Barkat Frisian Agro Limited (BFAGRO): Egging on growth with zero competition – Buy - By JS Research

Jun 26 2025


JS Global Capital


  • We initiate coverage on Barkat Frisian Agro Limited (BFAGRO), Pakistan’s first and only pasteurized egg producer, with a Buy rating and a Target Price (TP) of Rs50, offering an attractive ~47% upside from current levels. Our investment case is anchored in the company's first-mover advantage, robust demand outlook, strategic international backing, and scalable business model.
  • Rapid growth trajectory with structural demand drivers owing to Pakistan’s growing young urban population and rising demand for convenient confectionary products. As the only pasteurized egg supplier in the country, BFAGRO benefits from a significant first-mover advantage.
  • Robust 5yr revenue CAGR of 22% led by strong demand growth, favorable pricing outlook and ongoing expansion.
Barkat Frisian Agro Limited (BFAGRO): Egging on growth with zero competition – Buy - By JS Research

Jun 26 2025


JS Global Capital


  • We initiate coverage on Barkat Frisian Agro Limited (BFAGRO), Pakistan’s first and only pasteurized egg producer, with a Buy rating and a Target Price (TP) of Rs50, offering an attractive ~47% upside from current levels. Our investment case is anchored in the company's first-mover advantage, robust demand outlook, strategic international backing, and scalable business model.
  • Rapid growth trajectory with structural demand drivers owing to Pakistan’s growing young urban population and rising demand for convenient confectionary products. As the only pasteurized egg supplier in the country, BFAGRO benefits from a significant first-mover advantage.
  • Robust 5yr revenue CAGR of 22% led by strong demand growth, favorable pricing outlook and ongoing expansion.
Pakistan Economy: Aug’25 CPI likely to clock in at 4.1% - By Insight Research

Aug 29 2025


Insight Securities


  • Headline inflation is estimated at ~4.1% for Aug’25, compared to ~9.6% in SPLY and ~4.1% in preceding month. On MoM basis, inflation is expected to inch up by ~0.4%, amid increase in prices of food items the impact of which has been negated by lower electricity charges and decline in LPG price.
  • Within the SPI basket, items that recorded significant increase in prices during the period are as follows, Tomato (38.8↑%), Onions (21.5↑%), Eggs (9.9%↑), Fresh vegetables (4.0%↑) & Wheat (4.0%↑). On the flip side, prices of the following items eased off during the month, Fresh fruits (9.9%↓), LPG (9.8%↓), Potato (5.1%↓), Pulse moong (4.6%↓) & Sugar (4.1%↓).
  • We anticipate that the SBP will keep the policy rate unchanged in upcoming MPC, as the full impact of cumulative 1,100bps reduction in policy rate is still unfolding. The real sector remains in recovery mode following the strain of elevated inflation and sharp currency depreciation, both of which eroded purchasing power of masses. Furthermore, central bank’s tone in the last MPC suggested a pause for now, which will provide clarity to the market and encourage credit offtake in the coming months, given that no immediate cut in borrowing costs is expected. Hence, it appears prudent to maintain the policy rate at its current level and wait for the steep decline in interest rates to translate into real economic activity.
Bank Islami Pakistan Limited (BIPL): 2QCY25 Corporate Briefing – By Taurus Research

Aug 29 2025


Taurus Securities


  • BIPL is currently operating with 544 branches across Pakistan. Number of accounts as of Jun’25 are ~1.7Mn.
  • During CY25, the Bank launched AIK Digital App, which is one of its kind Islamic digital app, offering complete digital banking experience. The Bank is also planning to relocate its head-office, for which it has acquired a 32-storey building. Moreover, the Bank has also upgraded its core banking system to R-14 to enhance operational efficiencies and services.
Engro Holdings Limited (ENGROH): 1HCY25 Analyst Briefing Takeaways – By Foundation Research

Aug 29 2025


Foundation Securities


  • Engro Holdings Limited (ENGROH PA) held its Analyst Briefing to discuss the company’s financial/operational performance during 1HCY25 and prospects. The following are key takeaways of the session.
  • To recall, ENGROH’s PAT underwent a jump of 11.3x YoY in 2Q to PKR 69.3Bn due to thermal asset adjustments and re-measurements. However, excluding thermal asset adjustments, normalized PAT stood at only ~PKR 1.3Bn, reflecting the true underlying business performance. During 1HCY25, PAT reached PKR 73.3Bn versus PKR 13.8Bn in SPLY, recording a 5.3x YoY increase.
Morning News: ADB pledges $410m for Reko Diq project – By IIS Research

