Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 Preview: Profitability to stay muted - By Insight Research

Apr 16 2025


Insight Securities


  • LOTCHEM is expected to post a PAT of PKR806mn (EPS: PKR0.50) in 1QCY25 vs. loss of PKR19mn (LPS: PKR0.01) in preceding quarter amid better core delta. While on YoY basis profitability inch up by ~2%. To note, International PTA prices plunged by ~13% YoY to clock in at ~US$682/ton. Similarly, PX prices witnessed a decrease of ~16% YoY to clock in at US$868/ ton, resulting in an increase of ~9% in PTA-PX spread. Company’s topline is expected to decrease by 25% YoY to clock in at PKR24.3bn in 1QCY25, amid lower volumetric sales. Whereas, same is expected to increase by ~20% QoQ due to higher volumetric sales. Gross margins of the company are estimated to clock in at 6.5% in 1QCY25, witnessing an increase of ~130bps/5.7ppts YoY/QoQ on account of improved core delta. Selling and distribution expense is expected to increase by 39%/20%, YoY/QoQ.
  • EPCL is expected to post a consolidated LAT of PKR264mn (LPS: PKR0.29) in 1QCY25 vs. LAT of PKR900mn (LPS: PKR0.99) in SPLY. Company’s topline is expected to increase by 12% YoY to clock in at PKR18.5bn in 1QCY25, amid higher volumetric sales. While, same is expected to decline by ~13% QoQ primarily due to lower PVC prices. Gross margins are estimated to clock in at 10.2% in 1QCY25 witnessing an increase of ~380bps YoY, attributable to higher volumetric sales. While on QoQ basis, same is expected to decline by ~390bps amid lower core delta and higher gas prices. To note, International PVC prices decline by ~4%/5% YoY/QoQ to clock in at ~US$756/ton. Similarly, PVCEthylene margins witnessed a decline of ~5%/10% YoY/QoQ. Selling and distribution expense is expected to decrease by 32% YoY, whereas same is expected to go down by ~8% QoQ. Financial charges are anticipated to decrease by 22%/27% YoY/ QoQ to clock in at PKR1.3bn, primarily due to decline in debt level and interest rates.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 EPS clocked in at PKR0.44 – Below expectation - By Insight Research

Apr 17 2025


Insight Securities


  • LOTCHEM has announced its 1QCY25 result, wherein company has posted PAT of PKR0.7bn (EPS: PKR0.44) vs. PAT of PKR0.9bn (EPS: PKR0.59) in SPLY. The result is below our expectation due to lower than estimated revenue.
  • In 1QCY25, revenue decreased by 33% YoY, due to lower volumetric sales. While on QoQ basis, same is up by 6% possibly due to higher PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 6.2%, up by 100bps/540bps YoY/QoQ, due to improved core delta.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 Preview: Profitability to stay muted - By Insight Research

Apr 16 2025


Insight Securities


  • LOTCHEM is expected to post a PAT of PKR806mn (EPS: PKR0.50) in 1QCY25 vs. loss of PKR19mn (LPS: PKR0.01) in preceding quarter amid better core delta. While on YoY basis profitability inch up by ~2%. To note, International PTA prices plunged by ~13% YoY to clock in at ~US$682/ton. Similarly, PX prices witnessed a decrease of ~16% YoY to clock in at US$868/ ton, resulting in an increase of ~9% in PTA-PX spread. Company’s topline is expected to decrease by 25% YoY to clock in at PKR24.3bn in 1QCY25, amid lower volumetric sales. Whereas, same is expected to increase by ~20% QoQ due to higher volumetric sales. Gross margins of the company are estimated to clock in at 6.5% in 1QCY25, witnessing an increase of ~130bps/5.7ppts YoY/QoQ on account of improved core delta. Selling and distribution expense is expected to increase by 39%/20%, YoY/QoQ.
  • EPCL is expected to post a consolidated LAT of PKR264mn (LPS: PKR0.29) in 1QCY25 vs. LAT of PKR900mn (LPS: PKR0.99) in SPLY. Company’s topline is expected to increase by 12% YoY to clock in at PKR18.5bn in 1QCY25, amid higher volumetric sales. While, same is expected to decline by ~13% QoQ primarily due to lower PVC prices. Gross margins are estimated to clock in at 10.2% in 1QCY25 witnessing an increase of ~380bps YoY, attributable to higher volumetric sales. While on QoQ basis, same is expected to decline by ~390bps amid lower core delta and higher gas prices. To note, International PVC prices decline by ~4%/5% YoY/QoQ to clock in at ~US$756/ton. Similarly, PVCEthylene margins witnessed a decline of ~5%/10% YoY/QoQ. Selling and distribution expense is expected to decrease by 32% YoY, whereas same is expected to go down by ~8% QoQ. Financial charges are anticipated to decrease by 22%/27% YoY/ QoQ to clock in at PKR1.3bn, primarily due to decline in debt level and interest rates.
Lotte Chemical Pakistan Limited (LOTCHEM): Earnings Hold Steady as PTA Margins Remain Underwhelming - By IIS Research

