Allied Bank Limited (ABL): 4QCY25Result Review – By Taurus Research

Feb 17 2026


Taurus Securities


  • 4QCY25 EPS: PKR 8.3. 4QCY25 PAT up 21%YoY. CY25 EPS: PKR 31.7; CY25 PAT down 18%YoY over the SPLY. Also, ABL announced a final cash dividend of PKR 4.0/sh., taking the CY25 DPS to PKR 16.0 – slightly above with expectations.
  • Net Interest Income (NII): Dipped 2%QoQ wherein interest income was down 3%QoQ, attributable to re-pricing of earning assets amid falling interest rates. Whereas, interest expenses were also down 4%QoQ as a result of lower cost of funds mainly.
Faysal Bank Ltd (FABL): 4QCY25 Result Review – By AKD Research

Feb 19 2026


AKD Securities


  • Faysal Bank Ltd (FABL) announced its 4QCY25 financial results earlier today, wherein the bank posted NPAT of PkR6.7bn (EPS: PkR4.4) for the quarter, up 105%YoY/34% QoQ. The result is above our expectations due to higher than anticipated gain on sale of securities. In addition to the result, bank announced a final cash payout of PkR2.0/ sh, below our expectations of PkR2.5/sh, taking CY25 cash payout to PkR6.5/sh.
  • Net spread earned was recorded at PkR17.6bn in 4QCY25, down by 13%YoY/1% QoQ due to reduction in yields along with impact of MDR introduction on saving accounts.
Faysal Bank Limited (FABL): 4QCY25 Result Review – By Taurus Research

Feb 19 2026


Taurus Securities


  • 4QCY25 EPS: PKR 4.6. 4QCY25 PAT up 95%YoY. CY25 PAT down 6%YoY. Further, FABL has also announced a final cash dividend of PKR 2.00/sh., taking the CY25 dividend payout to PKR 6.5/sh.
  • Net Spread Earned (NSE): Remained flattish compared to the previous quarter on account of pressure on margins due to plateauing asset yields and slight uptick in the cost of funds. Overall, NSE declined 1%QoQ.
Cherat Cement Company Limited (CHCC): Earnings Above Estimates; Margins Stable – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Cherat Cement (CHCC) announced its 2QFY26 results, reporting net profit of PKR 2.02bn, down 4% QoQ and 11% YoY. The result is slightly above our expectations mainly due to stronger than anticipated gross margins.
  • Net sales declined by 11% YoY, primarily driven by lower bag prices in the North region and reduced exports following the Afghan border closure, which, according to the company, account for around 7% of total sales. Cost of goods sold declined by roughly 12% YoY, likely supported by operational efficiencies including the induction of EV dumpers that helped reduce freight costs, along with the installation of around 9MW solar capacity contributing to lower energy expenses. The decline in costs helped maintain gross margins at around 36%, broadly in line with 1QFY26 and 2QFY25 levels.
Allied Bank Limited (ABL): 4QCY25Result Review – By Taurus Research

Feb 17 2026


Taurus Securities


  • 4QCY25 EPS: PKR 8.3. 4QCY25 PAT up 21%YoY. CY25 EPS: PKR 31.7; CY25 PAT down 18%YoY over the SPLY. Also, ABL announced a final cash dividend of PKR 4.0/sh., taking the CY25 DPS to PKR 16.0 – slightly above with expectations.
  • Net Interest Income (NII): Dipped 2%QoQ wherein interest income was down 3%QoQ, attributable to re-pricing of earning assets amid falling interest rates. Whereas, interest expenses were also down 4%QoQ as a result of lower cost of funds mainly.
Meezan Bank Limited (MEBL): Stable Sequential Performance, In Line with Expectations – By IIS Research

Feb 9 2026


Ismail Iqbal Securities


  • Meezan Bank Limited (MEBL) announced its 4QCY25 results, posting unconsolidated earnings of PKR 12.1/share, down 11% YoY while up by 4% QoQ. The result is inline with our expectations. The bank also declared final cash dividend of PKR 7/share, taking the cumulative CY25 payout to PKR 28/share.
  • Net Interest Income (NII) declined by 12% YoY while up by 3% QoQ, indicating that the major impact of asset repricing has already been incurred. Non markup income declined by 36% YoY and 27% on QoQ basis, due to absence of gain on sale of securities and loss on FX income while fee income remained flat on YoY/QoQ basis.
Commercial Banks: 4QCY25 Previews: Stable earnings; Payouts intact – By Insight Research

