Honda Atlas Cars Limited (HCAR): 3QMY25 EPS to clock-in at PKR 2.7; PAT up 49%QoQ – By Taurus Research

Jan 20 2025


Taurus Securities


  • 3QMY25: EPS: PKR 2.7; DPS: NIL; PAT: PKR 384Mn, up 1.7xYoY.
  • During 3QMY25, we expect HCAR’s sales revenue to clock-in at ~PKR 17.7Bn, up 7%QoQ/42%YoY. On a sequential basis, HCAR’s volumetric sales increased by 12%QoQ, arriving at 3,736 units, primarily due to surge in sales of Honda Civic & City. However, the demand remains subdued amid slight shift in the market trend towards electric vehicles.
  • Further, administration expense is expected to remain on a higher side, arriving at ~PKR 490Mn, up 12%QoQ/23%YoY. Similarly, finance cost is expected to arrive at ~PKR 358Mn, up 85%QoQ/down 19%YoY. Finally, we expect HCAR’s quarterly PAT to clock-in at ~PKR 384Mn, up 49%QoQ/1.7xYoY.
IBL HealthCare Limited (IBLHL): FY24 Corporate Briefing Takeaways - By Taurus Research

Feb 27 2025


Taurus Securities


  • IBL Healthcare Pakistan, a leading player in the healthcare and wellness industry, operates across diverse segments, including Nutrition, Health & Wellness, Ophthalmic, Medical Disposables, and Pharmaceuticals. Despite facing challenges in FY24, including supply chain constraints and plant shutdowns, the Company continues to focus on strategic growth and product innovation.
  • IBL Healthcare reported a 11%YoY decline in revenue, totaling ~PKR 3.6Bn in FY24, down from ~PKR 4.0Bn in FY23. This was mainly attributed to supply chain disruptions caused by the plant shutdown of Mead Johnson in Thailand.
  • The Company’s profit significantly reduced to ~PKR 7.6Mn (EPS: PKR 0.09) in FY24, compared to PKR 309Mn (EPS: PKR 3.61) in FY23. This decline was driven by discounts offered due to the limited shelf life of food products.
Honda Atlas Cars Limited (HCAR): 3QMY25 EPS clocked-in at PKR 3.97 – By Foundation Research

Jan 22 2025


Foundation Securities


  • Honda Atlas Car (HCAR PA) reported profitability of PKR 566Mn (EPS PKR 4.0), up 4.0x YoY in 3QMY25 against profit of PKR 143Mn (EPS PKR 1.0) in 3QMY24. While, in 9MMY25, company reported a profit of PKR 1,027Mn (EPS Rs7.2), up 7% YoY. Additionally, the company did not announce any cash dividends in 3QMY25.
  • HCAR posted net sales of PKR 17.8Bn (↑44/8% YoY/QoQ) in 3QMY25 driven by volumetric growth in car sales. Company’s sales volume clocked-in at 3,736 units in 3QMY25 (↑57/12% YoY/QoQ), with impetus coming primarily from City+Civic of 3,398 units, up 64/13% YoY/QoQ. Additionally, contribution from HR-V+BR-V of 338 units underwent a growth/decline of 14/1% YoY/QoQ. Resultantly, in 9MMY25, net sales clocked-in at PKR 50.4Bn (↑67% YoY) supported by volumetric growth of 89% YoY.
  • Company’s gross profit margin arrived at 9.2% in 3QMY25, up 0.9/1.8ppts YoY/QoQ owing to stable PKR/USD parity and CRC prices and absence of import restrictions. Moreover, cost of sales increased 42/5% YoY/QoQ inline with volumetric growth.
Honda Atlas Cars Limited (HCAR): 3QMY25 Result Review Margins revive amid shifting sales mix – By AKD Research

