Ghandhara Industries Limited (GHNI): Financial Snapshot - By Chase Research

Apr 21 2025



  • We are initiating coverage on GHNI with a “BUY” stance and a DCF based Dec-25 target price of PKR 1,033, indicating a potential upside of 35%.
  • Strong mining sector activity to drive demand growth for prime movers and trucks.
  • Sustained implementation of the axle load regime to lend support to expansion of the national fleet.
Ghandhara Industries Limited (GHNI): Financial Snapshot - By Chase Research

Apr 21 2025



  • We are initiating coverage on GHNI with a “BUY” stance and a DCF based Dec-25 target price of PKR 1,033, indicating a potential upside of 35%.
  • Strong mining sector activity to drive demand growth for prime movers and trucks.
  • Sustained implementation of the axle load regime to lend support to expansion of the national fleet.
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."
IGI Holdings Limited (IGIHL): Corporate Briefing Notes - By Chase Research

May 19 2025



  • IGI Holdings Limited (IGIHL) reported consolidated net profit of PKR 507 million (EPS: PKR 3.47) in 1QCY25, up 12% from PKR 452 million (EPS: PKR 3.12) in the same period last year.
  • In CY24, the company received dividend income of PKR 1.63 billion, reflecting a 2.6% YoY increase. Profit before tax stood at PKR 1.33 billion versus PKR 1.25 billion in the SPLY, while profit after tax rose slightly to PKR 1.35 billion from PKR 1.32 billion. EPS increased to PKR 9.48 compared to PKR 9.24 last year.
  • The company maintained a stable dividend per share of PKR 65 and a payout ratio of 65% in CY24. Total assets were PKR 16.13 billion, with liabilities dropping significantly to PKR 314 million from PKR 888 million in the SPLY, as the company paid off all short- term and long-term loans.
TPL Properties Limited (TPLP): Corporate Briefing Notes - By Chase Research

May 19 2025



  • TPL Properties Limited reported unconsolidated loss per share of PKR 6.47 in FY24 against an earnings per share of PKR 7.50 in FY23. Furthermore, in 3QFY25 the company reported loss per share of PKR 2.37 against loss per share of PKR 0.29 in SPLY.
  • On March 29, 2025, a fire incident occurred at the construction site of The Mangrove Project during borehole drilling operations, which were being conducted at an approximate depth of 1,200 feet. A team of technical specialists was immediately appointed to assess and address the situation. The management has confirmed that there were no injuries, casualties, or damage to property.
  • The first tower of Lagoon Views, officially launched in January 2025, comprises 234 residential units. As of the latest update, 50% of the apartments have been successfully sold. Additionally, a dedicated sports facility has been planned as part of the development, with an inauguration scheduled for August 2025.
AGP Limited (AGP): Corporate Briefing Notes - By Chase Research

Apr 28 2025



  • AGP Limited reported a net profit of PKR 2.08 billion (EPS: PKR 7.44) in CY24, reflecting a 75% increase compared to PKR 1.19 billion (EPS: PKR 4.25) in the previous year.
  • Net sales rose 34% YoY to PKR 18.54 billion, while consolidated revenue reached PKR 25.03 billion, up from PKR 18.74 billion in SPLY. Growth was driven by a 21% increase in volumes and a 13% price impact. Consolidated gross margins improved to 58.1% from 53.6% in the SPLY, while operating margins expanded to 28.5% from 22.7%, attributed to successful price adjustments and operational efficiencies
  • Management highlighted that recent acquisitions have contributed significantly to performance, with a 5-year consolidated revenue CAGR of 38%, of which 52% was driven by inorganic growth.
Nestle Pakistan Limited (NESTLE): Corporate Briefing Notes - By Chase Research

Apr 22 2025



  • In CY24, Nestlé Pakistan Limited reported a net profit of PKR 14.81 billion (EPS: PKR 326.53), reflecting a 10% YoY decline compared to PKR 16.49 billion (EPS: PKR 363.68) in CY23.
  • Net revenue stood at PKR 193.21 billion, down 4% YoY from PKR 200.61 billion in CY23. Export sales registered a 21% YoY increase. The overall decline in revenue was attributed to the imposition of sales tax on the dairy & nutrition segment (impacting 70% of the portfolio), an additional 6.5% tax on non-filer retailers, the export taxation under the Normal Tax Regime, and the impact of a product boycott due to in the Middle East conflict.
  • The revenue mix in CY24 comprised Dairy & Nutrition at 78.9%, Beverages at 20.7%, and Others at 0.4%. Dairy & Nutrition segment sales declined by 4.1% YoY to PKR 153.2 billion. UHT milk contributed 15-20% to this segment’s revenue. Management reported negative growth across all categories, with price hikes of 3–5% implemented during the year. No provision was recorded in CY24 related to the Everyday HS classification matter.
Ghandhara Industries Limited (GHNI): Financial Snapshot - By Chase Research

