Attock Petroleum Limited (APL): 2QFY25 EPS clocked-in at Rs 22.01, DPS Rs 12.5

Jan 27 2025


Foundation Securities


  • Attock Petroleum Limited (APL PA) profitability during 2QFY25 clocked-in at Rs2.7bn (EPS Rs22.01), up 8/15% YoY/QoQ, compared to Rs2.5bn (EPS Rs20.42) in 2QFY24.
  • This takes 1HFY25 profitability to Rs5.1bn (EPS Rs41.18), down 34% YoY, vs Rs7.8bn (EPS Rs62.69) in 1HFY24.
  • The result is accompanied with an interim cash payout of Rs12.5/sh.
Maple Leaf Cement (MLCF): Earnings surge 3x QoQ on Higher Sales - By IIS Research

Feb 20 2025


Ismail Iqbal Securities


  • Maple Leaf Cement (MLCF) announced its 2QFY25 results today, where the company posted consolidated PAT of PKR 3.7bn (EPS: PKR 3.57) vs. PKR 1.3bn (EPS: PKR 1.28) in the previous quarter, reflecting a 3x QoQ increase. The result is above our expectations, mainly due to higher than projected revenue and gross margins.
  • The company’s topline grew by 21% QoQ to PKR 19bn, likely driven by 17% QoQ increase in total dispatches and improved export prices. On a YoY basis, revenue went up by 5%, supported by higher bag prices despite a 6% YoY decline in dispatches.
  • Gross margins stood at 40% compared to 32% in the previous quarter, benefiting from improved margins on white cement, an efficient fuel mix, and a decline in coal prices.
Maple Leaf Cement (MLCF): 2QFY25 EPS at Rs3.57, up by 66% YoY (Earnings higher than expectations) - By Topline Research

Feb 20 2025


Topline Securities


  • MLCF announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs3.7bn (EPS of Rs3.57), up by 66% YoY and by 178% QoQ.
  • The result came higher than expectations in 2QFY25 due to higher-than-expected gross margins and higher than expected other income.
  • Alongside the result, the company did not announce any cash dividend which is as per expectations.
Maple Leaf Cement Factory Ltd. (MLCF): 2QFY25 Result Review — Higher retention & lower taxes lift earning - By AKD Research

Feb 20 2025


AKD Securities


  • Maple Leaf Cement Factory Ltd. (MLCF) announced its 2QFY25 financial results, reporting consolidated profitability of PkR3.7bn (EPS: PkR3.6), up 67%YoY compared to PkR2.2bn (EPS: PkR2.1) in SPLY. Earnings came above our expectations due to higher-than anticipated gross margins, elevated other income, and lower taxation.
  • Revenue clocked in at PkR19.0bn in 2QFY25, up 5%YoY from PkR18.0bn in SPLY, as higher retention prices outweighed the impact of 6%YoY decline in offtakes. Betterthan-expected retention prices were likely driven by increased sales of white cement and hdPutty.
  • Gross margins improved to 39.8% from 35.3% in SPLY, mainly on the back of aforementioned higher retention prices and a decline in weighted avg. coal prices
Maple Leaf cement (MLCF): 2QFY25 EPS clocked in at PKR3.6 – Above expectation - By Insight Research

Feb 20 2025


Insight Securities


  • Maple Leaf cement has announced its 2QFY25 result, wherein company has posted PAT of PKR3.7bn (EPS: PKR3.6) vs. PAT of PKR2.2bn (EPS: PKR2.1). The result is above our expectation due to higher-than expected gross margins.
  • In 2QFY25, revenue increased by 5%/21% YoY/QoQ mainly due to higher volumetric sales and better retention prices.
  • Gross margins of the company clocked in at 39.8%, up by 450bps/825bps YoY/QoQ, possibly due to increased usage of alternate fuel.
Maple Leaf Cement Factory Limited (MLCF): Result Preview 2QFY25 - By AHCML Research

