Barkat Frisian Agro Ltd (BFAL): BARKAT FRISIAN AGRO LIMITED – IPO - By AHCML Research

Feb 14 2025


Al Habib Capital Markets


  • Barkat Frisian Agro Ltd (BFAL) is a Pakistani-Dutch joint venture, established in 2017 and operational since 2019. The company specializes in value-added egg products that meet European standards, serving bakery, confectionery, food dressings, FMCG, and ice cream industries.
  • BFAL benefits from a strong collaboration with three key partners:
  • Frisian Egg Group (Netherlands).
Barkat Frisian Agro Ltd (BFAL): BARKAT FRISIAN AGRO LIMITED – IPO - By AHCML Research

Feb 14 2025


Al Habib Capital Markets


  • Barkat Frisian Agro Ltd (BFAL) is a Pakistani-Dutch joint venture, established in 2017 and operational since 2019. The company specializes in value-added egg products that meet European standards, serving bakery, confectionery, food dressings, FMCG, and ice cream industries.
  • BFAL benefits from a strong collaboration with three key partners:
  • Frisian Egg Group (Netherlands).
Barkat Frisian Agro Limited (BFAL): Scaling in the untapped segment - By Insight Research

Feb 14 2025


Insight Securities


  • Pasteurized eggs have seen steady growth in the food service sector in recent years, driven by rising regulation & awareness of food safety standards, extended shelf life, convenience, and the prevention of foodborne diseases. In line with this trend, the upcoming IPO of Barkat Frisian Agro Limited (BFAL) offers a good exposure to this growing industry. The company plans to raise PKR0.9bn by offering 67.7mn shares at a floor price of PKR13/share. BFAL specializes in producing pasteurized, liquid, and dried egg products, catering to the HoReCa, baking, and protein supplement market. As the only manufacturer of processed eggs in Pakistan, BFAL serves both domestic and export markets and has decent room to grow. As per the management, Pakistan's annual egg consumption is 21.1bn eggs, with 15% utilized by company’s addressable market translating to a target market size of 3.2bn eggs annually. Additionally, the global pasteurized egg market is projected to grow at a CAGR of ~10.3%. To capitalize on this demand, BFAL is expanding its production capacity by establishing a new factory in Faisalabad to serve the local market. The company is also introducing new products, which will enhance the revenue growth in the future.
  • We have a subscribe stance on the stock, with Dec’25 DCF based target price of PKR19/sh. Our liking stems from the following facts i) First mover advantage in pasteurized egg segment, ii) Potential to cater local and export demand, iii) Competitive pricing due to lower raw material cost, iv) New product offerings, v) Tax holiday on both facilities and vi) Expertise of parent company to aid future growth.
Barkat Frisian Agro Limited (BFAL): Pakistan’s Only Pasteurized Eggs Producer - By Taurus Research

Feb 13 2025


Taurus Securities


  • Barkat Frisian Agro Limited (BFAL) is a Pakistani – Dutch joint venture between the Buksh Group and the Frisian Egg Group. BFAL primarily produces frozen, liquid, and dried whole eggs, egg yolks, and egg whites. It also produces specialized versions of these egg products which are blended with other ingredients depending on their end-use. Pasteurized egg products are essential for baking, cooking, food supplements, sauces, and mayonnaise. Pasteurized eggs also have longer shelf-lives and are safer for consumption.
  • BFAL’s European-style production facility is located at Bin Qasim Industrial Park in Karachi and carries the capacity to process 17,000MT of eggs annually. This facility operated at 75% capacity during FY24. Additionally, BFAL is setting up a subsidiary in the U.A.E. to boost its exports to the Middle East.
  • Frisian Egg International B.V. has over 30 years of experience in egg processing with operational plants in Egypt, China, and the Netherlands. The Buksh group has over 40 years of experience in diverse sectors; textile manufacturing and exporting, steel drum manufacturing, as well as poultry farming and feed operations.
Barkat Frisian Agro Ltd (BFAL): Barkat Frisian Agro Limited – IPO Insights & Business Model - By IIS Research

Feb 11 2025


Ismail Iqbal Securities


  • Barkat Frisian Agro Limited (BFAL) is Pakistan’s first and only producer of pasteurized eggs, operating as a joint venture between Pakistan’s Buksh Group and the Netherlands based Frisian Egg Group. Incorporated in 2017 and beginning commercial operations in 2019, BFAL specializes in pasteurized whole eggs, yolks, and egg whites in frozen and liquid forms. The company plans to expand its product line to include powdered, organic, free range, and pasteurized shell eggs.
  • BFAL is offering 67.7 million shares (21.85% of post-IPO equity) at a floor price of PKR 13 per share, with a total transaction value of PKR 880.5 million. The raised capital will be primarily used to establish a new production facility in Faisalabad and reduce outstanding debt.
  • The pasteurization process begins with egg breaking, filtration to remove shell particles, and homogenization for uniform consistency. Ingredients like salt or sugar may be added based on customer needs before controlled heating eliminates bacteria while preserving nutrients. The eggs are then cooled, stored at 4°C, and continuously agitated to maintain freshness before being packaged in sprouted containers or bulk bags. This process ensures safer, high quality egg products with an extended shelf life.
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).
Barkat Frisian Agro Ltd (BFAL): BARKAT FRISIAN AGRO LIMITED – IPO - By AHCML Research

Feb 14 2025


Al Habib Capital Markets


  • Barkat Frisian Agro Ltd (BFAL) is a Pakistani-Dutch joint venture, established in 2017 and operational since 2019. The company specializes in value-added egg products that meet European standards, serving bakery, confectionery, food dressings, FMCG, and ice cream industries.
  • BFAL benefits from a strong collaboration with three key partners:
  • Frisian Egg Group (Netherlands).
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