Interloop Limited (ILP): 2QFY25 EPS arrived-in at at PKR 0.82, down 61%YoY/up 4.2xQoQ - By Taurus Research

Feb 19 2025


Taurus Securities


  • Board Meeting: February 19, 2025
  • 2QFY25A: – EPS: PKR 0.82, PAT: PKR 1.15Bn, down ~61%YoY over the SPLY.
  • In 2QFY25, ILP’s net sales clocked-in at PKR 42.3Bn, up 20%YoY/2%QoQ primarily driven by higher volumetric sales. Gross margins arrived ~20%, down 7pptsYoY/up 2pptsQoQ mainly due to rising energy costs, higher input costs, and higher costs of apparel project due to ramp-up phase we believe. Other income declined ~18%YoY to arrive at PKR 173Mn. Moreover, finance cost clocked-in at PKR 2.6Bn, up 4%YoY/down 5%QoQ. Whereas, tax rate arrived at 30%YoY compared to 15% in the SPLY, attributable to transition from the final-tax regime to the normal tax regime
Interloop Limited (ILP): 2QFY25 EPS arrived-in at at PKR 0.82, down 61%YoY/up 4.2xQoQ - By Taurus Research

Feb 19 2025


Taurus Securities


  • Board Meeting: February 19, 2025
  • 2QFY25A: – EPS: PKR 0.82, PAT: PKR 1.15Bn, down ~61%YoY over the SPLY.
  • In 2QFY25, ILP’s net sales clocked-in at PKR 42.3Bn, up 20%YoY/2%QoQ primarily driven by higher volumetric sales. Gross margins arrived ~20%, down 7pptsYoY/up 2pptsQoQ mainly due to rising energy costs, higher input costs, and higher costs of apparel project due to ramp-up phase we believe. Other income declined ~18%YoY to arrive at PKR 173Mn. Moreover, finance cost clocked-in at PKR 2.6Bn, up 4%YoY/down 5%QoQ. Whereas, tax rate arrived at 30%YoY compared to 15% in the SPLY, attributable to transition from the final-tax regime to the normal tax regime
Interloop Limited (ILP): Result Review: ILP 2QFY25 EPS Rs0.8 - By Sherman Research

Feb 19 2025


Sherman Securities


  • Interloop Limited (ILP) announced 2QFY25 result today where in company posted unconsolidated earnings of Rs1.1bn (EPS of Rs0.8) as compared to net earnings of Rs3bn (EPS of Rs2.1) during the same period last year, down by 61%YoY. Moreover, company did not announced any cash dividend during 2QFY25.
  • Decline in earnings is mainly due to higher expected losses in Apparel segment amid elevated depreciation expense and plant being highly underutilized during the period.
  • During 2QFY25, the company’s topline surged by 20%YoY to Rs42.3bn mainly due to rise in value added products export amid sharp increase in global demand during the period.
Interloop Limited (ILP): 2QFY25 Earnings Preview; reiterate Buy - By JS Research

Jan 30 2025


JS Global Capital


  • We preview earnings estimates for Interloop Limited (ILP) for 2QFY25, where we expect the company to report an EPS of Rs0.68, reflecting QoQ improvement in earnings. However, earnings likely to remain under pressure on a YoY basis due to the ongoing ramp-up of its newly commissioned Apparels plant.
  • Alongside the result, we expect ILP to either announce a token dividend of Rs0.25-Rs0.50/sh., albeit skipping the dividend cannot be ruled out given higher cashflow requirements for ongoing expansions.
  • We reiterate our Buy rating for the stock with TP of Rs115, where the company’s earnings are set to turnaround in FY26 with completion of ramp-up of the new apparels plant and gradual addition of brown-field expansions in Hosiery and Denim segment over FY26-FY27.
Interloop Limited (ILP): Growth prospects warrant a ‘Buy’ – By JS Research

Nov 22 2024


JS Global Capital


  • We reiterate our Buy rating for Interloop Limited with a Dec-2025 TP of Rs104. The company is going ahead with aggressive expansion and cost optimization plans in order to exploit opportunities in Pakistan’s Textile Industry due to displaced export orders from Bangladesh and trade restrictions on China.
  • ILP CapEx plans include full-fledged commissioning of Apparels green-field project within FY25, brown-field expansions in Hosiery and Denim plants and cost saving measures. To highlight, the company incurred a CapEx of Rs5bn and transferred Rs20bn to its operating assets this quarter which is in addition to the US$92mn CapEx plans highlighted earlier this year.
  • While we revise our FY25E EPS downwards to Rs4.71, incorporating weaker 1HFY25 earnings outlook, we believe recovery in Hosiery margins in 2HFY25 and ramp-up of Apparels division by FY26, will bring ILP earnings growth back on track from FY26 onwards.
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%.
Interloop Limited (ILP): 2QFY25 EPS arrived-in at at PKR 0.82, down 61%YoY/up 4.2xQoQ - By Taurus Research

Feb 19 2025


Taurus Securities


  • Board Meeting: February 19, 2025
  • 2QFY25A: – EPS: PKR 0.82, PAT: PKR 1.15Bn, down ~61%YoY over the SPLY.
  • In 2QFY25, ILP’s net sales clocked-in at PKR 42.3Bn, up 20%YoY/2%QoQ primarily driven by higher volumetric sales. Gross margins arrived ~20%, down 7pptsYoY/up 2pptsQoQ mainly due to rising energy costs, higher input costs, and higher costs of apparel project due to ramp-up phase we believe. Other income declined ~18%YoY to arrive at PKR 173Mn. Moreover, finance cost clocked-in at PKR 2.6Bn, up 4%YoY/down 5%QoQ. Whereas, tax rate arrived at 30%YoY compared to 15% in the SPLY, attributable to transition from the final-tax regime to the normal tax regime
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