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.
Pakistan Markets: TEL and TNTPL achieve project completion; HUBC and FFC to be beneficiaries – By AKD Research

Nov 3 2025


AKD Securities


  • Hub Power Company (HUBC) has announced that lenders of Thar Energy Limited (TEL) and ThalNova Power Thar (TN) have formally declared Project Completion Date (PCD) for both 330MW Thar-based coal IPPs as of Oct 31, 2025. With PCD achieved, both projects are now eligible to commence dividend payouts, HUBC holds 60% in TEL and 38.3% in TN. Notably, TEL achieved COD in Oct'22, while TNTPL reached COD in Feb'23, compared to the targeted COD date of Mar'21 for both plants.
  • Notably, we have already incorporated gross dividend assumptions of ~PkR3.0/5.0 per share for both TEL and TNTPL in FY26/27E.
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.
Fauji Fertilizer Company Limited (FFC): 3QCY25 Result Review — Earnings declined on lower other income – By AKD Research

Oct 23 2025


AKD Securities


  • Fauji Fertilizer Company Ltd. (FFC) announced its 3QCY25 financial results, reporting standalone earnings of PkR19.2bn (EPS: PkR13.48), down 23%YoY from PkR24.8bn (EPS: PkR17.44) in SPLY. Earning came in slightly below our expectations due to lower-than anticipated margins. Alongside the result, FFC announced cash dividend of PkR9.5/sh.
  • Company’s revenue increased by 18%YoY to PkR127.3bn compared to PkR108.0bn in SPLY, primarily driven by 14%/11% YoY increase in urea and DAP offtakes to 834k and 253k tons, respectively.
  • We maintain our ‘Buy’ stance on FFC with a Jun’26 TP of PkR597/sh. Our liking on the scrip is due to: i) lower gas prices to FFC’s base plants, along with increasing DAP core margins, ii) consistent dividend income from power and banking subsidiaries, and iii) improvement in food business with increasing market penetration and cost efficiencies.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 4 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced a volatile trading session today, climbing to an intraday high of 163,384.95 before settling at 161,281.76, down -1,521.39 points (-0.93%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including Commercial Banks, Fertilizer, Oil & Gas Exploration and Cement. On the macro front, the Federal Board of Revenue (FBR) Chairman ruled out the introduction of any contingency taxation measures despite a revenue shortfall of Rs 275 billion during the first four months (July–October) of FY26, signaling the government’s intent to maintain fiscal discipline. Top drags to index included ENGROH, MARI, BAHL, MCB, & TRG, which collectively pulled the benchmark down by -543.71 points. WTL led volumes with 78.87 million shares; overall market turnover was 899.41 million shares.
Pakistan Market Wrap: Profit-Taking Pulls Back the Bulls as Geopolitical Pressures Weigh on Sentiment – By HMFS Research

Nov 4 2025


HMFS Research


  • After a strong rally in the previous session, the KSE-100 Index witnessed a wave of profit-taking as investors opted to lock in gains, leading the benchmark to plunge 1,644 points during intraday trading. The momentum faltered amid a resurgence of geopolitical tensions, which dampened market sentiment and triggered cautious activity across key sectors. Adding to the pressure, October’s CPI inflation was reported at 6.2%, slightly denting investor confidence as concerns resurfaced over potential implications for monetary stability and consumption trends.
  • The KSE-100 Index ultimately closed at 161,282, down by 1,521 points from the previous session’s close. Trading activity remained moderate, reflecting a restrained investor stance, with 322mn shares traded on the KSE-100 Index and 898mn shares exchanged in the broader market. The day’s volume leaders included WTL (79mn), TELE (77mn), and KEL (72mn). Looking ahead, market direction is expected to remain contingent on the stability of border conditions and the evolving geopolitical landscape. However, optimism continues to brew around Pakistan’s “Blue Economy” initiative, a transformative long-term plan aimed at unlocking an estimated USD 100bn potential by 2047 through marine and coastal economic development. Should progress materialize on this front, it could serve as a catalyst for sustained market optimism in the coming months. That said, intermittent profit-taking phases remain a natural part of market cycles. Investors are advised to maintain a prudent approach, monitor evolving dynamics, and focus on fundamentally strong stocks offering long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Nov 4 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, as selling pressure persisted, with the index remaining volatile throughout the session. Trading volumes decreased to 322mn shares today as compared to 353mn shares in the previous session. Today, the KSE-100 index lost 1,521 points to close at 161,282 level, down by -0.93% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Cement sectors were the major laggards in today's session, cumulatively shedding 1164 points from the index.
Pakistan Market Wrap: KSE-100 closes at 161,282 down 1,521 points – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The equity market started off positively but was unable to keep up the momentum. The KSE-100 Index reached an intraday high of 163,385 and a low of 161,159, before settling at 161,282 — a drop of 1,521 points. Market participation remained muted, with total trade volumes of 318.7 million shares and a traded value of around PKR 25 billion.
  • Key drag-factors in the decline included MARI (-2.3%, -147 points), MCB (-2.3%, -128 points), BAHL (-2.2%, -123 points), LUCK (-1.6%, -122 points) and HBL (-1.7%, -110 points). On the activity side, KEL and BOP led the volume charts, trading 70.6 million and 39 million shares respectively.
Pakistan Automobiles: INDU to keep the throne in the auto arena – By AKD Research