Feb 18 2025


Al Habib Capital Markets


  • MLCF is anticipated to declare a profit after tax of PKR 1,633mn (EPS: PKR 1.56) in 2QFY25, reflecting a gain of 22% QoQ.
  • During the quarter, sales are expected to reach PKR 18,009mn, indicating slight decline of 0.35%YoY.
  • We estimate gross margins at 31%, representing a decrease of 0.3ppt QoQ and 4.1ppt YoY.
Attock Petroleum Limited (APL): 2QFY25 EPS clocked-in at Rs 22.01, DPS Rs 12.5

Jan 27 2025


Foundation Securities


  • Attock Petroleum Limited (APL PA) profitability during 2QFY25 clocked-in at Rs2.7bn (EPS Rs22.01), up 8/15% YoY/QoQ, compared to Rs2.5bn (EPS Rs20.42) in 2QFY24.
  • This takes 1HFY25 profitability to Rs5.1bn (EPS Rs41.18), down 34% YoY, vs Rs7.8bn (EPS Rs62.69) in 1HFY24.
  • The result is accompanied with an interim cash payout of Rs12.5/sh.
Attock Petroleum Limited (APL): 2QFY25 EPS clocked in at PKR22.0 – Above expectation - By Insight Research

Jan 27 2025


Insight Securities


  • Attock Petroleum Limited (APL) has announced its 2QFY25 result wherein company posted PAT of ~PKR2.7bn (EPS: PKR22.0) vs. PAT of ~PKR2.5bn (EPS: PKR20.4) in SPLY, up by 8% YoY. The result came above our expectations due to lower than estimated operating expense and higher share of profit from associate companies.
  • Topline of the company recorded a decrease of 12% YoY mainly led by lower petroleum product prices. On QoQ basis, company has recorded an increase of 6% due to higher volumetric sales.
  • Gross margin of the company clocked in at 3.4% in 2QFY25, down by ~0.2ppts QoQ due to lower inventory gains. To highlight, ex-refinery prices of MS and HSD increased by 4% to PKR171/ltr and PKR175/ltr on quarter end basis, respectively.
Oil & Gas Marketing Companies: PSO & APL—2QFY25E Result Previews – By AKD Research

Jan 14 2025


AKD Securities


  • PSO – PAT to clock in at PkR8.4bn (EPS: PkR17.9) in 2QFY25E: PSO is projected to report a quarterly PAT of PkR8.4bn (EPS: PkR17.9), reflecting a healthy increase from LAT of PkR14.1bn (LPS: PkR30.1) in SPLY. The increase is attributed to: i) absence of inventory losses compared to SPLY ii) growth in volumetric offtakes, iii) healthy delayed-payment income on account of past-due gas receivables from SNGPL and, iv) reduction in finance costs by 33%YoY due to declining short-term borrowings (down PkR48bn during CYTD, ↓11%) and lower lending rates for both FX and domestic borrowings. In terms of offtakes, PSO delivered total volumes of 2.0mn tons during 2QFY25 (up 7%YoY), where-in MS/HSD volumes rose by 7%YoY each, while RFO offtakes stood down by 48%YoY during the quarter. For the RLNG segment, PSO handled 25 cargoes during 2QFY25 (compared to 25 cargoes in SPLY), where-in average DES price stood at US$9.12/mmbtu vs. US$10.4/mmbtu during 2QFY24, resulting in topline from the RLNG segment to clock in at PkR222bn (down 5%YoY). We have a ‘BUY’ rating on the stock, with a Dec’25 TP of PkR729/sh, representing an upside potential of 86% from last close.
  • APL – PAT to clock in at PkR2.4bn (EPS: PkR19.5) in 2QFY25E: Attock Petroleum Limited (APL) is expected to post an uneventful 2QFY25E financial result with a PAT of PkR2.4bn (EPS: PkR19.5), down by 4%YoY. The said decline is attributable to: i) lower volumetric offtakes during the quarter and ii) lower finance income to clock in at PkR1.9bn for the period (down 22%YoY), amidst dropping yields on fixed-income investments during the quarter. Consequently, we expect APL’s topline to amount to PkR117bn, down 14%YoY, with offtakes standing at 365k tons (down 2%YoY) during the period. However, relative stability in fuel prices also led to non-incurrence of inventory losses as opposed to last year, resulting in gross margins to amount to 3.5% during the period (vs. 2.3% in SPLY). We have a ‘BUY’ rating on the stock, with a Dec’25 TP of PkR825/sh, representing total upside potential of 61% from last close.
Maple Leaf Cement Factory Ltd (MLCF): Playing the long game – By Insight Research