Apr 16 2025


Ismail Iqbal Securities


  • We expect LOTCHEM to report a PAT of PKR 779 million (EPS: PKR 0.51) for 1QCY25, compared to LPS 0.01 in last quarter. This improvement comes as operations normalize following a one-month plant turnaround last quarter. PTA sales volumes are also anticipated to recover to typical levels. However, PTAPX margins have averaged USD 100/ton this quarter, lower than the USD 122/ton in the past six years and the long term average of USD 110/ton, largely due to global dynamics and subdued international demand.
  • Additionally, this quarter is affected by the recent gas price hike. Where, the gas price for captive power plants has increased to Rs 3,500 per MMBtu, effective February 1, 2025. While this increase poses some pressure, it's worth noting that LOTCHEM’s cost structure and margins are largely driven by international PTA-PX spreads. Notably, in CY24, only around 7% of COGS was from oil, gas, and electricity expenses. Furthermore, the company is in the process of being acquired, as AsiaPak Investments Limited and Montage Oil DMCC entered into a share purchase agreement to acquire a 75.01% stake in LOTCHEM.
Lotte Chemical Pakistan Limited (LOTCHEM): 4QCY24 LPS clocked-in at Rs0.01 - By Foundation Research

Feb 13 2025


Foundation Securities


  • Lotte Chemical Pakistan Limited (LOTCHEM) released its 4QCY24 financial result with loss of Rs0.01/sh compared to profit of Rs0.16/sh in 4QCY23. This cumulates to CY24 earnings of Rs1.75/sh, down 48% YoY.
  • Notably, AsiaPak Investment Company Limited and Montage Oil DMCC have informed PSX of their intention to acquire 75.01% shares of LOTCHEM via a Share Purchase Agreement. This would require them to undertake a Public Offer for 12.49% (189.2 mn) of the outstanding shares.
  • Decline in 4QCY24 profitability is attributable to (1) 53 day plant maintenance shutdown, (2) higher gas prices and (3) appreciation of avg. Rs-US$ despite higher PTA-PX margin.
Lotte Chemical Pakistan Limited (LOTCHEM): 4QCY24 LPS clocked in at PKR0.01 – Below expectation - By Insight Research

Feb 13 2025


Insight Securities


  • LOTCHEM has announced its 4QCY24 result, wherein company has posted LAT of PKR19mn (LPS: PKR0.01) vs. PAT of PKR238mn (EPS: PKR0.16) in SPLY. The result is below our expectation due to lower than estimated gross margins and revenue.
  • In 4QCY24, revenue increased by 4% YoY, due to higher volumetric sales. While on QoQ basis, same is down by 17% due to lower PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 0.8%, down by 120bps/340bps YoY/QoQ, possibly due to lower realized core delta.
Lotte Chemicals Pakistan Limited (LOTCHEM): Earnings Fall Short on Margin Pressure, Maintenance Disruptions - By IIS Research

Feb 13 2025


Ismail Iqbal Securities


  • Lotte Chemicals Pakistan Limited (LOTCHEM) has announced its CY24 financial result today, where the company has posted PAT of PKR 2,647 mn with an EPS of PKR 1.75. This fell short of our expectation of PKR 2.13/sh, reflecting a 48% YoY decline, primarily due to PTA-PX margins averaging USD 100/ton in CY24 compared to USD 110/ton in CY23 coupled with minimal profitability in 4QCY24, as sales decreased by 17% QoQ due to a plant shutdown for maintenance, initially planned for one month but later extended by seven days.
  • The company did not announce a dividend alongside the results, contrary to our expectation of 1/sh. The total CY24 dividend stood at PKR 0.50 per share, translating to a payout ratio of 29%, lower than the seven year average annual payout ratio of 68%.
  • On a quarterly basis, gross margins were reported at 0.8%, compared to 4.2% in the previous quarter and 2.0% in 3QCY23. Financial charges for the quarter amounted to PKR 115 million, reflecting a 35% YoY and 38% QoQ decrease. Other income declined by 70% YoY and 24% QoQ, mainly due to a lower interest rate environment.
Lotte Chemical Pakistan Limited (LOTCHEM): Earnings Steady, Dividend expected at PKR 1/Share - By IIS Research

