Maple Leaf Cement (MLCF): 2QFY25 EPS at Rs3.57, up by 66% YoY (Earnings higher than expectations) - By Topline Research

Feb 20 2025


Topline Securities


  • MLCF announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs3.7bn (EPS of Rs3.57), up by 66% YoY and by 178% QoQ.
  • The result came higher than expectations in 2QFY25 due to higher-than-expected gross margins and higher than expected other income.
  • Alongside the result, the company did not announce any cash dividend which is as per expectations.
Maple Leaf Cement Factory (MLCF): Result Review: MLCF 3QFY25 EPS Rs2.7 - By Sherman Research

Apr 23 2025


Sherman Securities


  • Maple Leaf Cement Factory (MLCF) announced 3QFY25 result today wherein company posted consolidated net earnings of Rs2.8bn (EPS Rs2.7) as compared to earnings of Rs1.5bn (EPS of Rs1.4) during the same period last year, up by 86%YoY. The result came above our estimate mainly due to lower effective taxation during the quarter.
  • During 3QFY25, MLCF’s topline clocked in at Rs16.6bn, up by 4%YoY. Despite the decline in volumetric sales (down 9%YoY), higher topline is driven by better retention prices during the period.
  • MLCF’s gross margin clocked in at 35% during 3QFY25 as compared to 30% during the last year. This elevated gross margin is due to 1) Improved retention prices 2) Lower coal cost and 3) Efficient coal mix.
Maple Leaf Cement (MLCF): Earnings beat expectation on lower tax - By IIS Research

Apr 23 2025


Ismail Iqbal Securities


  • Maple Leaf Cement (MLCF) announced its 3QFY25 results today, where the company posted consolidated PAT of PKR 2.8bn (EPS: PKR 2.64) compared to PKR 1.5bn (EPS: PKR 1.44) in the same period last year, reflecting a 2x YoY increase. This strong performance was driven by improved gross margins and a lower effective tax rate.
  • The company’s topline grew by 4% YoY to PKR 16.6bn, mainly due to higher bag prices. However, revenue declined by 13% QoQ, owing to a 10% drop in total dispatches and a 5% QoQ decline in prices.
  • Gross margins stood at 36% compared to 30% in the same period last year, benefiting from an efficient fuel mix, increased use of alternative fuels and a decline in coal prices. On a QoQ basis, it declined by 400 bps.
Maple Leaf Cement Factory Ltd. (MLCF): 3QFY25 Result Review — Higher prices and lower taxation lift earnings - By AKD Research

Apr 23 2025


AKD Securities


  • Maple Leaf Cement Factory Ltd. (MLCF) announced its 3QFY25 financial results, posting consolidated earnings of PkR2.8bn (EPS: PkR2.67), up 86%YoY compared to PkR1.5bn (EPS: PkR1.44) in SPLY. Earnings came in above our expectations, primarily due to higher-thanexpected revenue and a lower taxation charge.
  • Revenue clocked in at PkR16.6bn, an increase of 4%YoY from PkR16.0bn in SPLY, supported by 5%YoY rise in company offtakes. Notably, revenue exceeded expectations, possibly due to higher-than-anticipated sales of ‘hdPutty’.
  • Gross margins improved by 5.6ppt YoY to 35.5%, driven by elevated cement prices and lower coal costs
Maple Leaf Cement Factory Limited (MLCF): 3QFY25 Consolidated EPS clocked-in at PKR 2.7, PAT down 25%QoQ - By Taurus Research

Apr 23 2025


Taurus Securities


  • 3QFY25 (Consolidated) – EPS: PKR 2.7, PAT: ~PKR 2.8Bn, down 25%QoQ – in line with our expectations.
  • MLCF’s net sales clocked-in at ~PKR 16.6Bn in 3QFY25, down 13%QoQ due to decrease in overall dispatches by 6%QoQ (Domestic and Export dispatches plunged by 2% and 61%, respectively). Gross margin hovered at ~35%, down 5pptsQoQ mainly due to lower overall retail prices in the North Region and higher cost of production. Distribution and Admin expenses fell by 26%QoQ and 20%QoQ, respectively. 3QFY25 PAT arrived at PKR 2.8Bn, down 25%QoQ mainly due to lower dispatches compared to the previous quarter. Lastly, the Company did not announce a cash dividend for the quarter.
Maple Leaf Cement Limited (MLCF): 3QFY25 EPS clocked in at PKR2.67 – Above expectation - By Insight Research