Jan 22 2025


AKD Securities


  • Honda Atlas Cars Pakistan Limited (HCAR) announced its 3QMY25 results today where the company posted PAT of PkR566mn (EPS: PkR3.97) vs. PAT of PkR143mn (EPS: PkR1.00) in SPLY. The annual incline is primarily driven by higher volumetric sales and improved margins given lower CRC/HRC prices. Overall, earnings remained largely in-line with our expectation.
  • Topline of the company clocked in at PkR17.8bn in 3QMY25, an increase of 44% on yearly basis. This rise is majorly attributable to higher volumetric sales, with the company selling 3,804 units compared to 2,375 units in 3QMY24.
  • Gross margins clocked in at 9.2% vs. 8.3% in SPLY. We believe the improving margins are due to i) shift in sales mix reverting towards Civic sales and ii) 12.9%YoY decline in CRC/HRC prices.
Honda Atlas Cars Limited (HCAR): 3QMY25 EPS at Rs3.97, up 3.95x YoY and 2.2x QoQ – higher than industry expectations – By Topline Research

Jan 22 2025


Topline Securities


  • Honda Atlas Car Pakistan (HCAR) announced its 3QMY25 result today, where the company recorded profit of Rs566mn (EPS of Rs3.97), up 3.95x YoY and 2.2x QoQ. The result came higher than industry expectations.
  • The earnings jump in the 3QMY25 is due to higher gross margins of 9.2% compared to our expectations of 8.3%. These 3QMY25 gross margins are also higher than 8.3% recorded in 3QMY24 and 7.4% in 2QMY25.
  • Additionally, distribution expenses saw a significant decline of 20% YoY and 19% QoQ to Rs147mn, while other operating expenses dropped sharply by 72% YoY and 74% QoQ to Rs17mn, further contributing to the rise in earnings. This is mainly due to significant fall in overall inflation.
Honda Atlas Cars Limited (HCAR): 3QMY25 EPS to clock-in at PKR 2.7; PAT up 49%QoQ – By Taurus Research

Jan 20 2025


Taurus Securities


  • 3QMY25: EPS: PKR 2.7; DPS: NIL; PAT: PKR 384Mn, up 1.7xYoY.
  • During 3QMY25, we expect HCAR’s sales revenue to clock-in at ~PKR 17.7Bn, up 7%QoQ/42%YoY. On a sequential basis, HCAR’s volumetric sales increased by 12%QoQ, arriving at 3,736 units, primarily due to surge in sales of Honda Civic & City. However, the demand remains subdued amid slight shift in the market trend towards electric vehicles.
  • Further, administration expense is expected to remain on a higher side, arriving at ~PKR 490Mn, up 12%QoQ/23%YoY. Similarly, finance cost is expected to arrive at ~PKR 358Mn, up 85%QoQ/down 19%YoY. Finally, we expect HCAR’s quarterly PAT to clock-in at ~PKR 384Mn, up 49%QoQ/1.7xYoY.
IBL HealthCare Limited (IBLHL): FY24 Corporate Briefing Takeaways – By Taurus Research

Nov 27 2024


Taurus Securities


  • IBL Healthcare Pakistan, a leading player in the healthcare and wellness industry, operates across diverse segments, including Nutrition, Health & Wellness, Ophthalmic, Medical Disposables, and Pharmaceuticals. Despite facing challenges in FY24, including supply chain constraints and plant shutdowns, the Company continues to focus on strategic growth and product innovation.
  • IBL Healthcare reported a 11%YoY decline in revenue, totaling ~PKR 3.6Bn in FY24, down from ~PKR 4.0Bn in FY23. This was mainly attributed to supply chain disruptions caused by the plant shutdown of Mead Johnson in Thailand.
  • The Company’s profit significantly reduced to ~PKR 7.6Mn (EPS: PKR 0.09) in FY24, compared to PKR 309Mn (EPS: PKR 3.61) in FY23. This decline was driven by discounts offered due to the limited shelf life of food products.
IBL HealthCare Ltd. (IBLHL): FY24 Analyst Briefing takeaways – By AKD Research