Jan 1 2025


Insight Securities


  • Maple leaf cement, one of the giants in cement industry, continues to exhibit a strong core business, supported by its strong focus on cost optimization, through diverse fuel mix and increasing reliance on renewable energy in its power mix. However, the cement industry’s profitability is volatile due to cyclical nature of cement demand, influenced by the country’s recurring economic boom & bust cycles. To note, cement industry utilization has remained below 60% for the past 2 years, showcasing longevity of economic trough with no foreseeable catalyst to boost demand. To counter this inherent cyclicality, the company is strategically diversifying into stable businesses. MLCF is venturing into the hospital business and pursuing the acquisition of a fertilizer company, both of which offer more stability than cement business.
  • We reiterate our ‘BUY’ stance on MLCF with DCF based TP of PKR59/sh for Dec’25, providing 29% capital upside from last closing price. Our liking for the stock stems from the following facts i) Continuous focus toward operational efficiencies, ii) Investments in hospital and fertilizer business, iii) Trading at an attractive EV/ton and iv) Strong balance sheet.
  • Key risks to our investment thesis include: i) Slowdown in construction activity ii) Stiff price competition , iii) Increase in coal prices, iv) Higher than expected hike in energy prices and v) Change in regulatory environment.
Maple Leaf Cement Factory (MLCF): Corporate briefing key takeaways – By JS Research

Nov 21 2024


JS Global Capital


  • Maple Leaf Cement Factory (MLCF) conducted its corporate briefing yesterday to discuss the recent financial results and outlook. On a consolidated basis, MLCF posted FY24 earnings of Rs6,891mn, up 20% YoY. Meanwhile, the company reported consolidated earnings of Rs1,343mn for 1QFY25, down 17% YoY.
  • The company revealed that their average retention price for local grey cement during FY24 was Rs14,887/ton (744/bag). Meanwhile, retention for white cement in FY24 stood at Rs1,262/bag. Current Retention price for the company is Rs17,500 (875/bag). While the current MRP is Rs1,450/bag.
  • Average power cost for MLCF stood at Rs19/kWh for FY24 and remains more or less the same, currently. The company is meeting ~94% of its electricity requirements from captive power which includes 20MW solar, 25MW WHR and 40MW CFBs while the remaining 6% is being procured from grid. The company disclosed that the grid rate is Rs48.6/KWH.
United Bank (UBL): 1QCY25 EPS clocked in at PKR28.8 – Above expectation - By Insight Research

Apr 16 2025


Insight Securities


  • UBL has announced its 1QCY25 result, wherein it has posted consolidated PAT of PKR36.1bn (EPS: PKR28.8) vs. PAT of PKR16.1bn (EPS: PKR12.9) in SPLY. The result is above our expectation due to higher than estimated NII and reversal in provisioning expense.
  • Net interest income clocked in at PKR84.2bn, up by 200%/24% YoY/QoQ. The increase is attributable to favorable pricing of investment book aided by healthy volumetric growth and higher share of zero cost deposits.
  • Non markup income declined by 21%/38% YoY/QoQ despite a healthy increase of 26%/90% YoY/QoQ in fee income. The decline is primarily driven by elevated gain on securities in preceding quarters.
United Bank (UBL): Recorded highest ever quarterly earnings in 1Q2025 - By Topline Research

Apr 16 2025


Topline Securities


  • United Bank (UBL) announced its 1Q2025 result today, where the bank recorded highest ever quarterly earnings of Rs36bn (EPS of Rs28.9), up 126% YoY and 39% QoQ.
  • UBL's 1Q2025 earnings exceeded industry expectations, which ranged between Rs12.8–22.9 per share, and were also the highest ever recorded for any bank in a single quarter.
  • The significant jump in in earnings is due to increase in Net Interest Income (NII).
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.
Lotte Chemical Pakistan Limited (LOTCHEM): Earnings Hold Steady as PTA Margins Remain Underwhelming - By IIS Research

