Pakistan National Shipping Corporation (PNSC): Corporate Briefing Notes – By Chase Research

Nov 22 2024



  • PNSC plans to replace 4 Aframax tankers, with expected deliveries starting from 2027.
  • Tanker demand to rise with refinery shifts, but geopolitical risks remain.
  • PNSC revising Procurement Policy to allow secondhand vessel purchases
Pakistan National Shipping Corporation (PNSC): Corporate Briefing Notes – By Chase Research

Nov 22 2024



  • PNSC plans to replace 4 Aframax tankers, with expected deliveries starting from 2027.
  • Tanker demand to rise with refinery shifts, but geopolitical risks remain.
  • PNSC revising Procurement Policy to allow secondhand vessel purchases
Pakistan National Shipping Corporation (PNSC): 1QFY25 & FY24 Corporate Briefing Takeaways – By Taurus Research

Nov 22 2024


Taurus Securities


  • PNSC’s management presented FY24 results of the Company where they highlighted significant changes in the operations i.e. replacement of 5 Aframax tankers with the green vessels (1 vessel to procure by 2027) before 2030. The Company handled around 1,500 shipments during 1QFY25. PNSC currently owned 12 vessels – 7 tankers and 5 dry bulk carriers (10 vessels procured from Japan and 2 from South Korea).. The Company undergone major changes in regulatory compliance in line with the international standards which will improve safety management system.
  • As per the management, PNSC focuses on quality standards by providing repair and maintenance activities whenever ship enters in Pakistan for cargo handling purpose. Further, the Company has just received bids from UK and China regarding procurement and replacement of current vessels with green vessels. The new vessel will cost around USD 75-80Mn which is approximately PKR 22-24Bn, these procurement would be made through the use of surplus funds from its balance sheet along with recent proceeds of PKR 3.3Bn from selling empty Karachi tanker and exchange gain of around PKR 3.2Bn, accordingly. The surplus fund will also use to add more vessels and for investment purpose.
  • Regarding the financial performance, the management told that the lower earnings in FY24 were attributed to drop in revenues i.e. both sales revenue of Dry bulk and slot business dropped due to lower freight rates. However, they expect increase in freights from Jan’25 which will improve net revenues of the Company. In addition, the Company recorded an exchange loss of PKR 188Mn in 1QFY25.
Market Wrap: Highlights of the day - By JS Research

May 22 2025


JS Global Capital


  • The market opened on a positive note on Thursday, with the index gaining 767 points to hit an intraday high of 120,699. However, the momentum faded as investors opted for profit-taking at higher levels, dragging the index down to an intraday low of 119,062 before closing at 119,153, down 778 points. Going forward, range-bound activity is likely to persist ahead of the Federal Budget announcement, and investors are advised to remain cautious."
Sazgar Engineering Works (SAZEW): Corporate Briefing Key Takeaways - By Topline Research

May 22 2025


Topline Securities


  • The management of Sazgar Engineering Works (SAZEW) held it's corporate briefing today to discuss the financial results for 3QFY25 and share the company's future outlook.
  • SAZEW plans to complete its four-wheeler manufacturing expansion by March 2026 and introduce new NEV models. The company will also focus on expanding its export markets (mainly three wheelers) and the local dealership network. Sazgar currently has a network of 20 four-wheeler dealers, with expansion underway as new centers in Mardan and Peshawar are set to open soon.
  • The production capacity of the company will increase from 40-50 cars a day to 90-100 cars a day post expansion.
Sazgar Engineering Works Ltd. (SAZEW): 9MFY25 Analyst Briefing Takeaways - By AKD Research

May 22 2025


AKD Securities


  • Sazgar Engineering Works Ltd. (SAZEW) held its analyst briefing to discuss 9MFY25 results and its future outlook. Following are the key highlights:
  • To recall, company posted topline of PkR81.4bn in 9MFY25 vs PkR34.6bn in 9MFY24, an increase of 2.4xYoY. The said increase is primarily attributed to higher volumetric sales of four wheelers, particularly HAVAL.
  • Company posted earnings of PkR12.9bn (EPS: PkR212.7) in 9MFY25, compared to PkR4.4bn (EPS: PkR73.6) in SPLY, an increase of 2.9xYoY.
Economy: Pakistan Federal Budget FY26 Preview Fiscal consolidation to continue; Third consecutive year of primary surplus - By Topline Research

