Systems Limited (SYS): 3Q2025 EPS at Rs1.90, up 28% YoY – By Topline Research

Oct 27 2025


Topline Securities


  • Systems Limited (SYS) announced its 3Q2025 result, posting a consolidated PAT of Rs2.8bn (EPS: Rs1.90) up 28% YoY and 5% QoQ.
  • The growth in earnings is primarily driven by an improvement in gross margins to 29.7% in 3Q2025 (from 25.3% in 3Q2024), supported by enhanced operational efficiency. Gross margins during 2Q2025 were 25.4%, taking 9M2025 gross margins to 26.9% (vs. 24.0% in 9M2024).
  • The company also reported a 20% YoY increase in revenue during 3Q2025, likely reflecting sustained growth in IT exports, which were up 25% YoY.
Systems Limited (SYS): 3Q2025 EPS at Rs1.90, up 28% YoY – By Topline Research

Oct 27 2025


Topline Securities


  • Systems Limited (SYS) announced its 3Q2025 result, posting a consolidated PAT of Rs2.8bn (EPS: Rs1.90) up 28% YoY and 5% QoQ.
  • The growth in earnings is primarily driven by an improvement in gross margins to 29.7% in 3Q2025 (from 25.3% in 3Q2024), supported by enhanced operational efficiency. Gross margins during 2Q2025 were 25.4%, taking 9M2025 gross margins to 26.9% (vs. 24.0% in 9M2024).
  • The company also reported a 20% YoY increase in revenue during 3Q2025, likely reflecting sustained growth in IT exports, which were up 25% YoY.
Systems Limited (SYS): Result Review - Earnings accelerate as margins hit 12-quarter high – By AKD Research

Oct 27 2025


AKD Securities


  • Systems Limited (SYS) announced its 3QCY25 financial results today, wherein the company posted Profit after Tax (PAT) of PkR2.8bn (EPS: PkR1.9) vs. PkR2.2bn (EPS: PkR1.5) in SPLY, up 28%YoY. Earnings were above our expectations, primar ily due to higher than anticipated gross margins.
  • Company reported revenue of PkR20.7bn in 3QCY25, compared to PkR17.3bn in SPLY, up 20%YoY. The growth in topline is attributed to strong performance of 21%/41%/14%YoY in the MENA/Pakistan/Europe regions, respectively.
Pakistan Market Wrap: Persistent Profit-Taking Deepens Market Slide Amid Geopolitical Concerns – By HMFS Research

Nov 5 2025


HMFS Research


  • Following a sharp correction in the previous session, the KSE-100 Index extended its decline as persistent profit-taking and escalating geopolitical tensions continued to weigh on investor sentiment. The benchmark index plunged by 2,000 points intraday as investors remained cautious. Sustained selling pressure kept market momentum subdued, particularly across cyclical sectors, as participants awaited clarity on both geopolitical and macroeconomic fronts. The KSE-100 Index ultimately closed at 159,578, down by 1,704 points from the previous session’s close.
  • Trading activity remained moderate, mirroring the restrained tone of the previous day, with 333mn shares traded on the KSE-100 Index and 859mn shares exchanged in the broader market. Looking ahead, market direction is expected to remain sensitive to developments along the borders and evolving geopolitical narratives. However, optimism persists over Pakistan’s “Blue Economy” initiative, which continues to attract long-term investor interest with its projected USD 100bn potential by 2047. While intermittent bouts of profit-taking are likely to continue as part of normal market cycles, investors are advised to adopt a cautious approach, focusing on fundamentally robust stocks capable of withstanding short-term volatility.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 5 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced another volatile trading session today, climbing to an intraday high of 162,052.45 before settling at 159,578.19, down -1,703.58 points (-1.06%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery.
  • In sectoral developments, Finance Minister stated on Wednesday that the government is moving toward deregulating the sugar and wheat sectors while addressing members of the Federation of Pakistan Chambers of Commerce and Industry, highlighting efforts to promote efficiency and market-driven mechanisms within the commodity space. Top drags to index included FFC, ENGROH, LUCK, MEBL, & SYS, which collectively pulled the benchmark down by -902.58 points. KEL led volumes with 100.03 million shares; overall market turnover was 860.26 million shares.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Nov 5 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, remaining volatile and shedding points amid lingering skepticism over geopolitical developments. Trading volumes increased to 333mn shares today as compared to 322mn shares in the previous session. Today, the KSE-100 index lost 1,704 points to close at 159,578 level, down by -1.06% DoD. Commercial Banks, Fertilizer, and Cement sectors were the major laggards in today's session, cumulatively shedding 1176 points from the index.
Waves Home Appliances Limited (WAVESAPP): 9MCY25 & CY24 Corporate Briefing Takeaways – By Taurus Research

