Sazgar Engineering (SAZEW): 2QFY25 EPS at Rs39.83, up 3.2x YoY while down 43% QoQ – lower than industry expectations - By Topline Research

Feb 24 2025


Topline Securities


  • SAZEW announced its 2QFY25 result where the company recorded earnings of Rs2.4bn (EPS of Rs29.83), up 3.2x YoY, however, down 43% QoQ. The result came lower than industry expectations as we believe company have moved forward majority of its Dec sales to Jan 2025.
  • The large part of deviation was seen in the net revenues, which we expected to be around Rs20bn for Dec quarter, however, actual sales has clocked in at Rs18.4bn. Nonetheless, its up 2.8x YoY. We await the release of half year accounts to ascertain 4-wheeler sales units for month of Dec 2024.
  • Alongside the results, the company announced a dividend of Rs10/share in 2QFY25. This brings 1HFY25 dividend to Rs20/share.
Sazgar Engineering Works (SAZEW): Corporate Briefing Key Takeaways - By Topline Research

May 22 2025


Topline Securities


  • The management of Sazgar Engineering Works (SAZEW) held it's corporate briefing today to discuss the financial results for 3QFY25 and share the company's future outlook.
  • SAZEW plans to complete its four-wheeler manufacturing expansion by March 2026 and introduce new NEV models. The company will also focus on expanding its export markets (mainly three wheelers) and the local dealership network. Sazgar currently has a network of 20 four-wheeler dealers, with expansion underway as new centers in Mardan and Peshawar are set to open soon.
  • The production capacity of the company will increase from 40-50 cars a day to 90-100 cars a day post expansion.
Sazgar Engineering Works Ltd. (SAZEW): 9MFY25 Analyst Briefing Takeaways - By AKD Research

May 22 2025


AKD Securities


  • Sazgar Engineering Works Ltd. (SAZEW) held its analyst briefing to discuss 9MFY25 results and its future outlook. Following are the key highlights:
  • To recall, company posted topline of PkR81.4bn in 9MFY25 vs PkR34.6bn in 9MFY24, an increase of 2.4xYoY. The said increase is primarily attributed to higher volumetric sales of four wheelers, particularly HAVAL.
  • Company posted earnings of PkR12.9bn (EPS: PkR212.7) in 9MFY25, compared to PkR4.4bn (EPS: PkR73.6) in SPLY, an increase of 2.9xYoY.
Sazgar Engineering Works Limited (SAZEW): 3QFY25 EPS is recorded at PKR 103.1/sh, DPS PKR 12.0/sh - By Foundation Research

Apr 21 2025


Foundation Securities


  • Sazgar Engineering Works Limited (SAZEW PA) reported profitability of PKR 6.2Bn (EPS PKR 103.1), up 134/159% YoY/QoQ in 3QFY25. This takes 9MFY25 bottom-line to PKR 12.9Bn (EPS PKR 212.7), up 215% YoY. Results is higher than our expectation of PKR 89.2/sh due to higher than anticipated gross margin.
  • The result is accompanied with an interim cash dividend of PKR 12.0/sh in 3QFY25, pulling 9MFY25 pay-out to PKR 32.0/sh. The dividend is lower than our expectation of 18.0/sh given planned expansions which are to be financed completely with internally generated cash.
  • SAZEW posted sales of PKR 36.7Bn (↑83% YoY) in 3QFY25 which were driven by volumetric sales growth and upwelling gross margins. SAZEW’s 4-wheeler sales volume clocked-in at 3,486 units (↑85/80% YoY/QoQ) in 3QFY25, whereas, 3-wheeler sales were 7,170 units, registering a growth of 41/4% YoY/QoQ.
Sazgar Engineering Works Limited (SAZEW): Result Review: SAZEW 3QFY25 EPS Rs103, DPS Rs12 - By Sherman Research

Apr 21 2025


Sherman Securities


  • Sazgar Engineering Works Limited (SAZEW) announced 3QFY25 results today wherein the company posted record net earnings of Rs6.2bn (EPS Rs103.1), 2.6xQoQ higher than our expectations.
  • The earnings growth was driven primarily by robust gross margins and higher sales of Haval SUVs during the 3QFY25.
  • SAZEW declared cash dividend of Rs12 per share for 2QFY25, taking the cumulative dividend payout for 9MFY25 to Rs32 per share.
Sazgar Engineering (SAZEW): 3QFY25 EPS clocked in at PKR103.06 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • SAZEW has announced its 3QFY25 result, wherein company has posted PAT of PKR6.2bn (EPS: PKR103.06) vs. PAT of PKR3.0bn (EPS: PKR50.19) in SPLY. The result is above our expectation mainly due to higher than estimated topline and gross margins.
  • During 3QFY25, revenue witnessed an increase of ~83%/100% YoY/QoQ to clock in at PKR36.7bn, primarily due to higher volumetric sales.
  • Gross margins increased by ~360bps/420bps YoY/QoQ to clock in at ~32.6% in 3QFY25, possibly attributable to higher sales volumes.
Sazgar Engineering Works Limited (SAZEW): 3QFY25 EPS to Clock in at Rs90.7 - By Sherman Research

