Allied Bank Limited (ABL): CY24 Analyst Briefing Key Takeaways - By Taurus Research

Feb 14 2025


Taurus Securities


  • ABL is currently operating with 1,330 conventional branches, 160 Islamic branches, and 18 Digital branches. The bank plans to open a total of 30 Islamic branches and 4 Sub branches going forward.
  • During CY24, ABL’s balance sheet growth stood at 21%, compared to the industry average of 16%. ABL’s borrowings were up 24% from the Dec’23 level, while deposits grew by 20%, respectively. The management continues to focus on low-cost deposit mobilization. Deposits currently stand at PKR 2.01Tn, with a CASA mix of 86%. ABL’s deposit market share currently stands at ~7%. Moreover, Current Accounts share out of total deposits stands at 38%.
  • Gross advances clocked in at PKR 1.1Tn, with NPLs of PKR 12.9Bn. The NPL ratio stood at ~1.22% reduced by 0.4%YoY , and coverage was ~115.69%. Moreover, the ADR as of Dec’24 was ~52.83%, in line with the industry average of 52.87%
Pakistan Textile: 3QFY25: Stable revenue & margins - By JS Research

May 20 2025


JS Global Capital


  • We review 3QFY25 performance of Textile sector with our sample size of 8 companies. Our sample companies reported a revenue growth of 4% YoY; however, gross margins dipped by 2% YoY (mainly due to softening of product prices). Earnings rose by 13% YoY during the period mainly led by 24% YoY decline in finance cost (-24% YoY), off-setting dip in margins and higher taxation during the quarter.
  • On QoQ basis, our selected companies reported flat top-line growth and gross margins. However, rise in taxes has resulted in 10% QoQ drop in the net earnings.
  • Interestingly, despite a 25% QoQ surge in gas prices for CPPs from Rs3,000/MMBtu in Dec-24 to Rs3,500/MMBtu in Jan-25 and Rs4,291/MMBtu in Mar-25, energy costs and margins for selected companies remained flat QoQ, indicating a greater shift towards cheaper energy sources (FO, coal-based CPP, or grid power purchases)
Economy: IMF projects considerable improvement in external position despite softer growth outlook - By AKD Research

May 19 2025


AKD Securities


  • IMF acknowledges that authorities met all quantitative performance criteria and majority of the indicative criteria and structural benchmarks.
  • The baseline macroeconomic projections reflect a moderately lower outlook for near-term activity, due to the impact of higher US tariffs on Pakistan.
  • The IMF program remained fully financed, with firm commitments for the next 12 months and good prospects for the reminder of the Fund-supported program.
Fertilizers: Reliable dividend yield on offer - By JS Research

May 9 2025


JS Global Capital


  • Keeping our long-term view on stable fertilizer demand and dividend yields intact, we believe Fauji Fertilizer Company (FFC) and Engro Fertilizers (EFERT) to remain on investors radar. Recent correction in stock prices have made dividend yields on FFC and EFERT even more attractive at 13%/ 16% and 14%/ 18% for CY25E and CY26E respectively.
  • Weak demand pattern likely to continue impacting fertilizer sales during Apr-2025, with Urea volumes likely to post 24% YoY decline. Cumulatively, Urea volumes during 4MCY25 are likely to hover around 1,350k tons (-37% YoY). On the contrary, DAP volumes are likely to recover by 12% YoY to clock-in at 104k tons (4MCY25: 254k tons, down 33% YoY).
  • Company-wise, FFC is expected to post Urea off-take of 108k tons, down 52% YoY in Apr-2025, including FFBL’s volume of 16kt. Wherein, EFERT and FATIMA are likely to post a YoY growth in volumes of 6% and 61%, respectively during the month.
Allied Bank Limited (ABL): 1QCY25 EPS arrives at PKR 7.4; PAT down 27%YoY/ up 7%QoQ - By Taurus Research