Nov 5 2025


Taurus Securities


  • Waves Home Appliances Limited (WAVESAPP) is a subsidiary of Waves Corporation Limited (WAVES). The principal activity of the business is manufacturing domestic consumer appliances. WAVESAPP produces deep freezers, coolers, refrigerators, air conditioners, washing machines, microwaves, water dispensers and heaters, geysers, and cooking ranges.
  • The Management noted that they will be relaunching certain discontinued products such as air conditioners in the coming year. They also noted that WAVES is still the market leader in the deep freezers segment.
Waves Corporation Limited (WAVES): 9MCY25 & CY24 Corporate Briefing Takeaways – By Taurus Research

Nov 5 2025


Taurus Securities


  • Waves Corporation Limited (WAVES) is the parent company of Waves Home Appliances Limited (WAVESAPP), Waves Marketplace Limited (WMPL), and Waves Builders & Developers Private Limited (WBDL), of which it has stakes of 50%, 100%, and 100%, respectively. WAVES went through corporate restructuring in FY22 which separated WAVESAPP, i.e. the home appliances business, from WAVES which fully retained the retail and real estate businesses.
  • As part of this restructuring, WAVESAPP issued a total of 256Mn shares of which 199Mn were allotted to WAVES, while the remaining 56Mn were allotted to shareholders of WAVES in the ratio of 20 WAVESAPP shares for every 100 WAVES shares held. Further, PKR 2Bn in cash were payable to WAVES by WAVESAPP with in two years of the restructuring.
Waves Home Appliances Ltd. (WAVESAPP): CY24 and 9MCY25 Analyst Briefing takeaways – By AKD Research

Nov 5 2025


AKD Securities


  • To recall, company posted net revenue of PkR3.2bn in CY24 compared to PkR4.2bn in SPLY, down 24%YoY. In 9MCY25, topline clocked in at PkR2.8bn, vs. PkR2.5bn in SPLY, up 11%YoY, primarily driven by demand recovery.
  • Company reported earnings of PkR153mn (EPS: PkR0.57) during CY24, compared to PkR116mn (EPS: PkR0.43) in SPLY, up 32%YoY. During 9MCY25, earnings clocked in at PkR262mn (EPS: PkR0.98), compared to PkR68mn (EPS: PkR0.26) in SPLY, up 3.8xYoY. This increase was primarily driven by other income.
  • Appliance demand is steadily moving toward larger, more premium products, driving value-based topline growth even as overall volumes remain relatively stable.
Waves Corporation Limited (WAVES): CY24 and 9MCY25 Analyst Briefing takeaways – By AKD Research

Nov 5 2025


AKD Securities


  • To recall, company posted net revenue of PkR3.9bn in CY24 compared to PkR5.2bn in SPLY, down 24%YoY. In 9MCY25, topline clocked in at PkR3.5bn, vs. PkR3.1bn in SPLY, up 15%YoY, primarily driven by demand recovery.
  • Company reported earnings of PkR1.1bn (EPS: PkR3.9) during CY24, compared to PkR257mn (EPS: PkR0.91) in SPLY, up 4.2xYoY. During 9MCY25, earnings clocked in at PkR648mn (EPS: PkR2.30), compared to PkR282mn (EPS: PkR1.00) in SPLY, up 2.3xYoY. This increase was primarily driven by other income.
National Foods Limited (NATF): Strong footings at home, unlocking valuations for foreign investment; Buy – By JS Research

Nov 5 2025


JS Global Capital


  • We reinitiate coverage on one of Pakistan’s leading food products company, National Foods Ltd (NATF) with a Buy rating, arriving at a DCF-based Target Price (TP) of Rs485, implying a 28% upside.
  • With over 90% of NATF’s consol. earnings derived from its Pakistan operations, where it enjoys strong brand footing, we expect the company’s Standalone earnings to grow at a 5-yr. CAGR of 28%. while also contributing 76% to our TP.
  • Growing demand for convenience food ingredients in Pakistan with evolving demographics & distribution network, coupled with NATF’s effective brand positioning & pricing power is expected to result in a 5-yr. sales CAGR of 15%.
Technical Outlook: KSE-100 expected to trade between key averages – By JS Research

