Engro Fertilizers (EFERT): 4Q2024 Corporate Briefing Key Takeaways - By Topline Research

Feb 14 2025


Topline Securities


  • Engro Fertilizers (EFERT) held its 4Q2024 Corporate Briefing Session today where management discussed financial performance and future outlook.
  • During 4Q2024, selling and distribution cost was abruptly increased due to some reclassification of expenses along with impact of axel load and warehouse related costs, respectively.
  • The company has launched a Digital Platform named ugAi with AI enable services that allow the farmers to book inventory directly from company at defined rates and quality products.
Pakistan Fertilizer: FFC/ EFERT: 2QCY25 to see recovery in earnings - By JS Research

Jul 9 2025


JS Global Capital


  • We present 2QCY25 earnings estimates for Fauji Fertilizer Company Limited (FFC) and Engro Fertilizers Limited (EFERT), where we expect the earnings to improve led by increase in Urea and DAP volume by 3% YoY and 15% YoY.
  • FFC is expected to post EPS of Rs14.5 with DPS of Rs11.25. Despite weaker sales, FFC is expected to remain in a better position compared to peers led by comparative advantage amid lower gas tariff coupled with higher dividend income during the quarter.
  • EFERT is likely to post recovery in earnings which remained under pressure last year amid Enven plant turnaround. However continued discounts and higher inventory pileups will continue to impact company’s operations. Accordingly, the company is likely to report an EPS of Rs4.6 (3.7x higher YoY), along with a dividend of Rs4.5/share.
Engro Fertilizer Limited (EFERT): Result Review: EFERT 1QCY25 EPS Rs2.17, DPS Rs2.25 - By Sherman Research

Apr 22 2025


Sherman Securities


  • Engro Fertilizer Limited (EFERT) announced its 1QCY25 result today wherein the company posted consolidated net earnings of Rs2.9bn (EPS of Rs2.2) as compared to net earnings of Rs7.8bn (EPS of Rs5.8) during same period last year, down by 63%YoY. The result came in-line with our estimate.
  • Along with the result, company announced interim cash dividend of Rs2.25/share.
  • During 1QCY25, net revenue clocked in at Rs30bn, down by 59%YoY. The decline is mainly attributed to lower urea sales (down 53%YoY).
Engro Fertilizers Limited (EFERT): 1QCY25 EPS clocked-in at PKR 2.2; PAT down 63%YoY - By Taurus Research

Apr 22 2025


Taurus Securities


  • 1QCY25: EPS: PKR 2.2; DPS: 2.3; PAT: PKR 2.9Bn, down 63%YoY – above expectations
  • Net sales clocked-in at ~PKR 30Bn in 1QCY25, down significantly by 59%YoY on the back of decrease in Urea and DAP offtake by 58%YoY and 78%YoY, respectively. Gross margins arrived at 35% in 1QCY25, up 12pptsYoY due to improving cost efficiencies. However, EFERT’s market share dropped (down 10ppts to 23% in 1QCY25) amid amalgamation of FFBL into FFC (took effect from 3QCY24) which has forced the company to sell Urea bags at significantly discounted prices in order to overcome the pressure of continuous fall in market share i.e. highest Urea bag prices (impact of availing higher feed gas i.e. PKR 1,597/MMBTU) compared to the peer companies. Earnings arrived at PKR 2.9Bn in 1QCY25, down 63%YoY due to massive surge in finance cost (up 5.8xYoY) amid increase in borrowings to fund the ongoing “Pressure Enhancement Project”. Lastly, the Company announced an interim cash dividend of PKR 2.3/sh. for the quarter.
Engro Fertilizers (EFERT):1Q2025 EPS at Rs2.17, down 63% YoY (earnings higher than expectations) - By Topline Research

Apr 22 2025


Topline Securities


  • Engro Fertilizers (EFERT) announced its 1Q2025 financial result today, wherein the company recorded a consolidated quarterly profits of Rs2.9bn (EPS: Rs2.17), down 63% YoY and 75% QoQ.
  • Along with the results, the company also declared cash dividend of Rs2.25/share, in-line with market expectations.
  • The 1Q2025 result came higher than our expectations due to higher-than-expected gross margins
Engro Fertilizers Limited (EFERT): 4QCY24 Corporate Briefing Takeaways - By IIS Research

Feb 14 2025


Ismail Iqbal Securities


  • Engro Fertilizers Limited held its corporate briefing today to discuss the financial results of CY24 and future outlook of the company. Key highlights of the briefing are follows.
  • To recall, in 4QCY24 the company has posted consolidated earnings of PKR 7.7/share (PKR 21.16/share in CY24). Alongside the result, the company announced a cash dividend of PKR 8.00/share (PKR 21.50/share in CY24).
  • The company highlighted the YoY improvement in annual performance, from revenue to EPS. However, quarterly results showed a 7.8% YoY decline in PAT, driven by discounts offered to dealers. The gross margin for 4QCY24 stood at 35%, up from 31% in the previous quarter, attributed to the reclassification of expenses for better presentation.
Engro Fertilizer Limited (EFERT): CY24 Analyst briefing takeaways - By Insight Research

