Lucky Cement Limited (LUCK): Core improvement to uplift valuation; Buy – By JS Research

Dec 31 2025


JS Global Capital


  • We upgrade LUCK to Buy from Hold, raising our SoTP-based TP to Rs570/sh from Rs480/sh, implying a 17% upside, driven mainly by a stronger contribution from core cement operations (Rs286/sh; 50% of SoTP) following an 8%/ 6% increase in our FY26E/ FY27F standalone earnings forecasts and a reduction in our risk-free rate assumption to 11% from 12% previously.
  • Management apprised that the 1.31mtpa cement capacity expansion through its JV in Congo was long overdue, as the company risked losing market share, with all three overseas cement operations currently running at over 90% capacity utilization. On the domestic front, management expects minimum demand growth of 9% in FY26.
Lucky Cement Limited (LUCK): Core improvement to uplift valuation; Buy – By JS Research

Dec 31 2025


JS Global Capital


  • We upgrade LUCK to Buy from Hold, raising our SoTP-based TP to Rs570/sh from Rs480/sh, implying a 17% upside, driven mainly by a stronger contribution from core cement operations (Rs286/sh; 50% of SoTP) following an 8%/ 6% increase in our FY26E/ FY27F standalone earnings forecasts and a reduction in our risk-free rate assumption to 11% from 12% previously.
  • Management apprised that the 1.31mtpa cement capacity expansion through its JV in Congo was long overdue, as the company risked losing market share, with all three overseas cement operations currently running at over 90% capacity utilization. On the domestic front, management expects minimum demand growth of 9% in FY26.
Lucky Cement Limited (LUCK): 1QFY26 Analyst Briefing Takeaways – By Foundation Research

Dec 30 2025


Foundation Securities


  • Lucky Cement Limited (LUCK PA) conducted its 1QFY26 analyst briefing today to discuss financial/operational performance and outlook of the company. Below are key takeaways from the session.
  • To recall, Lucky Cement Limited’s (LUCK PA) consolidated profitability clocked-in at PKR 23.6Bn (EPS PKR 15.01, up 19/10% YoY/QoQ) in 1QFY26 against a profit of PKR 19.8Bn (EPS PKR 12.24) in 1QFY25.
  • On a standalone basis, profitability was recorded at PKR 14.62Bn in 1QFY26 translating into an EPS of PKR 9.98, against PAT and EPS of PKR 6.5Bn and PKR 4.48, respectively, in the SPLY (up 2.23/2.54x YoY/QoQ).
Lucky Cement (LUCK): 1QFY26 EPS at Rs15.0, up by 23% YoY & 12% QoQ – By Topline Research

Oct 28 2025


Topline Securities


  • Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.
  • Alongside the result, the company did not announce any cash dividend, in-line with our expectations.
  • On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.
Lucky Cement Limited (LUCK): 1QFY26 Result Review – By AKD Research

Oct 28 2025


AKD Securities


  • Lucky Cement Ltd. (LUCK) announced its 1QFY26 financial results, reporting standalone earnings of PkR14.6bn (EPS: PkR10.0), compared to PkR6.6bn (EPS: PkR4.5) in SPLY, up 2.2x YoY. Earnings came above our expectations, mainly due to higher dividends from subsidiaries and associates. On a consolidated basis, profitability increased by 23%YoY to PkR22.0bn, primarily driven by improved performance of core cement operations.
  • Standalone revenue clocked in at PkR33.9bn, up 14%YoY from PkR29.8bn in SPLY, mainly on the back of 11%YoY increase in company’s offtakes during the period.
  • We have a ‘Buy’ stance on the stock with Jun’26 SOTP target price of PkR558.6/sh. Our liking for LUCK stems from; i) improvement in core margins, ii) increase in dividend from power segment and iii) expected recovery in cyclical segments benefiting its subsidiaries.
Lucky Cement Ltd (LUCK): 1QFY26 result previews – By JS Research