Nov 4 2025


AKD Securities


  • INDU’s continues to benefit from strong volumetric growth, diversified product portfolio, extensive dealership network, higher localization, strong brand equity, high presence in rural areas, and superior cash-conversion cycle. Moreover, higher localization would shield against currency devaluation and provide edge over new entrants. We reiterate our ‘Buy’ stance on INDU, with Jun’26 target price of PkR3,681/sh with forward dividend yield of 9.3%, led by sustained earnings, higher-than-anticipated volumetric and margins.
  • Accelerating beyond industry growth: We anticipate sustained volumetric growth primarily supported by i) rising income of farmers (with 50% of sales coming from rural areas), ii) strong brand equity, iii) the company’s extensive dealership network, being the largest in the country with 57 3S dealerships, and iv) strong parent book to be leveraged in case of absence of customer advances. Underpinned by the company’s recent performance, where INDU recorded a 61%YoY rise in volumes during FY25, significantly outperforming the industry’s 43%YoY growth in Passenger cars and LCVs, even amid the entry of multiple new competitors into the market. Against this backdrop, we project volumes to grow at an annual rate of 14% through FY28, reaching 49k units. Subsequently, we expect the company’s revenue to grow at a CAGR of 15.3%, up to FY28. Where, we forecast overall market to expand to 222k units by FY28, driven by i) moderation in prices, ii) increasing model availability, iii) improving per capita income, and iv) lowest per-capita vehicle penetration in the region.
Interloop Limited (ILP): Reinitiating with a BUY — Back in the Fast Lane – By IIS Research

Nov 4 2025


Ismail Iqbal Securities


  • We reinitiate coverage on Interloop Limited (ILP) with a ‘BUY’ recommendation. ILP is one of Pakistan’s largest textile exporters and a global leader in socks, supplying renowned brands such as Nike, Adidas, Puma, and H&M. Our positive stance reflects ILP’s strong export driven earnings trajectory, expected recovery in apparel and denim margins, and robust expansion pipeline across the Denim and Yarn segments following the completion of Hosiery Plant 6.
  • Our DCF based target price for ILP is PKR 108/share by June 2026, representing an upside of 38% from the last closing price of PKR 80.6/share. The stock also offers a dividend yield of 4%. Overall, ILP offers a compelling risk reward profile, supported by strong fundamentals, diversified export relationships, and strategic growth initiatives. With a 38% upside to our target price and ongoing expansion in high margin segments, ILP is well positioned to sustain its leadership in global textile exports while delivering attractive shareholder returns.
Technical Outlook: KSE-100 testing resistance at the 30-DMA – By JS Research

Nov 4 2025


JS Global Capital


  • KSE-100 index showed positive movement to close at the 162,803 level, up 1,171 points. Volumes stood at 949mn shares versus 953mn shares traded previously. The index is expected to face resistance between 163,490 and 163,940 levels where a break above the said range will target 165,828 and 168,414 levels, respectively. However, any downside will find support within 160,830-161,900 range. The RSI and the Stochastic Oscillator are moving up, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below the 50-DMA at 159,566 level. The support and resistance are at 161,819 and 163,861 levels, respectively.
Morning News: Pakistan sets three-year economic plan targeting 5.7% growth – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The federal government has set ambitious economic targets for the next three years, aiming to raise the GDP growth rate to between 4.2% and 5.7%. Other targets include increasing the size of the national economy to PKR 162,513bn, boosting exports by more than USD 10bn, and increasing remittances to a record USD 44.8bn.
  • Exposing the Power Division’s claims of reforms in the power sector, the Asian Development Bank (ADB) has observed that weak regulatory frameworks and governance issues — including lack of transparency and poor performance — continue to prevent power distribution companies (Discos) from accessing commercial borrowing.
Morning News: $636b worth of gold reserves found in Tarbela – By Vector Research

Nov 4 2025


Vector Securities


  • Gold reserves worth $636 billion have been discovered at Tarbela and a briefing on these reserves has been given to the chief of army staff, who responded positively. This revelation was made by Hanif Gohar, Chairman of Air Karachi. He said that the gold reserves found in Tarbela were sufficient to pay off the country's foreign debt and the matter had already been brought to the attention of the Special Investment Facilitation Council (SIFC) and the State Bank of Pakistan (SBP) governor. (ET)
  • Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has ruled out any contingency plan in terms of implementing new taxation measures despite a revenue shortfall of Rs 275 billion during the July-October (2025-26) period. FBR’s shortfall in tax collection stood at Rs 275 billion during the first four months of 2025-26, but noted that no emergency tax measures would be required this year. (BR)
Pakistan Market Wrap: Evening Note – By Vector Research

Nov 3 2025


Vector Securities


  • Evening Note.
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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