Nishat Mills Limited (NML): FY24 Analyst Briefing takeaways – By AKD Research

Nov 27 2024


AKD Securities


  • Nishat Mills Limited (NML) held its corporate briefing session today to discuss FY24 financial results and provide insights on the future outlook. Key takeaways from the call are as follows:
  • NML’s NPAT declined to PkR6.4bn during FY24, down 48%YoY, led by decline in gross margins to 10.8% during the year (vs. 14.9% in FY23). Furthermore, the effect of super tax and higher financial charges (up 51%YoY) dampened the bottom-line.
  • Company’s sales mix comprises of Yarn, Greige cloth, processed cloth, made-ups, towels and garments, which hold 27%/20%/20%/16%/7%/10% share in revenues, respectively.
Nishat Mills Ltd. (NML): 3QFY25 Result Review — Profitability remains positive but fall short of expectations - By AKD Research

Apr 30 2025


AKD Securities


  • Nishat Mills Ltd. (NML) announced its 3QFY25 financial results, reporting standalone earnings of PkR696mn (EPS: PkR1.98), compared to a loss of PkR286mn (LPS: PkR0.81) in SPLY. The result was below our expectations, mainly due to lower-than-expected gross margins.
  • Revenue increased by 5%YoY to PkR45.3bn, compared to PkR43.3bn in SPLY, driven by higher export volumes and improved pricing. Notably, readymade garment exports rose 13%YoY during 3QFY25, as per PBS.
  • Gross margins improved to 10.4%, up from 8.9% in SPLY, supported by higher export prices and lower power costs, on the back of declining coal prices and reduced grid tariffs. However, margins remained below our expectations, and we await further clarity on that.
Nishat Mills Limited (NML): FY24 Analyst Briefing takeaways – By AKD Research

Nov 27 2024


AKD Securities


  • Nishat Mills Limited (NML) held its corporate briefing session today to discuss FY24 financial results and provide insights on the future outlook. Key takeaways from the call are as follows:
  • NML’s NPAT declined to PkR6.4bn during FY24, down 48%YoY, led by decline in gross margins to 10.8% during the year (vs. 14.9% in FY23). Furthermore, the effect of super tax and higher financial charges (up 51%YoY) dampened the bottom-line.
  • Company’s sales mix comprises of Yarn, Greige cloth, processed cloth, made-ups, towels and garments, which hold 27%/20%/20%/16%/7%/10% share in revenues, respectively.
Nishat Mills Limited (NML): Corporate analyst briefing takeaways – By JS Research

Nov 27 2024


JS Global Capital


  • Nishat Mills Limited (NML) conducted its corporate briefing today to discuss the company’s FY24 earnings and outlook. We present the key highlights from the session;
  • NML posted consolidated net earnings of Rs22.38/sh for FY24, reflecting a YoY decline of 30%. On a standalone basis, company’s earnings slashed to almost half clocking in at Rs18.11/sh, including loss on core textile operations. For 1QFY25, NML reported EPS decline of 34% YoY due to continued pressure on the textile business.
  • The management attributed the 4ppt decline in the textile business' gross margins (GM: 11%) in FY24 to higher energy prices, currency appreciation, and increased competitive pressures, particularly in the dyeing segment.
Nishat Mills (NML): Corporate Briefing Key Takeaways – By Topline Research

Nov 27 2024


Topline Securities


  • Nishat Mills (NML) conducted its corporate briefing session today, where the management discussed financial performance and the future outlook of the company.
  • The company has allocated Rs12bn for denim capex (plant, machinery, and buildings) and Rs3bn for workwear plant, totaling to Rs15bn.
  • Gross Margins on dyeing segment have fallen from double digit to single digit primarily on the back of competition in segment, and rising cost of energy.
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
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.
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
Pakistan Power: Power Generation up 25%YoY in Apr'25 - By AKD Research

May 21 2025


AKD Securities


  • Power generation for Apr’25 clocked in at 10,513GWh, marking an increase of 22%YoY/25% MoM. The rise is driven by elevated cooling demand amid rising temperatures and reduced reliance on captive generation by industries. Key contributors to the power mix during the month were Coal, Hydel, RLNG, and Nuclear sources.
  • Notably, authorities imposed a levy of PkR791/mmbtu on gas-based CPPs during Mar'25, raising gas tariff to PkR4,291/mmbtu. This translates into a significantly higher effective generation cost of ~PkR42/kwh, assuming a thermal efficiency of 35% for off-grid captives utilizing natural gas. The sharp increase in generation cost likely prompted industries to shift towards relatively cheaper grid electricity in the near term, in light of recent reductions in grid tariffs, which is estimated at ~PkR28/kwh (excluding taxes and duties).
  • More positively, the cost of generation declined by 5%YoY/8%MoM to PkR8.95/kWh, compared to PkR9.75/kWh in Apr’24, reflecting improved fuel economics. On a cumulative basis, total power generation during 10MFY25 stood at 100,648GWh, broadly unchanged YoY.
Economy: IMF projects considerable improvement in external position despite softer growth outlook - By AKD Research