May 22 2025


Topline Securities


  • Fiscal consolidation to continue: Pakistan is set to announce Federal Budget FY26 on Jun 02, 2025. We expect this budget to continue fiscal consolidation, focus on IMF guidelines and bring untaxed/low tax areas in tax net. Furthermore, we believe, this Budget FY26 hold high importance from policy point of view as various additional legislative engagements are likely to be undertaken i.e. inclusion of Section 114c, National Tariff Policy, Captive Power Levy Ordinance, removing cap on Debt Servicing Surcharge (DSS) amongst others.
  • Government’s commitment to IMF for FY26 Budget: Government has committed with IMF to continue with fiscal consolidation in FY26 budget to ensure debt sustainability. The government targets primary surplus of 1.6% of GDP (vs. 2.0-2.1% of GDP in FY25), a surplus for third consecutive year after 2 decades. The govt. has also committed to use any windfall dividend expected from central bank over and above 1% of GDP to retire debt.
  • FBR FY26 Tax revenue growth target could be lowest in 6 years: FBR revenue target is expected at Rs14.1-14.3tn, up 16-18% YoY, which will be a lowest % growth in last 6 years. FBR has achieved 5-year revenue CAGR of 25% from FY21-25. We believe, out of this required 16-18% growth, ~12% would be achieved through autonomous growth driven by real GDP growth of 3.6% and inflation of 7.7%. The remaining 4-5% growth translates into additional tax measures of Rs500-600bn, we estimate.
Power: Apr’25 generation up 22%YoY / 25%MoM - By Topline Research

May 22 2025


Topline Securities


  • Power generation in Apr’25 clocked in at 10,511GWh, reflecting a 22%YoY increase and a 25%MoM jump, driven by seasonal recovery in demand as temperatures rose. This marks a significant rebound from Mar’25, when generation stood at 8,409GWh, following a dip to 6,945GWh in February due to winter-related slowdown in both household and industrial consumption.
  • Cumulatively, 10MFY25 power generation stood at 100,658GWh, reflecting a slight 0.3% YoY decline compared to 100,966GWh in the SPLY.
  • Hydel generation saw a sharp rebound, increasing by 78%MoM and 11%YoY, contributing 2,306GWh—driven by higher power demand. Coal-based generation, which was the highest contributor in the mix, surged 1.9xYoY to 2,579GWh and rose 33%MoM— likely due to improved plant availability and lower global coal prices. However, nuclear generation declined by 8%YoY and 15% MoM, contributing 1,882GWh. Meanwhile, generation from expensive sources like furnace oil and HSD dropped to just 1% of the mix, in line with the Government’s continued shift toward more cost-efficient and sustainable energy sources.
Pakistan Power: Power generation marks highest YoY growth since Apr-2022 - By JS Research

May 22 2025


JS Global Capital


  • As per latest data released by National Electric Power Regulatory Authority (NEPRA), Power generation during Apr-2025 clocked in at 10,513GWh, posting a significant increase of 22% YoY. Cumulatively, power generation during 10MFY25 remained flat with a marginal dip of 0.4% YoY, clocking-in at ~100,661GWh.
  • Average cost of generation for Apr-2025 stood at Rs8.95/kWh, remaining flat YoY. Nevertheless, on a sequential basis, average cost dipped 3%.
  • The sequential decline in generation cost is mainly attributable to higher contribution from Hydel plants in generation which stood at 22% in the energy mix during Apr-2025 compared to 15% during the last month.
Technical Outlook: KSE-100 entering the resistance range - By JS Research

May 22 2025


JS Global Capital


  • The KSE-100 index showed positive movement to close at 119,931, up 960 points DoD. Volumes stood at 668mn shares compared to 438mn shares traded in the last session. The index is expected to face resistance at 120,797 (all-time intraday high) as a break above may start a new momentum towards 123,375 and 125,947 levels, respectively. However, any downside will find support between 118,740 and 119,340 levels. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to ’Buy on dips’, keeping stoploss below 118,527. The support and resistance levels are at 119,338 and 120,315, respectively.
Morning News: IMF yet to decide on budget relief request - By Vector Research

