Attock Petroleum Limited (APL PA): 1QFY26 EPS clocked-in at Rs 30.63, up 60% YoY – By Foundation Research

Oct 28 2025


Foundation Securities


  • Attock Petroleum Limited (APL PA) profitability during 1QFY26 clocked-in at Rs3.8bn (EPS Rs30.63), up 60/41% YoY/QoQ, compared to Rs2.4bn (EPS Rs19.17) in 1QFY25.
  • Profitability jumped 60% YoY during 1QFY26 on the back of (1) higher MS/HSD volumes and (2) inventory gains. Sequentially, profitability increased by 41%.
  • Company's MS/HSD volumes increased 3/6% YoY in 1Q amid pick up in economic activity.
Attock Petroleum Limited (APL PA): 1QFY26 EPS clocked-in at Rs 30.63, up 60% YoY – By Foundation Research

Oct 28 2025


Foundation Securities


  • Attock Petroleum Limited (APL PA) profitability during 1QFY26 clocked-in at Rs3.8bn (EPS Rs30.63), up 60/41% YoY/QoQ, compared to Rs2.4bn (EPS Rs19.17) in 1QFY25.
  • Profitability jumped 60% YoY during 1QFY26 on the back of (1) higher MS/HSD volumes and (2) inventory gains. Sequentially, profitability increased by 41%.
  • Company's MS/HSD volumes increased 3/6% YoY in 1Q amid pick up in economic activity.
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)
MARI Energies Limited (MARI): 1QFY26 EPS fell to PKR 13.0/sh down 19% YoY – By Foundation Research

Oct 30 2025


Foundation Securities


  • MARI Energies Limited (MARI) profitability clocked-in at PKR 15.6Bn, EPS of PKR 13.0/sh, (down 19/17% YoY/QoQ) in 1QFY26 as compared to profit of PKR 19.2Bn, EPS of PKR 16.0/sh in 1QFY25. The company skipped an interim dividend. The results are in line with our estimates.
  • Net sales of PKR 45.4Bn were recorded in 1QFY26, flat YoY/up 2% QoQ. The company booked a total royalty charge of PKR 11.3Bn, up 2.0x/8% YoY/QoQ. Surge in royalty charges is on the back of incremental well head expense. Opex remained under control and increased by a mere 4% YoY.
Lotte Chemicals Pakistan Limited (LOTCHEM): 3QCY25 EPS clocked-in at Rs0.06, down 81% YoY – By Foundation Research

Oct 29 2025


Foundation Securities


  • Lotte Chemical Pakistan Limited (LOTCHEM) released its 3QCY25 financial result with EPS of Rs0.06/sh, down/up 81/18% YoY/QoQ, compared to profit of Rs0.33/sh in 3QCY24. This cumulates to 9MCY25 earnings of Rs0.55/sh, down 69% YoY.
  • Decline in 3QCY25 profitability is attributable to (1) 23 day plant maintenance shutdown due to technical reasons and (2) lower PTA-PX margin.
  • Gross margins declined 1.4ppts YoY to only 2.8% during 3Q attributable to lower PTA-PX margin.
Fauji Fertilizer Company (FFC): 9MCY25 Analyst Briefing Key Takeaways – By Foundation Research

Oct 29 2025


Foundation Securities


  • To recall, Fauji Fertilizer Company Limited (FFC PA) profitability clocked-in at PKR 19.2Bn (EPS: PKR 13.5, down 22/24% YoY/QoQ) in 3QCY25 against profit of PKR 24.5Bn (EPS: PKR 17.2/sh) in 3QCY24. PAT clocked in at PKR 57.6Bn (EPS PKR 40.5, up 14% YoY) in 9MCY25 against profit of PKR 50.6Bn in 9MCY24 (EPS: PKR 35.5). The result was accompanied by an interim cash payout of PKR 9.5/sh in 3QCY25, taking 9M payout to PKR 28.5/sh.
  • Out of FFC’s robust PKR 34.4Bn other income in 9M, PKR 20.9Bn comes from dividend income, which is a record.
  • On the matter regarding Shariah-compliant status of the company, FFC is working aggressively towards the goal having shifted significantly to Islamic investments and looking to achieve compliant status in the near future.
Attock Petroleum Limited (APL PA): 1QFY26 EPS clocked-in at Rs 30.63, up 60% YoY – By Foundation Research

Oct 28 2025


Foundation Securities


  • Attock Petroleum Limited (APL PA) profitability during 1QFY26 clocked-in at Rs3.8bn (EPS Rs30.63), up 60/41% YoY/QoQ, compared to Rs2.4bn (EPS Rs19.17) in 1QFY25.
  • Profitability jumped 60% YoY during 1QFY26 on the back of (1) higher MS/HSD volumes and (2) inventory gains. Sequentially, profitability increased by 41%.
  • Company's MS/HSD volumes increased 3/6% YoY in 1Q amid pick up in economic activity.
Meezan Bank Limited (MEBL): 3QCY25 profitability is reported at PKR 11.7/sh, DPS PKR 7.0 – By Foundation Research

