Honda Atlas Cars Limited (HCAR): Result Preview – By Taurus Research

Nov 19 2025


Taurus Securities


  • Board Meeting: November 20, 2025.
  • 2QMY26: EPS: PKR 4.5; DPS: NIL; PAT: PKR 649Mn, Up 1.5x YoY.
  • HCAR’s net sales are expected to clock in at ~PKR 24Bn in 2QMY26, down 9%QoQ due to drop in sales volume by 12%QoQ. However, sales were up 45%YoY; primarily attributed to the robust recovery in volumes, with unit sales rising to 4,880 compared to 3,348 during the SPLY. This is due to improved supply chain dynamics and relative stability in auto financing. Further, distribution expense is expected to remain on a higher side, arriving at ~PKR 318Mn, up 75%YoY/down 9%QoQ. Similarly, finance cost is expected to arrive at ~PKR 179Mn, down 7%YoY/12%QoQ due to lower interest rates. Finally, we expect HCAR’s quarterly PAT to clock-in at ~PKR 649Mn, down 22%QoQ/up 1.5xYoY. We do not expect the Company to declare any cash dividend for the quarter.
Honda Atlas Cars Limited (HCAR): Result Preview – By Taurus Research

Nov 19 2025


Taurus Securities


  • Board Meeting: November 20, 2025.
  • 2QMY26: EPS: PKR 4.5; DPS: NIL; PAT: PKR 649Mn, Up 1.5x YoY.
  • HCAR’s net sales are expected to clock in at ~PKR 24Bn in 2QMY26, down 9%QoQ due to drop in sales volume by 12%QoQ. However, sales were up 45%YoY; primarily attributed to the robust recovery in volumes, with unit sales rising to 4,880 compared to 3,348 during the SPLY. This is due to improved supply chain dynamics and relative stability in auto financing. Further, distribution expense is expected to remain on a higher side, arriving at ~PKR 318Mn, up 75%YoY/down 9%QoQ. Similarly, finance cost is expected to arrive at ~PKR 179Mn, down 7%YoY/12%QoQ due to lower interest rates. Finally, we expect HCAR’s quarterly PAT to clock-in at ~PKR 649Mn, down 22%QoQ/up 1.5xYoY. We do not expect the Company to declare any cash dividend for the quarter.
Pakistan Market Wrap: PSX Records Volatile Session, Closes Lower on Profit Booking – By HMFS Research

Jan 8 2026


HMFS Research


  • Following an uninterrupted bullish rally over the past few sessions, the market underwent a profit-taking today, closing in negative territory. Trading commenced on a weak footing, with the benchmark index slipping sharply in early hours. Sentiment improved by midday as renewed buying interest lifted the index to an intra-day high of 187,905 level, marking the highest intra-day level ever recorded in PSX history. However, the rebound proved short-lived, as selling pressure resurfaced and intensified during the final trading hour. Consequently, the index reversed course and touched an intra-day low of 185,199 level, closing down 975.70 points.
  • Trading activity remained strong, with 576mn shares exchanged in the KSE-100 and 1.4bn shares recorded on the All-Share Index. Volume leaders included AGHA (132mn shares), PAEL (76mn shares), and HASCOL (60mn shares). Going forward, the market is expected to maintain a positive bias, supported by developments such as Pakistan–Saudi discussions on converting USD 2bn of loans into a JF-17 deal and the inauguration of the Karachi Port Trust ferry terminal to boost the blue economy. However, uncertainty remains inherent to the market, with a correction already evident amid elevated valuations. Ongoing geopolitical tensions also pose downside risks and could trigger volatility if conditions worsen. Therefore, investors are advised to remain vigilant, book profits selectively, and utilize market dips as entry opportunities.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 8 2026


Al Habib Capital Markets


  • The KSE-100 Index experienced a volatile session, hitting an intraday high of 187,905 before closing at 185,543, down 9756 points (-0.52%) as profit-taking set in. Selling pressure was evident across key sectors, particularly Commercial Banks, Holding Companies, Technology & IT Services, and Oil & Gas Exploration & Production, as investors trimmed exposure at elevated valuations. On the macro front, Visa reiterated its commitment to expanding digital payments and enhancing financial inclusion in Pakistan, with initiatives focused on supporting small and nano businesses and extending QR and tap-to-phone solutions to Tier-2 and Tier-3 cities. Separately, a Senate body expressed concern over cartelization within the pharmaceutical sector. Among major laggards, ENGROH, UBL, MEBL, SYS and PPL, which cumulatively shaved -985.86 points off the benchmark. AGHA led trading with 131.88 million shares, as total market turnover reached 1,421.07mn shares.
Mari Energies (MARI): Allocation of Gas from Mari Field – By Topline Research

