Kohat Cement Company Limited (KOHC): Enticing valuation catalysts ahead; Initiate with ‘BUY’ – By Insight Research

Aug 5 2025


Insight Securities


  • We initiate our coverage on KOHC with “BUY” recommendation and DCF based Jun’26 TP of PKR601/sh, providing capital upside of 34%. The company offers strong investment case supported by strong balance sheet and focus on operational efficiencies. The upcoming commissioning of 30MW coal fired power plant is expected to provide annual saving of PKR5.3/sh. Along with this, lower royalty charges compared to Punjab based cement players to further support margins. Additionally, company’s decision to commercialize its idle investment properties through its subsidiary, can unlock new streams of recurring and stable cashflows.
  • Moreover, recently announced 5-for-1 stock split which is likely to improve liquidity and attract greater interest from both retail and institutional investors. KOHC’s strong balance sheet and healthy cash generation with low leverage enabled company to bid for opportunities such as PIA in consortium. This also gives the company ample room to pursue new expansions without putting stress on its balance sheet. With all these positive triggers, company is trading at an attractive US$EV/ton and EV/ EBIDTA of 33.4/3.2x vs. industry average of 59.8/6.9x, providing an attractive entry point.
Kohat Cement Company Limited (KOHC): Enticing valuation catalysts ahead; Initiate with ‘BUY’ – By Insight Research

Aug 5 2025


Insight Securities


  • We initiate our coverage on KOHC with “BUY” recommendation and DCF based Jun’26 TP of PKR601/sh, providing capital upside of 34%. The company offers strong investment case supported by strong balance sheet and focus on operational efficiencies. The upcoming commissioning of 30MW coal fired power plant is expected to provide annual saving of PKR5.3/sh. Along with this, lower royalty charges compared to Punjab based cement players to further support margins. Additionally, company’s decision to commercialize its idle investment properties through its subsidiary, can unlock new streams of recurring and stable cashflows.
  • Moreover, recently announced 5-for-1 stock split which is likely to improve liquidity and attract greater interest from both retail and institutional investors. KOHC’s strong balance sheet and healthy cash generation with low leverage enabled company to bid for opportunities such as PIA in consortium. This also gives the company ample room to pursue new expansions without putting stress on its balance sheet. With all these positive triggers, company is trading at an attractive US$EV/ton and EV/ EBIDTA of 33.4/3.2x vs. industry average of 59.8/6.9x, providing an attractive entry point.
Pakistan Cement: CHCC & KOHC: 4QFY25 result previews - By JS Research

Jul 29 2025


JS Global Capital


  • We present 4QFY25 earning previews for Cherat Cement Company Ltd (CHCC) and Kohat Cement Ltd (KOHC).
  • We expect CHCC and KOHC to report earnings of Rs10.9/share and Rs13.7/share, respectively in 4QFY25, up 2.5x and 6% YoY, mainly driven by a notable improvement in gross margins of 9.7ppts and 8.1ppts amid stronger retention prices, lower coal costs, and continued cost-efficiency measures.
  • We anticipate a final cash dividend of Rs6/share from CHCC alongside the results taking company’s total payout for FY25 to Rs7.5/share, while no dividend is expected from KOHC.
Kohat Cement Company Ltd. (KOHC):3QFY25 Result Review — Declining coal prices overshadow reduced volumes - By AKD Research

Apr 28 2025


AKD Securities


  • Kohat Cement Company Ltd. (KOHC) announced its 3QFY25 financial results, reporting earnings of PkR2.3bn (EPS: PkR11.9), compared to PkR2.1bn (EPS: PkR10.5) in SPLY, up 14%YoY, due to increase in gross margins. Earnings were in line with our expectations.
  • Revenue decreased by 4%YoY to PkR8.1bn from PkR8.5bn in SPLY, wherein, 5%YoY decrease in volumes overshadowed 1%YoY rise in retention prices.
  • Gross margins improved to 39.5% from 29.9% in SPLY, attributed to i) higher retention prices, ii) decline in coal prices, and iii) lower grid tariff (~40% of power reliance)
Kohat Cement Company Limited (KOHC): 3QFY25 EPS clocked-in at PKR 11.9, PAT down 32%QoQ - By Taurus Research

Apr 28 2025


Taurus Securities


  • 3QFY25 – EPS: PKR 11.9, PAT: ~PKR 2.3Bn, up ~14% over the SPLY – below expectations.
  • KOHC’s net revenue clocked-in at ~PKR 8.1Bn in 3QFY25, down 23%QoQ due to decrease in total dispatches by 14% i.e. domestic and export sales dropped by 14% and 80%, respectively. Gross margin hovered around 40% during 3QFY25, down 2pptsQoQ. Selling & distribution expenses down 2%QoQ and 10%QoQ in 3QFY25 - decreased in line with the decline in sales volume during the quarter. Finance cost plunged significantly by 36%QoQ in 3QFY25 on the back of lower interest rates during the period. PAT arrived at PKR 2.3Bn in 3QFY25, down 32% due to drop in sales along with decline in other income (down 42%QoQ). Lastly, the Company did not announce a cash dividend for the quarter.
Pakistan Cement: FCCL & KOHC: 3QFY25 result previews - By JS Research