Nov 26 2024


AKD Securities


  • IBL HealthCare Ltd. (IBLHL) held its corporate briefing today to discuss its FY24 financial results and future outlook. Following are the key highlights:
  • Company posted topline of PkR3.6bn in FY24 compared to PkR4.0bn in FY23, down 11% YoY, due to supply chain constraints amid plant shutdown of Mead Johnson in Thailand.
  • Moreover, company’s profit for the year clocked in at PkR7.6mn (EPS: PkR0.09) in FY24 compared to PkR309mn (EPS: PkR3.61) in FY23, due to discounts offered amid limited shelf life of food products.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 EPS clocked in at PKR0.44 – Below expectation - By Insight Research

Apr 17 2025


Insight Securities


  • LOTCHEM has announced its 1QCY25 result, wherein company has posted PAT of PKR0.7bn (EPS: PKR0.44) vs. PAT of PKR0.9bn (EPS: PKR0.59) in SPLY. The result is below our expectation due to lower than estimated revenue.
  • In 1QCY25, revenue decreased by 33% YoY, due to lower volumetric sales. While on QoQ basis, same is up by 6% possibly due to higher PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 6.2%, up by 100bps/540bps YoY/QoQ, due to improved core delta.
Bank Alfalah (BAFL): 1Q2025 EPS at Rs4.49, up 65% QoQ (Earnings lower than industry expectations) - By Topline Reseach

Apr 17 2025


Topline Securities


  • Bank Alfalah (BAFL) announced its 1Q2025 result today, where the bank recorded consolidated earnings of Rs7.1bn (EPS of Rs4.49), down 29% YoY while up 53% QoQ.
  • Alongside the results, the bank also announced a first interim cash dividend of Rs2.5/share, which came in higher than expectations.
  • Net Interest Income (NII) for 1Q2025 settled at Rs33.6bn, up 6% YoY and 5% QoQ, driven by (1) higher asset yields and (
Bank Al-Falah Limited (BAFL): 1QCY25 EPS clocks-in at PKR 4.5; PAT down 29%YoY/up 52%QoQ - By Taurus Research

Apr 17 2025


Taurus Securities


  • 1QCY25 EPS: PKR 4.5. 1QCY25 PAT down 29%YoY. BAFL also announced an interim cash dividend of PKR 2.5/sh.
  • Net Interest Income (NII): Up 6%YoY/5%QoQ, despite pressure on yields, on the back of significant decrease in the cost of funds which can attributed to the build-up in current accounts during the quarter. To note BAFL’s CA ratio is up 4ppts QoQ with current accounts as of Mar’25 amounting to PKR 914Bn.
  • Non-Markup Income (NMI): Up 14%YoY/Down 21%QoQ. Sequential decline is owing to a surprising 16%QoQ fall in fee and commissions income, along with a 67%QoQ plunge in capital gains.
Pakistan Cement: 3QFY25E—Profitability to decrease by 21%QoQ - By Taurus Research

Apr 17 2025


Taurus Securities


  • We expect TSL cement universe PAT to clock-in at PKR 20.2Bn, down 21%QoQ on the back of drop in total dispatches by 13% QoQ (Net sales expected to fall by 10%QoQ in 3QFY25) i.e. domestic dispatches were down notably by 7%QoQ to 9.3Mn tons in 3QFY25 as construction demand plummeted due to winter effect and seasonality i.e. Ramadan and Eid Holidays. Further, Export dispatches dropped drastically by 35% to 1.7Mn tons in 3QFY25 owing to lower demand mainly.
  • TSL Cement universe gross margins are expected to arrive at 32%, down 2pptsQoQ due to drop in retail prices mainly in the North region (-6%QoQ) which put significant pressure on retention prices for North based players during the quarter. To note, capacity utilization in 3QFY25 fell to 51% compared to 58% during the previous quarter. Net income is expected to arrive at PKR 8.1Bn, down 9%QoQ.
  • During 3QFY25, we expect South based players to improve their margins on account of flat retail prices compared to the previous quarter along with lower international coal prices which has sustained higher retention prices during the quarter. To note, Richard Bay Coal prices averaged at USD 95.6/ton in 3QFY25, down 13% over the previous quarter.
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.
Power: Mar’25 generation up 5%YoY / 15%MoM - By Taurus Research

