Attock Cement (Pakistan) Limited (ACPL): 2QFY25 EPS clocked in at PKR4.2 – Above expectation - By Insight Research

Jan 27 2025


Insight Securities


  • ACPL has announced its 2QFY25 result, wherein company has posted PAT of PKR0.6bn (EPS: PKR4.2) vs. PAT of PKR0.5bn (EPS: PKR3.6). The result is above our expectation due to higher-than-expected other income
  • In 2QFY25, revenue increased by 12%/39% YoY/QoQ mainly due to higher volumetric sales.
  • Gross margins of the company clocked in at 21.2%, up by 412 bps QoQ, possibly due to better fuel mix.
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.
Pakistan Cement: FCCL & KOHC: 3QFY25 result previews - By JS Research

Apr 14 2025


JS Global Capital


  • We present 3QFY25 earnings expectations for Fauji Cement Company Ltd (FCCL) and Kohat Cement Company Ltd (KOHC).
  • We expect FCCL and KOHC to post earnings of Rs1.02/share and Rs12.89/share, reflecting growth of 41% and 23% YoY, respectively. This improvement is primarily driven by higher gross margins — up 3.3ppt YoY for FCCL and 8.5ppts for KOHC — supported by higher retention prices and lower coal costs during 3QFY25 compared to 3QFY24.
  • The proposed increase in limestone royalty rates in KPK, aligning them with those in Punjab, is expected to weigh negatively on both companies. However, reduction in power tariffs may partially offset this impact, given both companies' significant reliance on the national grid.
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.
Pakistan Cement: Cement profitability likely to increase by 40% YoY in 3QFY25 Led by lower finance costs and higher sales - By Topline Research

Apr 14 2025


Topline Securities


  • Topline Cement Universe is expected to post profitability of Rs16.0bn in 3QFY25 against profit of Rs11.4bn in 3QFY24, up by 40% YoY, mainly due to lower finance costs and higher sales.
  • Net sales are anticipated to increase by 10% YoY to Rs93.7bn in 3QFY25 mainly due to higher YoY domestic retention prices and higher YoY total dispatches.
  • Finance costs in 3QFY25 is likely to decrease by 44% YoY to Rs2.8bn due to lower interest rates
Pakistan Auto: Mar’25: Passenger Vehicle Sales up 18%YoY - By Taurus Research

Apr 11 2025


Taurus Securities


  • According to data from the Pakistan Automotive Manufacturing Association (PAMA), automobile sales in Mar’25 exhibited an increase of 56% in volumes for passenger cars, light commercial vehicles (LCVs), and Jeeps, totaling 100,529 units in 9MFY25. Subsequently MoM sales experienced a 18% increase compared to Feb’25. INDU’s and SAZEW’s market share rose by 7ppts and 1ppts respectively, compared to the last month. Whereas, market share for, PSMC and HCAR declined by 3pptsMoM, and 4pptsMoM, respectively.
  • YoY growth in of sales during Mar’25 can be attributed to several factors, including falling inflation, lower fuel prices, reduction in interest rates and stable car prices along with the release of new variants. Moreover, the Government is also mulling to increase the cap on auto financing from the PKR 3Mn to PKR 6Mn. Regardless, of Feb’25, auto financing stood at ~PKR 317Bn, reflecting a 2%MoM increase.
Pakistan Automobile: Strong auto sales momentum carried into Mar’25 - By Foundation Research

Apr 11 2025


Foundation Securities


  • In Mar’25, automobile sales grew 18% YoY, however, on a sequential basis volume declined 8% MoM to 11k units due to Ramadan effect. During 9MFY25, sales expanded by a mammoth 46% YoY to over 100k units. This surge can be attributed to declining interest rates, attractive auto financing schemes and promotional offers by both banks and auto assemblers. Player-wise breakdown portrays a notable volumetric surge of 84/87% YoY in INDU/SAZEW, respectively while HCAR recorded a decline of 35% YoY in Mar’25. Total automobile sales clocked in at 13k units (↓ 8/7% YoY/MoM) in Mar’25 whereas 9MFY25 sales were 127,463 units (↑20% YoY).
  • Positive sales growth remains prolific: The automobile sector witnessed a surge in sales during Mar’25 as Jeeps/Vans&LCVs/800/1300cc sales improved by 85/42/6/17% YoY while 1000c sales dropped by a sizeable 71% YoY. During 9MFY25, automobile sales surged 46% YoY to 100,868 units led by growth in INDU, HCAR, Pak Suzuki & SAZEW at 58%, 29%, 41% and 153% YoY, respectively. The healthy volumetric growth is on the back of (1) declining interest rates, (2) attractive auto financing schemes by banks & auto assemblers amid increasing market competition, (3) stable exchange rate and HRC prices, and (4) improving macroeconomic environment
  • INDU: INDU recorded volumes of 3,131 units, up 84% YoY (↑20% MoM) during Mar’25. The surge in sales is driven by a rise in sales of Corolla+Cross+Yaristo 2,378 units, a jump of 54% YoY (↑31% MoM), which we believe is owed to higher Yaris sales. Additionally, Fortuner+Hilux sales climbed 4.8x YoY (↓5% MoM) to 753 units with Hilux being the major contributor. During 9MFY25, sales of Corolla+Cross+Yaris/Fortuner+Hilux swelled 49/90% YoY to 15,980/5,638 units respectively.
Pakistan Fertilizer: 1QCY25 Preview: Lower offtakes to dent profitability - By Insight Research