Oct 16 2025


JS Global Capital


  • We present 1QFY26 earnings expectations for Maple Leaf Cement Factory Ltd (MLCF) and Lucky Cement Ltd (LUCK).
  • MLCF is expected to post standalone EPS of Rs2.36 in 1QFY26, reflecting a 2.4x YoY increase, driven by a 17% rise in domestic dispatches, a 5.5ppt improvement in gross margins, and a substantial reduction in finance costs. On a consolidated basis, EPS is projected at Rs2.67, up 2.1x YoY.
  • LUCK, on the other hand, is expected to post 17% YoY growth in standalone profitability in 1QFY26, with EPS estimated at Rs5.25/share, supported by a 10% increase in dispatches and a 2.4ppt YoY improvement in gross margins amid lower coal prices and continued cost efficiencies. On a consolidated basis, EPS is projected at Rs14.65, reflecting a 20% YoY increase.
Pakistan Market Wrap: KSE-100 closes at 182,408 up 3,373 points – By Alpha-Akseer Research

Jan 5 2026


Alpha Capital


  • The equity market opened on a strong positive note and maintained its momentum throughout the trading session. The KSE-100 Index touched an intraday high of 183,964 and a low of 179,535 before closing at 182,408, marking a gain of 3,373 points for the day. Market participation remained robust, with total volumes reaching 633.1 million shares and an estimated turnover of PKR 63.2 billion.
  • The rally in the index was driven primarily by gains in UBL (5.1%, 709 points), HBL (5%, 331 points), ENGROH (3.4%, 276 points), MCB (3.3%, 181 points), and EFERT (3.6%, 179 points). On the volume front, BOP and PIBTL led trading activity, with volumes of 95.5 million and 79.7 million shares, respectively.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 5 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum, surging to a intraday high of 183,964.37 points before settling at a new all-time high of 182,408.23, up 3,373.30 points (1.88%). Market sentiment remained firmly positive, supported by strong fertilizer off-take data and expectations of a policy rate cut in the upcoming SBP Monetary Policy Committee meeting. On the macro front, Pakistan and China held the seventh round of their Strategic Dialogue, reaffirming bilateral cooperation, while the Prime Minister directed authorities to accelerate bank lending to SMEs. Heavyweights including UBL, HBL, ENGROH, MCB, and EFERT were the key index drivers, collectively contributing 1,676.53 points. BOP led volumes with 95.46 million shares; as overall market participation reached 1,377.51 million shares.
Pakistan Market Wrap: The benchmark index closed on a high note – By IIS Research

Jan 5 2026


Ismail Iqbal Securities


  • The benchmark index closed on a high note, once again registering fresh all time highs both intraday and at market close, as New Year optimism, strong liquidity driven buying, and ongoing asset class conversion continued to fuel market momentum. Trading volumes increased to 632mn shares today as compared to 512mn shares in the previous session. Today, the KSE-100 index gained 3,373 points to close at 182,408 level, up by 1.88% DoD. Commercial Banks, Fertilizer, and Cement sectors were the major contributors in today's session, cumulatively adding 2555 points to the index.
Pakistan Market Wrap: A New Summit for the KSE-100 Amid Broad-Based Optimism – By HMFS Research

Jan 5 2026


HMFS Research


  • The KSE-100 Index extended its strong bullish trajectory, scaling fresh highs during the session as investor confidence remained firmly anchored to supportive economic cues. The benchmark touched an intra-day peak of 183,964, driven by improving domestic indicators, a decline in global oil prices—positive for both inflation dynamics and overall economic stability—and renewed optimism following USD 2bn investment commitments from Azerbaijan. The index remained firmly in positive territory throughout the session, ultimately closing at 182,408, marking a gain of 3,373 points.
  • Market participation was robust, with 633mn shares traded on the KSE-100 and 1.38bn shares across the broader market. Volume leadership was seen in BOP (95mn), PIBTL (80mn), and KEL (75mn). Going forward, the prevailing momentum is expected to remain supportive of the benchmark, underpinned by constructive economic developments and improving investor sentiment. That said, elevated valuations may invite intermittent profit-taking, a natural feature of such sharp rallies. In this backdrop, investors are advised to maintain a disciplined approach, closely monitor market dynamics, and focus on fundamentally strong stocks with longterm growth potential.
Pakistan Fertilizers: Urea sales to report 2% YoY growth in CY25 – By JS Research

