Pakistan Petroleum Limited (PPL): 1QFY26 EPS clocked in at PKR7.38 – Below expectation - By Insight Research

Oct 29 2025


Insight Securities


  • In 1QFY26, revenue Increased 10% QoQ, mainly attributable to increase in oil and gas production coupled with higher oil prices.
  • Exploration expense clocked in at PKR633mn, down by 84% QoQ possibly attributable to some reversal, however, we await further clarity on this front.
  • Admin expenses clocked in at PKR1.5bn, down by ~18% QoQ.
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 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.
Pakistan Petroleum Limited (PPL): Result Review – By AKD Research

Oct 29 2025


AKD Securities


  • Pakistan Petroleum Limited (PPL) reported 1QFY26 financial results earlier today, with consolidated earnings clocking in at PkR20bn for the first quarter (EPS: PkR7.36), down 12% YoY — in-line with expectations. Alongside the earnings, company also announced a final cash dividend of PkR2.0/sh (payout ratio: 27%).
  • Net Sales stood at PkR57.4bn during 1QFY26, down 14%YoY, largely led by reduced hydrocarbon production alongside lower average oil prices (Arab light: US$71.5/bbl during 4Q, down 11%YoY).
Pakistan Petroleum Limited (PPL): 1QFY26 EPS clocked in at PKR7.38 – Below expectation - By Insight Research

Oct 29 2025


Insight Securities


  • In 1QFY26, revenue Increased 10% QoQ, mainly attributable to increase in oil and gas production coupled with higher oil prices.
  • Exploration expense clocked in at PKR633mn, down by 84% QoQ possibly attributable to some reversal, however, we await further clarity on this front.
  • Admin expenses clocked in at PKR1.5bn, down by ~18% QoQ.
Pakistan Petroleum Limited (PPL): EPS clocked in at PKR7.4 – Inline with expectations - By IIS Research

Oct 29 2025


Ismail Iqbal Securities


  • Pakistan Petroleum Limited has announced its 1QFY26 profit of PKR20.1bn (EPS: PKR7.4/share), down by 15% YoY while up by 4% QoQ. The result is inline with our expectations. The result is also accompanied with interim cash dividend of PKR2.0/share.
  • During 1Q, Revenue witnessed decline of 14% YoY, mainly because of drop in hydrocarbon production due to forced gas curtailment and decline in oil prices. Exploration expenses fell by 58% YoY, likely reflecting reduced seismic activity during the quarter.
Pakistan Petroleum Limited (PPL): 1QFY26 Result Review - By Taurus Research

Oct 29 2025


Taurus Securities


  • 1QFY26 EPS: PKR 7.4; 1QFY26 DPS: 2.0. 1QFY26 PAT: ~PKR 20Bn; down 15%YoY/up 4%QoQ – in line with expectations. Additionally, the Company also announced an interim cash dividend of PKR 2.0.
  • Net sales for the quarter arrived at PKR 56.8Bn, down 14%YoY, up 10%QoQ. Wherein, the YoY decline is mainly attributable to lower production amid continuing forced curtailment as well as lower realized prices. However, QoQ uptick can be attributed to slightly better flows, and 4%QoQ increase in average Arab Light prices.
Morning News: PM launches RLNG supply for domestic consumers – By Alpha-Akseer Research

Oct 27 2025


Alpha Capital


  • Prime Minister Shehbaz Sharif has announced to finally open new gas connections for domestic consumers, marking an end to four-year ban on new gas connections, imposed in the year 2021, following acute gas shortage in the country.
  • Chinese high-tech agricultural machinery is all set to transform Punjab with the PKR 30 bn mechanization programme, launched to revolutionize farming in largest food-producing province.
Morning News: Oil Holds Sharp Drop with Focus on Gaza Plan and Global Supply – By Spectrum Research

Oct 10 2025


Spectrum Securities


  • Oil held the biggest decline in a week on cautious optimism about easing tensions in the Middle East and the outlook for supply.
  • In a striking courtroom admission, Supreme Court Justice Jamal Khan Mandokhail conceded on Thursday that all 24 judges of the country’s top court, whether “willingly or unwillingly,” have accepted the controversial 26th Constitutional Amendment.
Morning News: Oil rises on fading oversupply fear after OPEC+ restrains output increase – By Shajar Research

Oct 8 2025


Shajar Capital


  • Oil prices edged higher in early trade on Wednesday as markets started to brush off oversupply fear for the time being, having digested a decision by OPEC+ to restrain November production increases. (Reuters)
  • Asian equities fell, led by technology stocks, after Wall Street’s pullback from record highs fueled caution about lofty valuations and AI-related spending. (Bloomberg)
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 Petroleum Limited (PPL): 1QFY26 EPS clocked in at PKR7.38 – Below expectation - By Insight Research

Oct 29 2025


Insight Securities


  • In 1QFY26, revenue Increased 10% QoQ, mainly attributable to increase in oil and gas production coupled with higher oil prices.
  • Exploration expense clocked in at PKR633mn, down by 84% QoQ possibly attributable to some reversal, however, we await further clarity on this front.
  • Admin expenses clocked in at PKR1.5bn, down by ~18% QoQ.
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