Apr 10 2025


Insight Securities


  • As per NFDC, urea offtakes decreased by 38% YoY to clock in at 1.13mn tons in 1QCY25, from 1.82mn tons in SPLY. Similarly, DAP offtakes decreased by 52% YoY to reach at 143kt, compared to 299kt in SPLY. This decrease is primarily attributable to weak farm economics. Due to steep decline in offtakes, we estimate EFERT/FFC/FATIMA to post EPS of PKR2.0/9.1/3.3 in 1QCY25, respectively.
  • FFC is expected to post unconsolidated PAT of PKR12.9bn (EPS: PKR9.1) in 1QCY25, reflecting a decline of ~13%/9% YoY/QoQ, primarily driven by lower offtakes. In 1QCY25, FFC's urea offtakes decrease by 34%/36% YoY/QoQ to reach at 537kt, compared to 819kt in the SPLY and 839kt in previous quarter. Similarly, DAP offtakes decreased by 52%/77% YoY/QoQ. FFC's revenue is expected to clock in at PKR60.8bn, down from PKR104.9bn in SPLY. Gross margins are expected to increase by ~11ppts YoY, amid increase in product prices. Similarly on QoQ basis, gross margins improved by ~10ppts due to a one-off adjustment in the previous quarter following the FFBL merger. Additionally, company’s finance cost is anticipated to decrease by 35% YoY, primarily due to decline in interest rates. Other income is expected to witness a decrease of ~46% YoY, amid lower dividend income and interest rates. Whereas same is expected to increase by ~14% QoQ due to dividend income in the quarter and increase in cash & cash equivalent. Along with the result, we expect company to announce a cash dividend of PKR7.3/sh.
Pakistan Bank: Banks earnings to fall 19% YoY and 12% QoQ in 1Q2025 Market Weight Stance Maintained - By Topline Research

Apr 10 2025


Topline Securities


  • Topline Banking Universe is likely to post a 12% QoQ decline in earnings in 1Q2025, amid a fall in Net Interest Income (NII) and Non-Interest Income.
  • NII of the banks in the Universe is likely to decrease by 11% QoQ to Rs279bn due to (1) a decline in the average policy rate from 15.2% in 4Q2024 to 12.3% in 1Q2025, and (2) 10% QoQ decline in advances growth.
  • As per SBP’s weekly publication, advances of the banking sector declined by 10% QoQ from Rs15.6trn as of Dec 27, 2024, to Rs13.9trn as of Feb 28, 2025
Morning News: Trillions of dollars in minerals can free Pakistan from IMF dependence: PM Shehbaz - By Vector Research

Apr 9 2025


Vector Securities


  • Prime Minister Shehbaz Sharif has invited both local and foreign investors to capitalise on Pakistan's vast mineral resources, which are estimated to be worth trillions of dollars. Speaking at the two-day Pakistan Minerals Investment Forum 2025 (PMIF25) in Islamabad on Tuesday, the prime minister expressed optimism that utilising these resources would enable Pakistan to reduce its dependency on global financial institutions like the International Monetary Fund (IMF).
  • Canadian mining giant Barrick Gold is set to raise $3 billion in international financing for the multi-billion-dollar Reko Diq Copper & Gold Project in Balochistan. Barrick’s President and CEO Mark Bristow told Dawn on Tuesday that a financing pact with the World Bank and its commercial arm International Finance Corporation (IFC) was expected to be signed by mid-year and final financing packages by third quarter this year for $650 million. “We expect to drawdown about $500m by 4th quarter,” he said.
  • Prime Minister Shehbaz Sharif on Tuesday welcomed a $2 billion investment from global shipping giant AP Moller – Maersk, hailing it as a significant boost to Pakistan’s maritime sector. During a meeting with Robert Maersk, chairman of the board of directors at AP Moller – Maersk, he directed authorities to fast-track the conversion of memoranda of understanding (MoUs) signed with the company last year into formal agreements.
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.
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.
Fauji Cement Company Limited (FCCL): 2QFY25 EPS clocked in at PKR1.6 – Above expectation - By Insight Research

