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.
Autos: Result Preview: Stronger profits, brighter outlook - By AKD Research
Apr 22 2025
AKD Securities
- INDU 3QFY25E earnings to clock in at PkR5.7bn (EPS: PkR72.8): We anticipate INDU to report earnings of PkR5.7bn (EPS: PkR72.8) in 3QFY25E compared to PkR4.4bn (EPS: PkR56.6), a 29% YoY increase. The said growth is primarily driven by an increase in total sales volumes, up by 40%YoY to 9,077 units compared to 6,503 units in SPLY, given a low base due to supply chain disruptions leading to multiple days of plant shutdown last year. Topline is anticipated to rise by 31%YoY, primarily attributed to the aforementioned reasons, and inclusion of Corolla Cross sales for the whole quarter. Moreover, gross margins are expected to clock in at 14.5%, remaining largely flat YoY. With regards to opex, decline in warranty claims associated with the launch of Corolla Cross sales would lead to a 58%YoY decrease in operating expenses. Overall, 9MFY25, earnings are expected to reach PkR199.5/sh, up 67%YoY. Additionally, we anticipate INDU to announce an interim dividend of PkR44.0/sh, bringing the 9MFY25 dividend to PkR120.0/sh. We maintain a ‘BUY’ call on the scrip with a Dec’25 target price of PkR3,350/sh.
- HCAR – 4QMY25E earnings to clock in at PkR1.1bn (EPS: PkR7.92): We expect HCAR’s earnings to clock in at PkR1.1bn (EPS: PkR7.92) vs. PkR1.4bn (EPS: PkR9.60) in SPLY, a decline of 17%YoY. The said decrease in profitability is due to one-off tax reversal of PkR618mn in 4QMY24. However, total sales volume during the quarter increased by 12%YoY to 5,653 units in 4QMY25. Subsequently, topline is projected to increase by 7%YoY to PkR26.8bn (vs. PkR24.9bn in 4QMY24). Additionally, gross margins are projected to improve to 9.8%, mainly due to decline in CRC/HRC prices, down 15.3%/15.0%YoY, respectively, and enhanced proportion of Civic in sales mix. Additionally, finance cost is expected to decline by 92%YoY amid decline in total outstanding debt and declining financing rates. Overall, earnings for MY25 are anticipated to decline by 8%YoY due to aforementioned tax reversal in 4QMY24. Moreover, we anticipate HCAR to announce a final dividend of PkR6.0/sh. We maintain a ‘BUY’ stance on the stock with Dec’25 target price of PkR426/sh.
Market Wrap: Highlights of the day - By JS Research
Apr 22 2025
JS Global Capital
- The KSE100 index closed at 118,430, up 47 points DoD, driven by robust corporate earnings and heightened investor confidence. Strong quarterly results and anticipations of favorable monetary policy adjustments – including measures to ease debt tensions – supported increased trading volumes and broad-based buying. This positive momentum suggests that if economic fundamentals and earnings continue to impress, the market could sustain its upward trajectory, offering an encouraging outlook for future trading sessions. Investors remain cautiously optimistic about upcoming fiscal developments.
Pakistan Steel: No change in fortunes - By Foundation Research
Apr 22 2025
Foundation Securities
- We expect profitability for long steel players to remain unappealing attributable to (1) weak rebar prices, (2) higher delta of graded vs. ungraded steel, and (3) lower utilization.
- As for flat steel, profitability is anticipated to weaken YoY due to (1) lackluster domestic sales, (2) inflated energy cost, and (3) compressed Int’l HRC-CRC spreads. However, on a quarterly basis the same is expected to increase on account of (1) sequential decline in HRC prices, (2) easing flows from FATA/PATA region, (3) stable local sales volumes, and (4) rise in exports.
- We expect ISL’s profitability to ↓/↑46/8% YoY/QoQ to PKR 0.88/sh. As for the long steel players, we expect ASTL to report LPS of PKR 1.65/sh in 3QFY25 against LPS of 2.24 in 3QFY24, whereas MUGHAL is forecasted to post an EPS of PKR 1.33/sh, (↑4.3/2.1x YoY/QoQ).
Nestle Pakistan Limited (NESTLE): Corporate Briefing Notes - By Chase Research
Apr 22 2025
- In CY24, Nestlé Pakistan Limited reported a net profit of PKR 14.81 billion (EPS: PKR 326.53), reflecting a 10% YoY decline compared to PKR 16.49 billion (EPS: PKR 363.68) in CY23.
