Fertilizers: Weak farm economics continue to dent sales in Feb-2025 - By JS Research

Mar 6 2025


JS Global Capital


  • Fertilizer sales during Feb-2025 are likely to remain adversely impacted, with industry-wide Urea and DAP off-take expected to reach 341k tons (-37% YoY) and 41k tons (-64% YoY), respectively. The decline is driven by continued disruptions in water supply, weaker farm economics due to lower crop prices, and seasonality impacts.
  • Company-wise, Fauji Fertilizer Company (FFC) is expected to record Urea sales of 155k tons in Feb-2025, down 25% YoY. Similarly, Engro Fertilizers (EFERT) is likely to report subdued Urea sales of around 87k tons, marking a 54% YoY decline. In contrast, Fatima Fertilizer (FATIMA) may witness a 15% YoY increase in Urea off-take, arriving at 69k tons.
  • Cumulatively, Urea off-take declined by 32% YoY during 2MCY25. In terms of market share, FFC is expected to improve its position at 44%, up 3ppts YoY. Meanwhile, EFERT is likely to see a 10ppts YoY decline in market share to 25%, whereas FATIMA’s Urea market share is expected to rise to 22%, compared to 14% in the same period last year.

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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."
Pakistan Auto: Auto volumes poised for modest uptick in Apr-2025 - By JS Research

May 12 2025


JS Global Capital


  • We preview automobile sales volumes for Apr-2025, expecting the three major players including Indus Motors Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR), and Pak Suzuki Motor Company Ltd, representing 84% of the four-wheeler market, to post a 4% YoY volumetric growth, reaching 9,466 units.
  • The modest growth is likely to be driven by notable improvement in volumes of HCAR and INDU, with a significant growth of 70% YoY and 58% YoY, respectively. On the contrary, we expect Pak Suzuki (market leader) to report a negative growth of 25% YoY. Cumulatively, we expect our sample to post a decent growth of 37% YoY during 10MFY25.
  • Auto-financing continues to rise amid ongoing monetary easing, up 7.5% YoY during Mar-2025. We believe the prospects remain positive with momentum likely to continue in upcoming months
Market Wrap: Highlights of the day April 21, 2025 - By JS Research

Apr 21 2025


JS Global Capital


  • Bulls dominated the trading floor today as investors capitalized on attractive valuations, with the benchmark index closing up by 1,068 points (+0.9%) at 118,383 points. Majority of buying was seen in banking stocks where MEBL, MCB, and UBL alone contributed 648 points to the index gains. Looking forward we expect some corporate results based rally in the market while budget related updates and upcoming monetary policy would also drive market sentiments. Therefore, investors are advised to adopt a ‘Buy on dips’ stance with focus on Oil & Gas, Automobile, and Cement sectors.
Market Wrap: Highlights of the day April 9, 2025 - By JS Research

Apr 9 2025


JS Global Capital


  • The KSE-100 Index experienced a sharp decline as the benchmark index dropped by 2,641 points intraday, closing 1,379 points down at 114,153. This downturn stemmed from escalating political uncertainty, concerns over economic reforms, which has created tension in global markets too. The market breached several psychological thresholds, amplifying investor anxiety. The market's trajectory will remain volatile until there is greater clarity on both political and economic fronts. Stakeholders should approach with caution amidst these uncertainties.
Market Wrap: Highlights of the day April 9, 2025 - By JS Research

Apr 9 2025


JS Global Capital


  • The KSE-100 Index experienced a sharp decline as the benchmark index dropped by 2,641 points intraday, closing 1,379 points down at 114,153. This downturn stemmed from escalating political uncertainty, concerns over economic reforms, which has created tension in global markets too. The market breached several psychological thresholds, amplifying investor anxiety. The market's trajectory will remain volatile until there is greater clarity on both political and economic fronts. Stakeholders should approach with caution amidst these uncertainties.
Autos: Volume likely to grow, albeit at a slower pace in Mar-2025 - By JS Research