Feb 25 2025


Insight Securities


  • FCCL has announced its 2QFY25 result, wherein company has posted PAT of PKR4.0bn (EPS: PKR1.6) vs. PAT of PKR2.7bn (EPS: PKR1.1) in SPLY. The result is above our expectation due to higher-than-expected gross margins.
  • In 2QFY25, revenue increased by 24%/8% YoY/QoQ mainly due to higher volumetric sales and better retention prices. To note, company’s local cement offtakes increased by 17%/14% YoY/QoQ.
  • Gross margins of the company clocked in at 35.8%, up by 314bps/142bps YoY/QoQ, possibly due to optimal energy mix and decline in coal prices.
Gul Ahmed Textile Mills Limited (GATM): 2QFY24 EPS clocked in at PKR0.93 – Above expectation - By Insight Research

Feb 25 2025


Insight Securities


  • GATM has announced its 2QFY25 result, wherein the company has posted consolidated PAT of PKR687mn (EPS: PKR0.93) vs. PKR547mn (EPS: PKR0.74) in SPLY, up by 26% YoY. The result is above our expectation due to higher-than-expected gross margin and lower tax expense.
  • In 2QFY25, company’s revenue clocked in at PKR45.68bn compared to PKR41.23bn in SPLY, up by ~11 YoY. The increase in topline is possibly attributable to higher volumetric sales.
  • In dollar terms, company’s revenue clocked in at US$164.0mn in 2QFY25 vs. US$145.5mn in SPLY, up by ~13 YoY. However, same is down by ~7 QoQ.
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.
Habib Bank Limited (HBL): 4QCY24 EPS clocked in at PKR9.8 – Above expectation - By Insight Research

Feb 19 2025


Insight Securities


  • HBL has announced its 4QCY24 result, wherein it has posted consolidated PAT of PKR14.6bn (EPS: PKR9.8) vs. PAT of PKR15.9bn (EPS: PKR10.1) in SPLY. The result is above our expectation due to higher than estimated NII and other income.
  • Net interest income clocked in at PKR60.3bn in 4QCY24, down by 6%/5% YoY/QoQ. The decline is attributable to falling asset yields.
  • Non markup income inched up by 76%/69% YoY/QoQ, driven by fee income and gain on securities. Moreover, the bank recorded other income of ~PKR14.5bn in 4QCY24, attributable to sale of branches.

Engro Polymer and Chemicals Limited (EPCL): 4QCY24 EPS clocked in at PKR2.3 – Above expectation - By Insight Research

Feb 11 2025


Insight Securities


  • EPCL has announced its 4QCY24 result, wherein company has posted consolidated PAT of PKR2.1bn (EPS: PKR2.3) vs. PAT of PKR4.0bn (EPS: PKR4.4) in SPLY. The result is significantly above our expectation due to higher than estimated revenue, gross margins and tax credit in 4QCY24.
  • In 4QCY24, revenue increased by 11%/6% YoY/QoQ possibly due to better volumetric sales coupled with higher caustic soda prices.
  • Gross margins of the company clocked in at 14.1%, up by 860bps QoQ, possibly due to premium charged over import parity price as core delta remained flat QoQ. However, we await further clarity on this.
Attock Cement (Pakistan) Limited (ACPL): 2QFY25 EPS clocked in at PKR4.2 – Above expectation - By Insight Research

Jan 27 2025


Insight Securities


  • ACPL has announced its 2QFY25 result, wherein company has posted PAT of PKR0.6bn (EPS: PKR4.2) vs. PAT of PKR0.5bn (EPS: PKR3.6). The result is above our expectation due to higher-than-expected other income
  • In 2QFY25, revenue increased by 12%/39% YoY/QoQ mainly due to higher volumetric sales.
  • Gross margins of the company clocked in at 21.2%, up by 412 bps QoQ, possibly due to better fuel mix.
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.
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