Apr 10 2025


Sherman Securities


  • We present 3QFY25 earnings estimate for Sazgar Engineering Works Limited (SAZEW) wherein company is expected to post net earnings of Rs5.4bn (EPS Rs90.7) as compared to net earnings of Rs3bn (EPS of Rs50.2), up 81%YoY. Furthermore, SAZEW is expected to announce a cash dividend of Rs20/share (up 2.5xYoY) in 3QFY25.
  • The growth in profitability is primarily driven by higher sales of Haval HEV SUVs coupled with higher sustained gross margins expected at 29.5% (supported by tax exemptions on HEV CKD imports).
  • On cumulative basis, net earnings are expected to reach Rs12.2bn (EPS Rs200) compared to net earnings of Rs4.4bn (EPS 73.6) up by 2.7xYoY during 9MFY25
Sazgar Engineering Works Limited (SAZEW): Revving up for the new era - By Foundation Research

Apr 7 2025


Foundation Securities


  • In a rapidly evolving automotive landscape, SAZEW’s entry into Pakistan’s 4-wheeler market capitalizing on the surging demand for SUVs, marked a pivotal moment. At the heart of this transformation stood the company’s resolve at redefining the industry with its sustainable forward-thinking approach - leveraging Greenfield incentives and expanding into the electric and hybrid segments. With the expected resurgence in the Auto sector, our positive view is underpinned by the company’s (1) brand equity of “HAVAL” in the 4-wheeler market, (2) robust gross margins to upkeep bottom-line, (3) efforts to penetrate further into the EV and HEV segment solidifying its green foot prints and (4) growth in iconic “SAZGAR” 3-wheelers along with broad products offerings - diversifying operational risks. In the light of the above, we initiate coverage on SAZEW with an ‘Outperform’ rating and a Dec’25 TP of PKR 1,504/sh, implying a 38% upside.
  • HAVAL's success story: HAVAL made its entry into the Pakistani market at a very opportune time. Where the SUV segment was slowly growing post the launch of KIA Sportage, MG-HS and Hyundai Tucson to name a few, HAVAL made a solid entry with the launch of Pakistan’s first locally assembled HEV. Consequently, the company has sold over 14k units in just 30 months. In 8MFY25, sales have exceeded 7k units and given the momentum, we opine reaching 12k mark in FY25 would not be a challenging feat. Plus, the collaboration with HIT to convert HAVAL H6 into a security vehicle and the recent MOU signed with Armed forces suggest robust volumetric growth going forward.
  • Elevated margins to stabilize but still remain higher than peers: SAZEW benefits greatly from its Greenfield status and AIDEP (2021-26) policy providing CD and ST concessions, which have resulted in stellar ~29% gross margins over the past 4 quarters compared to only ~10% when 3-wheelers was its main operating segment. Upwelling margins are expected to remain intact till FY26 when concessions end, whereby, we see them settling at ~16.5% in the longer term.
Sazgar Engineering Works Limited (SAZEW): Result Review: SAZEW 2QFY25 EPS Rs39.8, DPS Rs10 - By Sherman Research

Feb 24 2025


Sherman Securities


  • Sazgar Engineering Works Limited (SAZEW) announced 2QFY25 results today wherein the company posted profit-after-tax of Rs2.4bn (EPS Rs39.8), down 43%QoQ below our expectations.
  • The decline in SAZEW’s earnings is attributed to lower sales of Haval SUVs mainly due to year-end effect. We believe the company sold close to ~180 units lower than our estimate of ~350 units during month of Dec’24.
  • SAZEW declared cash dividend of Rs10 per share for 2QFY25, bringing the cumulative dividend payout for 1HFY25 to Rs20 per share.
Sazgar Engineering (SAZEW): 2QFY25 EPS at Rs39.83, up 3.2x YoY while down 43% QoQ – lower than industry expectations - By Topline Research