Jan 8 2026


Topline Securities


  • Mari Energies (MARI) has announced the approval of gas allocation from its Ghazij/Shawal discoveries in the Mari field at well head gas prices notified by OGRA (i.e. Petroleum Policy 2012 prices). The gas will be transported to consumers through Sui companies' network under the Third-Party Access (TPA) rules 2018 with applicable wheeling charges, in our view.
  • Under the revised allocation, the flows from MARI from HRL, Ghazij/Shawal, Deep and SML/SUL will increase to 1054mmcfd from the current direct allocation of ~850-900mmcfd over the next 2-3 years, following the development of the required infrastructure. This is a whopping increase of 180mmcfd. Until the completion of these developments, the gas supply will continue in its current form.
Pakistan Market Wrap: KSE-100 closes at 185,543 down 976 points – By Alpha-Akseer Research

Jan 8 2026


Alpha Capital


  • The equity market began the session on a strong positive note but experienced a  correction during the latter part of the day. The KSE-100 Index touched an intraday high of 187,905 and a low of 185,199 before closing at 185,543, registering a decline of 976 points. Market activity remained healthy, with total traded volumes of 575 million shares and a traded value of PKR 70.3 billion.
  • The downturn was largely attributed to selling pressure in index-heavy stocks, including ENGROH (-3.6%, -315 points), UBL (-1.7%, -247 points), MEBL (-2.7%, -205 points), SYS (-2.3%, -117 points), and PPL (-1.8%, -102 points). On the volumes front, PAEL and KEL dominated trading activity, with volumes of 76.3 million and 52.4 million shares, respectively.
Chemicals: Sustained decline in petrochem margins – By JS Research

Jan 8 2026


JS Global Capital


  • PVC-Ethylene margins have slipped to near-decade lows. As of Jan-26, margins stood at US$262/ton, down from US$764/ton in Jan-2021 and a high of US$1,157/ton seen in Nov-21.
  • Brent crude oil is currently trading around US$61.5/barrel, contributing to the broad softening of ethylene prices globally. Ethylene prices stood at US$730/ton compared US$930/ton in Jan-2021.
  • Near-term market conditions are expected to keep margins under pressure, as demand recovery remains uneven while oversupply persists. Sustainable margin improvement will depend on stronger global demand, stability in feedstock costs, and potential supply rationalization measures.
Technical Outlook: KSE-100: Entering the key resistance zone – By JS Research

Jan 8 2026


JS Global Capital


  • Bulls continued to dominate the session as KSE-100 index gained 1,457 points DoD to close at 186,519 level. Volumes stood at 1,329mn shares versus 1,306mn shares traded previously. The index is expected to test resistance at 187,015 (yesterday's high) where a break above this level will target 188,870 level. However, any downside will find support between 185,270 and 186,150 levels, respectively. 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 185,272 and 187,390 levels, respectively.
Morning News: Govt raises Rs1.08tr through T-bills, bond auctions – By Vector Research

Jan 8 2026


Vector Securities


  • The government borrowed more than Rs1 trillion through auctions of treasury bonds and 10-year Pakistan Investment Bonds on Wednesday. The State Bank of Pakistan reported that the government borrowed Rs979.3 billion through T-bills and Rs108bn through PIBs, raising a total of Rs1.087tr. (Dawn)
  • Pakistan and Saudi Arabia are in talks to convert about $2 billion of Saudi loans into a JF-17 fighter jet deal, two Pakistani sources said, deepening military cooperation months after the two nations signed a mutual defence pact last year. (Dawn)
Morning News: Govt decides to fully deregulate sugar sector – By Alpha-Akseer Research

Jan 8 2026


Alpha Capital


  • In a significant policy shift, the government, in collaboration with the farming community and sugar industry representatives, has decided to fully deregulate the sugar sector, marking a key step in implementing structural reforms recommended by the International Monetary Fund (IMF).
  • Describing PIACL’s PKR 650bn debt as a “black hole,” the Public Accounts Committee (PAC) expressed concern over the Finance Division’s continued inability to develop a viable repayment strategy.
Morning News: Pakistan, Saudi in talks on JF-17 jets-for-loans deal: Reuters report – By HMFS Research