Apr 21 2025



  • We are initiating coverage on GHNI with a “BUY” stance and a DCF based Dec-25 target price of PKR 1,033, indicating a potential upside of 35%.
  • Strong mining sector activity to drive demand growth for prime movers and trucks.
  • Sustained implementation of the axle load regime to lend support to expansion of the national fleet.
The Pakistan Stock Exchange (PSX): Preconditions to takeoff – 2 - By Chase Research

Apr 17 2025



  • We revise our estimated fair value for Dec 2025 to PKR 41/share, reflecting stronger-than-expected value traded, a higher ADTV-to-market cap ratio, a reduction in the discount rate, and a rollover to December 2025. The stock offers a 45% upside from current levels. We maintain our Buy rating.
  • PSX operates as a unified national exchange, with over 500 listed companies across 38 sectors and a market capitalization exceeding PKR 14 trillion.
  • PSX owns 50% of NCCPL, which manages the clearing, settlement, and risk management functions of the stock market.
Chashma Sugar Mills Limited (CHAS): Corporate Briefing Notes - By Chase Research

Mar 19 2025



  • CHAS reported a net loss of PKR 2.64 billion (LPS: PKR 91.92) in SY24, compared to a net profit of PKR 1.70 billion (EPS: PKR 59.22) in the previous year. The loss was primarily driven by higher sugarcane prices and increased finance costs due to higher carryover stock and a lower recovery rate.
  • In 1QSY25, CHAS crushed 1,484,965 MT of sugarcane, producing 144,654 MT of sugar and 9,170 MT of ethanol. The crushing season concluded on March 3, 2025. Gross profit declined to PKR 2.22 billion, impacted by elevated sugarcane prices in SY24.
  • For SY24, CHAS produced 171,591 MT of sugar (SY23: 211,871 MT) and crushed 1,726,610 MT of sugarcane (SY23: 1,963,169 MT), with a recovery rate of 9.9% (SY23: 10.8%). Molasses consumption stood at 176,201 MT (SY23: 173,139 MT), while molasses production reached 34,443 MT (SY23: 33,899 MT) with a recovery rate of 19.55% (SY23: 19.58%).
Faran Sugar Mills Limited (FRSM): Corporate Briefing Notes - By Chase Research

Feb 26 2025



  • In SY24, FRSM reported a net loss of PKR 1.53 billion (LPS: PKR 61.30), compared to the previous year's net profit of PKR 1.22 billion (EPS: PKR 48.79).
  • Management reported that sugar prices remained depressed throughout the year due to the imposition of FED and an increase in WHT. Similarly, ethanol prices and demand in international markets remained subdued, keeping molasses prices under pressure.
  • In SY24, USC withheld PKR 529 million in payments and halted further lifting of goods worth PKR 579 million, causing liquidity constraints and higher finance costs. However, most payments were later received, except for bid money. The company has also recovered a major portion of overdue payments from USC, amounting to over PKR 400 million.
Loads Limited (LOADS): The Year of Alpha Loads Limited: Back on Track? - By Chase Research

Feb 6 2025



  • We are initiating coverage on Loads Limited (LOADS) with a Dec-25 fair value estimate of PKR 29.17 per share, derived using a discounted cashflow model. At its current price, the stock offers a compelling 55% upside potential. It is currently trading at a FY26 P/E of 4.7x. BUY.
  • Our investment thesis is driven by several compelling factors:
  • SBP, driven by declining inflation, is expected to boost auto sales, especially in the sub-1000cc segment. LOADS, as a key parts supplier to OEMs in this category, is wellpositioned to benefit disproportionately from this recovery.
JDW Sugar Mills Limited (JDWS): CORPORATE BRIEFING NOTES - BY Chase Research

Jan 28 2025



  • JDW Sugar Mills Limited achieved earnings per share (EPS) of PKR 225.2 in SY24, marking a substantial increase compared to PKR 37.1 in SY23.
  • 0In 9MSY24, the company reported an EPS of PKR 144.9, a significant improvement from PKR 25.3 recorded during the same period last year (SPLY).
  • The company’s corporate farms contribute 7-10% of the group’s total annual sugarcane requirement.
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