Apr 24 2025


Taurus Securities


  • 1QCY25 EPS: PKR 7.4. 1QCY25 PAT down 27%YoY – above expectations. ABL has also announced interim DPS of PKR 4.00.
  • Net Interest Income (NII): Down 13%YoY/ Up 1%QoQ driven by pressure on margins on the back of lower yields on the asset side following reduction in interest rates, offset by lower interest expenses due to decrease in the cost of funds on account of lower interest rates and the revised MDR regime going into effect from Jan’25.
  • Non-Markup Income (NMI): Up 9%YoY. But fell 13% compared to the previous quarter due to significant decrease in capital gains i.e. 64%. Fee income was down 5%QoQ. However, dividend income and forex income were up 15% and 41%QoQ.
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.
Faysal Bank Limited (FABL): 4QCY24 EPS clocks-in at PKR 2.3; PAT down 55%YoY/48%QoQ - By Taurus Research

Feb 20 2025


Taurus Securities


  • 4QCY24 EPS: PKR 2.3. 4QCY24 PAT down 55%YoY. CY24 EPS: PKR 15.7. CY24 PAT up 18%YoY – below expectations. FABL also announced a final DPS of PKR 2.50, taking the full year payout to PKR 7.00/sh.
  • Net Spread Earned: Down 6%YoY/5%QoQ, driven primarily by lower margins due to falling yields on earning assets as a consequence of reduction in the policy rate by the SBP during the year. ? Other Income: Up 10%YoY/55%QoQ, on the back of 26% growth in fee income on a sequential basis along with surge in dividend income. Income from foreign exchange was also up 2.1xQoQ providing support to the bottom-line.
Allied Bank Limited (ABL): CY24 Analyst Briefing Key Takeaways - By Taurus Research

Feb 14 2025


Taurus Securities


  • ABL is currently operating with 1,330 conventional branches, 160 Islamic branches, and 18 Digital branches. The bank plans to open a total of 30 Islamic branches and 4 Sub branches going forward.
  • During CY24, ABL’s balance sheet growth stood at 21%, compared to the industry average of 16%. ABL’s borrowings were up 24% from the Dec’23 level, while deposits grew by 20%, respectively. The management continues to focus on low-cost deposit mobilization. Deposits currently stand at PKR 2.01Tn, with a CASA mix of 86%. ABL’s deposit market share currently stands at ~7%. Moreover, Current Accounts share out of total deposits stands at 38%.
  • Gross advances clocked in at PKR 1.1Tn, with NPLs of PKR 12.9Bn. The NPL ratio stood at ~1.22% reduced by 0.4%YoY , and coverage was ~115.69%. Moreover, the ADR as of Dec’24 was ~52.83%, in line with the industry average of 52.87%
Economy: Favorable indicators to pave way for singledigit interest rates - By AKD Research

Jan 29 2025


AKD Securities


  • SBP monetary policy committee cautiously approached monetary policy to ensure sustainable economic growth and cut policy rate by 100bps to 12%, against our expectation of 200bps
  • On a positive note, the SBP revised downward its inflation forecast to a range of 5.5% to 7.5%, with the revised current account assumption expected to be in the range of a surplus of 0.5% to a deficit of 0.5% of GDP for FY25.
  • We expect SBP to reduce interest rates by 250bps to 9.5% during the remainder of CY25, with most of the easing in first half.
Cement: Negotiations among cement playersto lead to an amicable resolution; “overweight maintained” – By Topline Research

Jan 3 2025


Topline Securities


  • Pakistan Cement Players are reportedly under disagreements and based on our channel checks, a/few listed player(s) have asked for increase in market share and while some have asked for changes in geographic sales to fetch higher retention prices. Our channel checks suggest that these issues have been ongoing for 2-3 months and finally cement sector players have started negotiations to resolve issues, which we believe will result in some amicable solution.
  • As a result of above issues, cement prices in the month of Dec 2024 in north region have come down by 5% in last 2 months from Rs1490/bag in Oct 2024 to Rs1,415/bag as of Jan 02, 2025 PBS data. Further as per our dealer checks, prices of cement in north have also come down to Rs1370/bag.
  • Consequently, KSE-100 listed cement companies are down by 2.73-6.93% in first half of trading session today.
Sui Northern Gas Pipelines Limited (SNGP): Gas price hike to help E&Ps and PSO to retire previous receivables backlog - By Topline Research