Nov 5 2025


JS Global Capital


  • Bears dominated the session as KSE-100 index closed the session at 161,282 level, down 1,521 points. Volumes stood at 899mn shares versus 949mn shares traded previously. The index is likely to trade between the 50-DMA and the 30-DMA that stands at 159,823 and 163,604 levels, respectively. A break above or below is needed for a directional move. The RSI has moved down, while the Stochastic Oscillator is heading up, signaling no clear trading view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 160,499 and 162,725 levels, respectively.
Morning News: EV bike makers urge govt to revisit sales tax hike decision – By AHCML Research

Nov 5 2025


Al Habib Capital Markets


  • Local electric vehicle and bike manufacturers, on Tuesday, expressed serious concerns over the recent increase in the sales tax on EV bikes from 1 percent to 18 percent, urging the government to review the decision.
  • The Ministry of Commerce has supported a proposal to establish a dedicated Minerals Division, similar to the Petroleum Division, for specialized oversight and efficient coordination between the federal and provincial governments through the Council of Common Interests (CCI)
Pakistan Cements: Listed Cement Comp Sheet – By Topline Research

Oct 31 2025


Topline Securities


  • The Pakistan cement sector is currently trading at an EV/ton of US$47.6, while on FY26E EV/EBITDA basis, it is valued at 5.7x. Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$28.6 and EV/EBITDA of 2.8x. Kohat Cement (KOHC) is valued at EV/ton of US$31.6and EV/EBITDA of 3.1x. Maple Leaf Cement (MLCF) is trading at EV/ton of US$34.2 and FY26E EV/EBITDA of 3.0x. In addition, LUCK, PIOC, CHCC, GWLC, ACPL and FECTC are also trading below the industry average EV/ton. Overall, the sector trades at FY26 P/E of 9.5x, P/S of 1.6x, and P/B of 1.7x.
Pak Elektron (PAEL): 9M2025 EPS at Rs3.3, up 64% YoY – By Topline Research

Oct 30 2025


Topline Securities


  • Pak Elektron Limited (PAEL) announced its 3Q2025 result wherein it posted earnings of Rs681mn (EPS of Rs0.74) up by 52% YoY but down 60% QoQ. The result came in line with our expectations.
  • Earnings rose 52% YoY in 3Q2025, mainly on the back of improved gross margins.
  • In 9M2025, earnings rose by 64% YoY to Rs3.05bn, mainly driven by a 13% YoY increase in revenue, improved gross margins and decline in finance cost. The revenue growth stemmed from higher volumetric sales in the Appliance division in 1H2025.
Lucky Cement (LUCK): 1QFY26 EPS at Rs15.0, up by 23% YoY & 12% QoQ – By Topline Research

Oct 28 2025


Topline Securities


  • Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.
  • Alongside the result, the company did not announce any cash dividend, in-line with our expectations.
  • On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.
Pakistan Market: Local Mobile Manufacturing/Assembly up 55% MoM in Sep-25 – By Topline Research

Oct 27 2025


Topline Securities


  • As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.
  • The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.
  • The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.
Millat Tractors Limited (MTL): Earnings lower than expectation – By Topline Research

Oct 27 2025


Topline Securities


  • Millat Tractors Limited (MTL) announced its 1QFY26 result today, wherein the company recorded unconsolidated profit of Rs514mn (EPS of Rs2.57), down 17% YoY and 61% QoQ.
  • Net sales of the company decreased by 6% YoY and 38% QoQ in 1QFY26, due to lower tractor sales. Millat’s tractor sales dropped by 15% YoY and 46% QoQ to 2,177 units in 1QFY26, compared to 2,556 units in 1QFY25 and 4,062 units in 4QFY25.
  • We maintain a SELL call on MTL which is currently trading at a FY26E/27F PE of 17.7/11.9x.
Systems Limited (SYS): 3Q2025 EPS at Rs1.90, up 28% YoY – By Topline Research

