The Hub Power Company Limited (HUBC): 1QFY26 Result Review – By Taurus Research

Oct 30 2025


Taurus Securities


  • Net sales declined 46%YoY to PKR 17.4Bn, mainly due to the absence of the base plant’s earnings and lower tariffs for NEL. On a QoQ basis, revenue fell 7%, reflecting lower plant utilization at Laraib.
  • Earnings from associates came around PKR 10.8Bn, up 4%YoY, primarily due to better profit contribution from CPHGC. However, sequentially, contribution from Mega Motors is also likely to have increased.
  • Finance costs declined 54%YoY to PKR 2.5Bn, driven by lower interest rates and debt repayments on loans previously taken for Chinese IPPs, which have eased borrowing pressures. The Company continues deleveraging its balance sheet, containing finance charges.
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.
Hub Power Company Limited (HUBC): 1QFY26 EPS clocked in at PKR9.0 – By Insight Research

Oct 30 2025


Insight Securities


  • HUBC has announced its 1QFY26 results wherein the company has posted consolidated PAT of PKR11.6bn (EPS: PKR9.0) vs. PKR19.1bn (EPS: PKR14.7), down by 39% YoY. The result is inline with our expectations.
  • Revenue of the company decreased by 46% YoY, to clock in at PKR17.4bn in 1QFY26, due to termination of base plant and tariff renegotiation of NEL plant. While on QoQ basis, same is down by 7%.
  • Share of profit from associates increased by 4% YoY to clock in at PKR10.8bn.
The Hub Power Company Limited (HUBC): 1QFY26 Result Review – By Taurus Research

Oct 30 2025


Taurus Securities


  • Net sales declined 46%YoY to PKR 17.4Bn, mainly due to the absence of the base plant’s earnings and lower tariffs for NEL. On a QoQ basis, revenue fell 7%, reflecting lower plant utilization at Laraib.
  • Earnings from associates came around PKR 10.8Bn, up 4%YoY, primarily due to better profit contribution from CPHGC. However, sequentially, contribution from Mega Motors is also likely to have increased.
  • Finance costs declined 54%YoY to PKR 2.5Bn, driven by lower interest rates and debt repayments on loans previously taken for Chinese IPPs, which have eased borrowing pressures. The Company continues deleveraging its balance sheet, containing finance charges.
HUB Power Company Limited (HUBC): 1QCY26 EPS to arrive at PKR8.7 – By Insight Research

Oct 29 2025


Insight Securities


  • We expect HUB power company limited to post EPS of PKR8.7/sh in 1QFY26 vs. EPS of PKR14.7/sh in SPLY and PKR9.2/sh in preceding quarter, down by 41%/5% YoY/QoQ.
  • In1QFY26, power generation clocked in at 40,933 kwh in 1QFY26 vs. 40,546 kwh in 1QFY25, up by 1% YoY. The increase in power generation is attributable to low base effect, shift of captive power consumers to grid amid grid levy and reduction in power tariff.
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.
The Hub Power Company (HUBC): Management Meeting Takeaways – By Topline Research

Oct 7 2025


Topline Securities


  • We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results and outlook.
  • Regarding the recent power circular debt resolution, the company stated that they are not aware of any talks made on the waiver of the late payment surcharge. They further mentioned that any discussions on this matter will take place at the government-to-government (G2G) level, as these are CPEC-related plants, and the relevant forum for such discussions is the JCC.
  • Management stated that due to the government’s focus on this area and timely release of the planned subsidies, the Company’s recoveries have improved, particularly for its coal-fired power plants. This is one reason for reduction in the Company’s finance cost along with lower interest rate.
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)
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.
Shabbir Tiles & Ceramics Limited (STCL): FY25 Corporate Briefing Takeaways – By Taurus Research

Oct 31 2025


Taurus Securities


  • STCL was founded in 1978 by one of Pakistan’s largest conglomerates - House of Habib. STCL is the pioneer and first private sector enterprise in the ceramic industry of Pakistan. The Company is primarily engaged in the manufacture and sale of tiles and trading of allied building products. The Company’s brand “STILE” enjoys the leading position in the tile industry of Pakistan. It is the only Company in Pakistan which produces Porcelain.
  • In FY25, the Company’s sales declined 11%YoY to PKR 13.8Bn from PKR 15.6Bn, mainly due to decline in sales volumes and slowdown within construction sector. To add the volumes declined 20%YoY during the year. Gross margins declined 3ppts. Consequently, LAT arrived at PKR 192Mn as compared to the PAT in the SPLY of PKR 320Mn, down 1.6xYoY. Resultantly, LPS arrived at PKR 0.80/sh.
Attock Refinery Limited (ATRL): FY25 Corporate Briefing Takeaways – By Taurus Research

