Unity Foods Limited (UNITY): Analyst Briefing Takeaways– By Sherman Research

Nov 25 2024


Sherman Securities


  • Unity Foods Limited (UNITY) conducted its corporate briefing today where in management discussed FY24 financial result and future outlook.
  • In FY24, the company reported (Unconsolidated) net loss of Rs2.5bn (LPS of Rs 2.1), compared to a net profit of Rs567mn (EPS of Rs 0.5) in the same period last year. The decline in earnings was primarily driven by a significant 105% increase in finance costs and higher operating expenses.
  • Operating expenses, as a percentage of sales, rose from 2% in FY23 to 3% in FY24, mainly due to inflationary pressures, the expansion of income streams, and increased costs associated with exports.
Unity Foods Limited (UNITY): UNITY Eyes Global Biofuel Market with Edible Oil Residue Exports – By AKD Research

Dec 9 2024


AKD Securities


  • Unity Foods Limited (UNITY) has entered into advanced stages of negotiation for long-term off-take agreements to export sustainable biofuel feedstock (SAF), primarily targeting global producers of biofuel in Europe
  • Company has obtained the ISCC – EU certification to support the initiative and has already dispatched sample shipments to potential off-takers. Initial feedback from these customers has been positive, paving the way for potential deal finalizations as per the material notice.
  • The ISCC certification and subsequent execution of long term export contracts are expected to strengthen UNITY’s revenue base, marking a step towards dollarized revenue growth.
Unity Foods Limited (UNITY): Analyst Briefing Takeaways– By Sherman Research

Nov 25 2024


Sherman Securities


  • Unity Foods Limited (UNITY) conducted its corporate briefing today where in management discussed FY24 financial result and future outlook.
  • In FY24, the company reported (Unconsolidated) net loss of Rs2.5bn (LPS of Rs 2.1), compared to a net profit of Rs567mn (EPS of Rs 0.5) in the same period last year. The decline in earnings was primarily driven by a significant 105% increase in finance costs and higher operating expenses.
  • Operating expenses, as a percentage of sales, rose from 2% in FY23 to 3% in FY24, mainly due to inflationary pressures, the expansion of income streams, and increased costs associated with exports.
Unity Foods Limited (UNITY): FY24 Analyst Briefing Takeaways – By AKD Research

Nov 25 2024


AKD Securities


  • Unity Foods Ltd. (UNITY) held its corporate briefing today to discuss its FY24 financial results and future outlook. Following are the key highlights:
  • Company posted topline of PkR83.0bn in FY24 compared to PkR100.9bn in FY23, down 17.6%YoY, due to declining local edible oil prices, resulting in negative parity compared to international prices.
  • Moreover, company’s loss for the year clocked in at PkR3.4bn (LPS: PkR2.85) in FY24 compared to a profit of PkR675mn (EPS: PkR0.57) in FY23, amidst high finance cost.
Unity Foods Limited (UNITY): Corporate Briefing Notes – By Chase Research

Nov 25 2024



  • Introduction of fortified and premium products to cater to the health-conscious urban demographic.
  • Positioning itself as a leader in branded staples, leveraging its Sunridge brand for premium pricing and consumer trust.
  • Plans for potential entry into landlocked markets like Azerbaijan and Uzbekistan for processed edible oil.
Unity Foods (UNITY): FY24 & 1QFY25 Corporate Briefing Takeaways – By Taurus Research

Nov 25 2024


Taurus Securities


  • Unity Foods Limited (UNITY) produces edible oils, staples, industrial fats, and animal feed for poultry and livestock. UNITY has 7 wholly owned subsidiaries. These are; Sunridge Foods, Sunridge Confectionery, Unity Plantations, Unity Technologies, Sunridge Marts, Sunridge Express, and Sunridge Global.
  • The Company’s product portfolio includes the following brands: Sunridge (bread), Dastak (cholestrol-free cooking oil), Ehtimam, Lagan, and Zauqeen (vitamin-enriched cooking oils), Unity Oil (industrial oils), and Pure (animal feed). In addition, UNITY has a Specialty Fats division which offers a range of chocolate, confectionery, and bakery fats.
  • UNITY’s Revenue in FY24 was recorded as PKR 60.5Bn. This decreased from PKR 90Bn last year. Gross margin also decreased to 8.8% in FY24 from 13.5% last year. UNITY recorded a net loss of PKR 2.5Bn in FY24 compared to a net profit of PKR 567Mn last year. As a result, UNITY recorded a loss per share of PKR 2.1 in FY24 from an EPS of 0.48 last year.
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
Economy: Pakistan’s Trade Deficit Widens to 2–Year High - By Sherman Research