May 22 2025


Vector Securities


  • Seeking effective and practical steps for the realisation of agriculture income tax and improvements in retail sector taxation, the International Monetary Fund (IMF) has yet to take a position on Pakistan’s request for relief measures in the upcoming budget, due on June 2.
  • Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said that Pakistan’s exports to United States of America (USA) is $4.4 billion as compared to imports of US$1.9 billion with the trade surplus of $2.5 billion during current Financial Year 2024-25 (up to March).
  • Pakistan’s total investment plunged into the lowest range despite a slight improvement in the outgoing fiscal year 2024-25, mainly due to the assumption of reliance on increased public investments. Private sector investment stagnated, standing at 9.1 percent in the current fiscal year compared to 9 percent in the last financial year.
Morning News: $2.5bn surplus in trade with US: Aurangzeb - By WE Research

May 22 2025



  • Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, reported that Pakistan recorded a trade surplus of $2.5 billion with the United States during the current financial year 2024-25 (up to March), with exports at $4.4 billion and imports at $1.9 billion. In the previous year, 2023-24, exports were $5.3 billion and imports $2.2 billion, resulting in a $3.1 billion surplus. Key exports include garments and medical instruments, while major imports consist of cotton, steel scrap, computers, and petroleum products. The U.S. has imposed a 30% reciprocal tariff on Pakistani imports, currently suspended for 90 days, which exporters see as a challenge but also a potential opportunity due to higher tariffs on competitors. In response, the prime minister has formed a Steering Committee and a working group, with the Ministry of Commerce coordinating a comprehensive strategy to engage with U.S. authorities.
  • Gold prices in Pakistan rose significantly on Wednesday, with 24-karat gold reaching Rs349,400 per tola after an increase of Rs6,600, and 10 grams priced at Rs299,554, up Rs5,659, according to the AllPakistan Gems and Jewelers Sarafa Association. The price of 22-karat gold also increased to Rs274,601 per 10 grams. Silver prices followed suit, with 24-karat silver rising to Rs3,466 per tola and Rs2,971 per 10 grams. Internationally, spot gold traded near $3,302 an ounce, up 0.39%, marking its third consecutive daily gain, driven by a softer dollar and heightened safe-haven demand amid global economic and geopolitical uncertainties.
  • Pakistan’s per capita income rose by 9.75% to a record $1,824 in FY2024–25, up from $1,662 the previous year, with the economy’s total size reaching $410.96 billion—a 2.68% annual increase—according to provisional estimates by the Pakistan National Accounts Committee (NAC). In rupee terms, per capita income grew 8.27% to Rs509,174. This growth, driven mainly by a 3.99% rise in the services sector and a modest 1.18% increase in agriculture, helped Pakistan join the world’s 40 largest economies, despite a continued 1.14% contraction in the industrial sector. The NAC also revised earlier quarterly GDP growth estimates and finalized FY23 growth at -0.21% and FY24 at 2.51%. Analysts see the rebound as a sign of resilience amid global and domestic challenges, marking the highest GDP since FY18, when it last approached similar levels before facing economic and political instability.
Power Cement Ltd. (POWER): 9MFY25 Analyst Briefing Takeaways - By AKD Research

May 21 2025


AKD Securities


  • Power cement Ltd. (POWER) held its analyst briefing today to discuss the 9MFY25 financial results and future outlook of the company. Following are the key points:
  • To recall, company posted profit of PkR348mn (EPS: PkR0.07) in 9MFY25 compared to a loss of PkR1.2bn (LPS: PkR1.41) in SPLY. The said improvement in profitability was primarily attributable to lower financial charges (down 35%YoY) during the period amidst falling interest rates and improved operating efficiencies.
  • Company’s total offtakes for 9MFY24 decreased by 19%YoY to 1.7mn tons. This was due to decrease in clinker exports amid falling prices in the international market. Avg. export prices for clinker during the period stood at ~US$30-31/ton
IGI Holdings Limited (IGIHL): Corporate Briefing Notes - By Chase Research