Apr 14 2025


JS Global Capital


  • We present 3QFY25 earnings expectations for Fauji Cement Company Ltd (FCCL) and Kohat Cement Company Ltd (KOHC).
  • We expect FCCL and KOHC to post earnings of Rs1.02/share and Rs12.89/share, reflecting growth of 41% and 23% YoY, respectively. This improvement is primarily driven by higher gross margins — up 3.3ppt YoY for FCCL and 8.5ppts for KOHC — supported by higher retention prices and lower coal costs during 3QFY25 compared to 3QFY24.
  • The proposed increase in limestone royalty rates in KPK, aligning them with those in Punjab, is expected to weigh negatively on both companies. However, reduction in power tariffs may partially offset this impact, given both companies' significant reliance on the national grid.
Kohat Cement Pakistan Limited (KOHC): Result Preview 2QFY25 - By AHCML Research

Feb 19 2025


Al Habib Capital Markets


  • KOHC is anticipated to declare a profit after tax of PKR 3,136mn (EPS: PKR 16.01) in 2QFY25, reflecting a decline of 9% QoQ.
  • During the quarter, sales are expected to reach PKR 11,120mn, indicating an increase of 10% QoQ.
  • We estimate gross margins at 32.04%, representing a decrease of 10.74ppt QoQ but increase of 5.82ppt YoY.
Pakistan Cement: DGKC, KOHC & ACPL: 2QFY25 result previews - By JS Research

Jan 23 2025


JS Global Capital


  • We present 2QFY25 earning expectations for DG Khan Cement Company Ltd (DGKC), Kohat Cement Company Ltd (KOHC), and Attock Cement Pakistan Ltd (ACPL). We anticipate KOHC and DGKC to report a YoY increase in earnings, driven by higher retention prices in the North and reduced costs of Afghan and local coal. Conversely, ACPL is expected to see a YoY decline in earnings due to slightly narrower margins and a normalized effective tax rate (4% in 2QFY24).
  • KOHC is expected to post an EPS of Rs13.46, up 19% YoY whereas DGKC is expected to post an EPS of Rs4.51, up 5x YoY. We expect ACPL to post an EPS of Rs1.91, a 47% YoY decrease.
  • Cement prices in the North region have stabilized after a gradual decline in late December and early January. We anticipate prices to strengthen further as cement demand increases in the summer months and the effects of monetary easing materialize. DGKC is our preferred pick among these stocks
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.
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.
Pakistan Pharmaceuticals: 2QCY25 results shows divergent trend – By Insight Research

Aug 28 2025


Insight Securities


  • The 2QCY25 results for pharmaceutical sector have started to come in, reflecting a mixed performance, with some companies posting growth while others underperformed. The sector underwent a major shift last year when the government deregulated prices of non essential medicines. This policy change has driven a sharp rise in revenues and margins over the past four quarters, though the extent and timing of the impact varied across companies depending on their cost adjustments, seasonality, and product mix.
  • In 2QCY25, HALEON, HPL & ABOT recorded topline growth of ~16%, 15% & 10% QoQ, respectively. The increase is mainly attributable to better product availability post de regulation and addition of new products in the mix. Moreover, the gross margins for the above mentioned companies also witnessed decent improvement, where HALEON’s gross margin inch up by ~660/610bps YoY/QoQ in 2QCY25, while margins for ABOT, inch up by ~1140/180bps YoY/QoQ. For HPL, margins improved YoY by 300bps, however same is down by ~180bps QoQ, possibly due to depreciation of local currency against Euro. On the flip side, revenue for AGP, HINOON & GLAXO fell by ~22%, 12% & 6% QoQ. While margins for these companies recorded improvement both YoY/QoQ. The revenue contraction is attributable to procurement challenges arising from the Indo-Pak war and logistical disruptions.
Engro Holdings Limited (ENGROH): 2QCY25 EPS clocked in at PKR28.02 – By Insight Research

Aug 28 2025


Insight Securities


  • ENGROH has announced its 2QCY25 result, wherein company has posted consolidated PAT of PKR69.3bn (EPS: PKR28.02) vs. PAT of PKR3.4bn (EPS: PKR1.47) in last quarter.
  • The increase in profitability is primarily driven by the gain on re measurement and adjustment in the carrying value of thermal assets of PKR61.8bn. To note, on April 7, the company terminated all SPAs related to the sale of its thermal energy assets. To highlight, last year the company had announced its intention to divest thermal assets, and consequently, profits from them were recorded under discontinued operations.
Fatima Fertilizer Company Limited (FATIMA): 2QCY25 EPS clocked in at PKR4.08 – Below expectation – By Insight Research

Aug 27 2025


Insight Securities


  • FATIMA has announced its 2QCY25 result, wherein company has posted consolidated PAT of PKR8.5bn (EPS: PKR4.08) vs. PAT of PKR5.2bn (EPS: PKR2.47) in SPLY. The result is below our expectation mainly due to lower than expected gross margins.
  • Revenue for the quarter clocked in at PKR63.9bn vs. PKR42.4bn in SPLY, up by 51%/23% YoY/QoQ, mainly attributable to higher offtakes.
  • Gross margins decreased by ~500bps/700bps YoY/QoQ, to clock in at ~33%, possibly attributable to discount offered during the quarter amid high inventory. However, we await further clarity on this.
Sazgar Engineering Works Limited (SAZEW): Adapting to evolve – By Insight Research