Jan 5 2026


JS Global Capital


  • As per provisional numbers for Dec-25, Urea off-take during the month is likely to post a noteworthy growth of 37% YoY, clocking in at 1.36mn tons. On the other hand, DAP off-take is likely to be down 42% YoY for the month. Cumulatively, Urea industry off-take to clock in at 6.7mn tons in CY25, up 2% YoY.
  • Company wise, FFC is expected to report Urea sales volume of 378k tons, up 1% YoY which includes 66k tons of granular Urea. EFERT, on the other hand, is likely to report sales of 644k tons (+56%YoY). While FATIMA is likely to report a volume of 259k tons, a 77% YoY jump.
  • Inventory levels are expected to decline to 0.3mn tons by Dec-25 end from 1.1mn in Nov-25, driven by stronger demand during Dec-2025 and the turnaround at FFC Plant-II, industry-wide production clocked in at ~520k tons.
Oil Marketing Companies (OMC): Volumetric growth rebounds – By Foundation Research

Jan 5 2026


Foundation Securities


  • Petroleum sales reversed the decline of last month to post positive growth of 6% YoY (down 5% MoM) at 1.4Mn tons despite decline in HSD sales of 4% YoY (down 19% MoM) given the 10-day dealer strike in Dec’25. Whereas MS/FO sales rose 11/40% YoY in the outgoing month. During 1HFY26, sales witnessed an increase of 2% YoY to 8.2Mn tons despite low utilization of FO. Company-wise analysis depicts that PSO/APL volumes fell 7/7% YoY, respectively, while WAFI/HASCOL volumes enhanced 10/9% YoY during Dec’25.
  • White oil: Domestic petroleum sales (ex-non Energy) depicted a 6% YoY incline during the month, while white oil sales climbed 4% YoY (down 9% MoM). Product wise, MS sales increased 11% YoY (up 3% MoM) to clock-in at 628K tons. Whereas, HSD sales dropped 4% YoY (down 19% MoM) to 553K tons during Dec’25. During 1HFY26, sales accelerated 2% YoY due to an increase of 3% YoY in White oil sales given improved macros. Whereas MS/HSD sales boosted 3/3% YoY in 1HFY26. Prices of MS/HSD moderated by 0.7/3.1% MoM to average Rs265.2/274.3/liter, respectively, during Dec’25.
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.
Technical Outlook: Bulls Take Charge: KSE-100 Climbs +3.85% in First Week of 2026 – By HMFS Research

Jan 2 2026


HMFS Research


  • The KSE-100 Index commenced the new year on a strong note, closing the first week of 2026 at 179,034.93 points. This marks a robust gain of 6,634.20 points, or +3.85%, reflecting renewed investor confidence and a resurgence of bullish sentiment.
  • Following a prolonged consolidation phase during November and December, where the market traded within a narrow range, the bulls have gradually regained momentum. This breakout aligns with expectations that the new calendar year would bring fresh liquidity, improved sentiment, and a strategic repositioning by institutional investors.
Pakistan Fertilizers: Urea sales to report 2% YoY growth in CY25 – By JS Research