Oct 24 2025


Foundation Securities


  • Meezan Bank Limited (MEBL) announced its 3QCY25 results today reporting earnings of PKR 21.1Bn (EPS: PKR11.7), ↓18/13% YoY/QoQ respectively. The result is slightly below our expectations due to higher than estimated operating expenses. Along with the result, the bank announced an interim cash dividend of PKR 7.0/sh taking 9M pay-out to PKR 21.0/sh.
  • Topline of the bank shrank 19% YoY in the outgoing quarter, however, on a sequential basis the decrease was limited to 2%. The decline has primarily been triggered by the upwards revision in savings rates on certain deposits that has resulted in increased deposit costs. However, the management’s move to trim saving deposits and replace them with current accounts alongside healthy balance sheet growth has limited top line attrition. As for 9M, the reduction was noted at 12% YoY.
Bank Alfalah Limited (BAFL): 3QCY25 EPS clocks-in at PKR 3.9, DPS PKR 2.5 – By Foundation Research

Oct 23 2025


Foundation Securities


  • Bank Alfalah Limited (BAFL) announced its 3QCY25 results today reporting earnings of PKR 6.2Bn (EPS: PKR 3.9), ↓53/25% YoY/QoQ respectively. The result is lower than our expectations because of higher admin expenses primarily marketing. The bank also announced an interim dividend of PKR 2.5/sh. This takes 9MCY25 earnings to PKR 13.6/sh (↓36.3% YoY) and pay-out to PKR 7.5/sh.
  • Net Interest Income (NII) recorded a mild increase of 1% YoY in 3Q. As for 9MCY25, the increase was noted at 6.7%. Despite the sharp decline in interest rates over the past year, NII has delivered growth on the back of a more than 50% YoY decline in deposit costs, strong yield on advances and reduced borrowing costs.
  • Admin expenses for 3Q increased by a significant 49% YoY. As for 9M, admin expenses have recorded a 47% YoY jump. Primary reasons for the hefty YoY increase were greater compensation expenses (up 29% YoY) and marketing expenses (up 338% YoY). ETR for the quarter was recorded at 53.9% (9MCY25: 54.7%) in line with the rate applicable for banks post the continuation of 10% Super tax.
Pakistan Economy: Marginal growth recorded in Aug’25 – By Foundation Research

Oct 23 2025


Foundation Securities


  • LSM output posted a modest recovery of 0.5% YoY (down 2.7% MoM) during Aug’25 supported by the rise in automobile production (up 130.7% YoY) given low base effect. Cumulatively, output enhanced by 4.4% YoY in 2MFY26 given robust demand amid improving macroeconomic environment.
  • The automobile sector performed well during Aug’25, up 130.7% YoY, with significant increase in the production of cars/jeeps by 184.1/75.8% YoY followed by L.C.V’s/trucks/buses by 97.1/137.5/5.8% YoY. Whereas, Motorcycle output rose 41.3% YoY. We expect auto volumes to remain upbeat going forward owing to attractive auto financing schemes, increasing product roll-outs, and revival of domestic demand amid receding interest rates. However, higher taxes and lower tariffs implemented in Budget FY26 would be a drag on growth.
The Hub Power Company Limited (HUBC): AGM Key Takeaways – By Foundation Research

Oct 15 2025


Foundation Securities


  • HUBC convened its Annual General Meeting (AGM) today to seek shareholders’ approval for routine business matters and to obtain consent for the proposed investment in Mega Motor Company (Pvt.) Ltd.
  • With the early expiry of the Base Plant’s PPA in Oct’24 (originally set to expire in Mar’27), HUBC is evaluating new business opportunities to strengthen its balance sheet and enhance cash flows. Potential areas include participating in PIA’s privatization, establishing a Single-Mooring oil facility with PSO, and developing an aluminum smelter in partnership with Chinese investors. Final decisions will depend on government policy and overall economic conditions.
Pakistan Automobiles: YoY recovery continues despite sequential slowdown amid floods – By Foundation Research

Oct 13 2025


Foundation Securities


  • Automobile sales increased 67% YoY (22% MoM) to 17.2K units on the back of strong showing in 800cc segment in Sep’25. In 1QFY26, sales went up 53% YoY to 42.3K units. Segment-wise analysis reveals that sales of 800cc/1300cc/1000cc/jeeps spiked 50/64/80/61% YoY in Sep’25. Player-wise breakdown exhibited that INDU/SAZEW/HCAR sales rose 33/73/82% YoY in Sep’25.
  • INDU maintains strong YoY momentum despite sequential dip: During Sep’25 INDU sales reached 3,152 units, up 33% YoY (↓ 7% MoM) in Sep’25. The YoY surge is driven by a jump in Corolla+Cross+Yaris to 2,655 units, up 41/4% YoY/MoM, which is primarily owed to Yaris sales, in our opinion. Additionally, Fortuner+Hilux sales climbed 3% YoY (↓ 41% MoM) to 497 which, in our view, the unappealing demand was mainly due to flood related disruptions and reduced urban demand. On a quarterly basis, INDU sales increased by a hefty 61% YoY to 9.9K units against 6.2K units in 1QFY25.
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