Apr 9 2025


JS Global Capital


  • Auto sales are expected to maintain their upward trajectory, with a projected 14% YoY increase in Mar-2025, although the growth momentum has slowed-down compared to the Jul-24 to Jan-25 period. The projected increase is likely to be led by Indus Motor Company (INDU), which is anticipated to post an 84% YoY jump in volumes.
  • Cumulatively, the three major OEMs – Pak Suzuki Motor Company, Indus Motors Ltd (INDU), and Honda Atlas Cars Ltd (HCAR) – are expected to record total sales of around 9.1k units in Mar-2025. However, on a MoM basis, sales for these players are projected to decline by 9%.
  • During 9MFY25, the three companies that account for ~84% of the four-wheeler market, are projected to achieve total volumes of ~84k units, marking a 42% YoY increase. We expect that gradual reduction in the weighted average tariff on imported vehicles could however pose a challenge for the domestic auto industry in the long-run.
Fertilizers: Urea sales to hit 5yr low in Mar-2025 - By JS Research

Apr 8 2025


JS Global Capital


  • Fertilizer sales during Mar-2025 are expected to remain abysmal amid suboptimal farm economics. Accordingly, Urea offtake is likely to witness a decline of 54% YoY, arriving at 308k tons during the month. Cumulatively, Urea off-take during 1QCY25 is estimated to clock in at 1.1mn tons, down 40% YoY. Likewise, DAP sales are likely to drop by 61% YoY during the month.
  • Company-wise, Fauji Fertilizer Company (FFC) is expected to post Urea off-take of 187k tons, down 26% YoY in Mar-2025. This includes 19k tons of granular Urea (ex. FFBL). EFERT’s Urea sales volume likely to arrive at 59k tons, down 60% YoY. Similarly, Urea off-take for FATIMA is likely to hover around 37k tons, down 53% YoY.
  • Continued slowdown in Urea market is expected to keep inventory levels significantly high, arriving at 840k tons with EFERT being the most affected amid dull off-take, losing its market share by 6ppts YoY to 24% during 1QCY24. On the contrary, FFC continued to hold lesser inventory levels with market share increasing to 49% YoY (up 9ppts YoY)
Market Wrap: Highlights of the day April 4, 2025 - By JS Research

Apr 4 2025


JS Global Capital


  • The KSE-100 Index surged by 1.6%, crossing the historic 120,000-point milestone during intraday trading, driven by investor optimism following a 18% electricity tariff cut and easing inflation. However, it closed at 118,791, down 146 points, as global trade tensions and tariff disputes weighed on sentiment. Banking sector shares saw increased buying interest, while oil and gas stocks faced selling pressure. Looking ahead, market performance will depend on global economic stability and domestic policy measures to sustain investor confidence.
Market Wrap: Highlights of the day March 19, 2025 - By JS Research

Mar 19 2025


JS Global Capital


  • Bulls continued to dominate the trading floor as the benchmark index managed to close upwards for the 5th straight session at an alltime high of 117,974 points (+ve 973) mainly led by oil & gas, power, and fertilizer sector. This continuation of bullish activities was primarily attributed to likely resolution of circular debt and approval of IMF program. We are still positive on the market and advise investors to adopt a ‘Buy on dips’ strategy.
Fertilizers: Weak farm economics continue to dent sales in Feb-2025 - By JS Research

Mar 6 2025


JS Global Capital


  • Fertilizer sales during Feb-2025 are likely to remain adversely impacted, with industry-wide Urea and DAP off-take expected to reach 341k tons (-37% YoY) and 41k tons (-64% YoY), respectively. The decline is driven by continued disruptions in water supply, weaker farm economics due to lower crop prices, and seasonality impacts.
  • Company-wise, Fauji Fertilizer Company (FFC) is expected to record Urea sales of 155k tons in Feb-2025, down 25% YoY. Similarly, Engro Fertilizers (EFERT) is likely to report subdued Urea sales of around 87k tons, marking a 54% YoY decline. In contrast, Fatima Fertilizer (FATIMA) may witness a 15% YoY increase in Urea off-take, arriving at 69k tons.
  • Cumulatively, Urea off-take declined by 32% YoY during 2MCY25. In terms of market share, FFC is expected to improve its position at 44%, up 3ppts YoY. Meanwhile, EFERT is likely to see a 10ppts YoY decline in market share to 25%, whereas FATIMA’s Urea market share is expected to rise to 22%, compared to 14% in the same period last year.
Market Wrap: Highlights of the day February 28, 2025 - By JS Research

Feb 28 2025


JS Global Capital


  • The benchmark index KSE-100 closed at 113,252, declining by 0.5%. The market faced selling pressure in the energy sector, with stocks like MARI, POL, and PPL trading in the red. Despite buying interest in the banking sector, the overall sentiment remained cautious due to concerns over inflation and global economic uncertainties. Looking ahead, the market is expected to remain volatile, with investors closely monitoring economic indicators and corporate earnings.