May 19 2025



  • IGI Holdings Limited (IGIHL) reported consolidated net profit of PKR 507 million (EPS: PKR 3.47) in 1QCY25, up 12% from PKR 452 million (EPS: PKR 3.12) in the same period last year.
  • In CY24, the company received dividend income of PKR 1.63 billion, reflecting a 2.6% YoY increase. Profit before tax stood at PKR 1.33 billion versus PKR 1.25 billion in the SPLY, while profit after tax rose slightly to PKR 1.35 billion from PKR 1.32 billion. EPS increased to PKR 9.48 compared to PKR 9.24 last year.
  • The company maintained a stable dividend per share of PKR 65 and a payout ratio of 65% in CY24. Total assets were PKR 16.13 billion, with liabilities dropping significantly to PKR 314 million from PKR 888 million in the SPLY, as the company paid off all short- term and long-term loans.
TPL Properties Limited (TPLP): Corporate Briefing Notes - By Chase Research

May 19 2025



  • TPL Properties Limited reported unconsolidated loss per share of PKR 6.47 in FY24 against an earnings per share of PKR 7.50 in FY23. Furthermore, in 3QFY25 the company reported loss per share of PKR 2.37 against loss per share of PKR 0.29 in SPLY.
  • On March 29, 2025, a fire incident occurred at the construction site of The Mangrove Project during borehole drilling operations, which were being conducted at an approximate depth of 1,200 feet. A team of technical specialists was immediately appointed to assess and address the situation. The management has confirmed that there were no injuries, casualties, or damage to property.
  • The first tower of Lagoon Views, officially launched in January 2025, comprises 234 residential units. As of the latest update, 50% of the apartments have been successfully sold. Additionally, a dedicated sports facility has been planned as part of the development, with an inauguration scheduled for August 2025.
AGP Limited (AGP): Corporate Briefing Notes - By Chase Research

Apr 28 2025



  • AGP Limited reported a net profit of PKR 2.08 billion (EPS: PKR 7.44) in CY24, reflecting a 75% increase compared to PKR 1.19 billion (EPS: PKR 4.25) in the previous year.
  • Net sales rose 34% YoY to PKR 18.54 billion, while consolidated revenue reached PKR 25.03 billion, up from PKR 18.74 billion in SPLY. Growth was driven by a 21% increase in volumes and a 13% price impact. Consolidated gross margins improved to 58.1% from 53.6% in the SPLY, while operating margins expanded to 28.5% from 22.7%, attributed to successful price adjustments and operational efficiencies
  • Management highlighted that recent acquisitions have contributed significantly to performance, with a 5-year consolidated revenue CAGR of 38%, of which 52% was driven by inorganic growth.
Nestle Pakistan Limited (NESTLE): Corporate Briefing Notes - By Chase Research

Apr 22 2025



  • In CY24, Nestlé Pakistan Limited reported a net profit of PKR 14.81 billion (EPS: PKR 326.53), reflecting a 10% YoY decline compared to PKR 16.49 billion (EPS: PKR 363.68) in CY23.
  • Net revenue stood at PKR 193.21 billion, down 4% YoY from PKR 200.61 billion in CY23. Export sales registered a 21% YoY increase. The overall decline in revenue was attributed to the imposition of sales tax on the dairy & nutrition segment (impacting 70% of the portfolio), an additional 6.5% tax on non-filer retailers, the export taxation under the Normal Tax Regime, and the impact of a product boycott due to in the Middle East conflict.
  • The revenue mix in CY24 comprised Dairy & Nutrition at 78.9%, Beverages at 20.7%, and Others at 0.4%. Dairy & Nutrition segment sales declined by 4.1% YoY to PKR 153.2 billion. UHT milk contributed 15-20% to this segment’s revenue. Management reported negative growth across all categories, with price hikes of 3–5% implemented during the year. No provision was recorded in CY24 related to the Everyday HS classification matter.
Ghandhara Industries Limited (GHNI): Financial Snapshot - By Chase Research

