Barkat Frisian Agro Ltd (BFAL): Barkat Frisian Agro Limited – IPO Insights & Business Model - By IIS Research

Feb 11 2025


Ismail Iqbal Securities


  • Barkat Frisian Agro Limited (BFAL) is Pakistan’s first and only producer of pasteurized eggs, operating as a joint venture between Pakistan’s Buksh Group and the Netherlands based Frisian Egg Group. Incorporated in 2017 and beginning commercial operations in 2019, BFAL specializes in pasteurized whole eggs, yolks, and egg whites in frozen and liquid forms. The company plans to expand its product line to include powdered, organic, free range, and pasteurized shell eggs.
  • BFAL is offering 67.7 million shares (21.85% of post-IPO equity) at a floor price of PKR 13 per share, with a total transaction value of PKR 880.5 million. The raised capital will be primarily used to establish a new production facility in Faisalabad and reduce outstanding debt.
  • The pasteurization process begins with egg breaking, filtration to remove shell particles, and homogenization for uniform consistency. Ingredients like salt or sugar may be added based on customer needs before controlled heating eliminates bacteria while preserving nutrients. The eggs are then cooled, stored at 4°C, and continuously agitated to maintain freshness before being packaged in sprouted containers or bulk bags. This process ensures safer, high quality egg products with an extended shelf life.
Barkat Frisian Agro Ltd (BFAL): BARKAT FRISIAN AGRO LIMITED – IPO - By AHCML Research

Feb 14 2025


Al Habib Capital Markets


  • Barkat Frisian Agro Ltd (BFAL) is a Pakistani-Dutch joint venture, established in 2017 and operational since 2019. The company specializes in value-added egg products that meet European standards, serving bakery, confectionery, food dressings, FMCG, and ice cream industries.
  • BFAL benefits from a strong collaboration with three key partners:
  • Frisian Egg Group (Netherlands).
Barkat Frisian Agro Limited (BFAL): Scaling in the untapped segment - By Insight Research

Feb 14 2025


Insight Securities


  • Pasteurized eggs have seen steady growth in the food service sector in recent years, driven by rising regulation & awareness of food safety standards, extended shelf life, convenience, and the prevention of foodborne diseases. In line with this trend, the upcoming IPO of Barkat Frisian Agro Limited (BFAL) offers a good exposure to this growing industry. The company plans to raise PKR0.9bn by offering 67.7mn shares at a floor price of PKR13/share. BFAL specializes in producing pasteurized, liquid, and dried egg products, catering to the HoReCa, baking, and protein supplement market. As the only manufacturer of processed eggs in Pakistan, BFAL serves both domestic and export markets and has decent room to grow. As per the management, Pakistan's annual egg consumption is 21.1bn eggs, with 15% utilized by company’s addressable market translating to a target market size of 3.2bn eggs annually. Additionally, the global pasteurized egg market is projected to grow at a CAGR of ~10.3%. To capitalize on this demand, BFAL is expanding its production capacity by establishing a new factory in Faisalabad to serve the local market. The company is also introducing new products, which will enhance the revenue growth in the future.
  • We have a subscribe stance on the stock, with Dec’25 DCF based target price of PKR19/sh. Our liking stems from the following facts i) First mover advantage in pasteurized egg segment, ii) Potential to cater local and export demand, iii) Competitive pricing due to lower raw material cost, iv) New product offerings, v) Tax holiday on both facilities and vi) Expertise of parent company to aid future growth.
Barkat Frisian Agro Limited (BFAL): Pakistan’s Only Pasteurized Eggs Producer - By Taurus Research

Feb 13 2025


Taurus Securities


  • Barkat Frisian Agro Limited (BFAL) is a Pakistani – Dutch joint venture between the Buksh Group and the Frisian Egg Group. BFAL primarily produces frozen, liquid, and dried whole eggs, egg yolks, and egg whites. It also produces specialized versions of these egg products which are blended with other ingredients depending on their end-use. Pasteurized egg products are essential for baking, cooking, food supplements, sauces, and mayonnaise. Pasteurized eggs also have longer shelf-lives and are safer for consumption.
  • BFAL’s European-style production facility is located at Bin Qasim Industrial Park in Karachi and carries the capacity to process 17,000MT of eggs annually. This facility operated at 75% capacity during FY24. Additionally, BFAL is setting up a subsidiary in the U.A.E. to boost its exports to the Middle East.
  • Frisian Egg International B.V. has over 30 years of experience in egg processing with operational plants in Egypt, China, and the Netherlands. The Buksh group has over 40 years of experience in diverse sectors; textile manufacturing and exporting, steel drum manufacturing, as well as poultry farming and feed operations.
Barkat Frisian Agro Ltd (BFAL): Barkat Frisian Agro Limited – IPO Insights & Business Model - By IIS Research