Aug 27 2025


Insight Securities


  • Sazgar continues to evolve and adapt to market dynamics by launching Pakistan’s first CKD HEV four-wheelers to expanding into EVs and PHEVs, the company has demonstrated its ability to stay ahead of the curve. Given the lack of charging infrastructure causing range concerns for EVs, PHEV is well suited to act as a bridge for transition between internal combustion engine (ICE) to cleaner energy vehicle. Offering up to 100KM of pure electric range, thus significantly reducing fuel cost, while the petrol engine provides a reliable backup to address range anxiety. Furthermore, minimal price difference between HEV and PHEV variants, is likely to drive consumer preference toward PHEVs, given their higher fuel efficiency and advanced features. Additionally, strong brand equity of Haval among the consumers will also help the adoption of company’s PHEV variant.
  • Moreover, to support growth, the company has approved a expansion plan, which will double production capacity by Mar’26. While near-term margin pressure is expected with the expiry of Greenfield incentives in Jun’26, profitability will be supported by higher volumes from addition of new vehicles in the portfolio and incentives on PHEVs & EVs under the upcoming NEV policy.
Service Industries Limited (SRVI): 2QCY25 EPS clocked in at PKR70.4 – By Insight Research

Aug 26 2025


Insight Securities


  • SRVI has announced its 2QCY25 result, wherein company has posted PAT of PKR3.3bn (EPS: PKR70.4) vs. PAT of PKR1.4bn (EPS: PKR30.09) in SPLY, up by ~134% YoY. The increase is mainly attributable to tax reversal of PKR3.0bn during the quarter.
  • Revenue for the quarter clocked in at PKR37.7bn, up by 20%/16% YoY/QoQ, possibly due to higher volumetric sales of SLM.
  • Gross margins for the quarter clocked in at ~22.3%, depicting a decline of ~400bps, possibly attributable to pricing pressure.
Service Global Footwear Limited (SGF): 2QCY25 EPS clocked in at PKR4.93 – By Insight Research

Aug 26 2025


Insight Securities


  • SGF has announced its 2QCY25 result, wherein company has posted PAT of PKR1.0bn (EPS: PKR4.93) vs. PAT of PKR75mn (EPS: PKR0.36) in SPLY, up by ~13.5x YoY, mainly attributable to higher profit from SLM.
  • Revenue for the quarter clocked in at PKR4.7bn, up by 27% YoY, possibly due to higher volumetric sales. While same is down by 1% QoQ.
  • Gross margins for the quarter clocked in at ~18.2%, witnessing an increase of ~390bps/310bps YoY/QoQ, possibly due to higher realized price.
Pakistan State Oil (PSO): 4QFY25 EPS clocked in at PKR12.0 – Inline with expectation – By Insight Research

Aug 19 2025


Insight Securities


  • Topline of the company increased by 14% QoQ in 4QFY25, mainly attributable to higher volumetric sales. To highlight, in 4QFY25 company’s petroleum offtakes increased by 23% QoQ, while retail offtakes increased by 27% QoQ.
  • Gross margins of the company decreased to 2.9% in 4QFY25 vs. 3.2% in preceding quarter amid inventory losses during the quarter.
Mari Energies Limited (MARI): 4QFY25 EPS clocked in at PKR15.7 – Above expectation – by Insight Research

Aug 11 2025


Insight Securities


  • Mari Energies (MARI PA) has announced its 4QFY25 result today, wherein company has posted PAT of PKR18.9bn (EPS: PKR15.7) vs. PKR15.9bn (EPS: PKR13.2) in preceding quarter. The result is above our expectation mainly due to lower than expected ETR.
  • In 4QFY25, revenue decreased by 2% QoQ. However, same is up by 12% YoY attributable to increase in production.
  • Royalty expense increased by 130% YoY due to an additional 15% royalty payment on the wellhead value, following the extension of the MARI D&P lease.
  • Exploration cost increased by 80% QoQ possibly attributable to higher seismic activities.
Pakistan Oil & Gas Exploration: 4QFY25 Previews: Lower production to hinder profitability – By Insight Research

Aug 7 2025


Insight Securities


  • We preview ISL E&P universe 4QFY25 results, where we estimate sector’s profitability to decrease by 18%/19% YoY/ QoQ to clock in at ~PKR74bn. The decrease is mainly attributable to lower oil prices coupled with decline in hydrocarbon production.
  • Revenue of our universe is expected to decrease by 13%/11% YoY/QoQ mainly due to decline in production and oil prices. Company wise, we estimate 4QFY25 EPS for OGDC/PPL/MARI/ POL at PKR8.1/7.6/10.7/20.5, respectively. Along with the result we expect OGDC/PPL/MARI/POL to announce a DPS of PKR4.5/3.5/22.0/40.0.
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