May 19 2025


Sherman Securities


  • A detailed breakdown of trade numbers released by the Pakistan Bureau of Statistics (PBS) shows that, on a monthly basis, imports of goods posted growth of 17%MoM at US$5.6bn during April’25. The growth was primarily driven by imports in the Machinery and Petroleum group on a weighted average basis, while Food imports remained flat.
  • Wherein exports clocked in at US$2.1bn (down 18%MoM) mainly due to decrease in exports in the textile sector.
  • Thus, the monthly trade deficit widened to US$3.4bn (up 59%MoM) in Apr’25 highest since May’23. On cumulative basis, import bill was recorded at US$48.3bn (up 8%YoY) during 10MFY25 mainly due to higher imports of Machinery, Textile and Metals, while Petroleum imports declined. Thus, cumulative trade deficit clocked US$21.4bn (up 9%YoY) for 10MFY25.
Auto: Car Sales Expected to Remain Flat in April’25 -- By Sherman Research

May 7 2025


Sherman Securities


  • The sales of leading car assemblers registered with PAMA are expected to remain flat clocking at 8,970 units in April’25 (down 1%MoM).
  • The flat sales are driven by decline in sales of PSMC following price hikes on popular models. Additionally, INDU’s moderate sales aimed losing market share to rising competition from new players.
  • Indus Motors (INDU) expected to report sales of 3,259 units (up 4%MoM) during the month. This growth in sales is mainly due to higher sale of Yaris, Corolla and Hilux
Fertilizer: Urea Sales to Decline 24%YoY, Inventory at 8 Year High - By Sherman Research

May 5 2025


Sherman Securities


  • According to provisional data, urea sales during April’25 is expected to clock in at 251k tons, down 24%YoY. The YoY decline in urea sales is mainly due to weak farm economics amid lower support prices and higher input costs.
  • Similarly, on MoM basis, urea sales is likely to decline by 18%MoM which is expected to be a combination of both seasonal impact and canal protest in several parts of Sind which is also effecting sales. Just to recall, Sind consumes around 25% of the urea production in the country.
  • Urea sales of Fauji Group to clock in at 108k tons versus sales of 223k tons during the same period last year, down 51%YoY. On the flip side, EFERT is likely to witness recovery in urea sales of 7%YoY to 81k tons as compared to 75k tons during the last year.
Citi Pharma Limited (CPHL): Result Review: CPHL 3QFY25 EPS Re0.96 - By Sherman Research

Apr 30 2025


Sherman Securities


  • Citi Pharma Limited (CPHL) announced 3QFY25 result today where in company posted earnings of Rs220mn (EPS Re0.96) as compared to net earnings of Rs211 (EPS Re0.93) during the same period last year, up by 4%YoY. The earning slightly grew mainly due to expansion in gross margins and lower effective taxation.
  • During 3QFY25, the company’s topline declined by 6%YoY to Rs3.3bn, primarily due to depressed international API prices, which are linked to falling crude oil prices. Additionally, lower volumetric sales in the pharma sector further contributed to the decline.
  • The company’s gross margin stood at 15% in 3QFY25 versus 13% in the same period last year. We believe, this improvement is likely driven by a higher contribution from formulations in the revenue mix, which typically carry higher margins than APIs
Pioneer Cement Limited (PIOC): Result Review: PIOC 3QFY25 EPS Rs4.3 - By Sherman Research

Apr 30 2025


Sherman Securities


  • Pioneer Cement Limited (PIOC) announced 3QFY25 result today wherein company posted net earnings of Rs974mn (EPS Rs4.3) as compared to Rs1.2bn (EPS Rs5.3) during the same period last year, down by 19%YoY. The result came in-line with our estimate.
  • During 3QFY25, PIOC’s topline clocked in at Rs7.9bn (down 8%YoY) as cement dispatches fell by 7%YoY.
  • PIOC’s gross margin clocked in at 26% as compared to 32% during the same period last year. We believe that sharp decline is mainly attributed to lower capacity utilization and higher royalty expense during the quarter
Lucky Cement Limited (LUCK): Result Review: LUCK 3QFY25 Diluted EPS Rs9.2 - By Sherman Research