Feb 11 2025


Ismail Iqbal Securities


  • Barkat Frisian Agro Limited (BFAL) is Pakistan’s first and only producer of pasteurized eggs, operating as a joint venture between Pakistan’s Buksh Group and the Netherlands based Frisian Egg Group. Incorporated in 2017 and beginning commercial operations in 2019, BFAL specializes in pasteurized whole eggs, yolks, and egg whites in frozen and liquid forms. The company plans to expand its product line to include powdered, organic, free range, and pasteurized shell eggs.
  • BFAL is offering 67.7 million shares (21.85% of post-IPO equity) at a floor price of PKR 13 per share, with a total transaction value of PKR 880.5 million. The raised capital will be primarily used to establish a new production facility in Faisalabad and reduce outstanding debt.
  • The pasteurization process begins with egg breaking, filtration to remove shell particles, and homogenization for uniform consistency. Ingredients like salt or sugar may be added based on customer needs before controlled heating eliminates bacteria while preserving nutrients. The eggs are then cooled, stored at 4°C, and continuously agitated to maintain freshness before being packaged in sprouted containers or bulk bags. This process ensures safer, high quality egg products with an extended shelf life.
Market Wrap: KSE-100 Surges to Historic High, Ends Day Tepid - By HMFS Research

Jul 8 2025


HMFS Research


  • The benchmark KSE-100 index touched a new all-time intraday high of 134,200 amid continued positive sentiment; however, gains were trimmed by the close, with the index settling nearly flat at 133,403—up just 33.05 points. Value buying was evident in the banking sector, while profit-taking emerged in selective bluechip stocks. Trading activity remained robust, with benchmark index volumes hitting 324mn shares and broader market participation crossing 1.2bn shares. Volume leaders for the day included TPLP (97mn), WTL (64mn), and HASCOL (48mn). Going forward, market direction will likely hinge on institutional flows and clarity on macroeconomic triggers. Investors are advised to stay focused on fundamentally sound stocks with long-term value.
Textiles: Pause-period for US tariffs ending today - By JS Research

Jul 8 2025


JS Global Capital


  • The 90-day pause period for the implementation of reciprocal tariffs expires today. Meanwhile, US govt plans to issue letters to all countries which have not struck a deal yet and are likely to face higher than previously announced tariffs effective 1st August, 2025.
  • Countries having completed successful round of bilateral trade agreements including Pakistan, are expected to face a lower tariff, however, a minimum baseline tariff of 10% is likely to remain. A formal notification of the same is likely to be announced along with other trading partners with negotiated contracts.
  • With softening of US stance towards Pakistan since the cease-fire between India and Pakistan and a potential successful round of dialogues between the two, optimism towards Pak Textile sector has gained strength, with an upside of 38% from its low seen in May-2025 and 21% from the pre-tariff announcement levels.
Cement: Capacity Utilization at Record Low, Huge Growth Potential - By Sherman Research

Jul 8 2025


Sherman Securities


  • Currently, cement sector is running on historical low utilization level of 55% versus last 30-year average utilization of 76%. The main reason for this significant decline is that although capacity has increased sharply, demand has remained subdued over the past few years. To note, cement capacity in Pakistan has increased to 84.6mn tons as compared to 9mn tons in FY92, (up 9x) during the years.
  • Historically, we have observed that capacity expansions have only been undertaken when utilization surpasses 80%, therefore, we do not expect any capacity expansion in the near term. Furthermore, the pause in expansion is expected to enhance the liquidity of companies, which could enable them to increase their payout going forward.
  • During FY25, local dispatches arrived at 37mn tons compared to 38.2mn tons during FY24. Thus, during last 4 years, cement sales posted consistent decline on annualized basis reaching at 8 – year low level in FY25.
Morning News: Reserves up: SBP eyes global bond market - By Next Research

