Engro Polymer & Chemicals Limited (EPCL): 1QCY25 Corporate Briefing Takeaways - By Taurus Research

Apr 24 2025


Taurus Securities


  • EPCL reported revenue of PKR 17.9Bn for the first quarter of 2025, up 7.8% from the same period last year. As a result, the gross profit margin also increased, rising from 6.7% to 7.9%. After factoring in distribution, administrative, and other expenses, EPCL posted an operating profit of PKR 717Mn in 1QCY25, an 81% increase compared to the same period last year. However, these gains were outweighed by high finance costs stemming from the Company’s debt, leading to a net loss of PKR 825Mn and a loss per share of PKR 0.91.
  • EPCL’s poor financial performance is because construction activity stayed weak in key global markets. In USA., housing permits declined for three months straight. In China, the PVC market struggled due to a slowdown in the property sector and rising trade tensions with USA. At the same time, global supply remained high while demand stayed low, which kept pushing PVC prices down, currently standing at USD 700/ton. There’s a growing concern that the tariffs imposed by President Donald Trump and India’s upcoming anti-dumping duties could lead to more Chinese dumping in other markets, possibly including Pakistan, which may add further pressure in the quarters ahead.
  • In March 2025, the price of captive gas was raised to PKR 4,291 per MMBtu, including a levy of PKR 791 per MMBtu. This levy is set to increase by another 10% in July 2025, putting further pressure on input costs. As a result, the rising energy expenses are expected to weigh on the Company’s margins in the coming quarters. In response, EPCL is exploring alternative power sources, such as coal, solar, and the grid, and is actively engaging with the government ministries to ensure more favorable terms for gas supply used in captive power generation. As PVC and VCM plants are continuous-process facilities that cannot afford unscheduled shutdowns, they require a highly reliable power source
Engro Polymer & Chemicals Limited (EPCL): 1QCY25 Corporate Briefing Takeaways - By Taurus Research

Apr 24 2025


Taurus Securities


  • EPCL reported revenue of PKR 17.9Bn for the first quarter of 2025, up 7.8% from the same period last year. As a result, the gross profit margin also increased, rising from 6.7% to 7.9%. After factoring in distribution, administrative, and other expenses, EPCL posted an operating profit of PKR 717Mn in 1QCY25, an 81% increase compared to the same period last year. However, these gains were outweighed by high finance costs stemming from the Company’s debt, leading to a net loss of PKR 825Mn and a loss per share of PKR 0.91.
  • EPCL’s poor financial performance is because construction activity stayed weak in key global markets. In USA., housing permits declined for three months straight. In China, the PVC market struggled due to a slowdown in the property sector and rising trade tensions with USA. At the same time, global supply remained high while demand stayed low, which kept pushing PVC prices down, currently standing at USD 700/ton. There’s a growing concern that the tariffs imposed by President Donald Trump and India’s upcoming anti-dumping duties could lead to more Chinese dumping in other markets, possibly including Pakistan, which may add further pressure in the quarters ahead.
  • In March 2025, the price of captive gas was raised to PKR 4,291 per MMBtu, including a levy of PKR 791 per MMBtu. This levy is set to increase by another 10% in July 2025, putting further pressure on input costs. As a result, the rising energy expenses are expected to weigh on the Company’s margins in the coming quarters. In response, EPCL is exploring alternative power sources, such as coal, solar, and the grid, and is actively engaging with the government ministries to ensure more favorable terms for gas supply used in captive power generation. As PVC and VCM plants are continuous-process facilities that cannot afford unscheduled shutdowns, they require a highly reliable power source
Engro Polymer & Chemicals Limited (EPCL): CY24 Analyst Briefing Takeaways - By Taurus Research

Feb 14 2025


Taurus Securities


  • PVC prices dropped from USD 948/ton in June 2024 to USD 798/ton by year-end, which was a record low in recent years. This decline, driven by normalization of freight rates and supply chain constraints, put pressure on core delta which stood at USD 337/ton at the end of CY24, directly impacting EPCL’s margins and contributing to its poor financial performance.
  • Despite a tough year marked by a slowdown in the construction sector, domestic PVC demand grew by 8% due to cheaper imports from Indonesia & China. PVC sales volumes gradually increased on a QoQ basis by 10% on average due to EPCL's targeted pricing strategies, incentives and market confidence-building measures through which it sustained its market position.
  • Additionally, EPCL regained market share in caustic soda by onboarding new customers. Although domestic margins remained attractive, the Company maintained exports to support FX inflows. Supply to domestic Export-Oriented Units was sustained at 80%.
Engro Polymer & Chemicals Limited (EPCL): EPCL: 4QCY24 EPS arrives at PKR 2.6, CY24 EPS to clocks-in at PKR 0.5 - By Taurus Research