Feb 3 2026


Insight Securities


  • We estimate profitability of ISL coverage banks to inch up by 16% YoY, while same is expected to decline by 2% QoQ. The YoY increase is mainly driven by lower ETR for the quarter compared to SPLY, further aided by volumetric expansion. While, QoQ decline is attributable to slight moderation in NIMs. Net Interest Income of the sector is likely to decline as impact of lower policy rate translates into asset yields.
  • However, some of the impact is likely to offset by balance sheet expansion as deposits grew by ~2.7% QoQ. We estimate HBL/UBL/MCB/MEBL/BAFL to post EPS of PKR11.0/13.8/11.9/12.5/3.5, respectively. We expect dividend payouts to remain robust amid healthy profits and decent buffer on adequacy ratios and expect HBL/UBL/MCB/ MEBL/BAFL to announce DPS of PKR5.0/8.0/9.0/7.0/2.5, respectively.
Morning News: Pakistan to establish 14,590-acre Port Qasim Industrial Complex – By Alpha-Akseer Research

Jan 13 2026


Alpha Capital


  • The government on Monday rolled out a long-term master plan to establish a Port Industrial Complex at Port Qasim, a project expected to strengthen Pakistan’s industrial base, boost exports and enhance the port’s role as a regional trade and logistics hub.
  • The National Electric Power Regulatory Authority (Nepra) has approved uniform national average tariff for Discos and KE for CY26 despite serious concerns of industry and export sector.
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.
Fast Cables Limited (FCL): held its analyst briefing earlier today to brief investors about FY25 results and future outlook – By AKD Research

Nov 7 2025


AKD Securities


  • FCL reported revenue of PkR31.9bn in FY25, down 11%YoY, due to subdued domestic demand, slower public projects, and heightened competition across segments. Net profit stood at PkR1.3bn (EPS: PkR2.03), down 33%YoY.
  • Gross margins compressed to 16.9% (vs. 18.7% in FY24), due to weaker pricing power and commodity price volatility, with copper and aluminum prices up ~10%YoY.
  • Established in 1985, FCL operates 6,000+ cable SKUs, has a nationwide network of 350+ dealers, and various global certifications systems. It operates two CCV lines, along with Aluminum and Alloy manufacturing facilities.
Fast Cables Limited (FCL): FY25 & 1QFY26 Corporate Briefing Takeaways – By Taurus Research

Nov 7 2025


Taurus Securities


  • Fast Cables Limited (FCL) manufactures over 10 types of cables with over 6,000 product SKUs. It has a nationwide network of 350+ dealers and branch offices in every province. Its products and state of the art manufacturing and testing facilities are internationally certified. FCL has the privilege of being the only Pakistani Company to have acquired a number of these certifications. As the market leader in its industry, FCL has a large number of clients for whom it has facilitated industrial, commercial, housing, and public sector projects. FCL’s product portfolio also includes lights, metals, and PVC.
  • FCL’s ‘Fast Tasdeeq’ service allows its customers to verify whether or not they have purchased a counterfeit product. The service can be used via SMS and each cable coil’s unique identification code.
  • During FY25, FCL recorded PKR 32Bn in revenue, down 11%YoY. The gross margin decreased by ~2ppts to 17%. Its net profit was recorded at PKR 1.27Bn, down 32%YoY. As a result, FCL recorded an EPS of PKR 2.03/sh compared to PKR 3.68/sh in the SPLY. FCL paid a 5% dividend at PKR0.5/sh in addition to bonus shares of 2.5% (25 for every 100).
Pakistan Market Wrap: KSE-100Dips as Investors Lock Profits Amid Global Tensions – By HMFS Research

Feb 19 2026


HMFS Research


  • The KSE-100 index endured intense selling pressure today as investors aggressively moved to lock in gains, resulting in a sharp and broad-based correction across the equity market. The benchmark plunged to an intra-day low of 7,206 points, with heavyweights from the fertilizer, banking, and E&P sectors leading the downturn. Escalating geopolitical tensions between the US and Iran dampened investor sentiment, triggering widespread profit-taking and amplifying volatility. By the close of the session, the index settled at 172,170, marking a record decline of 6,683 points (down 3.74%) from the previous day’s close.
  • Trading activity remained relatively moderate, with volumes recorded at 229mn shares on the KSE-100 index and 540mn shares in the overall market. The day’s volume leaders included WTL (84mn), KEL (62mn), and TSBLR1 (46mn). Going forward, market direction is likely to remain contingent upon geopolitical developments and evolving domestic economic indicators. Additionally, forthcoming result announcements from blue-chip companies could provide selective support to the benchmark. In this environment, investors are advised to remain vigilant, carefully assess market dynamics, and focus on fundamentally strong stocks offering sustainable long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a sharply negative note – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • The benchmark index closed on a sharply negative note, declining from the outset amid global uncertainty and rising oil prices, which weighed on investor sentiment. Trading volumes decreased to 229mn shares today as compared to 425mn shares in the previous session. Today, the KSE-100 index lost 6,683 points to close at 172,170 level, down by -3.74% DoD. Banks, Cement, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 3506 points from the index.
Oil & Gas Development Co. (OGDC): Expanding frontier footprint; BUY reiterated – By Topline Research