- Net revenue stood at PKR 193.21 billion, down 4% YoY from PKR 200.61 billion in CY23. Export sales registered a 21% YoY increase. The overall decline in revenue was attributed to the imposition of sales tax on the dairy & nutrition segment (impacting 70% of the portfolio), an additional 6.5% tax on non-filer retailers, the export taxation under the Normal Tax Regime, and the impact of a product boycott due to in the Middle East conflict.
- The revenue mix in CY24 comprised Dairy & Nutrition at 78.9%, Beverages at 20.7%, and Others at 0.4%. Dairy & Nutrition segment sales declined by 4.1% YoY to PKR 153.2 billion. UHT milk contributed 15-20% to this segment’s revenue. Management reported negative growth across all categories, with price hikes of 3–5% implemented during the year. No provision was recorded in CY24 related to the Everyday HS classification matter.
Market Wrap: Market Holds Ground Amid Cautious Sentiment - By HMFS Research
Apr 22 2025
HMFS Research
- The Pakistan Stock Exchange wavered between confidence and caution today as the KSE-100 index rode early optimism but lost steam by session close. Bolstered by the low SPI inflation print, which rekindled expectations of a policy rate cut in the upcoming MPC meeting, the index surged to an intraday high of 834 points. In parallel, the ongoing result season kept the market buzzing with selective value buying. However, the enthusiasm was moderated by uncertainty around whether corporate earnings would meet or miss expectations. This hesitancy prompted profit-taking towards the tail end of the session, causing the index to close nearly flat at 118,430—up by a marginal 47 points. Nonetheless, the conviction behind the day’s activity remained intact, with robust participation. The KSE-100 saw 354mn shares traded, while the broader market recorded an impressive 740mn shares. Volume leaders included BOP (117mn), POWER (68mn), and PIBTL (59mn). Looking ahead, the market retains room for upward movement given its proximity to all-time highs, but its trajectory will likely hinge on the strength of upcoming earnings and policy clarity. For now, a balanced approach focused on fundamentally robust scrips remains key as investors navigate this phase of cautious optimism.
Textile: 3QFY25 Earnings to increase ~3%QoQ - By Taurus Research
Apr 22 2025
Taurus Securities
- TSL Textile Universe profitability is expected to increase ~3% on a quarterly basis during 3QFY25, driven by improved textile exports and reduced financial costs. However, earnings to decline ~11%QoQ, primarily due to the higher input costs, higher energy costs and high taxation. Consequently, gross margins will remain under pressure during FY25. Moreover, improved demand for value-added textile during the quarter will contribute to the topline, driven by higher festive-demand.
- Textile exports reflected a modest 10%YoY growth in 3QFY25, due to increase in exports of value-added products and other textiles. Moreover, local cotton prices remained stable in 3QFY25, with the average ex-gin cotton price at PKR 17,663/maund.
Nishat Power Limited (NPL): 3QFY25 EPS to arrive at PKR 1.7, 9MFY25 LPS to clock-in at PKR 6.1 - By Taurus Research
Apr 22 2025
Taurus Securities
- Board Meeting: April 25, 2025. 3QFY25 EPS: PKR 1.7; DPS: PKR 3.0; 9MFY25 LPS: PKR 6.1; DPS: PKR 5.0.
- Net sales are expected at PKR 1.56Bn, down 68%YoY, primarily due to lower dispatches amid weak plant utilization (5% vs. 21% SPLY). Lower generation capped the ROE entitlement at 35%, weighing down capacity payments.
- Net other income likely to clock in at PKR 358Mn, supported by income on cash reserves, with a PKR 9.6Bn (PKR 27/sh) payment received in Mar-25 and net cash of PKR 23/sh as of Dec-24, reinforcing payout capacity
Pakistan Economy: Apr-25 CPI likely at 0.3%, lowest in over six decades - By JS Research
Apr 22 2025
JS Global Capital
- Pakistan's Consumer Price Index (CPI) is expected to maintain its disinflationary momentum, with Apr-2025 CPI likely to fall to 0.3%. The main contributor to this is the significant decrease in food inflation, which is expected to post a 5.7% YoY decline in Apr-2025. This would take 10MFY25 average inflation to 4.9%, down from 10MFY24 average of 26.2%.
- Due to the rapid disinflation, our base case CPI forecast for FY25 now averages 5.0%. The rolling 12-month forward CPI estimate stands at around 6.4%.
- The SBP held interest rates steady at the last MPC meeting, but given the lower-than-expected inflation figures so far, a rate cut of 50-100bps could be on the table in the near future. SBP is scheduled next to meet on 5th May 2025 and 16th June 2025 for its Monetary Policy Committee (MPC) meetings.
