Bank of Punjab Limited (BOP): Company Update – By Taurus Research

Feb 12 2026


Taurus Securities


  • We upgrade our Dec’26 target price for the Bank of Punjab Lim ited (BOP) to PKR 50/sh. (PKR 46/sh. earlier) following the slight revision in our valuation assumptions, as well as incorporating the Bank’s upcoming 4QCY25 results (scheduled for February 17, 2026); maintaining our ’BUY’ stance offering an upside of 31% over the LDCP, coupled with a CY26E dividend yield of 8% - translating into a total return of 39%.
  • 4QCY25 consolidated earnings to arrive at PKR 7.1Bn (EPS PKR 2.2/sh.). Wherein, we anticipate the Bank’s Net Interest Margin to showcase QoQ improvement on account of the declining cost of funds mainly, attributable to the re-pricing of a substantial portion of the Bank’s term deposits i.e. 66% of the TDR portfolio, as per the management guidance.
Bank of Punjab Limited (BOP): Company Update – By Taurus Research

Feb 12 2026


Taurus Securities


  • We upgrade our Dec’26 target price for the Bank of Punjab Lim ited (BOP) to PKR 50/sh. (PKR 46/sh. earlier) following the slight revision in our valuation assumptions, as well as incorporating the Bank’s upcoming 4QCY25 results (scheduled for February 17, 2026); maintaining our ’BUY’ stance offering an upside of 31% over the LDCP, coupled with a CY26E dividend yield of 8% - translating into a total return of 39%.
  • 4QCY25 consolidated earnings to arrive at PKR 7.1Bn (EPS PKR 2.2/sh.). Wherein, we anticipate the Bank’s Net Interest Margin to showcase QoQ improvement on account of the declining cost of funds mainly, attributable to the re-pricing of a substantial portion of the Bank’s term deposits i.e. 66% of the TDR portfolio, as per the management guidance.
Pakistan Economy: Sep’25 Balance of Payments (BOP) – By Taurus Research

Oct 21 2025


Taurus Securities


  • Current Account (CA) for Sep’25 arrived in at a surplus of USD 110Mn, as against a deficit of USD 325Mn in Aug’25. Cumulatively, 1QFY26 CAD stood at USD 594Mn, up 18% over the SPLY. Improved performance of CA in Sep’25 can be attributed to: i) 4% MoM decrease in the trade deficit; and ii) 57%MoM decrease in the services deficit, respectively. Overall, balance on goods & ser vices fell 13% on a sequential basis, pushing the CA into a sur plus, after two consecutive months of CA deficit.
  • During the month, goods exports were up 5%MoM mainly driven by the 13%MoM surge in textile exports, amounting to USD 1.6Bn. Wherein, the major contributors were Knitwear, Bedwear and Ready-made Garments, respectively. Food exports were up 7%MoM; Tobacco being the biggest contributor to the growth.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 12 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index witnessed a volatile session, hitting an intraday high of 182,757 before closing at 180,513 down 2,537 points (-1.39%) amid profit-taking. Broad-based selling was observed across key sectors, particularly Banks, Oil & Gas Exploration, Technology & Communication, Cement, and Power Generation & Distribution. Market sentiment remained under pressure due to EFERT’s below expected results. Additionally, Barrick Gold Corporation’s Reko Diq copper-gold project in Balochistan faces uncertainty as the company reviews its development timeline and capital budget amid escalating security risks. Among major laggards, PPL, EFERT, HUBC, SYS, and OGDC collectively erased 902 points from the index. On the volume front, K-Electric (KEL) led with 176.91 million shares traded, while total market turnover stood at 868.95 million shares.
Pakistan Market Wrap: Profit-Taking Storm Hits Market, Benchmark Closes Lower – By HMFS Research