Jul 8 2025


Next Capital


  • According to the central bank, reserves reached $14.5 billion by the end of June, surpassing the IMF’s target of $13.9 billion and exceeding even the Governor’s own projections. The hard work is paying off. SBP has been persistent in buying dollars from the interbank market, and now, finally, the international commercial financing channel has reopened. The next move is to tap into the international bond market — starting with the Panda bond, followed by a Eurobond issuance.
  • In a significant economic achievement, the government of Pakistan has demonstrated its firm commitment to fiscal discipline and long-term stability by retiring Rs 1.5 trillion in public debt ahead of schedule in FY25. This substantial early repayment has contributed to a notable improvement in Pakistan’s fiscal indicators, bringing the debt-to-GDP ratio down from 75 percent in FY23 to 69 percent in FY25.
  • The government has repaid a debt of Rs500 billion to the central bank ahead of its scheduled maturity in 2029, resulting in an early retirement of Rs1.5 trillion in public debt, a senior finance official said on Monday.
Technical Outlook: KSE-100; Upside likely - By JS Research

Jul 8 2025


JS Global Capital


  • The KSE-100 index witnessed a positive session to close at 133,370, up 1,421 points DoD. Volumes stood at 920mn shares compared to 733mn shares traded in the previous session. The index is likely to retest yesterday’s high of 133,862; a break above this level could target 135,232, with potential to rise further towards 137,549 level. Meanwhile, any downside will be tested between 132,460 and 132,610 levels, respectively. The RSI and MACD continue to rise, reinforcing the positive outlook. We advise investors to ‘Buy on dips,’ with risk defined below 130,716. The support and resistance are placed at 132,604 and 133,999, respectively.
Morning News: SBP governor speaks of policy mix: - By HMFS Research

Jul 8 2025


HMFS Research


  • Governor State Bank of Pakistan (SBP) Jameel Ahmad has said that unlike in the previous episodes of boom-bust cycles, the current policy mix remains conducive to a lasting increase in economic activity rather than a short-sighted, fragile, and populist ‘sugar rush’. Governor SBP also assured that SBP is fully committed to undertake structural reforms and lay the foundation for sustainable and inclusive economic growth. Both SBP and the government remain steadfast in their approach to transitioning from recently hard-earned economic stability to a medium-term economic transformation. This resolve is reflected in our prudent and cautious monetary policy stance, and fundamentals aligned exchange rate, and ongoing fiscal consolidation and improving debt dynamics.
  • The government has repaid a debt of Rs500 billion to the central bank ahead of its scheduled maturity in 2029, resulting in an early retirement of Rs1.5 trillion in public debt, a senior finance official said. Pakistan’s debtto-GDP ratio decreased from 75 percent in FY23 to 69 percent in FY25 due to early debt repayments. The successful buyback of Rs1 trillion in market debt, completed by December 2024, marked the first such operation in Pakistan’s history. Alongside this, the early repayment of the SBP Rs500 billion debt has collectively led to the early retirement of Rs1.5 trillion in public debt during FY25, said Khurram Schehzad, an advisor to the finance minister. The early retirement of central bank debt, executed by the Debt Management Office (DMO), marks a breakthrough in Pakistan’s debt management strategy. Early debt retirement while converting shorter tenure with longer-tenure debt significantly reduces concentration risk, lowers future liabilities, and strengthens the country’s macroeconomic foundations by curbing reliance on borrowings.
  • The Federal Board of Revenue (FBR) has notified businesses, including importers, suppliers, and manufacturers, of tightened restrictions under Section 21 of the Income Tax Ordinance for FY26, aimed at discouraging excessive cash dealings and broadening the tax net. Under the directive, any cash transaction exceeding PKR 200,000 will not be treated as an allowable business expense. Consequently: 50% of such expenditure will be recognized for tax purposes. The disallowed portion will attract an additional tax burden, effectively raising the cost by 20.5%.For completely disallowed transactions, the effective impact could surge to 79.5%. Businesses are urged to ensure all supplier and client payments are processed through proper banking channels to avoid heavy penalties and additional scrutiny by FBR
Market Wrap: Highlights of the day July 7, 2025 - By JS Research