Feb 6 2025


Ismail Iqbal Securities


  • We expect LOTCHEM to report a PAT of PKR 559 million (EPS: PKR 0.37) for 4QCY24, while for CY24, the PAT is projected at PKR 3,221 million (EPS: PKR 2.13). Additionally, we anticipate a dividend of PKR 1 per share this quarter, bringing the total dividend for the year to PKR 1.5 per share.
  • PTA sales volumes for 4QCY24 are expected to be on the lower side as the company suspended plant operations for maintenance for one month, later extending it by seven more days. However, gross margins are anticipated to improve this quarter to 7%, supported by stable margins. On a yearly basis, gross margins for CY24 are expected to be around 6%, down from 13% in CY23, primarily due to PTA-PX margins averaging USD 100/ton in CY24 compared to USD 110/ton in CY23.
  • Moreover, gas prices have once again increased. As per the latest notification, the gas price for captive power plants has been raised to Rs 3,500 per MMBtu, effective February 1, 2025. While this poses a concern for the company, its major costs and margins remain largely influenced by international PTA-PX margins.
Lotte Chemical Pakistan Limited (LOTCHEM): Corporate Briefing Notes – By Chase Research

Dec 5 2024



  • Lotte Chemical Pakistan Limited (LOTCHEM) reported a net profit of PKR 2.66 billion (EPS: PKR 1.76) in 9MCY24. This represents a 45% decline from a net profit of PKR 4.84 billion (EPS: PKR 3.20) in the same period last year (SPLY).
  • Revenue for 9MCY24 increased by 43% year-on-year to PKR 88.98 billion, compared to PKR 62.14 billion in 9MCY23. The trading of Acetic Acid contributed gross profit of PKR 358 million during 9MCY24. The price of Acetic Acid ranged between $450 and $500 per ton during the period.
  • LOTCHEM is the sole producer of purified terephthalic acid (PTA) in Pakistan, with an annual production capacity of 500 KT. Approximately 40% of the company’s sales are made to Novatex Limited.
Lotte Chemical Pakistan Limited (LOTCHEM): 3QCY24 Corporate Briefing Takeaways – By Taurus Research

Dec 5 2024


Taurus Securities


  • Lotte Chemical Pakistan Limited is a leading petrochemical company that specializes in the production and marketing of Purified Terephthalic Acid (PTA), a key raw material used in the manufacturing of polyester fibers, and plastics, contributing significantly to the textile and packaging industries in Pakistan.
  • LOTCHEM’s revenue in 3QCY24 was PKR 25Bn as compared to PKR 24Bn in the same period last year (4.3% YoY increase).
  • However, the Company’s gross profit margin significantly declined to 4.25% in 3QCY24 from 14.48% in 3QCY23. The reason for this sharp decline was because of the broader challenges faced by Pakistan, including high interest rates and escalating energy costs. These challenges caused Lotte's customers to reduce their operational rates, resulting in lower demand for PTA.
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."
Oil Marketing Companies: OGRA approves ERR for sui companies - By Insight Research