Feb 12 2026


HMFS Research


  • The KSE-100 index opened in the red today, setting the stage for a profittaking session as investors adopted a cautious stance. Significant selling pressure was observed, with the E&P and Fertilizer sectors bearing the brunt of the declines. The index touched an intra-day low of 4324.56 points before gradually recovering to close at 180,512.64 level, down 2,537.16 points. The downward pressure was largely influenced by rising inflation projections for Q4, estimated at 8%, which diminished expectations of a policy rate cut, creating a tense market environment.
  • Political uncertainties further added to the bearish sentiment. Trading volumes remained healthy, with 448mn shares exchanged on the KSE-100 index and 869mn shares traded across the broader market. Key volume leaders included KEL (177mn), CNERGY (52mn), and AMTEX (40mn). Looking ahead, the market’s direction will remain sensitive to regional developments and domestic economic trends. Upcoming results from blue-chip companies and dividend-yielding stocks are expected to provide support over the longer term. Investors are advised to maintain vigilance, focusing on fundamentally strong stocks with long-term growth potential.
The Hub Power Company Limited (HUBC): Steady Earnings Despite Mixed Generation Trends – By IIS Research

Feb 12 2026


Ismail Iqbal Securities


  • As per NEPRA, total power generation in the country during 1HFY26 stood at 67,357 GWh, reflecting a 1.1% YoY increase. This growth was primarily driven by lower consumer tariffs following major PPA revisions and suspensions last year, along with government efforts to bring consumers back onto the national grid.
  • Within HUBCO’s portfolio, plant wise generation showed a mixed trend during the quarter. TEL’s load factor improved to 64% (from 58% SPLY), while Narowal’s utilization increased to 2% (from 0.1%). In contrast, CPHGC and TNPTL recorded lower utilization, declining to 1% (from 5%) and 51% (from 59%), respectively. Laraib’s generation declined to 101 GWh, reflecting seasonal trend. On the automobile front, PAMA data indicates consistent growth in auto sales, and we expect a similar trend for mega motors. The company has also launched two new models Sealion 7 and Atto 2 in Jan ‘26, profit contributions are expected to materialize going forward.
Pakistan Cements: 2QFY26 result previews – By JS Research

Feb 12 2026


JS Global Capital


  • We present 2QFY26 earnings expectations for D.G. Khan Cement Ltd (DGKC), Cherat Cement Ltd (CHCC), and Kohat Cement Ltd (KOHC).
  • We expect DGKC to report EPS of Rs6.98 in 2QFY26E, up 13% YoY, supported by improved margins on the back of softer coal prices and a significant reduction in financial charges amid aggressive deleveraging and monetary easing.
  • In contrast, CHCC and KOHC are expected to witness earnings decline of 20% and 22% YoY in 2QFY26E, with EPS projected at Rs9.4 and Rs2.91, respectively, primarily due to margin compression amid lower YoY retention prices in the North and relatively higher coal costs owing to the Afghan border closure.
Bank of Punjab Limited (BOP): Company Update – By Taurus Research

Feb 12 2026


Taurus Securities


  • We upgrade our Dec’26 target price for the Bank of Punjab Lim ited (BOP) to PKR 50/sh. (PKR 46/sh. earlier) following the slight revision in our valuation assumptions, as well as incorporating the Bank’s upcoming 4QCY25 results (scheduled for February 17, 2026); maintaining our ’BUY’ stance offering an upside of 31% over the LDCP, coupled with a CY26E dividend yield of 8% - translating into a total return of 39%.
  • 4QCY25 consolidated earnings to arrive at PKR 7.1Bn (EPS PKR 2.2/sh.). Wherein, we anticipate the Bank’s Net Interest Margin to showcase QoQ improvement on account of the declining cost of funds mainly, attributable to the re-pricing of a substantial portion of the Bank’s term deposits i.e. 66% of the TDR portfolio, as per the management guidance.
Engro Fertilizers Limited (EFERT): 4Q2025 EPS at Rs6.26, down 19% YoY – By Topline Research