Feb 24 2025


Topline Securities


  • SAZEW announced its 2QFY25 result where the company recorded earnings of Rs2.4bn (EPS of Rs29.83), up 3.2x YoY, however, down 43% QoQ. The result came lower than industry expectations as we believe company have moved forward majority of its Dec sales to Jan 2025.
  • The large part of deviation was seen in the net revenues, which we expected to be around Rs20bn for Dec quarter, however, actual sales has clocked in at Rs18.4bn. Nonetheless, its up 2.8x YoY. We await the release of half year accounts to ascertain 4-wheeler sales units for month of Dec 2024.
  • Alongside the results, the company announced a dividend of Rs10/share in 2QFY25. This brings 1HFY25 dividend to Rs20/share.
Sazgar Engineering Works Limited (SAZEW): Driving the SUV Market in Pakistan – By Sherman Research

Jan 7 2025


Sherman Securities


  • In recent months, Sazgar Engineering Works Limited (SAZEW) has captured significant attention within the auto sector by introducing Haval SUV brand in August 2022 through a JV with Great Wall Motors (GWM) - China’s 8 th largest automobile manufacturer. Beside dominating SUV market, Sazgar already has a well established 3-wheeler rickshaw brand alongside automotive parts segment.
  • With highest gross margin in the industry (due to its cost efficiency and tax exemption on auto parts). We expect Sazgar’s earnings to sustain in near term despite competition from new entrants in hybrid SUV market, thanks to its successful brand ‘HAVAL’.
  • Despite posting exponential return of 462% in last one year, Sazgar trades at a compelling FY25PE of 4.4x, compared to the auto sector's trailing PE of 9x.
Market Wrap: Highlights of the day - By JS Research

May 23 2025


JS Global Capital


  • Dull activity was observed on the last trading day of the week at the PSX, as investors adopted a cautious stance and preferred to stay on the sidelines ahead of the Federal Budget. The benchmark KSE-100 index fluctuated between an intraday high of 119,542 points (+389) and a low of 118,665 points (−487), before closing with a marginal loss of 50 points at 119,102. Trading volumes remained thin throughout the day, with major participation seen in sideboard stocks. Going forward, we expect the market to continue consolidating; hence, investors are advised to wait for dips before taking fresh positions.
Image Pakistan (IMAGE): Corporate Briefing Key Takeaways - By Topline Research

May 23 2025


Topline Securities


  • Topline Securities hosted a Corporate Briefing Session (CBS) for Image Pakistan (IMAGE) today, where senior management discussed the recent financial performance and future outlook of the company.
  • Rs193mn capex was incurred in 9MFY25, and management expects an additional Rs250mn for multi-head embroidery machinery and Rs150mn for store expansions over the next 9 months of CY25.
  • IMAGE currently has 14 outlets, with 4 more in progress (3 new and 1 expansion), bringing the total to 17 physical stores alongside a strong global online presence. Upcoming locations include the expanded Zamzama flagship, Bukhari Commercial in Karachi, F-6 MarkazIslamabad, and Giga Mall Rawalpindi.
Image Pakistan Limited (IMAGE): 3QFY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • IMAGE is a premium fashion retailer specializing in Schiffli embroidery and digital lawn. It operates 14 stores across Pakistan and a growing online platform serving both local and international markets. With subsidiaries in the UK and USA, IMAGE targets the affordable luxury segment, blending traditional craftsmanship with modern design for its customers.
  • In 3QFY25, IMAGE reported sales of PKR 1,205 million, relatively unchanged from 3QFY24 sales of PKR 1,204 million. Gross profit margin slightly improved to 45% in 3QFY25 compared to 42% in the same period last year (SPLY). However, net profit after tax (PAT) decreased by 12% to PKR 209Mn in 3QFY25 from PKR 238Mn in the SPLY due to an increase in distribution and selling expenses. EPS stood at PKR 0.91 in 3QFY25 (3QFY24 EPS: PKR 1.81).
  • During 3QFY25, IMAGE expanded its physical presence with three new stores: Multan, Gujrat, and a new outlet at Dolmen Mall Lahore, taking total outlets to 14 nationwide. An additional three outlets (DHA Phase VI Karachi, Giga Mall Rawalpindi, and F-6 Islamabad) are scheduled for launch by the end of CY25, which will bring the total to 17 brick-and-mortar stores. This accelerated rollout indicates management’s confidence in sustained foot traffic recovery and untapped urban demand.
Market Wrap: KSE-100 Stays Resilient Amid Budget Uncertainty - By HMFS Research

