Millat Tractors Limited (MTL): Corporate Briefing Notes – By Chase Research

Nov 18 2025



  • Millat Tractors Limited (MTL) reported consolidated earnings per share of PKR 32.82 for FY25, compared to PKR 55.46 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 2.92, compared to earnings per share of PKR 2.43 in the same period last year (SPLY).
  • MTL primarily manufactures Massey Ferguson–branded farm tractors ranging from 50 to 85 Horse Power (HP), including both two wheel and four wheel drive models. The company recently introduced the MF 375 SE and has achieved an overall localization level of about 90%.
Millat Tractors Limited (MTL): Corporate Briefing Notes – By Chase Research

Nov 18 2025



  • Millat Tractors Limited (MTL) reported consolidated earnings per share of PKR 32.82 for FY25, compared to PKR 55.46 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 2.92, compared to earnings per share of PKR 2.43 in the same period last year (SPLY).
  • MTL primarily manufactures Massey Ferguson–branded farm tractors ranging from 50 to 85 Horse Power (HP), including both two wheel and four wheel drive models. The company recently introduced the MF 375 SE and has achieved an overall localization level of about 90%.
Millat Tractors Limited (MTL): Corporate Briefing Key Takeaways – By Topline Research

Nov 18 2025


Topline Securities


  • Millat Tractors (MTL) conducted its corporate briefing session today, where the management discussed the financial performance and the outlook of the company.
  • Management believes Belarus tractors will be a new addition that will bring healthy competition. This is not their first entry into the market, as they have entered several times before. MTL, however, has a strong market position and does not expect any negative impact.
  • We maintain our SELL call on MTL as company trades at FY26E/27F PE of 18.1x/12.5x.
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.
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.
Technical Outlook: KSE-100: Short term indicators are overbought – By JS Research

Jan 7 2026


JS Global Capital


  • KSE-100 index witnessed another positive session to close at 185,062 level, up 2,654 points DoD. Volumes stood at 1,306mn shares versus 1,384mn shares traded previously. The index is expected to test resistance between 185,480 and 186,875 levels as a break above that will target 188,870 level. However, any downside will find support within 182,335-183,910 range. The RSI and the Stochastic Oscillator are overbought, warranting a cautious stance. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 182,335 and 186,635 levels, respectively.
Morning News: Oil Declines as Trump Says Venezuela Will Give Some Crude to US – By Shajar Research

Jan 7 2026


Shajar Capital


  • Oil extended losses after Washington moved to exert greater control over Venezuela’s oil industry, with President Donald Trump saying the country would turn over millions of barrels of crude to the US. (Bloomberg)
  • The record-breaking global stock rally stalled in Asia as Japanese equities slipped amid rising tensions with China. (Bloomberg)
Morning News: Senate delegation to undertake rare US visit – By Vector Research

Jan 7 2026


Vector Securities


  • A high-level Senate delegation led by Deputy Chairman Syedaal Khan will pay an official visit to the United States from January 20 to 25, 2026, the Senate Secretariat announced on Tuesday, against the backdrop of a broader thaw in Pakistan-US relations over the past year. The Secretariat described the visit as a "historic milestone" in Pak-US parliamentary relations, marking the "beginning of a new institutional chapter in bilateral engagement". (ET)
  • A committee formed by Prime Minister Shehbaz Sharif has recommended 5% voluntary ethanol blending with petrol based on commercial viability and in consultation with oil marketing companies. Oil industry officials point out that the current ethanol production from sugarcane crushing stands at only 400,000 to 450,000 tons per year. Ethanol exports from Pakistan have been used for blending to produce E10-E15 fuel. At present, most of the ethanol produced in the country is exported due to price incentives. (ET)
Morning News: Government mulls fuel levy hike to aid gas sector – By Alpha-Akseer Research

Jan 7 2026


Alpha Capital


  • The government plans on increasing tax rates on petroleum products to contain more than PKR 3tn circular debt in the gas sector instead of changing the gas tariff as determined by the Oil & Gas Regula tory Authority (Ogra).
  • The provinces of Punjab, Khyber Pakhtunkhwa and Balochistan have decided to engage private companies for the procurement of wheat for their respective strategic reserves.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 6 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index extended its upward momentum, reaching an intraday high of 185,481.45 points before closing at a new all-time high of 185,062.10, up 2,653.87 points (+1.45%). Market sentiment remained strong, supported by net buying over the last seven sessions from Banks (USD 44mn), Companies (USD 18mn), Brokers (USD 6.5mn), and Mutual Funds (USD 5.2mn). Moreover, a PKR345bn decline in government debt stocks over the past five months, the Prime Minister’s call for greater access to loans for SMEs and PKR820bn weekly increase in M2 were also supported the positive activity in the stock market. Heavyweights, including MCB, UBL, MEBL, HBL, and LUCK were the key index drivers, collectively contributing 1,898.22 points. KEL led trading volumes with 109.62 million shares, while overall market participation reached 1,300.56 million shares.
Pakistan Market Wrap: Evening Note – By Vector Research