Jan 5 2026


JS Global Capital


  • As per provisional numbers for Dec-25, Urea off-take during the month is likely to post a noteworthy growth of 37% YoY, clocking in at 1.36mn tons. On the other hand, DAP off-take is likely to be down 42% YoY for the month. Cumulatively, Urea industry off-take to clock in at 6.7mn tons in CY25, up 2% YoY.
  • Company wise, FFC is expected to report Urea sales volume of 378k tons, up 1% YoY which includes 66k tons of granular Urea. EFERT, on the other hand, is likely to report sales of 644k tons (+56%YoY). While FATIMA is likely to report a volume of 259k tons, a 77% YoY jump.
  • Inventory levels are expected to decline to 0.3mn tons by Dec-25 end from 1.1mn in Nov-25, driven by stronger demand during Dec-2025 and the turnaround at FFC Plant-II, industry-wide production clocked in at ~520k tons.
Technical Outlook: KSE-100; Upside to continue – By JS Research

Jan 2 2026


JS Global Capital


  • The KSE-100 index showed positive movement to close at 176,355 level, up 2,301 points. Volumes stood at 1,403mn shares versus 957mn shares traded previously. The index is expected to revisit yesterday's high of 176,658 where a break above that will continue the uptrend towards 180,500 level. However, any downside will find support between 174,430 and 175,820 levels, respectively. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below 174,437 level. The support and resistance are at 174,976 and 177,197 levels, respectively.
Pakistan Market: Dec-2025: Closing the year with 51% YoY gains – By JS Research

Jan 1 2026


JS Global Capital


  • KSE-100 closed at 175k, posting a 4.4% monthly gain and a 51% return in CY25, taking three-year cumulative returns to 331%. The index rallied 7.4k points during the month, driven by a 50bp policy rate cut, improved FX reserves following the IMF’s US$1.2bn EFF and RSF disbursement, and the successful PIA bidding process. Selective year-end profit-taking by institutions was also observed. Foreign investors remained net sellers with outflows of US$42mn, while individuals and banks were net buyers. We also witnessed privatization/ acquisition transaction-led rallies in PIAHCLA and MLCF during the month.
  • At its Monetary Policy Committee meeting this month, the SBP cut the policy rate by 50bps to 10.5%, after maintaining a status quo for the past six months (the last cut was in May 2025). The dovish stance was supported by weak oil prices, manageable inflation, and a stable external outlook. CPI inflation stood at 6.1% in Nov-2025 and is expected to ease to 6.0% in December. Meanwhile, Pakistan posted a current account surplus of US$100mn in Nov-2025, narrowing the 5MFY26 deficit to US$812mn.
Technical Outlook: KSE-100 expected to trade in a range – By JS Research

Jan 1 2026


JS Global Capital


  • The KSE-100 index posted a loss of 418 points to close at 174,054 level. Volumes stood at 957mn shares versus 851mn shares traded previously. The index is expected to test support at 173,564 (yesterday's low) where a fall below that will initiate a corrective trend with 172,395 and 170,641 in sight. However, any upside will face resistance within 175,000-175,240 range as a break above that will target 175,883, followed by 180,500. The MACD is moving up, while the RSI has shown weakness, 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 173,335 and 175,003 levels, respectively.
Lucky Cement Limited (LUCK): Core improvement to uplift valuation; Buy – By JS Research

Dec 31 2025


JS Global Capital


  • We upgrade LUCK to Buy from Hold, raising our SoTP-based TP to Rs570/sh from Rs480/sh, implying a 17% upside, driven mainly by a stronger contribution from core cement operations (Rs286/sh; 50% of SoTP) following an 8%/ 6% increase in our FY26E/ FY27F standalone earnings forecasts and a reduction in our risk-free rate assumption to 11% from 12% previously.
  • Management apprised that the 1.31mtpa cement capacity expansion through its JV in Congo was long overdue, as the company risked losing market share, with all three overseas cement operations currently running at over 90% capacity utilization. On the domestic front, management expects minimum demand growth of 9% in FY26.
Technical Outlook: KSE-100; Upside to continue – By JS Research