Feb 14 2025


Insight Securities


  • Engro Fertilizer Limited conducted analyst briefing to discuss its financial results. We have summarized the following key takeaways from the briefing:
  • In CY24, EFERT’s profitability has witnessed an increase of 7.9% YoY, to clock in at PKR28.2bn (EPS: PKR21.2), compared to PKR26.2bn (EPS: PKR19.61) in SPLY. This increase is mainly attributable to better product prices.
  • On higher selling and distribution expense in 4QCY24, management commented its attributable to reclassification of cost from COGS to S&D expense coupled with higher inventory holding cost.
Engro Fertilizers (EFERT): 4Q2024 Corporate Briefing Key Takeaways - By Topline Research

Feb 14 2025


Topline Securities


  • Engro Fertilizers (EFERT) held its 4Q2024 Corporate Briefing Session today where management discussed financial performance and future outlook.
  • During 4Q2024, selling and distribution cost was abruptly increased due to some reclassification of expenses along with impact of axel load and warehouse related costs, respectively.
  • The company has launched a Digital Platform named ugAi with AI enable services that allow the farmers to book inventory directly from company at defined rates and quality products.
Engro Fertilizers Limited (EFERT): 4QCY24 Result Review — Higher distribution & finance cost dent earnings - By AKD Research

Feb 10 2025


AKD Securities


  • Engro Fertilizers Limited (EFERT) announced its 4QCY24 financial results, wherein the company reported consolidated earnings of PkR10.3bn (EPS: PkR7.7), an 8%YoY decline from PkR11.1bn (EPS: PkR8.3) in SPLY. The result is largely in line with our expectations. However, the annual drop in earnings is due to higher distribution expenses and lower other income. Alongside the result, company declared a final cash dividend of PkR8.0/sh, taking full-year dividend to PkR21.5/sh.
  • Revenue rose by 13%YoY to PkR84.8bn in 4QCY24 vs. PkR75.2bn in SPLY, supported by a 17%YoY increase in urea offtakes and 24%YoY rise in prices. However, DAP and NP sales declined by 5%YoY and 74%YoY, respectively.
  • Gross margins contracted to 34.9% from 38.7% in SPLY, as 56%YoY rise in input gas prices outpaced the increase in selling prices.
Engro Fertilizer Limited (EFERT): Result Review: EFERT 4QCY24 EPS Rs7.7, DPS Rs8 - By Sherman Research

Feb 10 2025


Sherman Securities


  • Engro Fertilizer Limited (EFERT) announced its 4QCY24 result today wherein the company posted consolidated net earnings of Rs10.3bn (EPS of Rs7.7) as compared to net earnings of Rs11.2bn (EPS of Rs8.3) during same period last year, down by 8%YoY. The result came lower than our estimate due to higher than expected operating expenses. ? Along with the result, company announced final cash dividend of Rs8/share taking cumulative dividend to Rs21.5/share for CY24 (payout ratio of 100%).
  • During 4QCY24, net revenue clocked in at Rs85bn, up by 13%YoY. The increase is mainly attributed to higher urea sales (up by 17%YoY) as company offered discount of Rs100/bag to regain its market share during the period.
  • EFERT’s gross margin clocked in at 35% during 4QCY24 as compared to 39% during the same period last year (down by 4ppt). The decline in margins is due to higher gas price during the period.
Engro Fertilizer Limited (EFERT): 4QCY24 EPS clocked-in at PKR 7.7, DPS PKR 8.0, taking CY24 EPS to PKR 21.2 - By Foundation Research

Feb 10 2025


Foundation Securities


  • Engro Fertilizer Limited (EFERT PA) posted a profit of PKR 10.3bn (EPS PKR 7.7) in 4QCY24, against profit of PKR 11.1bn (EPS PKR 8.3) in 4QCY23, undergoing a decrease of 8% YoY. This cumulates to CY24 profitability of PKR 28.3bn (EPS PKR 21.2), up 8% YoY, vs. PKR 26.2bn (EPS PKR 19.6) in CY23.
  • Result is also accompanied by a final cash dividend of PKR 8.0/sh, which takes CY24 payout to PKR 21.5/sh.
  • In 4QCY24, PAT decreased/increased 8/20% YoY/QoQ. The decline is due to a 2.0x YoY jump in distribution costs and 5.4x YoY incline in finance cost. Profitability increased QoQ because of higher off-take compared to previous quarter, however distribution costs saw a jump of 4.9x. We attribute increase in CY24 profitability (↑8% YoY) to (1) higher other income (up 5.6x YoY) and (2) lower tax expense (ETR of 37% in CY24).
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%.
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
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%.
Commercial Banks: Banks earnings to increase 7% YoY in 2Q2025 Market Weight Stance Maintained - By Topline Research