Feb 11 2025


Taurus Securities


  • EPCL reported a revenue of PKR 21.2Bn in 4QCY24, reflecting an increase of 11% YoY and 6% QoQ. Gross margin for 4QCY24 stood at 14%, a significant decline from 27% in 4QCY23 but a notable recovery from the 5% margin in 3QCY24. The yearly dip in margins can be attributed to rising raw material costs driven by a surge in gas prices and lower core delta.
  • After struggling with losses throughout the first three quarters of CY24, EPCL achieved a turnaround with a positive PAT of PKR 2.3Bn in 4QCY24 mainly attributable to tax reversals and higher margins.
  • However, EPCL’s annual PAT for CY24 fell sharply to PKR 610Mn, a 93% plunge from PKR 9.2Bn in CY23. Wherein, profitability was mainly hit by subdued PVC demand especially from the construction sector and margin pressures due to surge in gas prices.
Engro Polymer & Chemicals Ltd. (EPCL): 4QCY24 Result Review — Tax reversal & improved margins drive profitability - By AKD Research

Feb 11 2025


AKD Securities


  • Engro Polymer & Chemicals Ltd. (EPCL) announced its 4QCY24 financial results, wherein the company reported consolidated earnings of PkR2.1bn (EPS: PkR2.3), a 40%YoY decline from PkR3.5bn (EPS: PkR3.7) in SPLY. The result is above our expectations, primarily due to a tax reversal and better-than-expected gross margins. However, the annual decline in earnings is driven by lower gross margins and higher finance cost. On a sequential basis, the recovery from a loss of PkR2.0bn (LPS: PkR0.8) in 3Q is mainly due to improved gross margins.
  • Revenue increased by 11%YoY to PkR21.3bn, up from PkR19.2bn in SPLY, as higher PVC offtakes offset the impact of lower product prices.
  • Gross margins contracted to 14.1% from 26.9% in SPLY, primarily due to higher energy costs. Notably, gas prices for captive and process increased by 45%/15%YoY, averaging PkR3,000/2,150/mmbtu in 4QCY24, respectively, compared to an avg. of PkR2,067/1,867/mmbtu in SPLY. However, gross margins remained higher than expected, and we await further clarity on this.
Engro Polymer & Chemicals Limited’s (EPCL): 4QCY24 EPS clocked in at Rs1.95, down 37% YoY - By Foundation Research

Feb 11 2025


Foundation Securities


  • Engro Polymer & Chemicals Limited’s (EPCL PA) profit clocked-in at Rs2.4bn (EPS Rs1.95 in 4QCY24 against profit of Rs3.8bn (EPS Rs3.11) in 4QCY23.
  • This cumulates into CY24 profit of Rs610mn (EPS Rs0.67) compared to profit of Rs9.2bn (EPS Rs7.63) in CY23.
  • The company did not announce any dividend during CY24
Engro Polymer and Chemicals Limited (EPCL): 4QCY24 EPS clocked in at PKR2.3 – Above expectation - By Insight Research

Feb 11 2025


Insight Securities


  • EPCL has announced its 4QCY24 result, wherein company has posted consolidated PAT of PKR2.1bn (EPS: PKR2.3) vs. PAT of PKR4.0bn (EPS: PKR4.4) in SPLY. The result is significantly above our expectation due to higher than estimated revenue, gross margins and tax credit in 4QCY24.
  • In 4QCY24, revenue increased by 11%/6% YoY/QoQ possibly due to better volumetric sales coupled with higher caustic soda prices.
  • Gross margins of the company clocked in at 14.1%, up by 860bps QoQ, possibly due to premium charged over import parity price as core delta remained flat QoQ. However, we await further clarity on this.
Engro Polymer & Chemicals Ltd. (EPCL): 4QCY24 Preview: Loss expected as energy cost burden intensifies - By AKD Research