Jan 6 2026


Vector Securities


  • Evening Note.
Pakistan Cement: Demand remains strong – By Foundation Research

Jan 6 2026


Foundation Securities


  • Cement sector dispatches rose by 2.3% YoY in Dec’25 to 4.3Mn tons, while capacity utilization increased to a mere of 59.1% vs. a muted 57.4% in the SPLY. Despite winter season, local sales exhibited a surge of 7.4% YoY to 3.7Mn tons, showing demand recovery trend amid improved macros. However, exports declined by a sizable 20.7% YoY to reach 0.6Mn tons. Decline in exports were on account of high base effect from South exports, absence of North exports due to Afghan border closure and compensating rise in domestic demand post floods.
  • Demand continues its uptrend where local dispatches grew by 4.9% MoM despite the winter season as historically cement sales dip during these months. Local demand continued to show early signs of recovery in the aftermath of floods, aided by improved macros. However, exports were significantly impacted, owing to Afghan border closure given absence of North exports and improved local sales.
Pakistan Market Wrap: KSE-100 closes at 185,062 up 2,654 points – By Alpha-Akseer Research

Jan 6 2026


Alpha Capital


  • The benchmark index closed on a high note, once again posting fresh all time highs both intraday and at market close, as CY26 began on a strong footing. Liquidity driven buying, continued asset class conversion, and upbeat investor sentiment kept the rally firmly intact. Trading volumes decreased to 597mn shares today as compared to 632mn shares in the previous session. Today, the KSE-100 index gained 2,654 points to close at 185,062 level, up by 1.45% DoD. Commercial Banks, Cement, and Technology & Communication sectors were the major contributors in today's session, cumulatively adding 2330 points to the index.
Pakistan Market Wrap: KSE-100 closes at 185,062 up 2,654 points – By Alpha-Akseer Research

Jan 6 2026


Alpha Capital


  • The equity market began the session on a strong positive footing and sustained its upward momentum throughout the day. The KSE-100 Index recorded an intraday high of 185,481 and a low of 181,182, ultimately closing at 185,062, reflecting a robust gain of 2,654 points. Market activity remained healthy, with total traded volume reaching 596.4 million shares and an estimated turnover of PKR 67.7 billion.
  • The index’s advance was largely supported by notable gains in MCB (7.9%, 451 points), UBL (3.1%, 446 points), MEBL (5%, 358 points), HBL (4.9%, 338 points), and LUCK (4.2%, 306 points). In terms of volumes, KEL and BOP dominated trading activity, registering volumes of 109.6 million and 79.9 million shares, respectively.
Pakistan Cement: Local dispatches up 6%, exports remain under pressure – By JS Research

Jan 6 2026


JS Global Capital


  • Cement dispatches clocked in at 4.35mn tons in Dec-2025, reflecting a modest growth of 1% YoY, as a 6% YoY increase in local dispatches was largely offset by a 21% YoY decline in exports, primarily due to nil exports from North-based players amid the Afghan border closure.
  • In 1HFY26, total cement dispatches increased by 10% YoY, led by a 13% YoY rise in local dispatches, while exports saw a marginal decline of 4% YoY due to a 19% YoY drop in North region exports, with Southern region exports remaining flat YoY.
Pakistan Telecommunication Company Ltd (PTC): Framing Tail Risk from – By Chase Research

Dec 31 2025



  • After the recent rally, near-term risk/reward looks more balanced, but the medium-term thesis still hinges on (1) sector consolidation translating into pricing hygiene and (2) QoS + integration synergies lifting willingness to pay.
  • Our published base case already assumes ARPU recovery continues: 2026 mobile ARPU of ~PKR 280/user/month, then ~15% CAGR from 2027–2030 to ~PKR 490 by 2030.
Bawany Air Products Limited (BAPL): Corporate Briefing Takeaways – By Chase Research

Dec 26 2025



  • Bawany Air Products Limited (BAPL) reported loss per share of PKR 7.2 for FY25, compared to loss per share of PKR 3.00 in FY24. Furthermore, in 1QFY25, the company reported loss per share of PKR 0.75, compared to loss per share of PKR 0.25 in the same period last year (SPLY).
  • The company is currently working on the acquisition of Alman Seyyam Sugar Mills Limited (located in D.I Khan) for a total consideration of PKR 12 billion.
  • The mill has a capacity of 20,000 tons and was previously non operational, as the prior owners lacked sufficient working capital to procure sugarcane during the crushing season.
Pakistan Economy: Macro-Monthly – By Chase Research