Dec 18 2024


Topline Securities


  • OGRA has announced its decision on the review petition filed by Sui Companies for the revenue requirement for FY25. OGRA has recommended to increase gas prices by 8.8% and 26% for SNGP and SSGC, respectively. As part of the IMF program, adjusting gas tariffs is a structural benchmark, and the revised tariffs are due before February 15, 2025.
  • Average Operating Assets (AOA): Sui companies' profitability is determined through return on average operating assets; therefore, rate of return and quantum of average operating assets holds high importance in analysis. SNGP in its review petition dated Oct 28, 2024 requested for AOA of Rs147bn vs. previously approved AOA of Rs108.2bn on May 20, 2024. However, OGRA has allowed AOA of Rs108.57bn, largely same as approved on May 20, 2024. While, required return on assets is 25.92%.
  • 50% of Finance cost allowed now as compared to 25% in previous determination of FY25: OGRA has now allowed 50% of the finance cost on running finance as pass through vs. earlier approval of 25% in May 20, 2024 review decision against request of 100% pass through.
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).
Cement: June’25 dispatches down 26%MoM - By Taurus Research

Jul 3 2025


Taurus Securities


  • Total Cement dispatches in June’25 down 26%MoM on the back of lower construction demand and rise in geo-political conflict, declining exports i.e. domestic and export sales dropped by 29% MoM and 13%MoM, respectively. On a YoY basis, total domestic sales were down 16% in June’25 as higher taxes along with higher FED and increase in the cost of construction materials has reduced construction demand compared to the SPLY. However, exports during June’25 surged massively by 82%YoY on account of increase in clinker and cement demand from the regional/exporting countries during the period.
  • North-based domestic sales decreased 26%MoM in June’25 due to decline in the construction activities amid bad weather conditions and lower construction demand. Wherein, export sales were down 14%MoM amid escalation of war in the MiddleEast. South-based domestic sales dropped significantly by 44% MoM in June’25. On the export front, South-based exports were down 13%MoM, respectively.
  • On a YoY basis, North-based domestic sales down 14%YoY in June’25 due to lower construction demand i.e. impact of higher taxes and surge in construction material cost. However, Northbased exports were up significantly by 91%YoY, reflecting higher demand from the export regions. On the South front, domestic sales during June’25 decreased by 23%YoY. However, export sales surged by 79%YoY to 0.65Mn tons, respectively.
Economy: Jun’25 Volumes surge 2%MoM, up 8%YoY - By Taurus Research

Jul 2 2025


Taurus Securities


  • Petroleum products off-take for Jun’25 stood at approximately 1.56Mn tons, reflecting a monthly growth of 2%. Similarly, on a yearly basis, sales were up 8%YoY. The increase in volumes on a MoM basis was primarily driven by lower POL prices along with controlled smuggling activities.
  • Specifically, volumes for MS increased 5%MoM and 5%YoY. HSD volumes grew 9%YoY growth but declined 8%MoM. However, FO sales increased 62%MoM but increased 22%YoY, primarily due to low RLNG consumption and excess of LNG supply and heightened electricity demand.
  • Moreover, FY25 saw a surge in POL sales which were up 7%YoY primarily due to higher demand for MS, HSD, HOBC and KERO, up 6%, 10%, 1.7x and 19%YoY, respectively.
Attock Cement Pakistan Limited (ACPL): Strong interest from potential buyers… Dec’25 TP of PKR 352, warrants a ‘BUY’ - By Taurus Research

Jun 30 2025


Taurus Securities


  • We reiterate our ’BUY’ rating for Attock Cement Pakistan Limited (ACPL) with a Dec’25 target price of PKR 352/sh. offering an upside of 26% over the last day’s close. Our investment thesis primarily focuses on the Company’s strategic business advantages like: i) Presence in the South (2nd largest producer in the South) and the export market (15% share of Pakistan’s cement exports); and ii) Cost advantages (low dependence on the National Grid); coupled with an attractive valuation.
  • In addition, the location of the Company’s plant offers it immense strategic advantages like proximity to major projects like CPEC-Phase-II, Reko Diq and other mining & highway projects etc.; specially in the context of Balochistan, along with access to sea ports like Karachi, Port Qasim and Gwadar. Other triggers also include savings due to lower finance costs, going forward.
  • Moreover, recently the Company has also attracted strong interest from potential buyers in light of its sponsor’s intentions of a potential sale of the Company. The latter can be a strong catalyst for the current share price of the Company as it continues to trade at a massive discount on a replacement cost basis. Hence, a potential acquisition offer may be well above the current price.
TRG Pakistan Limited (TRG): 9MFY25 Corporate Briefing Takeaways - By Taurus Research