May 21 2025


Insight Securities


  • In a recent development, OGRA has decided a 6.6% increase in gas prices for SNGPL, while reducing SSGCL prices by 5.9%, effective from July’25. OGRA has submitted its decision to the federal government for the issuance of a formal notification outlining category wise consumer gas prices. As per legal requirements, the federal government is expected to finalize the category-wise pricing within 40 days. We believe that the impact of consumers will be marginal due to minimal hike in overall prices. However, RLNG diversion volume remains a key component to look for.
  • OGRA approves meager increase for SNGPL; price set at PKR1,895.2/MMBTU The OGRA has issued its decision on SNGPL petition, where OGRA approved a tariff increase of PKR116.9/MMBTU, setting the prescribed price at PKR1,895.2/MMBTU, which represents a 6.6% increase from the current rate against SNGPL's request for an increase of PKR707/MMBTU. This revised revenue requirement stems from a PKR62.2bn downward adjustment in operating expenses, wherein major deviations stems from adjustment in cost of gas and the disallowance of PKR95.9bn on account of late payment surcharge. Notably, OGRA based its calculations on different oil price and exchange rate assumptions of PKR75.3/bbl for crude and PKR280/US$. SNGPL, in contrast, assumed PKR77/bbl, and PKR287.5/US$, respectively. Furthermore, OGRA revised the RLNG volume downwards to 75,556 MMCF, compared to SNGPL's projected 88,185 MMCF. This adjustment is due to confirmation from PLL that arrangements have been made with ENI to divert cargoes outside Pakistan from Jul’25 to Dec’25. Additionally, while SNGPL had requested PKR317.7/MMBTU for RLNG cost of services for the year, OGRA approved PKR210/MMBTU. This adjustment assumes a reduced RLNG input volume of 325,677 MMBTU, against SNGPL's projected 343,960 MMBTU, amid aforementioned diversion.
  • OGRA has finalized its decision on SSGCL’s petition for FY2025–26, against SSGCL's proposed hike of PKR2,399/MMBTU to bridge a revenue shortfall of PKR888.6bn (including PKR498.7bn from prior years), OGRA has instead recommended a reduction of PKR103.95/MMBTU. This brings the prescribed price down to PKR1,658.56/MMBTU, a 5.9% decrease. OGRA has revised SSGCL’s net revenue requirement down to PKR319.9bn with only PKR34.2bn allowed as prior year adjustment. Major downward revisions include PKR62.2bn in operating expenses. OGRA’s estimates factor in PKR75/bbl for oil and PKR280/US$, contrasting with SSGCL’s assumptions of PKR72.5/bbl and PKR292.
Economy: Ceasefire Ignites Investor Confidence in PSX - By Insight Research

May 12 2025


Insight Securities


  • The Pakistan Stock Exchange (PSX) experienced a market-wide trading halt today as the KSE-100 Index skyrocketed by 9,475 points (+8.84%) to close at 116,650.12, triggering the index-based halt mechanism on the upside. The rally was driven by a powerful combination of regional peace prospects, fresh IMF disbursements, and improving global trade sentiment following the resolution of the U.S.-China tariff standoff.
  • The Directors General of Military Operations (DGMOs) of both nations met today at 12:00 PM to formalize and reinforce the recently agreed ceasefire.
  • The diplomatic engagement is being seen as a major de-escalation step, improving regional security outlook and investor sentiment.
Pakistan Economy: PSX finds its wings - By Insight Research

May 12 2025


Insight Securities


  • Following a volatile week marked by heavy sell-off due to escalating border tensions with India, KSE-100 Index appears wellpositioned for a rebound, supported by a series of positive developments. The most notable among these is the ceasefire agreement between Pakistan and India, facilitated by diplomatic intervention from the U.S. and regional partners. This has significantly eased investor concerns, as reflected in today’s market performance, where trading was briefly halted in early minutes. International mediation between the two archrivals is expected to support regional stability and investor confidence.
  • Moreover, successful completion of the IMF’s first review under the Extended Fund Facility (EFF), unlocking a US$1bn tranche, along with approval of US$1.4bn under the Resilience and Sustainability Facility (RSF) for climate resilience. These developments are expected to lift market sentiment ahead of the much anticipated FY26 budget, where adherence with IMF guidelines will be critical. To highlight, external position and overall macros have improved substantially over the past year, which may support potential credit rating upgrades by global agencies. Additionally, Pakistan’s position as a net commodity importer makes it a key beneficiary of the current downtrend in global commodity prices.
Habib Bank Limited (HBL): Analyst briefing takeaways - By Insight Research

May 2 2025


Insight Securities


  • Habib Bank Limited has conducted its conference call today to discuss bank’s financial performance and outlook. Key takeaways of the analyst call are as follows:
  • HBL’s current accounts grew by PKR127bn, which is highest Q1 growth in last 5 years.
  • Bank’s advance portfolio recorded a decline of ~20% QoQ, primarily due to high base effect stemming from ADR regulation. All advance portfolio recorded a decline except consumer.
Oil and Gas Development Company Limited (OGDC): 3QFY25 EPS clocked in at PKR10.96 – Above expectation - By Insight Research