Jul 7 2025


JS Global Capital


  • The KSE-100 Index surged 1.4% to an all-time intraday high of 133,862.01, driven by optimism over trade negotiations, macroeconomic stability, and a strong corporate earnings outlook. Falling inflation, strengthening FX reserves, and capital inflows are enhancing investor confidence, while higher taxes on alternative assets are redirecting capital into equities. With earnings season ahead and technical indicators breaking new ground, we expect the bullish momentum to persist in the near term, supported by favorable macro trends and reallocation from fixed-income instruments.
Market Wrap: Bullish Momentum Carries KSE-100 Beyond 133,000 - By HMFS Research

Jul 7 2025


HMFS Research


  • The market continued its unrelenting bullish streak, surging past the 133,862 mark for the first time in history. This milestone rally was fueled by renewed investor confidence, driven by key trade developments and sector-specific momentum. Investor sentiment received a notable boost as Pakistan and the U.S. concluded a critical round of trade talks ahead of the July 9 deadline. While an official announcement is still awaited, early signs point to a favorable deal for Pakistan’s export sectors. Adding to the positive momentum, OGDC reported a production uplift following the successful installation of an ESP at Rajian-05, where it holds full ownership—further reinforcing its operational strength. The rally was led by the banking and fertilizer sectors, supported by expectations of strong upcoming results and favorable sectoral tailwinds. The KSE-100 index closed at 133,370 level, up 1,421 points in a robust session. Market activity remained upbeat, with 344 million shares traded on the KSE100 and total market volume reaching 915 million shares. Volume leaders included IMAGE (48mn), BOP (43mn), and WTL (37mn). While a short-term breather cannot be ruled out given the sharp upward trajectory, overall sentiment is expected to remain strong amid continued macroeconomic improvement. Investors are advised to stay focused on fundamentally sound stocks with long-term value.
Oil and Gas Development Company Ltd (OGDC): OGDC enhances production at Rajian-05 well - By AKD Research

Jul 7 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has enhanced production in Rajian-05 through installation of electrical submersible pumps (ESP). Following the workover, production has increased to 3.1kbpd of oil and 1.0mmcfd of gas, compared to 1.1k bpd/0.5mmcfd of oil/gas during 3QFY25. Notably, OGDC is the wholly-owned operator of the Rajian heavy oil field, where several workovers and artificial lift systems have been implemented at previous wells to expedite revival. We anticipate the aforementioned development to have an annualized EPS impact of ~PkR1.3 per sh for OGDC, respectively.
Pakistan Power: Base tariff cut and circular debt overhaul to reshape energy sector outlook - By AKD Research

Jul 7 2025


AKD Securities


  • The national base tariff is determined at PkR34.0/kwh for FY26, down by 4%YoY compared to PkR35.5/kwh in FY25.
  • GoP has accelerated its power sector reform agenda, with the PkR1.25tn commercial bank borrowing facility to reduce the mounting circular
  • Continued resolution of the circular debt would be beneficial for companies under our coverage space, namely: OGDC (Dec’25 TP: PkR371/sh), PPL (Dec’25 TP: PkR281/sh) and PSO (Dec’25 TP: PkR729/sh).
Barkat Frisian Agro Ltd (BFAL): Barkat Frisian Agro Limited – IPO Insights & Business Model - By IIS Research

Feb 11 2025


Ismail Iqbal Securities


  • Barkat Frisian Agro Limited (BFAL) is Pakistan’s first and only producer of pasteurized eggs, operating as a joint venture between Pakistan’s Buksh Group and the Netherlands based Frisian Egg Group. Incorporated in 2017 and beginning commercial operations in 2019, BFAL specializes in pasteurized whole eggs, yolks, and egg whites in frozen and liquid forms. The company plans to expand its product line to include powdered, organic, free range, and pasteurized shell eggs.
  • BFAL is offering 67.7 million shares (21.85% of post-IPO equity) at a floor price of PKR 13 per share, with a total transaction value of PKR 880.5 million. The raised capital will be primarily used to establish a new production facility in Faisalabad and reduce outstanding debt.
  • The pasteurization process begins with egg breaking, filtration to remove shell particles, and homogenization for uniform consistency. Ingredients like salt or sugar may be added based on customer needs before controlled heating eliminates bacteria while preserving nutrients. The eggs are then cooled, stored at 4°C, and continuously agitated to maintain freshness before being packaged in sprouted containers or bulk bags. This process ensures safer, high quality egg products with an extended shelf life.
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