Jun 25 2025


Taurus Securities


  • The principal activity of TRG Pakistan is to manage a portfolio of investments in the business process outsourcing sector through its associate, The Resource Group International Limited (TRGIL). TRG Pakistan invests in the Technology, IT enabled services, and medicare insurance sectors. Its clients include companies from The Global 100. Through TRGIL, TRG Pakistan owns a 13% stake in both Afiniti and IBEX. Afiniti focuses on AI-based contact center optimization and IBEX specializes in outsourced customer interactions. Afiniti is controlled by Vista Lend Consortium. IBEX was listed on NASDAQ in 2020.
  • IBEX recorded 3QFY25 topline growth of 11%YoY at USD 540Mn, while 1QFY25 and 2QFY25 toplines recorded a growth of 4%YoY and 6%YoY, respectively. IBEX continues to outperform its peers with a 75% increase in its share price during the LTM, breaking the USD 30 level. Afiniti halved its senior debt by converting 50% of it into convertible preferred stock.
  • During 9MFY25, TRG recorded interest income of PKR 1.7Mn compared to PKR 1.8Mn during the SPLY. The Company recorded administrative and other expenses of PKR 456Mn compared to PKR 199Mn during the SPLY. This resulted in an operating loss of PKR 454Mn during 9MFY25 compared to PKR 196Mn during the SPLY.
Pakistan Economy: Jun’25 NCPI to arrive at 3.4%YoY/0.4%MoM - By Taurus Research

Jun 24 2025


Taurus Securities


  • We expect headline inflation for the month of Jun’25 to clock-in at 3.4%YoY owing to the base effect primarily, along with the sequential increase in food inflation and elevated core inflation. Hence, average inflation for FY25 is expected to touch-down at 4.7%YoY (down 19.3ppts over FY24).
  • During the month, we anticipate food prices to drive the general price level on the back of significant surge in prices of vegetables like Potatoes (up 20%MoM), Onions (up 8%MoM) & Tomatoes (up 30%MoM), mainly. This is expected to be offset by ~17% MoM fall in the price of Chicken (possibly due to lower consumption because of Eid) and stagnant or muted increase in the prices of other food items for the month.
  • However, Chicken prices are likely to increase in the coming months as the Government has proposed to impose a PKR 10 FED on one-day old chicks, as part of the Budget FY26.
Morning News: In another twist, Trump announces Iran-Israel ceasefire - By Taurus Research

Jun 24 2025


Taurus Securities


  • US President Donald Trump said late on Monday that a ceasefire has been agreed between Israel and Iran.
  • Pakistan has announced to extend its airspace restrictions on Indian aircraft for another month until July 23, 2025.
  • The potential closure of the Strait of Hormuz — one of the world’s most critical oil transit chokepoints —could deal a devastating blow to Pakistan’s already fragile economy, with soaring production, shipping, and insurance costs threatening industrial output, exports, and employment.
Janana De Malucho Textile Mills Limited (JDMT): 9MFY25 Corporate Briefing Takeaways - By Taurus Research

Jun 20 2025


Taurus Securities


  • Janana De Malucho Textile Mills Ltd was incorporated in Pakistan as a Public Company in 1960. The Company is mainly engaged in the business of manufacturing and sale of yarn.
  • In 9MFY25, sales clocked in at PKR 1.5Bn as compared to PKR 4.5Bn, down 67% over the SPLY mainly due to the suspension of production activities, weak demand, limited availability of cheaper imported yarn and inability to pass on price impact. The Company recorded gross loss of 29ppts arriving at -26% compared to 3% in the SPLY driven by the significant increase in its fuel & power costs from 18% to 20% during the period.
  • Finance costs arrived at PKR 218Mn compared to PKR 266Mn, down 18% over the SPLY driven by lower interest rate. Loss after tax arrived in at PKR 595Mn as compared to PKR 150Mn, up 3.0x over the SPLY primarily attributable to lower sale price of yarn and higher energy prices.
Economy: May’25 CAB posts a deficit of USD 103Mn - By Taurus Research