Dec 31 2025


JS Global Capital


  • The KSE-100 index witnessed a positive session to close at 174,473 level, up 576 points DoD. Volumes stood at 851mn shares versus 858mn shares traded previously. If the gain continues, the next target will be at 175,883 which may later rise to 180,500. However, any downside will find support between 173,780 and 174,130 levels. The RSI and the MACD are on a rising trend, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below 173,783 level. The support and resistance are at 174,128 and 174,812 levels, respectively.
Technical Outlook: KSE-100; A steady uptrend to continue – By JS Research

Dec 30 2025


JS Global Capital


  • Bullish momentum continued as the KSE-100 index closed the session at 173,896 level, up 1,496 points. Volumes stood at 858mn shares versus 798mn shares traded previously. The index is expected to revisit yesterday's high of 174,412 where a break above that will target 175,883 level. However, any downside will find support between 173,200 and 173,840 levels, respectively. Meanwhile, the RSI and the Stochastic Oscillator are heading up, supporting a positive view. We recommend investors to 'Buy on dips', keeping stoploss below the 173,200 level. The support and resistance are at 173,260 and 174,471 levels, respectively.
Pakistan Economy: Petrochemical margins remain on a downward trend – By JS Research

Dec 29 2025


JS Global Capital


  • Global economic slowdown, bearish oil prices and reduced demand for PVC in Asia coupled with US-China trade in Asia has led to significant decline in PVC-Ethylene core delta on a YoY basis in CY25.
  • The global PVC market is currently grappling with a supply glut, fueled by a surge in Chinese exports and the re-entry of US shipments, which had retreated during COVID-19 but returned as domestic demand softened.
  • PVC-ethylene margins have declined by 17% YoY to ~US$271/ton while PTA-PX margins, dropped 19% YoY to ~US$62/ton from US$74/ton in Dec-2025 on account of a decrease in PTA prices (-3% YoY).
Technical Outlook: KSE-100 resuming the uptrend – By JS Research

Dec 29 2025


JS Global Capital


  • The KSE-100 index showed positive movement on Friday to close at 172,401 level, up 1,571 points. Volumes stood at 798mn shares versus 812mn shares traded previously. The index is expected to re-test resistance at Friday's high of 172,583 where a break above that will target 173,031, extendable to 175,883 level. However, any downside will find support between 171,150 and 171,500 levels, respectively. The Stochastic Oscillator and the RSI have moved up, suggesting a positive trend ahead. We recommend investors to 'Buy on dips', with risk defined below 171,146 level. The support and resistance are at 171,504 and 172,940 levels, respectively.
Weekly Roundup: KSE-100 wraps up year at historic high – By JS Research

Dec 26 2025


JS Global Capital


  • The KSE-100 Index extended its record run, closing the week at 172,400, up 0.6% WoW, although average daily turnover fell by 25% WoW. Sentiment was supported by a key privatization breakthrough, with the government auctioning Pakistan International Airlines Ltd to a consortium led by AHCL for Rs135bn, securing a 75% stake. The deal marks the first major privatization in two decades and meets an important benchmark under the IMF program. External financing momentum also remained firm, with the World Bank approving US$700mn to support macroeconomic stability, while the Asian Development Bank (ADB) signed two financing initiatives totaling US$730mn.
  • Cumulatively, Pakistan received foreign assistance of around US$3bn during 5MFY26. In an encouraging development, The Pakistan Banks Association (PBA) revealed that private sector lending in FY26-TD has reached Rs1.5trn leading to increased liquidity. In the latest T-bill auction, the government raised Rs911bn against a target of Rs471bn, with yields falling 36–78bps across tenors. In another development, the Economic Coordination Committee (ECC) approved plans to auction 5G spectrum by end-Jan 2026 or early Feb-2026. Lastly, SBP foreign exchange reserves edged up by US$16mn to US$15.9bn, posting a marginal increase of 0.1% WoW.
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