Apr 17 2025


Taurus Securities


  • Power generation in March 2025 clocked in at 8,409GWh, marking a 5%YoY increase and a 21%MoM recovery, driven by seasonal improvement in demand as the weather changes. This rebound follows the February slowdown, where generation had declined to 6,945GWh due to reduced industrial and household demand during winter.
  • For the 9MFY25, power generation dropped by 2%YoY, declining to 90,147GWh from 92,345GWh recorded in the SPLY.
  • Hydel generation declined sharply by 41%YoY and 31%MoM, contributing only 1,297GWh amid lower water availability. In contrast, coal-based generation surged 1.2xYoY to 1,938GWh and 68%MoM, likely due to better plant availability and reduction in global coal prices. Nuclear generation rose 7%YoY and 20%MoM, contributing the highest share at 2,223GWh. Elsewhere, generation from expensive sources like HSD and furnace oil dropped to 0%, aligning with the Government’s strategy to transition toward more cost-efficient and sustainable energy sources.
Technical Outlook: KSE-100; Moving averages to limit downside - By JS Research

Apr 17 2025


JS Global Capital


  • The KSE-100 index witnessed a volatile session to close at 116,020, down 755 points DoD. Volumes stood at 482mn shares compared to 479mn shares traded in the previous session. The index is moving towards the 30-DMA which is currently at 115,706 where a fall below targeting the 50-DMA at 114,542. However, any upside will find resistance in the range of 116,400-117,430 levels. The momentum indicators are mixed, signaling no clear trading view. We advise investors to ‘Buy on dips’, with risk defined below the 50-DMA. The support and resistance levels are at 115,390 and 117,037 levels, respectively.
Morning News: Roshan Digital Account inflows hit $235m in March, total crosses $10bn - By Vector Research

Apr 17 2025


Vector Securities


  • Total inflows into Roshan Digital Accounts (RDA) reached $235 million in March 2025, pushing cumulative inflows past the $10 billion mark, according to the latest data from the State Bank of Pakistan (SBP).
  • Terming Pakistan’s tax system highly ‘unfair and absurd’, the World Bank (WB) has called for bringing property into the tax net while ensuring it is accurately recorded and taxed. According to the WB, the increased burden on the salaried class could only be reduced by expanding the tax base and incorporating all incomes into the tax net.
  • Prime Minister Shehbaz Sharif Wednesday credited Beijing with Islamabad’s IMF programme saying it wouldn’t have been possible without the neighbouring country’s support. The premier’s remarks — made during a ceremony held in connection with the PM’s initiative for capacity building of 1,000 agriculture graduates in China — came in the context of last month’s deal between Islamabad and the IMF on the first review of the ongoing 37-month bailout programme of $7 billion.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 Preview: Profitability to stay muted - By Insight Research