Jun 18 2025


Taurus Securities


  • Trade deficit continues to widen (up 16%MoM and 22% over the SPLY) as Pakistan’s CA posted a deficit of USD 103Mn during May’25. Goods exports fell 6% on a sequential basis. Whereas, goods imports increased 5%MoM. Services deficit recorded a contraction of 8% during the month to arrive at USD 2.7Bn in 11MFY25, up 1% over the corresponding period last year.
  • Remittances were the savior yet again, reflecting a growth of 16% over the previous month and 29% overall FYTD, clocking-in at USD 34.9Bn during 11MFY25. Consequently, 11MFY25 current account remains in a surplus of ~USD 1.8Bn. State Bank of Pakistan expects overall CAB for FY25 to post a sizeable surplus.
  • A dissection of the surge in imports shows that while petroleum imports posted a 7%MoM drop, machinery and transport group imports were up 17%MoM and 30%MoM, respectively. The latter is a strong indicator of uptick in economic activity. However, the situation poses a serious risk in case petroleum imports also surge on the back of soaring oil prices due to the evolving geopolitical situation. Resultantly, trade deficit is likely to widen further over the next few months, driving an even higher deficit.
Cement : Lahore High Court upholds 6% Royalty on Punjab Manufacturers - By Taurus Research

Jun 17 2025


Taurus Securities


  • In a recent development, the Lahore High Court has upheld its decision, to maintain the higher royalty charge i.e. 6% of the ex-factory cement price (PKR 1,250-1,350 per ton) – previously PKR 250/ton in FY24 for Punjab based manufacturers - ruling against the cement companies. We believe the affected Companies are likely to file on appeal against the judgment in the Supreme Court.
  • Hence, the decision cannot be considered final as yet. Nevertheless, cement companies operating out of Punjab are already providing for the higher royalty charge. However, encashment of bank guarantees for securing on earlier stay order may have slight impact on cash flows for these companies.
  • In contrast, KPK based cement producers are already enjoying high margins on selling cement bags at the discounted prices in Punjab. To recall, the KPK government announced provisional budget where they increased royalty charge from PKR 250/ton to PKR 350/ton. Resultantly, the disparity remains huge in the royalty charges of KPK and Punjab cement manufacturers i.e. PKR 950-1,050 per ton difference.
Economy: Jun’25 Monetary Policy Review - By Taurus Research

Jun 16 2025


Taurus Securities


  • State Bank of Pakistan’s Monetary Policy Committee (MPC) in its meeting today kept the benchmark policy rate unchanged at 11.00%, in line with expectations. The MPC highlighted the marginal decline in core inflation in May’25, with expectations of NCPI trending upwards going forward – albeit remaining within the SBP’s target range of 5%-7%. Wherein, recent budgetary measures are likely to have limited impact on inflation, although upside risks to this outlook remain very high.
  • Economic growth is picking-up gradually, likely to gain more traction next year with the impact of earlier rate cuts still unfolding. The MPC also noted potential risks to the external sector in the form of: i) widening trade deficit; and ii) weak financials inflows. Additionally, certain proposed FY26 budgetary measures are also likely to widen the trade deficit more.
  • Moreover, the MPC also pointed towards the recent sharp increase in oil prices as a result of the evolving geo-political situation in the Middle-East. Accordingly, the MPC has flagged Pakistan’s external outlook as susceptible to multiple risks like heightened geopolitical tensions, volatility in international oil prices, possible adverse impact of proposed budgetary measures, and potential shortfalls in planned financial inflows.
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SMA(10):
SMA(30):
SMA(60):
SMA(200):

Performance

One Month:
Three Months:
Six Months:
Twelve Months:

Support & Resistance

Support 1:
Resistance 1:
Support 2:
Resistance 2:

High & Lows

Period
High
Low