Fertilizer: Offtakes pick up as Kharif kicks in - By AKD Research

Jul 17 2025


AKD Securities


  • Fertilizer offtakes witnessed an improvement for the second consecutive month during CY25, driven by discount offerings by companies, availability of interest-free loans, and lower channel inventory.
  • Urea and CAN sales improved by 21%/28%YoY, while, DAP & NP sales declined by 7%/13% YoY, respectively.
  • We expect urea sales to recover going forward, with Kharif season offtakes projected to increase by 15%YoY, driven by lower channel inventory and price discounts.
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.
Economy: Lower reciprocal tariffs and investment interest from U.S. to revive FDI in Pakistan - By AKD Research

Jul 31 2025


AKD Securities


  • Pakistan has reached a trade agreement with U.S., aimed at boosting bilateral trade, expanding market access, attracting investment, and fostering cooperation in areas of mutual interest.
  • U.S.-Pakistan partnership would further extend to mineral mining, technology, cryptocurrency and infrastructure projects, opening doors for potential FDI.
  • We expect the KSE-100 Index to maintain its positive trajectory, with a year-end index target of 165,215, supported by falling interest rates and a stable currency
Oil and Gas Exploration: 4QFY25E Result Preview: Payouts to rise due to strengthening liquidity - By AKD Research

Jul 21 2025


AKD Securities


  • We expect E&P sector earnings to decline by 17%YoY/18%QoQ during 4QFY25, on the back of i) lower hydrocarbon production, ii) lower oil and wellhead gas prices, and iii) incurrence of royalty charges on Mari Energies (MARI).
  • Sector’s oil and gas production stood down by 15%/9%YoY to clock in at 57.5k bpd and 2.7bcfd during 4QFY25.
  • We expect listed players to maintain dividend payouts due to significantly improving liquidity amid improvements in cash receipts.
Oil Marketing Companies: OMC sector earnings to surge 41%YoY in 4QFY25E - By AKD Research

Jul 17 2025


AKD Securities


  • OMC players under our AKD coverage universe i.e. PSO and APL are anticipated to report a combined NPAT increase of 41%YoY/16%QoQ during 4QFY25E.
  • For the full year, earnings for the AKD OMC universe are anticipated to grow by a modest 3%YoY in FY25E.
  • Our coverage universe is expected to record a 31%YoY decline in finance costs during 4QFY25E, where-in full year finance costs are also expected to shrink by 32%YoY.
Fertilizer: Offtakes pick up as Kharif kicks in - By AKD Research

Jul 17 2025


AKD Securities


  • Fertilizer offtakes witnessed an improvement for the second consecutive month during CY25, driven by discount offerings by companies, availability of interest-free loans, and lower channel inventory.
  • Urea and CAN sales improved by 21%/28%YoY, while, DAP & NP sales declined by 7%/13% YoY, respectively.
  • We expect urea sales to recover going forward, with Kharif season offtakes projected to increase by 15%YoY, driven by lower channel inventory and price discounts.
Oil and Gas Exploration: Improving liquidity in E&P sector to set stage for recovery - By AKD Research

Jul 10 2025


AKD Securities


  • As per released figures from PPIS for Jun’25, oil/gas production for the year amounted to 62.4k bpd and 2,882mcfd, reflecting a decline of 12%/8%YoY.
  • We expect rebound in domestic hydrocarbons as excess RLNG issue is to be resolved through i) renegotiation of RLNG contract in 2026, ii) deferral of cargoes, and iii) increase in demand.
  • Industry participants have struck 21 discoveries during FY25, up 40%/91% compared to 15/11 discoveries during FY24/23, culminating to incremental production of 2.9k bpd of oil and 253mmcfd of gas as per initial flow rates.
Oil and Gas Development Company Ltd (OGDC): OGDC enhances production at Rajian-05 well - By AKD Research

Jul 7 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has enhanced production in Rajian-05 through installation of electrical submersible pumps (ESP). Following the workover, production has increased to 3.1kbpd of oil and 1.0mmcfd of gas, compared to 1.1k bpd/0.5mmcfd of oil/gas during 3QFY25. Notably, OGDC is the wholly-owned operator of the Rajian heavy oil field, where several workovers and artificial lift systems have been implemented at previous wells to expedite revival. We anticipate the aforementioned development to have an annualized EPS impact of ~PkR1.3 per sh for OGDC, respectively.
Mari Energies Ltd (MARI): 9MFY25 Analyst Briefing Takeaways - By AKD Research

Jul 1 2025


AKD Securities


  • Mari Energies Ltd (MARI) held its analyst briefing yesterday to discuss 9MFY25 financial results and future outlook
  • The company reported net sales of PkR132.3bn during 9MFY25, down 7%YoY, primarily due to a combination of lower production of 29.3mn boe (down 2%YoY) and softening wellhead prices during the period.
  • Net profit declined by 10%YoY to PkR46.3bn (EPS: PkR38.6), with the contraction attributed to the impact of additional royalty applied to Mari D&P lease during the year.
Economy: KSE-100 outperforms all asset classes for second consecutive year - By AKD Research

Jul 1 2025


AKD Securities


  • Aggressive monetary easing, supported by tight fiscal policy and a strong external account, contributed to a 60.1% return for the KSE-100 in FY25, as it emerged as the bestperforming asset class for the second consecutive year.
  • Banks contributed the most to KSE-100 with 15,160 points during FY25, followed by Fertilizer with 8,292 points, E&Ps with 6,845 points, and Cement with 5,596 points.
  • Mutual Funds turned net buyers in FY25 after three consecutive years of selling, absorbed most of the selling by Foreigners.
Oil and Gas Development Company Ltd (OGDC): OGDC discovers oil and gas at Fakir-1 in Bitrism E.L., Sindh - By AKD Research

Jun 12 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has announced an oil and gas discovery at the exploratory well Fakir-1, located in the Bitrism E.L., Khairpur, Sindh. The company (95% working interest), successfully tested the results in the Lower Goru formation with gas flow reaching 6.4mmcfd, alongside crude oil of 55bpd. We anticipate the aforementioned discovery to contribute an annualized EPS impact of ~PkR0.36/sh for the company.
  • We reiterate our ‘BUY’ stance on OGDC with a Dec’25 target price of PkR371/sh, alongside a DY of 9% during the same period. Our outlook is strengthened due to the following aspects: i) strong production profile, ii) higher future exploration prospects on back of improving liquidity situation, iii) 8.33% stake in highly prospective Reko Diq Mining Project, iv) offshore working interest in Abu Dhabi Offshore Block-5, along with consortium partners and v) improvement in cash payouts.
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.