Oct 27 2025


Topline Securities


  • Systems Limited (SYS) announced its 3Q2025 result, posting a consolidated PAT of Rs2.8bn (EPS: Rs1.90) up 28% YoY and 5% QoQ.
  • The growth in earnings is primarily driven by an improvement in gross margins to 29.7% in 3Q2025 (from 25.3% in 3Q2024), supported by enhanced operational efficiency. Gross margins during 2Q2025 were 25.4%, taking 9M2025 gross margins to 26.9% (vs. 24.0% in 9M2024).
  • The company also reported a 20% YoY increase in revenue during 3Q2025, likely reflecting sustained growth in IT exports, which were up 25% YoY.
The Searle Company Limited (SEARL): 1QFY26 EPS at Rs1.45 (Earnings higher than expectations) – By Topline Research

Oct 24 2025


Topline Securities


  • Searle Company (SEARL) announced its 1QFY26 result today, where the company recorded unconsolidated profit of Rs854mn (EPS of Rs1.45) vs. profit of Rs301mn in 1QFY25, up by 2.8x YoY and 5.2x mainly led by higher sales growth. Earning is higher than our expectation due to higher than estimated sales.
  • Net sales of the company increased by 28% YoY and 51% QoQ to Rs8.6bn in 1QFY26, exceeding our expectation of Rs7.0 bn. According to our channel checks, the sales increase was driven by both higher prices and volumes. In the previous quarter, volumetric sales were impacted by supply constraints, which have since been resolved.
Pakistan Market Wrap: Bulls Regain Control as Optimism Returns to the Bourse – By Topline Research

Oct 20 2025


Topline Securities


  • The Pakistan Stock Exchange (PSX) witnessed a strong bullish rally on the KSE-100 index, as renewed optimism lifted investor sentiment across the board. The benchmark surged 2,615 points intraday, driven by improving geopolitical conditions and encouraging macroeconomic signals. Investor confidence strengthened as Pak–Afghan border tensions eased, following the peace talks held in Doha, while positive economic developments added further momentum. Additionally, the Finance Minister’s projection of 3.5–4% GDP growth for FY25— despite the challenges posed by recent monsoon floods—further reinforced market optimism.
  • Amid this upbeat sentiment, the benchmark KSE-100 Index gained 2,356 points over the previous close, settling at 166,242 level. Trading activity remained robust, with 704mn shares changing hands on the KSE-100 and 1.47bn shares traded in the broader market. KEL (229mn), WTL (223mn), and BOP (184mn) emerged as the top volume leaders for the session. Looking ahead, favourable macroeconomic indicators, coupled with the anticipated IMF tranche disbursement, are expected to sustain the market’s positive trajectory. Moreover, the ongoing quarterly earnings season may attract investors toward value-oriented and fundamentally strong stocks. That said, intermittent profit-taking cannot be ruled out as the index consolidates at higher levels. Investors are advised to remain vigilant, monitor market dynamics closely, and focus on stocks offering long-term growth potential.
Pakistan Textiles: Textile Exports down 2% YoY while up 3% MoM in Sep-2025 to US$1.6bn – By Topline Research

Oct 16 2025


Topline Securities


  • Pakistan Textile exports clocked in at US$1.6bn in Sep 2025, down 2% YoY while up 3% MoM. In 1QFY26 Textile Exports reach US$4.8bn up 6% from US$4.5bn in 1QFY25.
  • The 2% YoY decline in exports in Sep 2025 was primarily driven by a 25% YoY drop in cotton cloth exports, which fell to US$150mn from US$200mn in Sep 2024.
  • The 3% MoM increase in Sep 2025 exports was primarily driven by a 4% MoM rise in the value added segment, led by 4% growth in knitwear and 7% growth in bedwear.
Pakistan Economy: Pakistan and IMF reaches staff level agreement – By Topline Research

Oct 15 2025


Topline Securities


  • Pakistan and IMF have reached a Staff Level Agreement (SLA) for the Second Review for the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and a first review of the new 28-month Arrangement Under the Resilience and Sustainability Facility (RSF) on Oct 14, 2025.
  • Pakistan has managed to get this agreement within 6 days of the completion of IMF team visit to Pakistan from Sep 24 to Oct 08, 2025 and there seems to be no strings attached to board approval for the second consecutive review i.e. completion of any prior actions or seeking financing assurances etc. In the past we have seen conditions like confirmation of necessary financing assurance from Pakistan’s development and bilateral partners linked with board approval (Jul 2024 staff level agreement condition) and some other conditions in recent staff level agreements of Bangladesh and Sri Lanka.
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