Apr 30 2025


Insight Securities


  • OGDC has announced 3QFY25 PAT of ~PKR47.1bn (EPS: PKR11.0) vs. PKR47.8bn (EPS: PKR11.1), down by 1% YoY. The result is above our expectation mainly attributable to lower then expected ETR.
  • In 3QFY25, revenue decreased 7% YoY, mainly attributable to decline in oil and gas production coupled with lower oil prices. On QoQ basis revenue is up by 4% attributable to higher oil prices.
  • Operating cost inched up by 19% YoY/QoQ to clock in at ~PKR31.9bn.
Pakistan Oilfields Limited (POL): 3QFY25 EPS clocked in at PKR23.3 – Inline with expectation - By Insight Research

Apr 28 2025


Insight Securities


  • Pakistan Oilfields has announced its 3QFY25 result today, wherein company has posted unconsolidated PAT of PKR6.6bn (EPS: PKR23.3) vs. PAT of PKR12.3bn (EPS: PKR43.4) in SPLY, down by 46% YoY. The result is inline with our expectation.
  • Topline of the company decreased by 10%/2% YoY/QoQ, mainly due to lower oil prices coupled with decline in hydrocarbon production.
  • Exploration cost increases by 351%/126% YoY/QoQ, possibly attributable to some seismic survey during the quarter.
Systems Limited (SYS): 1QCY25 EPS clocked in at PKR8.54 – Above expectation - By Insight Research

Apr 28 2025


Insight Securities


  • SYS has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR2.5bn (EPS: PKR8.54) vs. PAT of PKR1.6bn (EPS: PKR5.36) in SPLY. The result is above our expectation mainly due to lower selling and distribution expenses during the quarter.
  • Revenue for the quarter clocked in at PKR18.1bn, up by ~19% YoY, mainly due to higher revenue from Middle east and Europe region. However, same is down by 6% on QoQ basis, mainly due decline in revenue from Middle east and Europe region.
  • Company’s dollarized revenue clocked in at ~US$65mn in 1QCY25, depicting a growth of ~19% YoY. However, same is down by ~6% QoQ due to lower revenue from Middle east region.
Mari Energies Limited (MARI): 3QFY25 EPS clocked in at PKR13.2 – Above expectatio - By Insight Research

Apr 25 2025


Insight Securities


  • Mari Energies (MARI PA) has announced its 3QFY25 result today, wherein company has posted PAT of PKR15.9bn (EPS: PKR13.2) vs. PKR14.1bn (EPS: PKR11.8). The result is above our expectation mainly due to higher than expected topline coupled with lower than expected ETR.
  • In 3QFY25, revenue decreased by 5% YoY mainly due to lower gas production. However, same in up by 10% QoQ possibly attributable to increase in production.
  • Royalty expense increased by 100%/45% YoY/QoQ due to an additional 15% royalty payment on the wellhead value, following the extension of the MARI D&P lease.
Fatima Fertilizer Company Limited (FATIMA): 1QCY25 EPS clocked in at PKR4.0 – Above expectation - By Insight Research

Apr 25 2025


Insight Securities


  • FATIMA has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR3.99) vs. PAT of PKR13.6bn (EPS: PKR6.49) in preceding quarter. The result is above our expectation mainly due to higher than expected gross margins.
  • Revenue for the quarter clocked in at PKR52.0bn vs. PKR66.0bn in SPLY, down by 21%/40% YoY/QoQ, mainly attributable to lower offtakes.
  • Gross margins decreased by ~200bps YoY, to clock in at ~40%, attributable to lower offtakes. While on QoQ basis, margins increased by ~8ppts.
Systems Limited (SYS): 1QCY25 EPS to clock in at PKR8.08 - By Insight Research

Apr 25 2025


Insight Securities


  • Systems Limited is expected to post PAT of ~PKR2.4bn (EPS: PKR8.08) in 1QCY25 as compared to ~PKR1.6bn (EPS: PKR5.29) in SPLY, up by 50%/16% YoY/QoQ.
  • Revenue is expected to increase by ~32%/5% YoY/QoQ to clock in at PKR20.1bn, attributable to growth momentum in Middle East region. In 1QCY25 company’s dollarized revenue is expected to grow by ~32%/4% YoY/QoQ to clock in at US$72mn.
  • Gross margins are anticipated to clock in at ~25.2% during 1QCY25 vs. ~23.1% in SPLY, up by ~2.1ppts YoY mainly due to improvement in Middle East region. Similarly on QoQ basis, margins are expected to improve by ~0.8ppts, supported by the absence of higher one-off trading business.
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