Feb 12 2026


Topline Securities


  • Engro Fertilizers (EFERT) announced its 4Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs8.4bn (EPS: Rs6.26), down 19% YoY and up 44% QoQ. The result came lower than the industry’s expectations due to lower-than-expected gross margins along with the one-time recognition of super tax charge amounting to ~Rs2bn in 4Q2025.
  • This takes 2025 earnings to Rs22.6bn (EPS: Rs16.95), down 20% YoY.
  • Net sales of the company increased by 20% YoY and 86% QoQ at Rs102bn in 4Q2025 due to the surge in Urea and DAP offtakes.
Engro Fertilizers Limited (EFERT): 4QCY25 EPS clocked in at PKR6.26 – By Insight Research

Feb 12 2026


Insight Securities


  • EFERT has announced its 4QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR6.26) vs. PAT of PKR10.2bn (EPS: PKR7.70) in SPLY. The result is below our expectation, mainly due to lower than estimated gross margins and higher ETR.
  • Revenue for the quarter witness an increase of ~20%/86% YoY/QoQ to clock in at PKR101.7bn, attributable to higher volumetric sales.
  • Gross margins decreased by ~7ppts/5ppts YoY/QoQ, to clock in at ~28% in 4QCY25, possibly due to higher than estimated discounts on urea.
Morning News: SBP chief expects broader recovery than IMF forecast – By HMFS Research

Feb 12 2026


HMFS Research


  • Central bank chief expects the economy to grow as much as 4.75 percent this fiscal year, pushing back against a recent downgrade by the International Monetary Fund. Governor Jameel Ahmad, in written responses to Reuters, argued the recovery is broader and more durable than headline export data suggest. The State Bank of Pakistan (SBP) raised its FY26 growth forecast to 3.75–4.75 percent at its January meeting, 0.5 percentage point higher than its previous range, despite a contraction in exports in the first half of the year and a widening trade deficit.
  • The Finance Minister welcomed Pommersheim, Deputy Assistant Secretary, and appreciated the longstanding support and engagement of the United States in Pakistan’s economic development, particularly cooperation in multilateral financial frameworks. Both sides exchanged views on Pakistan’s economic outlook, reform agenda, and avenues for enhancing bilateral economic cooperation. The Finance Minister also highlighted growing investor confidence, citing recent indigenous investment initiatives and increased private-sector participation.
Morning News: Saudi Arabia eyes Pakistan’s rice sector – By IIS Research

Feb 12 2026


Ismail Iqbal Securities


  • Saudi Arabia has shown interest in investing in corporate farming in Pakistan’s rice sector to ensure a stable, reliable supply of rice through structured, long-term arrangements between the two countries.
  • The Saudi government has dispatched a high-level delegation to Pakistan to explore avenues of cooperation in various sectors, apparently to finalise a priority agenda ahead of the expected visit of Saudi Crown Prince and Prime Minister Mohammed bin Salman.
Bank AL Habib (BAHL): Result Review – By Topline Research

Feb 11 2026


Topline Securities


  • Bank AL Habib (BAHL) announced its 4Q2025 result today, where the bank recorded consolidated earnings of Rs5.8bn (EPS of Rs5.20), down 23% YoY and 16% QoQ.
  • The 4Q2025 result came lower than industry expectations due to higher-than-expected operating expenses.
  • We maintain a buy stance on BAHL, with the stock currently trading at a 2026E PE ratio of 7.2x, PBV ratio of 1.2x, and dividend yield of 9.0%.
Bank of Punjab Limited (BOP): Company Update – By Taurus Research

