Hub Power Company Ltd (HUBC):3QFY25 Preview: Earnings dip amid PPA setbacks - By AKD Research

Apr 28 2025


AKD Securities


  • We expect Hub Power Company Ltd (HUBC) to post NPAT of PkR10.7bn (EPS: PkR8.25) for 3QFY25, down 38%YoY.
  • HUBC is anticipated to record its lowest consolidated topline in four years, expected to clock in at PkR14.3bn (down 55%YoY/8%QoQ).
  • Mar’25 marked the first month of BYD’s official entry into the domestic auto market, with the commencement of sales for the Atto-3 and Seal models.
Hub Power Company Ltd (HUBC):3QFY25 Preview: Earnings dip amid PPA setbacks - By AKD Research

Apr 28 2025


AKD Securities


  • We expect Hub Power Company Ltd (HUBC) to post NPAT of PkR10.7bn (EPS: PkR8.25) for 3QFY25, down 38%YoY.
  • HUBC is anticipated to record its lowest consolidated topline in four years, expected to clock in at PkR14.3bn (down 55%YoY/8%QoQ).
  • Mar’25 marked the first month of BYD’s official entry into the domestic auto market, with the commencement of sales for the Atto-3 and Seal models.
Hub Power Company (HUBC): 2QFY25 EPS at Rs3.25, down 72% YoY and 78% QoQ – lower than expectations - By Topline Research

Feb 26 2025


Topline Securities


  • Hub Power Company (HUBC) announced its 2QFY25 result wherein company reported earnings of Rs4.2bn (EPS of Rs3.25), down 72% YoY and 78% QoQ —falling short of expectations due to lower gross profits and higher other expenses.
  • This brings 1HFY25 profits to Rs 23.3bn (EPS 17.99) a 28% decline from 1HFY24 where a Rs32.4bn (EPS 24.95) earning was recorded.
  • HUBC declared a Rs5/share dividend for 2QFY25, above industry expectations.
Hub Power Company (HUBC): 2QFY25 EPS at Rs3.25, down 72% YoY and 78% QoQ – lower than expectations - By Topline Research

Feb 26 2025


Topline Securities


  • Hub Power Company (HUBC) announced its 2QFY25 result wherein company reported earnings of Rs4.2bn (EPS of Rs3.25), down 72% YoY and 78% QoQ —falling short of expectations due to lower gross profits and higher other expenses.
  • This brings 1HFY25 profits to Rs 23.3bn (EPS 17.99) a 28% decline from 1HFY24 where a Rs32.4bn (EPS 24.95) earning was recorded.
  • HUBC declared a Rs5/share dividend for 2QFY25, above industry expectations.
Hub Power Company Ltd (HUBC): 2QFY25 Result Review — Resumes cash-payout post base-plant termination - By AKD Research

Feb 26 2025


AKD Securities


  • Hub Power Company Ltd (HUBC) announced its 2QFY25 results earlier today, where-in the company reported consolidated NPAT of PkR4.2bn (EPS: PkR3.25), down by 72%YoY and significantly lower than expectations due to sharp-increase in other expenses and elevated effective tax rates. Alongside the result, the company announced a half-yearly cash dividend of PkR5.0/sh.
  • Consolidated revenue for the quarter clocked in at PkR15.5bn, down by 48% YoY vs. PkR29.9bn in SPLY. The contraction was primarily driven by the termination of the base plant’s PPA, effective Oct 1st, 2024, leading to a significant compression in the consolidated topline. Resultantly, company’s gross profitability amounted to 41%, compared to 56%/56% in 2QFY24/1QFY25, respectively.
  • Finance cost amounted to PkR4.1bn, down by 41%YoY. The decline was led due to falling interest rates and lower debt level
The Hub Power Company Limited (HUBC): 2QFY25 Consolidated EPS arrived-in at PKR 3.2 ; PAT down 68%YoY - By Taurus Research

Feb 26 2025


Taurus Securities


  • 2QFY25 EPS: PKR 3.2; DPS: PKR 5; 1HFY25 EPS: PKR 18.0; DPS: PKR 5.0. PAT: Down 27%.
  • 2QFY25 consolidated revenue declined by 52%QoQ, settling at PKR 15.5Bn, likely due to the termination of the Base Plant PPA and lower power generation demand during winter. Consequently, HUBC's other expenses surged by PKR 3.6Bn, a 5x increase. We await further clarity on this matter from the company.
  • The share of profit from associates stood at PKR 9.8Bn, down 7%QoQ, which can be attributed to lower load factors for CPHGC and Thal Nova during the quarter.
Pakistan Power: HUBC & NPL — 2QFY25E Result Previews - By AKD Research