May 23 2025


HMFS Research


  • The KSE-100 index exhibited a choppy trajectory today as investor sentiment remained cautious ahead of the FY26 budget announcement. Ongoing discussions with the IMF and anticipation of new conditionalities kept market participants on edge, curbing aggressive positions. Still, broader optimism anchored in improving macroeconomic fundamentals— such as expected external financing from the UAE and World Bank, and renewed efforts to enhance trade and exports—offered some stability amidst the turbulence. After hitting an intraday high of +389 points, the index ultimately settled at 119,103, recording a marginal decline of 50 points. Market activity reflected a wait-and-see approach, with muted volumes of 99.8mn shares on the KSE-100 and 337.1mn shares traded overall. Leading the board were BBFL (33mn), WTL (19mn), and DOL (16mn). Going forward, the market is likely to remain sensitive to unfolding budgetary disclosures and IMF-related developments. Nonetheless, a constructive macroeconomic backdrop could provide the necessary support to steer equities toward recovery. Investors are advised to remain vigilant, closely track policy cues, and prioritize fundamentally sound stocks with long-term value potential.
Pakistan Aluminium Beverage Cans Limited (PABC): CY24 & 1QCY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • PABC is the leading manufacturer of beverage cans in Pakistan. The Company is also Pakistan’s first and only manufacturer and exporter of aluminium cans.
  • During CY24, sales revenue increased 17%YoY clocking in at PKR 23Bn. The contribution of the exports to total revenue was around 63% during the year. Export sales increased 53%YoY to PKR 14.4Bn. Gross margin recorded a marginal decrease. Net profit for the year was recorded at PKR 6Bn compared to PKR 5Bn during the SPLY. The net profit margin recorded a marginal increase. As a result, EPS increased to PKR 16.9/sh from PKR 13.9/sh during the SPLY.
  • The Company reported a production of 936Mn cans in CY24, at a capacity utilization of 89%. The production capacity is 1.2Bn cans p.a.
Lalpir Power Limited (LPL): CY24 Corporate Briefing Key Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • LPL’s Power Purchase Agreement, originally due to expire in Nov’28, was terminated effective Oct 1, 2024, under a Negotiated Settlement Agreement. Receivables up to Sep 30, 2024—including CPP, EPP, and PTI—were cleared by Dec 31, 2024. Delayed payment interest was waived, resulting in significant reversals in the financials. The Company retains ownership of its 350MW oil-fired complex, and no further compensation was provided by the Government. CPPA-G will reimburse the Company for any adverse tax rulings if applicable.
  • Revenue declined 27%YoY to PKR 14.2Bn (CY23: PKR 19.5Bn), reflecting reduced dispatches ahead of PPA expiry. Gross profit fell to PKR 3.55Bn (CY23: PKR 5.6Bn), while PAT sharply dropped to PKR 465Mn from PKR 4.9Bn. This steep decline was primarily driven by non-recurring reversals—including furnace oil inventory written down to net realizable value due to low selling prices and the reversal of interest income due to waived charges under the settlement. EPS declined significantly to PKR 1.22 (CY23: PKR 12.1).
  • LPL reported surplus funds of PKR 9.8Bn as of Dec 31, 2024, ensuring liquidity strength post-PPA. However, Management clarified that it does not plan to distribute excess reserves via dividends in the near term. Instead, the focus is on pursuing high-potential ventures that can deliver superior long-term shareholder value.
Morning News: IMF not too ‘keen’ on relief steps in budget, links them to FBR revenue - By Vector Research

May 23 2025


Vector Securities


  • Signaling its reluctance to grant a major relief to the salaried, property, beverage, and export sectors, the visiting IMF team has linked the FBR’s tax collection target with reduction in expenditures. This is the crux of the ongoing parleys, as the team is going to accomplish its visit on Friday (today). However, the Fund will make an exception for the defence budget, as Islamabad will take an appropriate decision to hike the defence spending in view of the current geopolitical environment.
  • Prime Minister Shehbaz Sharif on Thursday met with a delegation from the World Bank, led by Managing Director of Operations Anna Bjerde, to discuss the Bank’s development investment and cooperation in Pakistan. The prime minister said the government is taking practical steps to maximize benefits from the World Bank’s investment under the Country Partnership Framework. He said the framework is expected to bring more than $20 billion in development financing to Pakistan.
  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms. According to a press statement issued on Thursday, the minister shared plans to launch a competitive electricity market soon, noting that preparatory work is underway. An Independent System and Market Operator (ISMO) has been established, and experienced professionals are being appointed. The government will no longer be the sole electricity purchaser.
Morning News: Forex reserves exceed $16bn mark on IMF tranche - By WE Research