Feb 12 2026


Taurus Securities


  • We upgrade our Dec’26 target price for the Bank of Punjab Lim ited (BOP) to PKR 50/sh. (PKR 46/sh. earlier) following the slight revision in our valuation assumptions, as well as incorporating the Bank’s upcoming 4QCY25 results (scheduled for February 17, 2026); maintaining our ’BUY’ stance offering an upside of 31% over the LDCP, coupled with a CY26E dividend yield of 8% - translating into a total return of 39%.
  • 4QCY25 consolidated earnings to arrive at PKR 7.1Bn (EPS PKR 2.2/sh.). Wherein, we anticipate the Bank’s Net Interest Margin to showcase QoQ improvement on account of the declining cost of funds mainly, attributable to the re-pricing of a substantial portion of the Bank’s term deposits i.e. 66% of the TDR portfolio, as per the management guidance.
Meezan Bank Limited (MEBL): 4QCY25 Result Review – By Taurus Research

Feb 9 2026


Taurus Securities


  • 4QCY25 EPS: PKR 11.9. 4QCY25 PAT down 16%YoY. CY25 PAT down 11%YoY. Further, MEBL has also announced a final cash dividend of PKR 7.00/sh., taking the CY25 dividend payout to PKR 28.0/sh. – in-line with expectations.
  • Net Spread Earned (NSE): Down 12%YoY/Up 3%QoQ. Wherein, the sequential uptick can be attributed to higher yields on earning assets, and surge in OMO related borrowings leading to higher arbitrage gains overall.
Engro Polymer & Chemicals Limited (EPCL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • Board Meeting: Friday, 13th February, 2026.
  • 4QCY25 EPS: PKR 0.93; DPS: NIL; PAT: PKR 850Mn. CY25 LPS: 2.18, DPS: NIL, LAT: PKR 2.0Bn.
  • During 4QCY25, we expect net sales to clock in at ~PKR 21Bn, down 1%YoY / up 7%QoQ. On a sequential basis, we expect gross margin to arrive at ~16.7%, an increase of 4pptsQoQ, mainly due to higher utilization and absorption. To note, core delta (PVC-Ethylene) for the quarter was down 1pptQoQ averaging around ~USD 275/ton. Moreover, we expect continued contribution from Alkali and HPO businesses. Finance cost is expected to fall ~17%QoQ, reflecting efficient debt management and lower interest rates during the period.
Attock Petroleum Limited (APL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17, PAT: ~PKR 2.1Bn, down ~23% over the SPLY. 1HFY26 PAT to grow 16%YoY.
  • In 2QFY26, APL’s topline is expected to clock-in at ~PKR 113Bn, down 5%YoY/4%QoQ. During 2QFY26, APL’s MS and HSD volumes decreased by 2%YoY and 8%YoY, respectively. As a result, net profit is likely to decrease by 23%YoY and arrive at PKR 2.1Bn. Overall volumes for the quarter decreased by 3%QoQ and 5%YoY altogether during 1HFY26. Despite the decrease, APL’s net sales for 1HFY26 are expected to remain stable YoY at PKR 231Bn, recording a decrease of only 0.5%YoY.
Pakistan State Oil Company Limited (PSO): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17.0, PAT: ~PKR 8.0Bn up 11% over the SPLY. 1HFY26: – PAT up 55% over the SPLY.
  • In 2QFY26, PSO’s net sales are expected to clock-in at ~PKR 711Bn, down 15%YoY/4%QoQ due to a decrease in PSO’s MS and HSD volumes by 11%YoY and 16%YoY, respectively, primarily due to a 5%YoY decrease in its market share during 2QFY26 due to competition. In addition, sales of other fuels increased only by 4%YoY. However, gross margin during the quarter is expected to grow marginally by 0.5ppts as LNG sales are expected to eventually increase by 1.3%QoQ.
  • Moreover, the finance cost for the quarter is expected to decrease by 19%YoY, and by 32% for 1HFY26 due to lower debt and interest rates. We expect this to contribute to some growth in net profit as well as improve the net margin to 1.1% from to 0.9% during the SPLY. Accordingly, PSO’s net profit is expected to grow by 11%YoY during 2QFY26 and 55%YoY during 1HFY26.
Engro Powergen Qadirpur Limited (EPQL): 4QCY25 Result Review – By Taurus Research