Feb 25 2025


AKD Securities


  • HUBC – 2QFY25E earnings to clock in at PkR9.0/sh: We expect Hub Power Company Ltd (HUBC) to post NPAT of PkR11.8bn (EPS: 9.07/sh) for 2QFY25, down 23%YoY/39%QoQ. The decline is primarily attributed to the termination of PPA for the base plant, effective October 1, 2024, leading to a lower topline of PkR17.2bn (down 43%YoY/46%QoQ). Notably, power offtakes from the company’s RFO and imported coal-based generators remain subdued during the quarter, while indigenous coal IPPs remained active throughout, benefiting from a higher ranking in NTDC’s merit order. On the non-operating front, share of profit from associates is expected to clock in at PkR10.7bn for the period (up 1%YoY). We do not anticipate the company to announce a cash dividend during the period (vs. PkR4.0/sh in SPLY), however, any payout would be a positive development. We reiterate our ‘BUY’ stance on HUBC with a Dec’25 TP of PkR151/sh, alongside a DY of 4% during the same period.
  • NPL expected to announce PkR2.0/sh payout in 2QFY25E: We anticipate Nishat Power Limited (NPL) to report NPAT of PkR982mn (EPS: PkR2.77) for 2QFY25E, up 14%YoY. The increase in earnings is due to higher finance income, supported by elevated cash and short-term investment balances of PkR11bn during the quarter (up 31%YoY). Additionally, the receipt of any outstanding dues from CPPA-G is expected to further strengthen the liquid position, partially offsetting the impact of declining fixed-income yields during the period. Regarding operations, plant utilization remained near 0% during the quarter (vs. 6%/7% in SPLY/1QFY25), primarily due to lower generation from RFO-based sources amid subdued power demand during the winter season. Alongside the results, we expect NPL to announce a half-year cash dividend of PkR2.0/sh, taking cumulative payout to PkR4.0 during the first half (vs. PkR2.50/sh in 1HFY24). Overall, we reiterate our ‘BUY’ stance on NPL with a Dec’25 TP of PkR46/sh, alongside a DY of 20% during the same period.
The Hub Power Company Limited (HUBC): 2QFY25 Consolidated EPS to arrive at PKR 7.7; PAT down 34%YoY - By Taurus Research

Feb 25 2025


Taurus Securities


  • Board Meeting: February 26, 2024. 2QFY25 EPS: PKR 7.7; DPS: PKR 3; 1HFY25 EPS: PKR 22.5; DPS: PKR 3. PAT: Down 10%.
  • Revenue: Net sales are expected to decline by 39%YoY and 43%QoQ to PKR 18.3Bn, driven by the early termination of the Base Plant PPA and lower utilization owing to lower power demand during winter. Gross profit is projected to fall 61%YoY, while PAT is expected to drop 34%YoY to PKR 10Bn.
  • Share of profit from associates: Earnings from associates are anticipated to decline 9%YoY, primarily due to lower contributions from CPHGC
Hub Power Company Ltd. (HUBCO): From heights to hurdles – By Insight Research

Dec 19 2024


Insight Securities


  • HUBC recently witnessed a rally, rising by 41% from its 52- week low of PKR93/sh. The rally began following a notice regarding a shareholder agreement with Mega Conglomerate Pvt. Ltd. to acquire a 50% stake in Mega Motor Company. This move will reduce HUBC's exposure to BYD, potentially increasing its dividend payout capacity, and secure a stake in a long-term value-generating business. The company’s focus on electric vehicles (EVs) and batteries is well-aligned with the government’s target to convert 30% of new vehicles to EVs, which will be supported by the upcoming New Energy Vehicle (NEV) policy.
  • While this development offer growth prospects, significant risk remains for HUBC. As per newsflows, the government has reached settlements with 17 IPPs established under the 1994 and 2002 policies, transitioning them to a hybrid take-and-pay framework. We believe that HUBC’s Narowal (RFO) and Laraib Energy (Hydel) plants are also part of these discussions, with settlements expected to align with the terms agreed upon with other IPPs.
  • Following these developments and recent run in stock price, we have a ‘HOLD’ stance on HUBC, with a SOTP based target price of PKR138/sh. However, risks persist for HUBC’s CPECrelated plants as well, as the government task force may also consider revising their PPAs, which could pose further challenges.
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."
Sazgar Engineering Works Ltd. (SAZEW): 9MFY25 Analyst Briefing Takeaways - By AKD Research

May 22 2025


AKD Securities


  • Sazgar Engineering Works Ltd. (SAZEW) held its analyst briefing to discuss 9MFY25 results and its future outlook. Following are the key highlights:
  • To recall, company posted topline of PkR81.4bn in 9MFY25 vs PkR34.6bn in 9MFY24, an increase of 2.4xYoY. The said increase is primarily attributed to higher volumetric sales of four wheelers, particularly HAVAL.
  • Company posted earnings of PkR12.9bn (EPS: PkR212.7) in 9MFY25, compared to PkR4.4bn (EPS: PkR73.6) in SPLY, an increase of 2.9xYoY.
Economy: Fiscal Operations: Fiscal deficit narrows by 24%YoY in 9MFY25 - By AKD Research