Aug 29 2025


Ismail Iqbal Securities


  • Out of the total $6 billion funding committed by all international lenders for Reko Diq, the Asian Development Bank (ADB) has committed to provide financing of $410 million.
  • Federal Minister for Petroleum Ali Pervaiz Malik on Thursday welcomed the interest of the Japan Bank for International Cooperation (JBIC) in Pakistan’s landmark Reqo Diq mining project, terming it a pivotal moment for strengthening bilateral cooperation in the mining and energy sectors.
Technical Outlook: KSE-100 targeting the 30-DMA; stay cautious – By JS Research

Aug 29 2025


JS Global Capital


  • The KSE-100 index witnessed range bound activity to close at 147,344, down 151 points DoD. Volumes stood at 935mn shares compared to 857mn shares traded in the previous session. The index is expected to test support between 146,700 and 147,210 levels as a fall below, will extend the decline towards 146,057, followed by the 30-DMA at 143,859 level. However, any upside will face resistance in the range of 148,040-148,370 levels. The RSI and the MACD are moving down, supporting a corrective view. We recommend investors to stay cautious at current levels. The support and resistance are at 147,021 and 147,854 levels, respectively.
Morning News: SBP forex reserves rise by USD 18mn to USD 14.27bn – By Alpha-Akseer Research

Aug 29 2025


Alpha Capital


  • Pakistan’s foreign exchange reserves held by the central bank rose for a third straight week and stood at USD 14.27bn as of August 22, the State Bank of Pakistan (SBP) said on Thursday.
  • Following the ongoing sugar crisis, Pakistan may now face a potential wheat flour crisis, as national wheat stocks stand at 33.47mn tons, slightly below the country’s annual consumption requirement of 33.58mn tons.
Morning News: RLNG arrears recovery: PD-private sector ‘alliance’ takes on Ogra – By HMFS Research

Aug 29 2025


HMFS Research


  • The Power Division and the private sector on Thursday appeared to have formed an undeclared alliance against the Oil and Gas Regulatory Authority (Ogra) over the recovery of RLNG arrears from 2015 to 2024 — a move that, if enforced, would impact both industry and power plants, with the ultimate burden shifting to electricity consumers. The joint position was evident during a public hearing at the National Electric Power Regulatory Authority (NEPRA) regarding uniform Fuel Charges Adjustment (FCA) for July 2025 across the country, including K-Electric’s service area.
  • Pakistan’s economic stability faces renewed challenges as the Finance Division warns that flood-related damages could intensify fiscal pressures and disrupt food supplies across affected areas as well as pose a risk in achieving agriculture sector’s targeted growth. The monthly economic update and outlook August 2025 noted that adverse climatic events (heavy rainfall and floods) pose a risk in achieving agriculture sector’s targeted growth.
D.G. Khan Cement Company Limited (DGKC): Result Review — Earnings rise on surging margins – By AKD Research

Aug 28 2025


AKD Securities


  • D.G. Khan Cement Company Ltd. (DGKC) announced its 4QFY25 financial results, reporting earnings of PkR3.2bn (EPS: PkR7.2), compared to a loss of PkR1.7bn (LPS: PkR3.9) in SPLY. The result is above our expectations, mainly due to im proved margins and lower ETR during the quarter. Additionally, company an nounced a final cash payout of PkR2.0/sh.
  • Revenue declined by 1%YoY to PkR16.8bn, compared to PkR17.0bn in SPLY, driven by 1.2%YoY decline in total offtakes to 1.28mn tons.
  • Gross margins improved to 31.8% from 7.9% in SPLY, supported by decline in coal prices and grid tariffs.
Pakistan Floods: Historical Impact – By CHASE Research

Aug 28 2025



  • Pakistan is currently at the cusp of widespread floods due to its eastern rivers overflowing as a result of monsoon rains and release of water from Indian dams. As such, we believe it is important to assess the impact of past floods to determine whether equity markets will be impacted.
  • In this report, we look over the KSE100 index performance and impact on different sectors during flooding years to determine whether these floods will impact broader market sentiment and growth in fertilizer and cement demand.
Archroma Pakistan Limited (ARPL): 9MSY25 Corporate Briefing Takeaways – By Taurus Research

Aug 28 2025


Taurus Securities


  • Archroma Pakistan Limited is primarily engaged in the manufacture, import, and sale of dyes and other specialty chemical solutions. It is a subsidiary of the Switzerland-based company, Archroma Textiles GmbH. ARPL has two business divisions: textile effects and packaging technologies with a combined portfolio of between 300-400 products. APRL’s products are used in the pre-treatment, dyeing, printing, and finishing of textiles, and coloration and coatings of packaging materials. The Company’s products help enhance both the optical as well as the functional properties of its clients’ end products.
  • The textile effects division has four markets with several segments within each. These are: apparel (denim, casual wear, performance apparel, and formal war), home textiles (home and institutional, automotive), specialized textiles (technical textiles, protection textiles), and home care (personal care, plastics, and leather). This division serves customers from a wide range of industries such as textile, healthcare, cosmetics (anti-perspirant agents), construction (protective clothing), and producers of household care products such as detergents, dishwashing liquids, and other cleaning products.
Interloop Ltd (ILP): Navigating internal and external headwinds; Retain Buy - By JS Research