Feb 19 2026


Topline Securities


  • We reiterate our BUY stance on Oil and Gas Development Company (OGDC), with a Mar-27 Target Price (TP) of Rs419/share, implying a total return of 48% (including dividend yield of 5%). The stock was highlighted as a top pick in our 2026 strategy report released on Nov 08, 2025. Since then, OGDC has delivered a return of 19%, outperforming the benchmark by 11%.
  • This is despite a recent correction of 12.1% in the stock price over the last one month, amid concerns surrounding the Reko Diq project, which we believe have overplayed.
Pakistan Market Wrap: KSE-100 closes at 172,170 down 6,683 points – By Alpha-Akseer Research

Feb 19 2026


Alpha Capital


  • The equity market commenced the session on a negative footing and remained under sustained selling pressure throughout the day. The KSE-100 Index witnessed significant intraday volatility, fluctuating between 171,647 and 179,280 before settling at 172,170—down 6,683 points at close. Total traded volume on the main board reached 215.5 million shares, with an aggregate value of PKR 21.2 billion.
  • Key contributors to the index decline included FFC (-3.3%, - 539 points), ENGROH (-3.8%, -350 points), UBL (-2.4%, -347 points), OGDC (-4.7%, -302 points), and PPL (-5.5%, -298 points). On the activity front, KEL and BOP dominated volumes, with 58.8 million and 28.1 million shares traded, respectively.
Faysal Bank Ltd (FABL): 4QCY25 Result Review – By AKD Research

Feb 19 2026


AKD Securities


  • Faysal Bank Ltd (FABL) announced its 4QCY25 financial results earlier today, wherein the bank posted NPAT of PkR6.7bn (EPS: PkR4.4) for the quarter, up 105%YoY/34% QoQ. The result is above our expectations due to higher than anticipated gain on sale of securities. In addition to the result, bank announced a final cash payout of PkR2.0/ sh, below our expectations of PkR2.5/sh, taking CY25 cash payout to PkR6.5/sh.
  • Net spread earned was recorded at PkR17.6bn in 4QCY25, down by 13%YoY/1% QoQ due to reduction in yields along with impact of MDR introduction on saving accounts.
D.G. Khan Cement Company Limited (DGKC): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • D.G. Khan Cement Company Limited is scheduled to announce its 2QFY26 results on 23 February 2026 and is expected to report a PAT of PKR 2,652 million (EPS: PKR 6.05), down 2.5% YoY.
  • Quarterly sales are projected at PKR 19,932mn, down 8.1% YoY, mainly due to lower exports after the Afghan border closure.
Attock Cement Pakistan Limited (ACPL): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • Attock Cement Pakistan Limited is scheduled to announce its 2QFY26 results on 23 February, 2026 and is expected to report a PAT of PKR 1,027 million (EPS: PKR 7.48), up 76.8% YoY, driven by higher retention prices, volumetric growth, and the addition of a 4.8MW wind mill.
  • Sales revenue for the quarter is expected to reach PKR 11,622 mn, up 30.20% YoY.
Faysal Bank Limited (FABL): 4QCY25 Result Review – By Taurus Research

Feb 19 2026


Taurus Securities


  • 4QCY25 EPS: PKR 4.6. 4QCY25 PAT up 95%YoY. CY25 PAT down 6%YoY. Further, FABL has also announced a final cash dividend of PKR 2.00/sh., taking the CY25 dividend payout to PKR 6.5/sh.
  • Net Spread Earned (NSE): Remained flattish compared to the previous quarter on account of pressure on margins due to plateauing asset yields and slight uptick in the cost of funds. Overall, NSE declined 1%QoQ.
Technical Outlook: KSE-100 expected to test resistance at the 50-DMA – By JS Research

Feb 19 2026


JS Global Capital


  • KSE-100 index showed sharp recovery to close at 178,853 level, up 5,703 points DoD. Volumes stood at 698mn shares versus 716mn shares traded previously. The index is expected to test resistance at 179,699 (50-DMA) where a break above that will target the 30-DMA currently at 184,064 level. However, any downside will find support between 175,800 and 177,385 levels, respectively. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. Investors are recommended to 'Buy on dips', with risk defined below 175,796 level. The support and resistance are at 175,796 and 180,442 levels, respectively.
Morning News: IT exports rise 20pc in 7MFY26 – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • Information technology (IT) exports surged 20 per cent year-on year (YoY) to reach $2.6 billion in the first seven months of FY26, according to a Topline Research report issued on Wednesday.
  • Foreign Direct Investment (FDI) in Pakistan fell sharply 51 percent during the first seven months of the current fiscal year (FY26).
Faysal Bank Limited (FABL): 4QCY25 Result Review – By Taurus Research