Apr 16 2025


Ismail Iqbal Securities


  • We expect LOTCHEM to report a PAT of PKR 779 million (EPS: PKR 0.51) for 1QCY25, compared to LPS 0.01 in last quarter. This improvement comes as operations normalize following a one-month plant turnaround last quarter. PTA sales volumes are also anticipated to recover to typical levels. However, PTAPX margins have averaged USD 100/ton this quarter, lower than the USD 122/ton in the past six years and the long term average of USD 110/ton, largely due to global dynamics and subdued international demand.
  • Additionally, this quarter is affected by the recent gas price hike. Where, the gas price for captive power plants has increased to Rs 3,500 per MMBtu, effective February 1, 2025. While this increase poses some pressure, it's worth noting that LOTCHEM’s cost structure and margins are largely driven by international PTA-PX spreads. Notably, in CY24, only around 7% of COGS was from oil, gas, and electricity expenses. Furthermore, the company is in the process of being acquired, as AsiaPak Investments Limited and Montage Oil DMCC entered into a share purchase agreement to acquire a 75.01% stake in LOTCHEM.
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
Commercial Bank: Banking Sector’s Dividends Payouts to Persist Despite Earnings Attrition in 1QCY25 - By Pearl Research

Apr 16 2025


Pearl Securities


  • We preview 1QCY25 earnings result for commercial banks within our coverage. We expect earnings of the Pearl banking universe to witness erosion of 3.6% QoQ due to NIM compression coupled with tapering off of growth in non-core income.
  • Notably, we expect the lagged impact of asset repricing and declining asset yields amid aggressive monetary easing measures to serve as a headwind for interest income, which nonetheless should partly be counteracted by volumetric balance sheet growth.
  • Additionally, we anticipate the offsetting decline in cost of deposit to remain relatively muted compared to the previous quarter despite strategic shift into low-cost deposits by the sector, thereby resulting in core income witnessing a contraction of ~6% QoQ, according to our estimates
Technical Outlook: KSE-100; Consolidation likely above key averages - By JS Research

Apr 16 2025


JS Global Capital


  • The KSE-100 index extended the gain to close at 116,776, up 385 points DoD. Volumes stood at 479mn shares compared to 485mn shares traded in the previous session. The index is expected to revisit yesterday’s high of 117,362 where a break above targeting 118,718 level. However, any downside will find support at the 30-DMA which is currently at 115,631. The RSI and the Stochastic Oscillator have moved up, supporting a positive view. We recommend investors to ‘Buy on dips’, with risk defined below the 30-DMA. The support and resistance levels are at 116,493 and 117,210 levels, respectively.
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.
Commercial Banks: 1QCY25 Result Preview: Payouts to remain intact - By AKD Research

Apr 15 2025


AKD Securities


  • AKD Banking Universe is set to announce its 1QCY25E results, where we expect profitability to decline by 12%QoQ, as contraction in NIMs and a drop in nonmarkup income are expected to outweigh the impact of lower operating expenses and reduced taxation.
  • We anticipate our banking universe to maintain dividends in the first quarter, supported by resilient capitalization amid monetary easing, recovery in macro economic variables and removal of mandated ADR based taxation during the previous quarter.
  • Profitability to take a hit from declining yields: AKD Banking Universe is set to announce its 1QCY25E results, where we expect profitability to decline by 12%QoQ to PkR75.1bn, as contraction in NIMs and a drop in non-markup income are expected to outweigh the impact of lower operating expenses and reduced taxation.
Attock Petroleum Limited (APL): 2QFY25 EPS clocked-in at Rs 22.01, DPS Rs 12.5

Jan 27 2025


Foundation Securities


  • Attock Petroleum Limited (APL PA) profitability during 2QFY25 clocked-in at Rs2.7bn (EPS Rs22.01), up 8/15% YoY/QoQ, compared to Rs2.5bn (EPS Rs20.42) in 2QFY24.
  • This takes 1HFY25 profitability to Rs5.1bn (EPS Rs41.18), down 34% YoY, vs Rs7.8bn (EPS Rs62.69) in 1HFY24.
  • The result is accompanied with an interim cash payout of Rs12.5/sh.
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