Jul 14 2025


JS Global Capital


  • We recalibrate our investment case for Interloop Ltd (ILP) and retain our Buy rating albeit with a downward revision in our target price to Rs87. The stock delivered 55% return from its low seen in May-2025, after underperforming the broad market since Jun-2024 due to multiple internal and external challenges faced by the company.
  • ILP management’s proactive approach to deal with external challenges remain plausible. These initiatives include diversification of its products (one-stop supplier for key global brands) and market reach via strengthening its footings in US as well Europe (acquisition of Bonnie Doon's EU operations by the group) in a cost-efficient way (scaling up renewables).
  • Meanwhile, we slash our estimates by 53%/ 36% for FY26E /FY27E incorporating weaker margins than previously expected under the present outlook for global demand & pricing post Trump tariffs for its key trading partners, expected 1-year delay in achieving break-even for its new Apparels plant, and minimal supportive govt policies.
Barkat Frisian Agro Limited (BFAGRO): Egging on growth with zero competition – Buy - By JS Research

Jun 26 2025


JS Global Capital


  • We initiate coverage on Barkat Frisian Agro Limited (BFAGRO), Pakistan’s first and only pasteurized egg producer, with a Buy rating and a Target Price (TP) of Rs50, offering an attractive ~47% upside from current levels. Our investment case is anchored in the company's first-mover advantage, robust demand outlook, strategic international backing, and scalable business model.
  • Rapid growth trajectory with structural demand drivers owing to Pakistan’s growing young urban population and rising demand for convenient confectionary products. As the only pasteurized egg supplier in the country, BFAGRO benefits from a significant first-mover advantage.
  • Robust 5yr revenue CAGR of 22% led by strong demand growth, favorable pricing outlook and ongoing expansion.
Fauji Fertilizer Company Ltd. (FFC): Defying headwinds with strong peer positioning; Reiterate Buy - By JS Research

May 7 2025


JS Global Capital


  • We reiterate Fauji Fertilizer Company Ltd. (FFC) as our top pick in the fertilizer sector, offering DY of 12% as per CY25 numbers. Despite limited impact on earnings compared to the industry, the stock has seen significant correction, presenting an attractive entry point.
  • Favorable gas pricing enables FFC to offer lower-priced urea helping it retain a 49% Urea market share amid sub-optimal farm economics impacting demand. FFC’s management, in its recent corporate briefing, indicated that the ongoing inventory glut is expected to ease, with CY25E off-take to cross 6mn tons, subsequently taking CY25E-end inventory to 400-500k tons.
  • The company raised DAP prices by Rs320/bag last month due to a rise in international phosphoric acid prices, now standing at US$1,153/ton with local DAP primary margins to US$272/ton, versus an average phos. acid price of US$1,060/ton during 4MCY25. Our estimates indicate that a US$20/ton drop in primary margins in 2HCY25 could reduce CY25E EPS by 2-3%.
AGP Limited (AGP): Profitability prospects to remain attractive; Buy - By JS Research

Apr 25 2025


JS Global Capital


  • We preview 1QCY25 earnings for AGP Limited (AGP), expecting the company to post consolidated earnings of Rs861mn, up 2.2x YoY, taking EPS to Rs3.07. The significant rise in profitability is primarily driven by rise in drug prices with higher nonessential mix, increase in sales volume, and lower finance costs.
  • On QoQ basis, profitability is likely to witness a dip owing to relatively lower margins (compared to the previous quarter with peak sales volumes/ margins). Accordingly, we expect gross margins to hover around 59% in 1QCY25, down 5ppts QoQ.
  • While seasonal factors weighed on quarterly margins, annual gross margins are expected to remain stable, underpinned by a higher non-essential mix (>60%), softer API prices, and the full internalization of the Viatris portfolio by end-CY25.
Interloop Limited (ILP): 2QFY25 Earnings Preview; reiterate Buy - By JS Research

Jan 30 2025


JS Global Capital


  • We preview earnings estimates for Interloop Limited (ILP) for 2QFY25, where we expect the company to report an EPS of Rs0.68, reflecting QoQ improvement in earnings. However, earnings likely to remain under pressure on a YoY basis due to the ongoing ramp-up of its newly commissioned Apparels plant.
  • Alongside the result, we expect ILP to either announce a token dividend of Rs0.25-Rs0.50/sh., albeit skipping the dividend cannot be ruled out given higher cashflow requirements for ongoing expansions.
  • We reiterate our Buy rating for the stock with TP of Rs115, where the company’s earnings are set to turnaround in FY26 with completion of ramp-up of the new apparels plant and gradual addition of brown-field expansions in Hosiery and Denim segment over FY26-FY27.
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