Oct 31 2025


Taurus Securities


  • ATRL’s management discussed some major developments during FY25 results; depicting pressure on utilization (65% in FY25) due to lower crude receipts i.e. SNGPL gas issues and lower demand which reduced crude production in the North region – forcing ATRL to refine less crude during the period. In order to mitigate this issue, the management requested the Government to procure local crude (~5K barrels per day) from the South region to maintain utilization while giving incentives on the transportation cost through IFEM disbursement – decision is still in pending.
  • During FY25, gross margins plunged by ~5pptsYoY due to lower GRM amid normalized international crude prices (inventory losses) along with lower throughput due to lower crude receipts from North region. Inventory losses during 1QFY26 were recorded at PKR 1Bn. GRMs during FY25 and 1QFY26 were recorded at USD 9/bbl and USD 8/bbl, respectively. Moreover, the Company exported LSFO (Low sulphur furnace oil) during FY25 at a premium to domestic LSFO sales but the margins deteriorated due to higher transportation cost from Site to Karachi port i.e. PKR 13-15K/bbl. The current conversion cost is in between USD 6-7/bbl.
Century Paper & Board Mills Limited (CEPB): FY25 & 1QFY26 Corporate Briefing Takeaways – By Taurus Research

Oct 30 2025


Taurus Securities


  • Century Paper and Board Mills Limited (CEPB) is involved in manufacturing and marketing paper, board, and related products. CEPB produces: multi-ply, clay-coated and uncoated packaging boards for folding carton needs; machine-finished writing and printing papers for the publishing, exercise books, computer stationery, photocopying, inkjet/laser printing, and general printing markets; machine-glazed papers designed for foil/poly lamination and wrappings; and corrugated boxes.
  • CEPB has annual capacities of 280,000MT for paper and paper board production and 35,000 for their conversion. In FY25, it produced 157,285MT (down 12%YoY) and converted 24,353MT (up 11%YoY) of paper and board.
Interloop Limited (ILP): FY25 Corporate Briefing Takeaways – By Taurus Research

Oct 30 2025


Taurus Securities


  • Sales clocked in at PKR 173Bn as compared to PKR 156Bn, up 11% in FY25, attributable to a multi-category strategy. Gross margin decreased ~8ppts arriving at 20% primarily due to inflationary pressure of costs, high energy costs, PKR depreciation and higher costs of ramp up phase of apparel division. Finance costs declined ~6%YoY driven by lower interest rates.
  • Consequently, PAT clocked in at PKR 5Bn as compared to PKR 16Bn, down 69%. As a result, EPS arrived at PKR 3.84/sh. ILP also announced a dividend of PKR 1/share for FY25.
The Hub Power Company Limited (HUBC): 1QFY26 Result Review – By Taurus Research

Oct 30 2025


Taurus Securities


  • Net sales declined 46%YoY to PKR 17.4Bn, mainly due to the absence of the base plant’s earnings and lower tariffs for NEL. On a QoQ basis, revenue fell 7%, reflecting lower plant utilization at Laraib.
  • Earnings from associates came around PKR 10.8Bn, up 4%YoY, primarily due to better profit contribution from CPHGC. However, sequentially, contribution from Mega Motors is also likely to have increased.
  • Finance costs declined 54%YoY to PKR 2.5Bn, driven by lower interest rates and debt repayments on loans previously taken for Chinese IPPs, which have eased borrowing pressures. The Company continues deleveraging its balance sheet, containing finance charges.
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.
Power Generation & Distribution: 1QFY26 Result Previews – By Taurus Research

Oct 27 2025


Taurus Securities


  • NPL is expected to post a PAT of PKR 431Mn (EPS: PKR 1.22) in 1QFY26, down 74%YoY/1xQoQ. Revenues are estimated at PKR 1.7Bn, declining 37%YoY due to lower plant utilization, which restricted capacity payments as ROE entitlement remained capped at 35%. Moreover, revenue also declined 7%QoQ on sea sonal fall in demand. Other income is expected at PKR 532Mn, supported by interest earnings on sizable cash reserves. Finally, we expect NPL to announce an interim cash dividend of PKR 2.0/sh. for the quarter.
  • NCPL is projected to post a PAT of PKR 280Mn (EPS: PKR 0.76) in 1QFY26, down 39%YoY/17%QoQ, driven by lower plant utilization. Net sales are expected at PKR 1.3Bn, down 39%YoY, de spite flat generation, primarily due to lower fuel indexation. On a sequential basis, revenue to drop 17%, reflecting lower dispatch es. On the back of healthy cash reserves, we expect the Company to announce an interim cash dividend of PKR 2.00/sh. in 1QFY26.
Millat Tractors Limited (MTL): 1QFY26 EPS clocked-in at PKR 2.6; PAT Down 17%YoY – By Taurus Research

Oct 27 2025


Taurus Securities


  • 4QFY25: EPS: PKR 2.6; DPS: NIL; PAT: PKR 514Mn, down 66%QoQ.
  • MTL’s revenue stood at PKR 7.5Bn in 1QFY26, down 6%YoY and 39%QoQ, primarily due to a 46% decline in units sold to 2,177 tractors during the quarter (vs. 4,062 units in 4QFY25). This drop was attributed to the floods mainly which subdued agricultural activity and weakened farm economics, adversely impacting tractor demand. Looking ahead, we expect demand to remain muted in the upcoming quarter due to weaker farm economics largely.
  • Gross margin improved by 2ppts to 27% from 25%; however, the benefit was offset by lower sales volumes and contraction in net margin due to higher admin and distribution expenses (as % of sales), dragging PBT to PKR 790Mn down 19%YoY and 58%QoQ. Meanwhile, finance cost declined to PKR 471Mn, down 25%YoY and 30%QoQ, driven by lower interest rates.
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