Dec 24 2025



  • In Nov-25, total imports of the country increased by 15% YoY to clock in at USD4.7bn. On MoM basis the total imports decreased by 12%.
  • Pakistan's exports clocked in at USD2.2bn in Nov’25, down by 19% YoY, compared to USD2.7bn in same period last year. On MoM basis the total exports decreased by 14%.
  • Pakistan's total textile exports decreased by 19% MoM and 5.4% YoY in Nov’25.
Dawood Lawrencepur Limited (DLL): Corporate Briefing Notes – By Chase Research

Dec 3 2025



  • Dawood Lawrencepur Limited (DLL) reported consolidated earnings per share of PKR 131.93 for CY24, compared to loss per share of PKR 1.92 in CY23. Furthermore, in 3QCY25, the company reported earnings per share of PKR 51.26, compared to earnings per share of PKR 4.35 in the same period last year (SPLY).
  • The Company’s equity portfolio stood at PKR 5.8 billion and delivered a strong 47.1% return, outperforming the market benchmark, which returned 43.7% over the same period.
  • The wind power project at Gharo, which is a subsidiary of the Company, continued to perform reliably, maintaining availability of 99.03%.
Gillette Pakistan Limited (GLPL): Corporate Briefing Notes – By Chase Research

Nov 28 2025



  • Gillette Pakistan Limited (GLPL) reported loss per share of PKR 0.81 for FY25, compared to earnings per share of PKR 3.18 in FY24. Furthermore, in 1QFY26, the company reported loss per share of PKR 3.53, compared to earnings per share of PKR 0.12 in the same period last year (SPLY).
  • The Procter & Gamble Company has decided to discontinue its direct business operations in Pakistan as part of its broader global restructuring program, which includes strategic decisions related to portfolio optimization.
Service Global Footwear Limited (SGF): Corporate Briefing Notes – By Chase Research

Nov 18 2025



  • Service Global Footwear Limited recorded earnings per share of PKR 5.34 in CY24, as compared to earnings per share of PKR 5.75 in FY24.
  • The company recorded net sales of PKR 17.4 Bn, up 15% from PKR 15.1 Bn in CY23. During this period gross margin contracted from 22% in Cy23 to 17% in CY24. As a result, the company saw its gross profit decrease from PKR 3.3 Bn in CY23 to PKR 2.9 Bn in CY24.
Crescent Fibres Limited (CFL): Corporate Briefing Notes – By Chase Research

Nov 18 2025



  • CFL has reported loss per share of PKR 62.47 in FY25 (LPS FY24: PKR 61.08). Furthermore, in 1QFY26 the company reported LPS of PKR 6.27 (LPS 1QFY25: PKR 7.77).
  • The management noted that the FY25 was not favorable for the textile industry. Key challenges faced by the company and the industry include economic slowdown post-COVID, high interest rates, high power prices, uneven variation in raw material prices, and general economic uncertainty. These factors led to significant losses across the industry.
Millat Tractors Limited (MTL): Corporate Briefing Notes – By Chase Research

Nov 18 2025



  • Millat Tractors Limited (MTL) reported consolidated earnings per share of PKR 32.82 for FY25, compared to PKR 55.46 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 2.92, compared to earnings per share of PKR 2.43 in the same period last year (SPLY).
  • MTL primarily manufactures Massey Ferguson–branded farm tractors ranging from 50 to 85 Horse Power (HP), including both two wheel and four wheel drive models. The company recently introduced the MF 375 SE and has achieved an overall localization level of about 90%.
Dynea Pakistan Limited (DYNO): Corporate Briefing Takeaways – By Chase Research

Nov 17 2025



  • DYNO has reported earnings per share of PKR 45.97 in FY25 (FY24: PKR 63.14). Furthermore, in 1QFY26 the company reported EPS of PKR 10.13 (EPS 1QFY25: PKR 8.05).
  • Exports to Afghanistan rose to 44% in FY25 to approximately PKR 1 billion. After the border closure, the export to Afghanistan is completely closed. The company is seeking other routes and other markets for exports.
Aisha Steel Mills Limited (ASL): Corporate Briefing Notes – By Chase Research

Nov 13 2025



  • ASL has reported loss per share of PKR 1.55 in FY25 (LPS FY24: PKR 0.26). Furthermore, in 1QFY26 the company reported EPS of PKR 0.07 (LPS 1QFY25: PKR 0.93).
  • ASL ended in a loss of PKR 1.3 billion in FY25. This loss was primarily due to low volume, which prevented sufficient gross margin generation to cover costs.
  • Capacity utilization stood at 25%. The company expects to achieve 30-35% utilization by the end of FY26. This roughly translates to 210,000 – 245,000 tons of production. The company is aiming to produce similar volumes that it would sell.
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