Feb 4 2026


Taurus Securities


  • Board Meeting: February 04, 2026.
  • 4QCY25 LPS: PKR 0.05; DPS: PKR 1.25; LAT: PKR 15Mn, down 1.0xYoY over the SPLY – below expectations.
  • EPQL’s net sales clocked-in at PKR 3.2Bn in 4QCY25, down 4%QoQ due to lower plant utilization. Gross margins hovered at 6%, down 8pptsQoQ on account of increase in fuel cost component. Moreover, CY25 sales dropped 10%YoY on the back of major scheduled outage in 2025 and reduction in capacity payments due to implementation of hybrid take & pay model. CY25 PAT down 61%YoY due to PPA revisions in addition to lower utilization level. On a sequential basis, EPQL posted a LAT of PKR 15Mn (LPS of PKR 0.05) as a lower topline has wiped out the earnings during the quarter. Lastly, the Company announced a final cash dividend of PKR 1.25 for the quarter, taking the total payout to PKR 11.75 for the year.
Pakistan Cement: Jan’26 dispatches up 4%MoM – By Taurus Research

Feb 4 2026


Taurus Securities


  • Total cement dispatches in Jan’26 went up 4%MoM to 4.54Mn tons i.e. domestic sales down 3%MoM while exports were up significantly by 51%MoM. Decrease in domestic sales was at tributed to lower construction demand amid winter effect, also a resultant effect of 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 for the third consecutive month due to the border closure with Afghanistan, searching for alternative destinations like Sri Lanka and Bangladesh via the Sea route.
Oil Marketing Companies: Jan’26 Volumes up 10%YoY and 12%MoM – By Taurus Research

Feb 4 2026


Taurus Securities


  • Petroleum products off-take for Jan’26 stood at ~1.5Mn tons, reflecting an increase of 12%MoM and 10%YoY respectively. MS volumes increased 2%MoM and 3%YoY. Meanwhile, HSD volumes increased by 20%MoM and 11%YoY, respectively. During 7MFY26, industry volumes were up 3%YoY with MS and HSD up 3%YoY and 4%YoY, respectively.
  • Industry sources report a combination of factors that the MoM increase was a result of, particularly economic recovery and ease in inflation. 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 car sales supporting demand as well.
Oil & Gas Development Company Limited (OGDC): 2QFY26 Result Preview – By Taurus Research

Feb 3 2026


Taurus Securities


  • 2QFY26 EPS: PKR 8.56; 2QFY26 PAT down 4%QoQ.
  • Net sales for the quarter are expected to arrive at ~PKR 98.9Bn, down 2%YoY. Royalty expenses are expected to be recorded at ~PKR 10.9Bn, down 6%YoY supporting profitability.
  • Additionally, EPS for 2QFY26 is expected to arrive at PKR 8.56, down 11%YoY and 4%QoQ, mainly due to elevated exploration and operating expenses arising from dry well outcomes at Jakhro North-1 and Khatian-1, along with the ongoing drilling and seismic activities, which continue to weigh on profitability.
Pakistan Economy: Jan’26 NCPI arrives at 5.8%YoY/0.4%MoM – By Taurus Research

Feb 3 2026


Taurus Securities


  • Headline inflation for Jan’26 arrived at 5.8%YoY/0.4%MoM, in line with expectations. Consequently, taking the NCPI for FY26 to date to 5.21%YoY. However, core inflation edged up slightly in both Urban & Rural areas for Jan’26 to 7.2%YoY (6.9%YoY in Dec’25) and 8.3%YoY (8.1%YoY in Dec’25), respectively.
  • To note, food inflation (~35% weight) for the month stood at 0.06% only on account of ~13%MoM decrease in the prices of perishable items. These include ~28%MoM decline in the prices of Potatoes and Onions along with a ~17%MoM decrease in the prices of other fresh vegetables during the month. Resultantly, offsetting the impact of the surge in prices of Wheat & Chicken.
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