Apr 16 2025


Insight Securities


  • LOTCHEM is expected to post a PAT of PKR806mn (EPS: PKR0.50) in 1QCY25 vs. loss of PKR19mn (LPS: PKR0.01) in preceding quarter amid better core delta. While on YoY basis profitability inch up by ~2%. To note, International PTA prices plunged by ~13% YoY to clock in at ~US$682/ton. Similarly, PX prices witnessed a decrease of ~16% YoY to clock in at US$868/ ton, resulting in an increase of ~9% in PTA-PX spread. Company’s topline is expected to decrease by 25% YoY to clock in at PKR24.3bn in 1QCY25, amid lower volumetric sales. Whereas, same is expected to increase by ~20% QoQ due to higher volumetric sales. Gross margins of the company are estimated to clock in at 6.5% in 1QCY25, witnessing an increase of ~130bps/5.7ppts YoY/QoQ on account of improved core delta. Selling and distribution expense is expected to increase by 39%/20%, YoY/QoQ.
  • EPCL is expected to post a consolidated LAT of PKR264mn (LPS: PKR0.29) in 1QCY25 vs. LAT of PKR900mn (LPS: PKR0.99) in SPLY. Company’s topline is expected to increase by 12% YoY to clock in at PKR18.5bn in 1QCY25, amid higher volumetric sales. While, same is expected to decline by ~13% QoQ primarily due to lower PVC prices. Gross margins are estimated to clock in at 10.2% in 1QCY25 witnessing an increase of ~380bps YoY, attributable to higher volumetric sales. While on QoQ basis, same is expected to decline by ~390bps amid lower core delta and higher gas prices. To note, International PVC prices decline by ~4%/5% YoY/QoQ to clock in at ~US$756/ton. Similarly, PVCEthylene margins witnessed a decline of ~5%/10% YoY/QoQ. Selling and distribution expense is expected to decrease by 32% YoY, whereas same is expected to go down by ~8% QoQ. Financial charges are anticipated to decrease by 22%/27% YoY/ QoQ to clock in at PKR1.3bn, primarily due to decline in debt level and interest rates.
Economy: Rating upgrade: Fitch upgrades Pakistan’s rating to ‘B-’ from ‘CCC+’ - By Foundation Research

Apr 16 2025


Foundation Securities


  • Fitch has upgraded Pakistan’s long term Issuer Default Rating (IDR) to ‘B-’ from ‘CCC+’ and has termed the country’s outlook ‘stable’.
  • The ratings agency highlighted key metrics behind the upgrade which included the following:
  • Fitch expressed confidence in Pakistan’s progress on the fiscal front with reduced deficits and implementation of structural reforms. Further, the agency stressed upon tight economic policy that is expected to support build-up of forex reserves and limited external financing needs
Bank Al-Falah Limited (BAFL): 1QCY25 EPS clocks-in at PKR 4.5; PAT down 29%YoY/up 52%QoQ - By Taurus Research

Apr 17 2025


Taurus Securities


  • 1QCY25 EPS: PKR 4.5. 1QCY25 PAT down 29%YoY. BAFL also announced an interim cash dividend of PKR 2.5/sh.
  • Net Interest Income (NII): Up 6%YoY/5%QoQ, despite pressure on yields, on the back of significant decrease in the cost of funds which can attributed to the build-up in current accounts during the quarter. To note BAFL’s CA ratio is up 4ppts QoQ with current accounts as of Mar’25 amounting to PKR 914Bn.
  • Non-Markup Income (NMI): Up 14%YoY/Down 21%QoQ. Sequential decline is owing to a surprising 16%QoQ fall in fee and commissions income, along with a 67%QoQ plunge in capital gains.
Pakistan Cement: 3QFY25E—Profitability to decrease by 21%QoQ - By Taurus Research

Apr 17 2025


Taurus Securities


  • We expect TSL cement universe PAT to clock-in at PKR 20.2Bn, down 21%QoQ on the back of drop in total dispatches by 13% QoQ (Net sales expected to fall by 10%QoQ in 3QFY25) i.e. domestic dispatches were down notably by 7%QoQ to 9.3Mn tons in 3QFY25 as construction demand plummeted due to winter effect and seasonality i.e. Ramadan and Eid Holidays. Further, Export dispatches dropped drastically by 35% to 1.7Mn tons in 3QFY25 owing to lower demand mainly.
  • TSL Cement universe gross margins are expected to arrive at 32%, down 2pptsQoQ due to drop in retail prices mainly in the North region (-6%QoQ) which put significant pressure on retention prices for North based players during the quarter. To note, capacity utilization in 3QFY25 fell to 51% compared to 58% during the previous quarter. Net income is expected to arrive at PKR 8.1Bn, down 9%QoQ.
  • During 3QFY25, we expect South based players to improve their margins on account of flat retail prices compared to the previous quarter along with lower international coal prices which has sustained higher retention prices during the quarter. To note, Richard Bay Coal prices averaged at USD 95.6/ton in 3QFY25, down 13% over the previous quarter.
Power: Mar’25 generation up 5%YoY / 15%MoM - By Taurus Research