Feb 19 2026


Taurus Securities


  • 4QCY25 EPS: PKR 4.6. 4QCY25 PAT up 95%YoY. CY25 PAT down 6%YoY. Further, FABL has also announced a final cash dividend of PKR 2.00/sh., taking the CY25 dividend payout to PKR 6.5/sh.
  • Net Spread Earned (NSE): Remained flattish compared to the previous quarter on account of pressure on margins due to plateauing asset yields and slight uptick in the cost of funds. Overall, NSE declined 1%QoQ.
Pakistan Economy: Jan’26 CA posts a surplus of USD 121Mn – By Taurus Research

Feb 18 2026


Taurus Securities


  • Current Account (CA) for Jan’26 posted a surplus of USD 121Mn, as against a deficit of USD 265Mn in Dec’25. Cumulatively, 7MFY26 CAD clocked-in at ~USD 1Bn, up ~2.9x over the SPLY.
  • The surplus in Jan’26 can be attributed to: i) 13%MoM decline in the trade deficit due to 7%MoM contraction in goods imports; and ii) 25%MoM drop in the services deficit, respectively. Hence, the balance on goods & services was down 14%MoM.
Bank of Punjab Limited (BOP): 4QCY25Result Review – By Taurus Research

Feb 18 2026


Taurus Securities


  • 4QCY25 EPS: PKR 1.2. 4QCY25 PAT down 18%YoY. CY25 EPS: PKR 4.7; CY25 PAT up 17%YoY over the SPLY. Further, BOP also announced a final DPS of PKR 1.50, taking the full-year payout to PKR 2.5/sh. – below expectations.
  • Net Interest Income (NII): NII arrived in flat on a sequential basis contrary to expectations amid pressure on margins. Wherein, interest income posted a drop of 4%QoQ along with a 6%QoQ drop in the cost of funds.
Millat Tractors Limited (MTL): 2QFY26 EPS clocked-in at PKR 12.06 – By Taurus Research

Feb 17 2026


Taurus Securities


  • 2QFY26: EPS: PKR 12.06; DPS: PKR 20; PAT: PKR 2,406Mn, up 4xQoQ.
  • MTL’s revenue stood at PKR 20.9Bn in 2QFY26, up 7%YoY and 2xQoQ, primarily due to a ~2x increase in units sold to 6,335 tractors during the quarter (vs. 2,177 units in 1QFY26). This rise was attributed mainly to the green tractor financing Scheme by the Government of Punjab towards the end of the year 2025. Looking ahead, demand is expected to normalize in the upcoming quarter due to the absence of the green tractor financing Scheme during that period and end of the Rabi season.
Habib Sugar Mills Limited (HABSM): Corporate Briefing Takeaways – By Taurus Research

Feb 17 2026


Taurus Securities


  • Habib Sugar Mills Limited is a public limited company incorporated in Pakistan on February 08, 1962. The Company is engaged in the manufacturing and marketing of refined sugar, ethanol, liquidified carbon dioxide (CO2), household textiles, providing bulk storage facilities and trading of commodities.
  • The Company has crushed around 746,000 metric tons of sugarcane as of February 15, 2026, resulting in the production of approximately 79,000 tons of sugar with a recovery rate of 10.7%.
Allied Bank Limited (ABL): 4QCY25Result Review – By Taurus Research

Feb 17 2026


Taurus Securities


  • 4QCY25 EPS: PKR 8.3. 4QCY25 PAT up 21%YoY. CY25 EPS: PKR 31.7; CY25 PAT down 18%YoY over the SPLY. Also, ABL announced a final cash dividend of PKR 4.0/sh., taking the CY25 DPS to PKR 16.0 – slightly above with expectations.
  • Net Interest Income (NII): Dipped 2%QoQ wherein interest income was down 3%QoQ, attributable to re-pricing of earning assets amid falling interest rates. Whereas, interest expenses were also down 4%QoQ as a result of lower cost of funds mainly.
Mirpurkhas Sugar Mills Limited (MIRKS): Corporate Briefing Takeaways – By Taurus Research

Feb 13 2026


Taurus Securities


  • MIRKS’s sugar production declined to 52,997MT in SY25 from 66,101MT in SY24, down 20%YoY, while paper production rose to 42,658MT from 31,968MT in the SPLY, up 33%YoY. Molasses production declined to 26,286MT from 30,110MT, down 13%YoY, while sucrose recovery fell slightly to 10.42% from 10.73% in the SPLY. The Company also exported 5,003 MT of sugar during SY25.
  • Net sales increased to PKR 12.6Bn in SY25, up 5%YoY from ~PKR 12Bn, driven by higher sugar prices and improved paper output. A net loss of ~PKR 251Mn was in reported in SY25 compared to ~PKR 2.2Bn in SY24, with a LPS of PKR 3.77 versus PKR 39.17 in the SPLY.
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.
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