May 23 2025



  • Pakistan's foreign exchange reserves rose by $1.034 billion in one week, reaching $16.649 billion as of May 16, 2025, largely due to a $1.023 billion IMF loan tranche under the Extended Fund Facility (EFF). This marks the highest level in four months. While the State Bank of Pakistan’s (SBP) reserves increased, commercial banks' reserves dipped slightly by $9 million. The IMF also approved a $1.4 billion Resilience and Sustainability Facility (RSF) to help Pakistan address climate challenges and support growth. The IMF funds are expected to attract further international financial support, with SBP projecting reserves to exceed $14 billion by June 2025.
  • World Bank Managing Director Anna Bjerde praised Pakistan’s recent economic reforms as a “globally recognised model,” crediting Prime Minister Shehbaz Sharif’s leadership for driving the transformation. During a high-level meeting in Islamabad, Bjerde highlighted Sharif’s focus on sustainable policies, political unity, and development that prioritizes people. She referred to Pakistan’s Country Partnership Framework as the “Pakistan Model,” citing its successful implementation. Sharif thanked the World Bank for its support, especially following the 2022 floods, and noted the partnership will lead to over $20 billion in development investment. Both sides reaffirmed their commitment to continued collaboration.
  • Prime Minister Shehbaz Sharif met with a World Bank delegation led by Managing Director Anna Bjerde to discuss development cooperation and the Country Partnership Framework, which is expected to bring over $20 billion in financing to Pakistan. Sharif emphasized the government’s efforts to fully leverage this investment and thanked the World Bank for its support during the 2022 floods. Bjerde praised Pakistan’s progress on macroeconomic stability and called the partnership a global model, now referred to as the “Pakistan Model.” The meeting reaffirmed strong cooperation between Pakistan and the World Bank, with several senior officials in attendance.
Morning News: WB announces USD 55m in additional funding - By Alpha - Akseer Research

May 23 2025


Alpha Capital


  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms.
  • Pakistan is targeting the export of 125,000 tonnes of mangoes in the current season, with an anticipated revenue of $125 million, the Pakistan Fruit and Vegetable Exporters Association (PFVA) announced. The export campaign is set to kick off on Sunday (May 25).
  • Honda Atlas Cars Pakistan Limited (HCAR) reported a net profit of Rs2.7 billion (EPS: Rs18.97) for the year ended March 31, 2025, marking a 16 per cent year-on-year (YoY) increase and surpassing industry expectations.
Market Wrap: Highlights of the day - By JS Research

May 22 2025


JS Global Capital


  • The market opened on a positive note on Thursday, with the index gaining 767 points to hit an intraday high of 120,699. However, the momentum faded as investors opted for profit-taking at higher levels, dragging the index down to an intraday low of 119,062 before closing at 119,153, down 778 points. Going forward, range-bound activity is likely to persist ahead of the Federal Budget announcement, and investors are advised to remain cautious."
Engro Holdings (ENGROH): 4Q2024 EPS at Rs5.42, up 10x YoY - Earnings lower than industry expectations - By Topline Research

Mar 3 2025


Topline Securities


  • Engro Holdings (ENGROH) announced its 4Q2024 results today, reporting a profit attributable to equity owners of Rs6.5bn (EPS of Rs5.42), down 10x YoY.
  • This took 2024 earnings to Rs12.8bn (EPS of Rs10.70) down 14% YoY.
  • To note, these are results of Dawood Hercules (DAWH), while the results of Engro Holding (post transaction) will be shared from Mar quarter onwards as effective date of the transaction structure was Jan 01, 2025.
Sazgar Engineering (SAZEW): 2QFY25 EPS at Rs39.83, up 3.2x YoY while down 43% QoQ – lower than industry expectations - By Topline Research

Feb 24 2025


Topline Securities


  • SAZEW announced its 2QFY25 result where the company recorded earnings of Rs2.4bn (EPS of Rs29.83), up 3.2x YoY, however, down 43% QoQ. The result came lower than industry expectations as we believe company have moved forward majority of its Dec sales to Jan 2025.
  • The large part of deviation was seen in the net revenues, which we expected to be around Rs20bn for Dec quarter, however, actual sales has clocked in at Rs18.4bn. Nonetheless, its up 2.8x YoY. We await the release of half year accounts to ascertain 4-wheeler sales units for month of Dec 2024.
  • Alongside the results, the company announced a dividend of Rs10/share in 2QFY25. This brings 1HFY25 dividend to Rs20/share.
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