Apr 17 2025


Taurus Securities


  • Power generation in March 2025 clocked in at 8,409GWh, marking a 5%YoY increase and a 21%MoM recovery, driven by seasonal improvement in demand as the weather changes. This rebound follows the February slowdown, where generation had declined to 6,945GWh due to reduced industrial and household demand during winter.
  • For the 9MFY25, power generation dropped by 2%YoY, declining to 90,147GWh from 92,345GWh recorded in the SPLY.
  • Hydel generation declined sharply by 41%YoY and 31%MoM, contributing only 1,297GWh amid lower water availability. In contrast, coal-based generation surged 1.2xYoY to 1,938GWh and 68%MoM, likely due to better plant availability and reduction in global coal prices. Nuclear generation rose 7%YoY and 20%MoM, contributing the highest share at 2,223GWh. Elsewhere, generation from expensive sources like HSD and furnace oil dropped to 0%, aligning with the Government’s strategy to transition toward more cost-efficient and sustainable energy sources.
Fertilizer: Mar’25: Fertilizer off-take down 9%MoM - By Taurus Research

Apr 16 2025


Taurus Securities


  • Total fertilizer off-take down 9%MoM in Mar’25 to 470,612 tons, continuing the disruption in water supply, weak agronomics and lower farm income from cash crops which has put a significant pressure in the production of major nutrients. Further, lower demand for the Rabi Season amid seasonality effect (Slowdown of activities in Ramadan and Eid holidays) has also dropped sales in Mar’25. On a YoY basis, total fertilizer off-take fell significantly by 50%YoY in Mar’25 on the back of lower demand owing to seasonal slowdown post Rabi sowing.
  • Total nutrient off-take down 50%YoY to 220K tons in Mar’25. Where, Nitrogen and Phosphate decreased by 52% and 42%, respectively. While, Potash off-take increased by 20%YoY in Mar’25.
United Bank Limited (UBL): 1QCY25 EPS clocks-in at PKR 29.3; PAT up 1xYoY/39%QoQ - By Taurus Research

Apr 16 2025


Taurus Securities


  • 1QCY25 EPS: PKR 29.3. 1QCY25 PAT up 1xYoY. UBL also announced an interim cash dividend of PKR 11/sh. The Bank also plans to sub-divide the face value of its shares in the ratio of 2:1 subject to approval by shareholders.
  • Net Interest Income (NII): Up 2xYoY/24%QoQ, in line with expectations amid significant drop in interest expenses due to the lower cost of funds on the back of build-up in current accounts and the revised MDR regime. Deposits are up ~29% YTD.
  • Non-Markup Income (NMI): Down 20%YoY/38%QoQ, owing to ~77% drop in capital gains compared to 4QCY24
Pakistan Economy: Feb’25 LSMI down 5.9%MoM/down 3.5%YoY - By Taurus Research

Apr 16 2025


Taurus Securities


  • Large Scale Manufacturing Index (LSMI) down 5.9%MoM in Feb’25, due to decline from key sectors i.e. Furniture (-56%), Machinery & Equipment (-34%) and Chemical Products (-19%). Whereas, top contributors were Other Transport Equipment (38%), Automobiles (31%), Coke & Petroleum Products (23%) and Tobacco (18%), respectively. 8MFY25 LSMI was down 1.9%YoY.
  • Textile production declined by ~0.33%YoY in Feb’25 attributable to decline in production of jute goods, woolen & worsted cloth and woolen blankets by 36.65%YoY, 3.66%YoY and 94.76%YoY, respectively— mainly due to the lower domestic and international demand driven by a seasonal shift that reduced the overall requirement of these products. Whereas, on a monthly basis it significantly declined by ~3.24%MoM, mainly due to the decline in production of jute goods, terry & towels, woolen & carpet yarn and woolen blankets by 19.56%MoM, 7.34%MoM, 4.42%MoM and 94.21%MoM, respectively
  • Automobile production down ~5%MoM in Feb’25. Wherein, Jeeps & cars production declined by 10%MoM. Similarly, LCVs production down ~13%MoM, respectively. On a YoY basis, production of LCVs, Jeeps & Cars, Trucks and Buses went up by ~23%, 26%, 1.8x and 48% on the back of controlled manufacturing costs, stable tariffs, eased import restrictions on CKD units and recovering demand due to improving macros.
Bank Al-Falah Limited (BAFL): 1QCY25 EPS to clock-in at PKR 3.3; PAT down 47%YoY/up 13%QoQ - By Taurus Research