Jan 8 2026


HMFS Research


  • Pakistan and Saudi Arabia are in talks to convert about $2 billion of Saudi loans into a JF-17 fighter jet deal, two Pakistani sources said, deepening military cooperation months after the two nations signed a mutual defence pact last year. One of the sources said the discussions were limited to the provision of JF-17 Thunder fighter jets, the light combat aircraft jointly developed by Pakistan and China and produced in Pakistan, while the second said the jets were the primary option among others under discussion.
  • The National Electric Power Regulatory Authority (Nepra) has reduced the national average uniform electricity tariff by 62 paise per unit for the next six months, effective January 1. The regulator has determined separate consumer-end tariffs for each distribution company (ex-Wapda Discos) in view of their differing revenue requirements and permitted levels of transmission and distribution (T&D) losses. For CY26, the national average tariff has been set at Rs33.38 per kWh, down from Rs34.00 per kWh in 2025-26.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Jan 7 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, once again setting fresh all time highs both intraday and at market close for the fifth consecutive session. The 2026 rally continued in full swing, driven by strong liquidity inflows and ongoing asset class conversion, keeping investor optimism firmly intact. Trading volumes decreased to 570mn shares today as compared to 597mn shares in the previous session. Today, the KSE-100 index gained 1,457 points to close at 186,519 level, up by 0.79% DoD. Power Generation & Distribution, Oil & Gas Exploration Companies, and Cement sectors were the major contributors in today's session, cumulatively adding 689 points to the index.
Pakistan Cements: Dec’25 dispatches up 5%MoM – By Taurus Research

Jan 5 2026


Taurus Securities


  • Total cement dispatches in Dec’25 went up by 5%MoM to 4.35Mn tons i.e. Both domestic and export sales were up 5% MoM. Increase in domestic sales was attributed to rise in the construction demand despite higher construction material cost, duties and taxes—cement manufacturers have requested the Government to give concessions on duties and taxes by framing an industry-friendly policy in order to support construction activities, making cement viable domestically as well as for exports.
  • Further, North players are concerned as exports were Nil in the second consecutive month due to the border closure with Afghanistan, searching for alternative destinations like Sri Lanka and Bangladesh via Sea route. Further, imposition of US tariffs is likely to put pressure on exports for South players. Hence, subdued outlook for exports is anticipated for FY26.
Oil Marketing Companies (OMC): Oil Marketing Companies Sales—Dec’25 – By Taurus Research

Jan 5 2026


Taurus Securities


  • Petroleum products off-take for Dec’25 stood at ~1.3Mn tons, reflecting a decrease of 5%MoM and an increase of 6%YoY. MS volumes increased 3%MoM and 11%YoY. Meanwhile, HSD volumes decreased by 19%MoM and 4%YoY, respectively. During 6MFY26, industry volumes were up 2%YoY with MS and HSD up 3%YoY respectively.
  • Industry sources report a combination of factors that the MoM decline was a result of, particularly typical seasonal demand variations after a peak in Nov’25. Moreover, it was noted that fuel prices experienced a 20% annual drop in 2025 amid lower cost of supply—driving demand, along with higher passenger sales sup porting demand too.
TPL Trakker Limited (TPLT): FY25 Corporate Briefing Takeaways – By Taurus Research

Jan 5 2026


Taurus Securities


  • TPL Tracker Limited (TPLT), a key player in Pakistan’s location-based services and IoT solutions industry, focuses on three core verticals: Vehicle Telematics, TPL Maps, and IoT Solutions. TPL is strategically positioned as a pioneer in leveraging technology for operational efficiency and cost optimization across industries. It comprises of three areas i.e. Trakker Middle East, TPL Maps and TPL Security. TPLT is a market leader in Telematics & LBS across Pakistan.
  • TPLT reported consolidated revenue of PKR 1.83Bn in FY25, reflecting a YoY decline of 43% mainly due to closure of the STE project, while the core business remained stable. Hence, gross margins fell 6pptsYoY. Finance costs declined 37%YoY. Consequently, PAT clocked in at PKR 3.8Mn from the loss of PKR 104Mn last year, up 1.0xYoY, resulting in an EPS of PKR 0.07/sh.
Pakistan Economy: Dec’25 NCPI eases to 5.6%YoY/-0.4%MoM – By Taurus Research

Jan 1 2026


Taurus Securities


  • Headline inflation for Dec’25 clocks-in at 5.6%YoY/-0.4%MoM, in line with expectations amid significant correction in food prices. Wherein, MoM prices for perishable food items posted a drop of 17.74% driven by the sharp correction in prices for Potatoes ( 17.9%MoM), Onions (-32.9%MoM), Tomatoes (-45.2%MoM) & Fresh Vegetables (-21.3%MoM) as the supply situation improved. Overall, food inflation was down 2.2%MoM.
  • Elsewhere, performance of other segments arrived in muted as anticipated including some of the core segments also. Utilities were up slightly for the month. While Clothing, Education, Restaurants & Hotels and Miscellaneous segments were the main contributors to the increase in core inflation for the month.
Burshane LPG (Pakistan) Limited (BPL): FY25 Corporate Briefing Takeaways – By Taurus Research