Jul 10 2025


Topline Securities


  • Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income
  • Despite the decline in the average policy rate from 21.5% in 2Q2024 to 11.3% in 2Q2025, Net Interest Income (NII) of banks in our universe is expected to increase by 12% YoY to Rs303bn, driven by (1) volumetric growth particularly in current accounts and (2) higher investment yields on old portfolio.
  • Non-interest income of Topline Universe is also expected to post a 14% YoY growth, reaching Rs84bn in 2Q2025, mainly driven by an increase in fee and commission income and higher gain on sale of securities.
Fertilizer: Fertilizers profits likely to up 17% YoY in 2Q2025 Market Weight Maintained - By Topline Research

Jul 9 2025


Topline Securities


  • We expect Topline Fertilizer universe earnings to increase by 17% YoY and 67% QoQ in 2Q2025 mainly due to recover in Urea and DAP offtakes despite weak farm economics, and water shortage. The QoQ uptick in profitability is mostly due to Kharif season that started in April and ended in June, respectively.
  • Urea offtake is expected to increase by 3% YoY and 14% QoQ to 1.25mn tons in 2Q2025. Similarly, DAP offtakes are expected to increase by 16% YoY and 99% QoQ to 298k tons in 2Q2025.
  • Average Urea prices during 1Q2025 declined by 7% YoY and 1% QoQ to Rs4,477 per bag as companies announced price discounts during the quarter to capture the market share. Engro Fertilizers announced a discount of Rs100-140/bag started in Jan’25 followed by FFC that announced a price discount of Rs40/bag effective from May’25. Whereas, DAP prices have increased by 8% YoY and up 4% QoQ to average at around Rs12,525 per bag, respectively.
Technology: IT Exports in May-25 down by 1% YoY to record US$329mn - By Topline Research

Jun 17 2025


Topline Securities


  • Pakistan recorded monthly IT exports of US$329mn in May-2025, down by 1% YoY while up by 4% MoM. These monthly IT exports in May-2025 are higher than last 12-month average of US$314mn. This is the first YoY decline in IT exports after 19 consecutive months of growth.
  • Export proceeds per day were recorded at US$16.5mn for May-25 vs. US$15.9mn in Apr-25.
  • This takes 11MFY25 IT exports to ~US$3.5bn, up by 19% YoY.
Economy: Pakistan Inflation to clock in at 3.5-4.0% in Jun 2025 - By Topline Research

Jun 17 2025


Topline Securities


  • Pakistan’s Consumer Price Index (CPI) for Jun 2025 is expected to clock in at 3.5-4.0% YoY, taking FY25 average to 4.64% compared to 23.41% in FY24. The MoM inflation in Jun 2025 is expected to clock in at +0.6%.
  • Inflation is expected to be higher due to an uptick in food prices by 1.3% MoM due to Eid festivities. The tomatoes and potato prices are expected to rise by 64% and 24%, respectively. However, this was partially offset by 33% decrease in chicken prices.
  • Housing, water, electricity and gas segment is expected to witness a rise of 0.26% MoM in Jun 2025 due to an increase in electricity prices by 3.04% which is mostly offset by an 8% decrease Liquefied Petroleum Gas (LPG).
Cement: Lahore High Court announces 6% royalty decision against Cement Manufacturers - By Topline Research

Jun 16 2025


Topline Securities


  • In a major development today, Lahore High Court larger bench has announced its decision against the Punjab based cement manufacturers regarding royalty case. The companies will have to pay the royalty amount at prescribed formula of 6% of retention price.
  • Companies may go for appeal in Supreme Court now, however, this decision to go for review is not final yet from cement manufacturers.
  • To recall that manufacturers based in Punjab were already provisioning for their raw material cost based on formula of 6% of retention price.
Pakistan State Oil (PSO): Corporate Brief in Corporate Briefing Key Takeaways - By Topline Research

Jun 13 2025


Topline Securities


  • Pakistan State Oil (PSO) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook of the company.
  • As per management, efforts are ongoing to resolve circular debt, though no definitive plan is in place. The target is to recover both principal and Late Payment Surcharge (LPS). As of Mar 2025, PSO’s total receivables stand at Rs732bn, which included Rs325bn in principle from SNGPL alone. Overall LPS amount is over Rs200bn+. Investment plans are in place, pending liquidity, with options still under review.
  • Since Feb 2024, there has been no buildup in circular debt from SNGPL side as company has made it clear to Government and PSO that payments should flow on monthly basis. And this understanding is continuing and being implemented in true spirit. In contrast, OGDC and PPL receivables increased from Sui companies in 3QFY25
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
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