Apr 16 2025


Taurus Securities


  • Board Meeting: Thursday, April 17, 2025
  • 1QCY25 EPS: PKR 3.3. 1QCY25 PAT down 47%YoY. BAFL is also expected to announce a cash dividend of PKR 2.0/sh.
  • Net Interest Income (NII): We anticipate net interest income to post a drop of 9%YoY/11%QoQ mainly on account of falling yields on investments and re-pricing of the loan book; partially offset by a lower cost of funds due to the rate cut in Jan’25 and the impact of revised MDR regime coming into effect Jan’25 onwards
Engro Powergen Qadirpur Limited (EPQL): 1QCY25 EPS arrive at PKR 1.19, up 1.5xQoQ - By Taurus Research

Apr 15 2025


Taurus Securities


  • 1QCY25 EPS: PKR 1.19; DPS: PKR 7.5.
  • Revenue increased 9%QoQ to PKR 3.1Bn, attributed to improved dispatches amid seasonal demand recovery. However, YoY growth remained flat due to the impact of revised PPA terms, which converted the plant's structure to a 'take-and-pay' regime, limiting guaranteed capacity payments.
  • Finance income stood at PKR 26Mn versus PKR 238Mn in 1QCY24 (SPLY), reflecting the absence of late payment surcharge (LPS) which previously contributed significantly. The decline was anticipated after the company received PKR 8.04Bn in overdue receivables under the revised PPA settlements.
United Bank Limited (UBL): 1QCY25 EPS to clock-in at PKR 18.4; PAT up 43%YoY/down 12%QoQ - By Taurus Research

Apr 15 2025


Taurus Securities


  • Board Meeting: Wednesday, April 16, 2025
  • 1QCY25 EPS: PKR 18.4. 1QCY25 PAT up 43%YoY. UBL is also expected to announce an interim cash dividend of PKR 12/sh.
  • Net Interest Income (NII): Expected to go up 2xYoY/9%QoQ, driven by robust growth in current accounts and a lower cost of funds as changes to the MDR regime go into effect, along with a drop in leverage on a sequential basis – offsetting the pressure on yields, specially on the Bank’s investment portfolio.
Pakistan Economy: Tariffs put USD 115Trn world economy at risk - By Taurus Research

Apr 14 2025


Taurus Securities


  • Global equity markets plunged enormously in the aftermath of the announcement of reciprocal tariffs on about 90 countries by the US President Donald Trump, putting the USD 115Trn global economy at risk. Wherein, the new tariff rates seemed to have been somewhat ludicrously calculated; inflicting disparate punishment on several countries, as they scrambled to renegotiate.
  • The tariffs include a 10% base-line tariff on all imports into the US, with additional tariffs of up to 34% on China (now raised to 145%), 20% on the EU, 29% on Pakistan, 26% on India and so on.
  • Accordingly, the MSCI World & the MSCI Emerging Markets Indices, which cover 85% of the free-float adjusted large-cap and mid-cap stocks in 23 developed and 24 emerging markets, respectively, were down ~11% owing to the announcement of the tariffs, with trillions of dollars being wiped out from the financial markets globally—amidst heightened global macroeconomic uncertainty, putting the USD 115Trn global economy at risk.
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