the country with a foundry to support the local market and huge potential for exports. KSBP has a diverse product portfolio i.e. type series products (local manufacturing and distribution) and export pumps & parts (used to export to South Africa, Germany, Saudi Arabia and USA).
  • Regarding the process of Rights issue (72.54% shares acquisition by KSB SE & Co – A German Multinational Manufacturer of the Pumps), the management told that the Company has completed the process and the proceeds haven been utilized to meet the working capital needs and to pay off outstanding running financing balances. Further, the Company has made a major development by expanding its exports to Germany to increase topline.
  • As per the financial highlights, the management discussed that some proceeds of sales delivery will come in 4QCY24 and 1QCY25 which will significantly increase the topline along with enabling the Company to become cash flow positive in 4QCY24. During 3QCY24, Gross margins improved by 1.5pptsYoY to 19.1% on the back of better sales prices despite lower sales volume (9MCY24 volumes plunged due to supply chain disruptions – Red Sea issues) and turnover. The management believes that the Company will generate higher volumes in CY25 on account of expected increase in sales orders specifically from Germany and other countries. Further, the management also expects gross margins to further improve due to the addition of 850KW solar plant in its production facility – operational from Oct’24. The management also highlighted expected turnaround of the Lahore production facility in CY25.
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