Feb 10 2025


AKD Securities


  • We expect Engro Polymer & Chemicals Ltd. (EPCL) to post a loss of PkR634mn (LPS: PkR0.7) in 4QCY24E, compared to a profit of PkR3.5bn (EPS: PkR3.7) in SPLY.
  • We expect gross margins to contract to 7.9%, mainly due to higher energy prices with avg. gas prices for captive and process risen by 45%/15%YoY, respectively.
  • CY24 cumulative loss is anticipated at PkR2.9bn (LPS: PkR3.4), compared to a profit of PkR8.9bn (EPS: PkR9.1) in SPLY.
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."
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.
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.
Power Cement Limited (POWER): Corporate Briefing Takeaways - By Taurus Research

May 21 2025


Taurus Securities


  • The management of POWER highlighted that the Company turned into profit after five years amid massive developments i.e. successful plant turnaround, significant payment of a finance cost, improving operational efficiency through better fuel mix and capturing huge market share in high grade cement.
  • On the production and sales front, the management told that net sales dropped 16%YoY in 9MFY25 due to drastic decline in production and sales of Clinker on the back of significant decline in international Clinker prices. However, they expect some recovery in Clinker export prices until Dec’25 i.e. in between USD 35-37 per ton. This will improve profitability of the Company. Further, Operating profit surged 24%YoY in 9MFY25 on account of drop in finance cost (35%YoY) due to lower interest rates along with reduction in operational costs i.e. fuel saving of around 10% by using Agricultural Waste as alternative fuel. Moreover, the management is expecting to pay off significant portion of dividends to preference shareholders (Currently 74.5Mn as outstanding) once it has settled large amount of debt during FY26.
  • According to the management, the Company is using 100% imported coal (mainly from US) with a total cost of around PKR 35-37K per ton. Whereas, total export price per ton of Clicker (70% of total exports) and Cement is currently at USD 35-37 and USD 40-47, respectively. They shared that the recent Plant turnaround made it operating at 100% capacity (capable of utilizing high Sulphur coal to make high grade cement). The current retention price is ~PKR 775-800 per bag.
Pakistan Economy: IMF releases its Country Report on Pakistan - By Taurus Research

May 20 2025


Taurus Securities


  • The International Monetary Fund (IMF) has released its latest Country Report (or staff report) on Pakistan, following conclusion of the first review under the 37-month USD 7Bn Extended Fund Facility (EFF), leading to the immediate disbursement of ~USD 1Bn (SDR 760Mn). In addition, Pakistan also secured approval for a Resilience & Sustainability Facility (RSF) amounting to USD 1.4Bn for the purposes of tackling climate change.
  • Overall, policy efforts have continued to bear fruit. Wherein, financial and external conditions have continued to improve, with a current account surplus in 10MFY25 and FX reserves exceeding the IMF’s projections. NCPI has also declined to historical lows, albeit core inflation remains elevated. Economic recovery is continuing. Hence, Pakistan’s capacity to repay has improved too.
  • According to the Staff Report, Pakistan’s GDP growth is expected to arrive at 2.6% for FY25 (revised down from earlier forecast of 3.2%). Similarly, GDP growth for FY26 has also been revised down from 4% to 3.6%. However, the IMF’s forecast for headline inflation has been revised down substantially from the earlier estimates; to 5.1% and 7.7% for FY25 and FY26, respectively— expected to arrive within the SBP’s target range of 5%-7%.
Textile: Apr’25 Textile exports down 1%YoY/15%QoQ - By Taurus Research

May 19 2025


Taurus Securities


  • Textile exports arrived at USD 1.22Bn in Apr’25 as compared to USD 1.23Bn in the SPLY, a decline of ~1%YoY. Whereas, on a monthly basis it has significantly decreased by 15%MoM. The decrease was mainly due to the decline in exports of cotton yarn, cotton cloth, bed wear, tents & canvas, arts & silk and other textiles, down 31%YoY, 6%YoY, 3%YoY, 15%YoY, 3%YoY, and 10% YoY, respectively. However, 10MFY25 textile exports increased 8%YoY to USD 14.8Bn as compared to USD 13.6Bn in the SPLY.
  • In Apr’25, Basic textile exports totaled USD 166Mn, a significant decline of ~13%YoY, mainly attributed to the decline in exports of cotton yarn. Whereas, value added exports showed an increase of 2%YoY with a 4%YoY decline in other textiles.
Textile: Apr’25 Textile exports down 1%YoY/15%QoQ - By Taurus Research