May 19 2025


AKD Securities


  • IMF acknowledges that authorities met all quantitative performance criteria and majority of the indicative criteria and structural benchmarks.
  • The baseline macroeconomic projections reflect a moderately lower outlook for near-term activity, due to the impact of higher US tariffs on Pakistan.
  • The IMF program remained fully financed, with firm commitments for the next 12 months and good prospects for the reminder of the Fund-supported program.
Oil and Gas Exploration: Improving liquidity to set stage for E&P activity revival - By AKD Research

May 15 2025


AKD Securities


  • The government has provisionally allocated 13 new onshore exploration blocks under the DGPC Bid Round 2025.
  • Recent bouts of gas price rationalization has finally enabled local E&P companies to pursue long-delayed development strategies.
  • Improvement in security measures are anticipated to aid in E&P sector growth, backed by initiation of SIFC-led mining activities and CPEC Phase-II.
Mari Energies Ltd (MARI): MARI discovers gas at Soho-1 in Sujawal Block, Sindh - By AKD Research

May 9 2025


AKD Securities


  • Mari Energies Ltd (MARI) has announced a gas discovery at the exploratory well Soho-1, located in the Sujawal Block, Sindh. The company (100% working interest), successfully tested across two formations, with gas flow reaching 30mmcfd at a 64” choke. We anticipate the aforementioned discovery to contribute an annualized EPS impact of ~PkR5.0/sh (8% of FY26E earnings).
Economy: Fiscal Operations: Fiscal deficit narrows by 24%YoY in 9MFY25 - By AKD Research

May 8 2025


AKD Securities


  • Finance division reported consolidated fiscal accounts for 3QFY25, reporting a quarterly budget deficit of PkR1.4tn (1.2% of GDP), compared to a deficit of PkR1.5tn (1.4% of GDP) in SPLY. Cumulatively, country’s 9MFY25 budget deficit amounted to PkR3.0tn (2.4% of GDP), down 24%YoY.
  • Total revenues grew by 23%YoY during 3QFY25, led by increases in tax revenue, which grew by 26%YoY, while non-tax revenues also improved by 7%YoY. Rise in tax revenues was led by increase in direct taxes (↑21%YoY) and sales tax (↑33%YoY), while non-tax revenues surged due to higher collection from Petroleum Levy (↑15%YoY) and three-fold increase in dividends from SOEs during the quarter.
  • Notably, total expenditures rose by 14%YoY during the quarter, although markup payments remained unchanged at PkR1.3tn, possibly due to declining interest rates, partially offsetting the impact of higher debt levels (GoP total debt: PkR73.0tn, up 13%YoY as of Feb'25).
Pakistan Cement: Apr'25 dispatches improve amid low base - By AKD Research

May 6 2025


AKD Securities


  • Cement dispatches for Apr’25 clocked in at 3.34mn tons, an increase of 13%YoY, driven by 8%YoY surge in local offtakes, while exports increased by 35%YoY.
  • We believe, MRPs in the South are likely to rise to match those in the North. As a result, South based players are expected to be the primary beneficiaries.
  • Our preferred picks from the sector remain LUCK & FCCL with Dec’25 target prices of PkR393/sh and PkR61/sh, respectively
Fauji Fertilizer Company Ltd. (FFC): 1QCY25 Analyst Briefing Takeaways - By AKD Research

May 6 2025


AKD Securities


  • Fauji Fertilizer Company Ltd. (FFC) held its corporate briefing session today to discuss 1QCY25 financial results and future outlook. Key takeaways from the call are as follows:
  • Company reported earnings of PkR13.3bn (PkR9.3/sh) in 1QCY25, compared to PkR10.5bn (PkR8.3/sh) in SPLY. The growth in profitability is attributed to i) improved gross margins amid the absence of high-cost imported urea, and ii) higher DAP volumes due to the inclusion of FFBL figures.
  • The fertilizer business contributed PkR8.1bn in profitability, along with PkR2.0bn and PkR3.2bn stemming from dividend and portfolio income, respectively
Nishat Mills Ltd. (NML): 3QFY25 Result Review — Profitability remains positive but fall short of expectations - By AKD Research

Apr 30 2025


AKD Securities


  • Nishat Mills Ltd. (NML) announced its 3QFY25 financial results, reporting standalone earnings of PkR696mn (EPS: PkR1.98), compared to a loss of PkR286mn (LPS: PkR0.81) in SPLY. The result was below our expectations, mainly due to lower-than-expected gross margins.
  • Revenue increased by 5%YoY to PkR45.3bn, compared to PkR43.3bn in SPLY, driven by higher export volumes and improved pricing. Notably, readymade garment exports rose 13%YoY during 3QFY25, as per PBS.
  • Gross margins improved to 10.4%, up from 8.9% in SPLY, supported by higher export prices and lower power costs, on the back of declining coal prices and reduced grid tariffs. However, margins remained below our expectations, and we await further clarity on that.
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