Apr 21 2025



  • We are initiating coverage on GHNI with a “BUY” stance and a DCF based Dec-25 target price of PKR 1,033, indicating a potential upside of 35%.
  • Strong mining sector activity to drive demand growth for prime movers and trucks.
  • Sustained implementation of the axle load regime to lend support to expansion of the national fleet.
The Pakistan Stock Exchange (PSX): Preconditions to takeoff – 2 - By Chase Research

Apr 17 2025



  • We revise our estimated fair value for Dec 2025 to PKR 41/share, reflecting stronger-than-expected value traded, a higher ADTV-to-market cap ratio, a reduction in the discount rate, and a rollover to December 2025. The stock offers a 45% upside from current levels. We maintain our Buy rating.
  • PSX operates as a unified national exchange, with over 500 listed companies across 38 sectors and a market capitalization exceeding PKR 14 trillion.
  • PSX owns 50% of NCCPL, which manages the clearing, settlement, and risk management functions of the stock market.
Chashma Sugar Mills Limited (CHAS): Corporate Briefing Notes - By Chase Research

Mar 19 2025



  • CHAS reported a net loss of PKR 2.64 billion (LPS: PKR 91.92) in SY24, compared to a net profit of PKR 1.70 billion (EPS: PKR 59.22) in the previous year. The loss was primarily driven by higher sugarcane prices and increased finance costs due to higher carryover stock and a lower recovery rate.
  • In 1QSY25, CHAS crushed 1,484,965 MT of sugarcane, producing 144,654 MT of sugar and 9,170 MT of ethanol. The crushing season concluded on March 3, 2025. Gross profit declined to PKR 2.22 billion, impacted by elevated sugarcane prices in SY24.
  • For SY24, CHAS produced 171,591 MT of sugar (SY23: 211,871 MT) and crushed 1,726,610 MT of sugarcane (SY23: 1,963,169 MT), with a recovery rate of 9.9% (SY23: 10.8%). Molasses consumption stood at 176,201 MT (SY23: 173,139 MT), while molasses production reached 34,443 MT (SY23: 33,899 MT) with a recovery rate of 19.55% (SY23: 19.58%).
Faran Sugar Mills Limited (FRSM): Corporate Briefing Notes - By Chase Research

Feb 26 2025



  • In SY24, FRSM reported a net loss of PKR 1.53 billion (LPS: PKR 61.30), compared to the previous year's net profit of PKR 1.22 billion (EPS: PKR 48.79).
  • Management reported that sugar prices remained depressed throughout the year due to the imposition of FED and an increase in WHT. Similarly, ethanol prices and demand in international markets remained subdued, keeping molasses prices under pressure.
  • In SY24, USC withheld PKR 529 million in payments and halted further lifting of goods worth PKR 579 million, causing liquidity constraints and higher finance costs. However, most payments were later received, except for bid money. The company has also recovered a major portion of overdue payments from USC, amounting to over PKR 400 million.
Loads Limited (LOADS): The Year of Alpha Loads Limited: Back on Track? - By Chase Research

Feb 6 2025



  • We are initiating coverage on Loads Limited (LOADS) with a Dec-25 fair value estimate of PKR 29.17 per share, derived using a discounted cashflow model. At its current price, the stock offers a compelling 55% upside potential. It is currently trading at a FY26 P/E of 4.7x. BUY.
  • Our investment thesis is driven by several compelling factors:
  • SBP, driven by declining inflation, is expected to boost auto sales, especially in the sub-1000cc segment. LOADS, as a key parts supplier to OEMs in this category, is wellpositioned to benefit disproportionately from this recovery.
JDW Sugar Mills Limited (JDWS): CORPORATE BRIEFING NOTES - BY Chase Research

Jan 28 2025



  • JDW Sugar Mills Limited achieved earnings per share (EPS) of PKR 225.2 in SY24, marking a substantial increase compared to PKR 37.1 in SY23.
  • 0In 9MSY24, the company reported an EPS of PKR 144.9, a significant improvement from PKR 25.3 recorded during the same period last year (SPLY).
  • The company’s corporate farms contribute 7-10% of the group’s total annual sugarcane requirement.
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