May 8 2025


AKD Securities


  • Finance division reported consolidated fiscal accounts for 3QFY25, reporting a quarterly budget deficit of PkR1.4tn (1.2% of GDP), compared to a deficit of PkR1.5tn (1.4% of GDP) in SPLY. Cumulatively, country’s 9MFY25 budget deficit amounted to PkR3.0tn (2.4% of GDP), down 24%YoY.
  • Total revenues grew by 23%YoY during 3QFY25, led by increases in tax revenue, which grew by 26%YoY, while non-tax revenues also improved by 7%YoY. Rise in tax revenues was led by increase in direct taxes (↑21%YoY) and sales tax (↑33%YoY), while non-tax revenues surged due to higher collection from Petroleum Levy (↑15%YoY) and three-fold increase in dividends from SOEs during the quarter.
  • Notably, total expenditures rose by 14%YoY during the quarter, although markup payments remained unchanged at PkR1.3tn, possibly due to declining interest rates, partially offsetting the impact of higher debt levels (GoP total debt: PkR73.0tn, up 13%YoY as of Feb'25).
Hub Power Company Ltd (HUBC):3QFY25 Preview: Earnings dip amid PPA setbacks - By AKD Research

Apr 28 2025


AKD Securities


  • We expect Hub Power Company Ltd (HUBC) to post NPAT of PkR10.7bn (EPS: PkR8.25) for 3QFY25, down 38%YoY.
  • HUBC is anticipated to record its lowest consolidated topline in four years, expected to clock in at PkR14.3bn (down 55%YoY/8%QoQ).
  • Mar’25 marked the first month of BYD’s official entry into the domestic auto market, with the commencement of sales for the Atto-3 and Seal models.
Economy: Successful IMF Review to clear the path for KSE-100 - By AKD Research

Mar 3 2025


AKD Securities


  • The KSE-100 remained slightly negative in Feb’25 due to lower-than-expected rate cut and investors awaiting the upcoming IMF review along with concerns over the impact of the U.S. actions.
  • We expect successful completion of upcoming first biannual review of Pakistan’s US$7bn EFF amid expected monetary easing would turn KSE-100 positive.
  • IMF green light to provide impetus: The KSE-100 remained slightly negative in Feb’25 due to lower-than-expected rate cut in Jan’25 MPC and investors awaiting the upcoming IMF review along with concerns over the impact of the U.S. aid freeze and tariffs. We expect successful completion of upcoming first biannual review of Pakistan’s US$7bn Extended Fund Facility (EFF) amid expected monetary easing would turn KSE100 positive. Moreover, significant reduction in inflation and controlled external account position amid subdued economic activity has strengthened case for further monetary easing. With real positive interest rates at 7.5% based on our 12-month forward projections, we anticipate the SBP will cut interest rates by another 250 bps in CY25.
Pakistan Auto: Autos Result Preview: Profitability on the rise - By AKD Research

Jan 21 2025


AKD Securities


  • INDU 2QFY25E earnings to clock in at PAT PkR4.7bn (EPS: PkR60.3): We anticipate INDU to report earnings of PkR4.7bn (EPS: PkR60.3) in 2QFY25E compared to PkR1.7bn (EPS: PkR22.2), a 2.7xYoY increase. The said growth is primarily driven by an increase in total sales volumes, up by 2.4xYoY to 6,383 units compared to 2,687 units in SPLY, given a low base due to supply chain disruptions leading to multiple days of plant shutdown in SPLY. Topline is anticipated to rise by 2.5xYoY, primarily attributed to the aforementioned reasons, and inclusion of Corolla Cross sales. Moreover, gross margins are expected to improve to 14.8% amid decline in CRC/HRC prices, down 12.9%YoY. With regards to opex, higher volumes along with elevated advertisement expenses associated with the launch of Corolla Cross sales would lead to a 27%YoY increase in operating expenses. Overall, 1HFY25, earnings are expected to reach PkR125.1/sh, up 98%YoY. Additionally, we anticipate INDU to announce an interim dividend of PkR36.0/sh, bringing the dividend for the first half to PkR75.0/sh. We maintain a ‘BUY’ call on the scrip with a Dec’25 target price of PkR3,350/sh.
  • HCAR – 3QMY25E earnings to clock in at PAT PkR498mn (EPS: PkR3.49): Honda Atlas Cars (Pakistan) Ltd. (HCAR)’s board is scheduled to announce their 3QMY25E earnings on Jan 22nd 2025, where we expect earnings to clock in at PkR498mn (EPS: PkR3.5) vs. PkR143mn (EPS: PkR1.0) in SPLY, an increase of 3.5xYoY. The said increase in profitability is due to 57%YoY increase in sales volumetric sales, where volumes were slashed during SPLY due to multiple days of plant shutdown amidst supply chain constraints. Subsequently, topline is projected to increase by 50%YoY to PkR18.6bn (vs. PkR12.4bn in 3QMY24). Additionally, gross margins are projected to increase to 8.6%, mainly due to decline in CRC/HRC prices, down 12.9%YoY and enhanced proportion of Civic in sales mix. Additionally, other income is expected to contract by 76%YoY given the absence of ST investments amid decline in customer advances. We have a ‘BUY’ call on the stock with Dec’25 target price of PkR426/sh.
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