Honda Atlas Cars Limited (HCAR): 4QMY25 EPS to clocked-in at PKR 4.82; PAT down 50%YoY - By Taurus Research
Apr 22 2025
Taurus Securities
- MY25: EPS: PKR 12.01; DPS: NIL; PAT: PKR 1.7Bn, down 27%YoY.
- HCAR’s top line is expected to arrive at PKR 25.8Bn in 4QMY25, up 4%YoY and 45%QoQ, driven by a strong recovery in sales volumes to 5,692 units during the quarter up 13%YoY and 52%QoQ. For MY25, HCAR sold 16,061 units, marking a robust 53%YoY growth from 10,530 units last year supported by easing recovery in demand amid favorable macros.
- Gross profit is projected to decline slightly by 2%YoY to PKR 2.1Bn, with gross margins compressing due to cost-side pressures despite higher revenues. Operating profit is expected at PKR 1.1Bn, down 12%YoY, amid a rise in administrative expenses by 21%YoY.
Faysal Bank Limited (FABL): 1QCY25 Result Preview - By AHCML Research
Apr 22 2025
Al Habib Capital Markets
- Faysal Bank Limited is expected to report an EPS of Rs. 2.8, accompanied by a Rs. 1.5/share payout as the first interim dividend for CY25. We anticipate a 6% YoY increase in Net Interest Income (NII) for 1QCY25 compared to 1QCY24, driven by a lower cost of deposits amid a declining interest rate environment. However, on a QoQ basis, NII is expected to decline by 4% due to the lower policy rate translating into reduced markup income.
- On the non-funded side, non-interest income is projected to grow by 36% YoY, supported by higher fee-based income and capital gains. Compared to the previous quarter (4QCY24), non-interest income is expected to rise by 6%.
- Conversely, non-interest expenses are expected to surge by 50% YoY, in line with FABL’s branch expansion strategy and investment in digital infrastructure.
Textile: 3QFY25 Earnings to increase ~3%QoQ - By Taurus Research
Apr 22 2025
Taurus Securities
- TSL Textile Universe profitability is expected to increase ~3% on a quarterly basis during 3QFY25, driven by improved textile exports and reduced financial costs. However, earnings to decline ~11%QoQ, primarily due to the higher input costs, higher energy costs and high taxation. Consequently, gross margins will remain under pressure during FY25. Moreover, improved demand for value-added textile during the quarter will contribute to the topline, driven by higher festive-demand.
- Textile exports reflected a modest 10%YoY growth in 3QFY25, due to increase in exports of value-added products and other textiles. Moreover, local cotton prices remained stable in 3QFY25, with the average ex-gin cotton price at PKR 17,663/maund.
Nishat Power Limited (NPL): 3QFY25 EPS to arrive at PKR 1.7, 9MFY25 LPS to clock-in at PKR 6.1 - By Taurus Research
Apr 22 2025
Taurus Securities
- Board Meeting: April 25, 2025. 3QFY25 EPS: PKR 1.7; DPS: PKR 3.0; 9MFY25 LPS: PKR 6.1; DPS: PKR 5.0.
- Net sales are expected at PKR 1.56Bn, down 68%YoY, primarily due to lower dispatches amid weak plant utilization (5% vs. 21% SPLY). Lower generation capped the ROE entitlement at 35%, weighing down capacity payments.
- Net other income likely to clock in at PKR 358Mn, supported by income on cash reserves, with a PKR 9.6Bn (PKR 27/sh) payment received in Mar-25 and net cash of PKR 23/sh as of Dec-24, reinforcing payout capacity
Honda Atlas Cars Limited (HCAR): 4QMY25 EPS to clocked-in at PKR 4.82; PAT down 50%YoY - By Taurus Research
Apr 22 2025
Taurus Securities
- MY25: EPS: PKR 12.01; DPS: NIL; PAT: PKR 1.7Bn, down 27%YoY.
- HCAR’s top line is expected to arrive at PKR 25.8Bn in 4QMY25, up 4%YoY and 45%QoQ, driven by a strong recovery in sales volumes to 5,692 units during the quarter up 13%YoY and 52%QoQ. For MY25, HCAR sold 16,061 units, marking a robust 53%YoY growth from 10,530 units last year supported by easing recovery in demand amid favorable macros.
- Gross profit is projected to decline slightly by 2%YoY to PKR 2.1Bn, with gross margins compressing due to cost-side pressures despite higher revenues. Operating profit is expected at PKR 1.1Bn, down 12%YoY, amid a rise in administrative expenses by 21%YoY.