Dec 31 2025


Taurus Securities


  • Burshane LPG (Pakistan) Limited (BPL) is among the pioneers in LPG marketing and distribution in Pakistan, incorporated in 1966. The Company consistently developed its countrywide distribution network, primarily focused on serving domestic users and delivering reliable services.
  • BPL's strategic goal was to establish itself as a leader among oil marketing companies by diversifying sales markets, ensuring reliable supplies, and improving operational efficiency. Management strategy, strengthened by principles of the circular economy, built a new BPL founded on efficiency, integration, and new technologies to differentiate the brand in a highly fragmented industry with over 250 licensed players.
Morning News: Pakistan, KSA discuss regional situation – By Taurus Research

Dec 31 2025


Taurus Securities


  • Pakistan and Saudi Arabia held high level discussions focusing on the evolving regional security and political environment. Both sides emphasized the importance of stability in the Middle East and South Asia, especially amid ongoing conflicts and diplomatic challenges. (BR)
  • The suspension of trade between Pakistan and Afghanistan has disproportionately affected the Afghan economy, deepening its economic challenges. (Dawn)
Allied Bank Limited (ABL): 9MCY25 Corporate Briefing Takeaways – By Taurus Research

Dec 30 2025


Taurus Securities


  • Allied Bank Limited (ABL) reported a sharp contraction in the balance sheet growth during 9MCY25, as net advances declined by 37% to PKR 658Bn compared to PKR 1,051Bn in CY24, significantly underperforming the industry, which recorded an ~18% decline. In contrast, net investments increased substantially, rising 80% to ~PKR 2,037Bn in 9MCY25 from PKR 1,130Bn in CY24, while industry investments grew by 22% over the same period. Consequently, total assets expanded by 13% to PKR 3,185Bn versus PKR 2,817Bn in CY24, outperforming the industry’s asset growth of 8%.
  • On the liabilities side, ABL’s borrowings increased by 29%, diverging from the broader banking sector, which recorded a 2% decline, while total liabilities grew by ~14% compared to an industry growth of 7%. Total deposits registered a 10% increase in 9MCY25.
Liven Pharma Limited (LIVEN): Corporate Briefing Takeaways – By Taurus Research

Dec 26 2025


Taurus Securities


  • Liven Pharma Limited was incorporated in Pakistan as a private Limited Company on October 21, 1991 and was converted into a public limited company on April 30, 1992. The principle activity of the Company is the manufacturing of pharmaceuticals and allied products.
  • In FY25, sales declined 48%YoY to PKR 127Mn from PKR 245Mn in the SPLY. Gross margins fell significantly by 11ppts, mainly driven by the transitional impact of post-merger integration and operational scaling. Similarly, administrative expenses increased significantly by 24xYoY while, finance costs went up by ~32xYoY.
  • Resultantly, LAT clocked in at PKR 584Mn compared to a profit of PKR 42Mn in the previous year; attributable to non-cash accounting adjustments from the reverse merger and deferred tax effects, with a minor impact from normal operational expenses. Consequently, LPS stood at PKR 8.37/sh.
Karam Ceramics Limited (KCL): Corporate Briefing Takeaways – By Taurus Research

Dec 26 2025


Taurus Securities


  • Karam Ceramics Limited (KCL) was incorporated in Pakistan as a public limited Company on April 8, 1979. The Company is engaged in manufacturing and sale of tiles with brand name is NOVA.
  • In FY25, the Company’s sales fell ~57% YoY to PKR 584Mn compared to PKR 1,348Mn in FY24, driven by a sustained decline in the construction activities, reducing demand for tiles during the period. Whereas gross losses remains persisted due to a combination of escalating operational costs and decreased production efficiency. Consequently, loss after tax (LAT) grew ~69%YoY to PKR 728Mn, mainly due to lower demand and aggressive competition from the Chinese manufacturers, the Company’s manufacturing plants operated below optimal capacity, limiting the ability to overcome fixed costs over a larger production volume, which further eroded profitability, resulting in an LPS of PKR 50.05/share.
Pakistan Economy: Dec’25 NCPI to drop to 5.8%YoY/down 0.3%MoM – By Taurus Research

Dec 24 2025


Taurus Securities


  • We expect headline inflation for Dec’25 to drop to 5.8%YoY, registering a MoM decline of 0.3% on the back of falling food inflation and muted performance of other segments. Accordingly, FY26 TD NCPI is expected to touchdown at 5.14%YoY.
  • To note we anticipate food inflation (35% weight) to clock-in at 1.32% for the month. Wherein, the MoM drop is attributable mainly to a sharp correction in prices for Tomatoes (-40%), On ions (-16%), Potatoes (-11%) and Sugar (-8%), respectively. How ever, slight uptick in prices for Wheat, Chicken and Eggs was observed. While, prices for other food items are likely to remain flat for the month—reflecting stable supply situation in the country.
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