May 19 2025


Taurus Securities


  • Textile exports arrived at USD 1.22Bn in Apr’25 as compared to USD 1.23Bn in the SPLY, a decline of ~1%YoY. Whereas, on a monthly basis it has significantly decreased by 15%MoM. The decrease was mainly due to the decline in exports of cotton yarn, cotton cloth, bed wear, tents & canvas, arts & silk and other textiles, down 31%YoY, 6%YoY, 3%YoY, 15%YoY, 3%YoY, and 10% YoY, respectively. However, 10MFY25 textile exports increased 8%YoY to USD 14.8Bn as compared to USD 13.6Bn in the SPLY.
  • In Apr’25, Basic textile exports totaled USD 166Mn, a significant decline of ~13%YoY, mainly attributed to the decline in exports of cotton yarn. Whereas, value added exports showed an increase of 2%YoY with a 4%YoY decline in other textiles.
TPL Properties Limited (TPLP): Corporate Briefing Takeaways - By Taurus Research

May 19 2025


Taurus Securities


  • The management conducted an analyst briefing on Friday 16, 2025 to provide an update on the March 29, 2025 fire incident at the Mangrove Project and shared updates on its progress.
  • On March 29, 2025, a minor fire occurred at the construction site of the Mangrove project due to an underground gas pocket encountered during deep borehole drilling for water.
  • In response, on April 8, 2025, the Government formed a technical team comprising of representatives from PPL, OGDCL and PRL to oversee the assessment and containment efforts.
Rafhan Maize Products Company Limited (RMPL): CY24 Corporate Briefing Takeaways - By Taurus Research

May 16 2025


Taurus Securities


  • Rafhan Maize Products Company Limited (RMPL) is an affiliate of Ingredion Incorporated, USA. Ingredion is one of the world’s leading corn refiners and carries a 71% stake in RMPL. RMPL considers itself to be an ingredients solution provider and serves more than 50 industries domestically and internationally. RMPL operates three manufacturing facilities in Punjab and Sindh.
  • RMPL primarily produces Starch (40%), Glucose (40%), and Dextrose (20%). RMPL operates in the following product categories and their respective segments: Food (confectionery, bakery, dairy, beverages, snacks, savory); Pharmaceuticals (Pharma-grade starches and glucose syrups for a wide range of applications); Industrial (textile, paper and corrugation, chemical and allied, and home and personal care); and Animal Nutrition (poultry, livestock, and aquaculture).
  • The Management noted that RMPL carries over 90% market share in its primary segments.
Pak Elektron Limited (PAEL): Exciting prospects ahead Initiating Coverage with a ‘BUY’ - By Taurus Research

May 16 2025


Taurus Securities


  • We initiate coverage on Pak Elektron Limited (PAEL) with a ‘BUY’ rating based on a Dec’25 target price of PKR 65/sh., reflecting an upside of 41% over the LDCP. PAEL is currently trading at a forward P/E of 9.5x, a 36% discount to its peers.
  • Our investment thesis is primarily based upon: i) Volumetric growth and uptick in utilization levels for both Power & Home Appliances divisions on the back of recovering demand; ii) Commencement of Transformer exports to the US along with strategic partnerships with Electrolux and Panasonic; iii) Relatively high & stable gross margins; iv) Strong presence in both Power and Home Appliances; v) Benefits from lower inflation & interest rates and a stable outlook for the Rupee; and vi) Sufficient capacity to deliver on new contracts, including exports.
  • Moreover, we believe PAEL could also be a major beneficiary of Government sponsored megaprojects and initiatives, broadening demand for its Power division. Finally, PAEL also enjoys unrivaled international technical collaborations and strategic partnerships which support innovation, helping it target new markets and segments both in Power and Home Appliances.
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Free Float:
52 Week Low:
Market Cap:
Total Share:

Relative Strength Index (RSI)

RSI:

MACD Signals

MACD DAILY:
MACD WEEKLY:

Simple Moving Avg (SMA)

SMA(10):
SMA(30):
SMA(60):
SMA(200):

Performance

One Month:
Three Months:
Six Months:
Twelve Months:

Support & Resistance

Support 1:
Resistance 1:
Support 2:
Resistance 2:

High & Lows

Period
High
Low