Engro Fertilizers Limited (EFERT): 1QCY25 EPS clocked-in at PKR 2.2; PAT down 63%YoY - By Taurus Research
Apr 22 2025
Taurus Securities
- 1QCY25: EPS: PKR 2.2; DPS: 2.3; PAT: PKR 2.9Bn, down 63%YoY – above expectations
- Net sales clocked-in at ~PKR 30Bn in 1QCY25, down significantly by 59%YoY on the back of decrease in Urea and DAP offtake by 58%YoY and 78%YoY, respectively. Gross margins arrived at 35% in 1QCY25, up 12pptsYoY due to improving cost efficiencies. However, EFERT’s market share dropped (down 10ppts to 23% in 1QCY25) amid amalgamation of FFBL into FFC (took effect from 3QCY24) which has forced the company to sell Urea bags at significantly discounted prices in order to overcome the pressure of continuous fall in market share i.e. highest Urea bag prices (impact of availing higher feed gas i.e. PKR 1,597/MMBTU) compared to the peer companies. Earnings arrived at PKR 2.9Bn in 1QCY25, down 63%YoY due to massive surge in finance cost (up 5.8xYoY) amid increase in borrowings to fund the ongoing “Pressure Enhancement Project”. Lastly, the Company announced an interim cash dividend of PKR 2.3/sh. for the quarter.
Indus Motor Company Limited (INDU): 3QFY25 EPS to arrive at PKR 73; PAT up 28%YoY - By Taurus Research
Apr 21 2025
Taurus Securities
- Board Meeting: 25th April 2025
- INDU’s net sales are projected to clock in at PKR 59.7Bn in 3QFY25, up 26%YoY and 38%QoQ, primarily driven by a sharp recovery in passenger car volumes — which surged 40%YoY and 42%QoQ — amid easing macroeconomic conditions like uptick in demand, lower inflation and lower interest rates.
- Gross margins are expected at 13.4% in 3QFY25 (14.7% in SPLY), with the slight decline likely due to cost-side pressures.
Meezan Bank Limited (MEBL): 1QCY25 Result Review - By Taurus Research
Apr 21 2025
Taurus Securities
- 1QCY25 EPS: PKR 12.3. 1QCY25 PAT down 11%YoY – in line with expectations. Additionally, MEBL has also announced an interim cash dividend of PKR 7.00/sh. Earnings were down mainly due to margin compression and higher provisions.
- Net Spread Earned (NSE): Down 8%YoY/15%QoQ on the back of substantial drop in yields on the asset side due to the repricing following the reduction in the SBP policy rate. However, the impact was offset to an extent by lower cost of funds.
- Other Income: Up 31%YoY. However, down 29% on a sequential basis owing to significant decrease in capital gains and other income. Moreover, Fee and Commissions income was also down 4% on a QoQ basis.
Commercial Bank: 1QCY25 Universe earnings to grow 13%QoQ - By Taurus Research
Apr 18 2025
Taurus Securities
- We expect 1QCY25 TSL Banking Universe earnings to grow 13% QoQ on account of lower cost of funds and provisions. Wherein, UBL and BAFL have already announced their results posting 39% QoQ growth and 52%QoQ growth in profitability, respectively. On an annualized basis, we anticipate earnings to go up 5%.
- During the period, the State Bank of Pakistan cut its policy rate by 100bps to 12%. Resultantly, the industry spread on outstanding loans and deposits is estimated to have averaged ~6.50% as compared an average of 5.39% in the previous quarter—on the back of the re-pricing lag between the assets and the liability side.
- Nevertheless, we anticipate a cumulative re-pricing of ~900bps in asset yields to have taken place by the period when compared to the corresponding period last year. Hence, affecting the interest incomes, specially on the investment books.
Pakistan Textile: Mar’25 Textile exports up 10%YoY - By Taurus Research
Apr 18 2025
Taurus Securities
- Textile exports arrived at USD 1.43Bn in Mar’25 as compared to USD 1.3Bn in the SPLY, reflecting a growth of ~10%YoY. Whereas, on a monthly basis it only increased by 1%MoM. The increase was mainly due to the higher exports of cotton yarn, knitwear, bed wear, ready-made garments, art & silk, made-up articles and other textiles up 30%YoY, 15%YoY, 19%YoY, 12%YoY, 9%YoY, 10%YoY and 11%YoY, respectively. Moreover, 9MFY25 textile exports increased 9%YoY to USD 13.6Bn as compared to USD 12Bn in the SPLY
- In Mar’25, Basic textile exports totaled USD 205Mn, down ~2% YoY, mainly attributed to decline in exports of cotton cloth and yarn. Whereas, value added exports showed a significant increase of 13%YoY along with a 9%YoY increase in other textiles.
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.
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