Apr 28 2025


Sherman Securities


  • Lucky Cement Limited (LUCK) announced its 3QFY25 result today wherein the company posted unconsolidated net earnings of Rs13.5bn (Diluted EPS Rs9.2) compared to net earnings of Rs4.9bn (Diluted EPS Rs3.4) during same period last year, up by 174%YoY. The result came above our estimate due to 1) Higher than expected other income and 2) lower effective taxation. Just to recall, this result incorporates the stock split with total outstanding shares of 1.46bn shares.
  • During 3QFY25, net revenue surged by 10%YoY to Rs34.5bn primarily driven by elevated exports (up 52%YoY) while local dispatches remain stagnant.
  • LUCK’s gross margin clocked in at 33% as compared to 29% during the same period last year (up 4ppt). The increase in margins is mainly led by lower coal cost and efficient power mix
GlaxoSmithKline Pakistan (Glaxo):Result Review: GLAXO 1QCY25 EPS Rs6.7 - By Sherman Research

Apr 25 2025


Sherman Securities


  • GlaxoSmithKline Pakistan (Glaxo) announced 1QCY25 EPS of Rs6.7 versus EPS of 1.8 during the same period last year, up by massive 3.7xYoY. The jump in earning is primarily attributable to increase in gross margins to 34% (up 19ppts).
  • During 1QCY25, the company’s topline remained flat at 15.6bn compared to same period last year mainly due decline in volume.
  • Thanks to hike in prices and decline in raw material prices, Glaxo’s gross margin sharply increased to 34% during 1QCY25 versus 15% during same period last year.
MCB Bank Limited (MCB): Result Review: MCB 1QCY25 EPS Rs11.7, DPS Rs9 - By Sherman Research

Apr 23 2025


Sherman Securities


  • MCB Bank Limited (MCB) announced 1QCY25 results today wherein the bank posted an unconsolidated net earnings of Rs13.8bn (EPS Rs11.7) down 17%YoY. The decrease in earnings is primarily attributed to a decline in interest income.
  • The bank announced a cash dividend of Rs9 per share in 1QCY25.
  • MCB’s interest earned clocked in at Rs69.8bn (down 22%YoY), while interest expense for the period stood at Rs34.7bn (down 32%YoY). As a result, NII declined to Rs35.2bn, (down 8%YoY).
Maple Leaf Cement Factory (MLCF): Result Review: MLCF 3QFY25 EPS Rs2.7 - By Sherman Research

Apr 23 2025


Sherman Securities


  • Maple Leaf Cement Factory (MLCF) announced 3QFY25 result today wherein company posted consolidated net earnings of Rs2.8bn (EPS Rs2.7) as compared to earnings of Rs1.5bn (EPS of Rs1.4) during the same period last year, up by 86%YoY. The result came above our estimate mainly due to lower effective taxation during the quarter.
  • During 3QFY25, MLCF’s topline clocked in at Rs16.6bn, up by 4%YoY. Despite the decline in volumetric sales (down 9%YoY), higher topline is driven by better retention prices during the period.
  • MLCF’s gross margin clocked in at 35% during 3QFY25 as compared to 30% during the last year. This elevated gross margin is due to 1) Improved retention prices 2) Lower coal cost and 3) Efficient coal mix.
Engro Fertilizer Limited (EFERT): Result Review: EFERT 1QCY25 EPS Rs2.17, DPS Rs2.25 - By Sherman Research

Apr 22 2025


Sherman Securities


  • Engro Fertilizer Limited (EFERT) announced its 1QCY25 result today wherein the company posted consolidated net earnings of Rs2.9bn (EPS of Rs2.2) as compared to net earnings of Rs7.8bn (EPS of Rs5.8) during same period last year, down by 63%YoY. The result came in-line with our estimate.
  • Along with the result, company announced interim cash dividend of Rs2.25/share.
  • During 1QCY25, net revenue clocked in at Rs30bn, down by 59%YoY. The decline is mainly attributed to lower urea sales (down 53%YoY).
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