Apr 23 2025


Insight Securities


  • Maple Leaf cement has announced its 3QFY25 result, wherein company has posted PAT of PKR2.8bn (EPS: PKR2.7) vs. PAT of PKR1.5bn (EPS: PKR1.4) in SPLY. The result is above our expectation due to lower effective tax rate.
  • In 3QFY25, revenue increased by 4% YoY mainly due to higher volumetric sales and better retention price. While on QoQ, same is down by 13% amid lower offtakes and retention price.
  • Gross margins of the company clocked in at 35%, up by ~5.5ppts YoY, due to decline in coal prices and reliance on cheaper fuel mix. While on sequential basis, same is down by ~4.7ppts due to lower retention prices.
Maple Leaf Cement Factory Limited (MLCF): Result Preview 3QFY25 - By AHCML Research

Apr 21 2025


Al Habib Capital Markets


  • Maple Leaf Cement is anticipated to report a PAT of PKR 2,067 million (EPS: PKR 1.97) for 3QFY25, reflecting an impressive 83% YoY increase.
  • Sales revenue for the quarter is expected to reach PKR 16,711 million, up 5%YoY, supported by higher local and export dispatches.
  • Gross margins are estimated at 34.6%, up 6.6ppt YoY, primarily driven by lower fuel and coal prices as well as improved cost efficiencies. The company's investment in renewable energy—20 MW solar power projects and 37 MW capacity through the Waste Heat Recovery Power Plant (WHRP)—has contributed to this margin expansion.
Pakistan Cement: MLCF, CHCC & DGKC: 3QFY25 result previews - By JS Research

Apr 21 2025


JS Global Capital


  • We present 3QFY25 earnings expectations for Maple Leaf Cement Factory Ltd (MLCF), D.G Khan Cement Company Ltd (DGKC), and Cherat Cement Company Ltd (CHCC).
  • We expect MLCF and CHCC to post earnings of Rs1.85/share and Rs7.9/share, reflecting a YoY growth of 71% and 24% respectively, primarily driven by improved margins and higher other income. Likewise, DGKC is projected to report EPS of Rs3.7, up 37% YoY, supported by higher dispatches (+36%) and notable reduction in financial charges due to easing.
  • Cement prices in the North region continue to recover, rising Rs120/bag since late Feb-2025, which is likely to bode well for all three companies. Nevertheless, a potential increase in limestone royalty charge bringing it in-line with Punjab players is expected to weigh on earnings for CHCC with a potential negative impact of Rs9.5/sh on our FY26 earnings forecast
Maple Leaf Cement (MLCF): Earnings surge 3x QoQ on Higher Sales - By IIS Research

Feb 20 2025


Ismail Iqbal Securities


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

Feb 20 2025


Topline Securities


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

Feb 20 2025


AKD Securities


  • Maple Leaf Cement Factory Ltd. (MLCF) announced its 2QFY25 financial results, reporting consolidated profitability of PkR3.7bn (EPS: PkR3.6), up 67%YoY compared to PkR2.2bn (EPS: PkR2.1) in SPLY. Earnings came above our expectations due to higher-than anticipated gross margins, elevated other income, and lower taxation.
  • Revenue clocked in at PkR19.0bn in 2QFY25, up 5%YoY from PkR18.0bn in SPLY, as higher retention prices outweighed the impact of 6%YoY decline in offtakes. Betterthan-expected retention prices were likely driven by increased sales of white cement and hdPutty.
  • Gross margins improved to 39.8% from 35.3% in SPLY, mainly on the back of aforementioned higher retention prices and a decline in weighted avg. coal prices
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).
Autos: Marking FY25 as a year of recovery - By JS Research

Jul 7 2025


JS Global Capital


  • We preview automobile sales volumes for Jun-2025, expecting the three major players including Indus Motors Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR), and Pak Suzuki Motor Company Ltd to post combined growth of 33%/9% YoY/MoM, reaching ~14.5k units – highest since Dec-2022.
  • All three companies are projected to post strong YoY volume growth, with HCAR leading peers with 65% YoY growth in Jun2025, followed by PSMC (+31% YoY), and INDU (+25% YoY), helped by pre-budget buying ahead of anticipated negative budgetary measures. Meanwhile, Sazgar Engineering Works Ltd (SAZEW) volumes also rose 55% YoY in Jun-2025.
  • For FY25 cumulatively, the auto sector witnessed a strong recovery, with volumes expected to grow by 37% to ~121k units, supported by improving macroeconomic stability and a rebound in consumer confidence amid stable car prices.
Technology: IT Exports in May-25 down by 1% YoY to record US$329mn - By Topline Research

Jun 17 2025


Topline Securities


  • Pakistan recorded monthly IT exports of US$329mn in May-2025, down by 1% YoY while up by 4% MoM. These monthly IT exports in May-2025 are higher than last 12-month average of US$314mn. This is the first YoY decline in IT exports after 19 consecutive months of growth.
  • Export proceeds per day were recorded at US$16.5mn for May-25 vs. US$15.9mn in Apr-25.
  • This takes 11MFY25 IT exports to ~US$3.5bn, up by 19% YoY.
Economy: Pakistan Inflation to clock in at 3.5-4.0% in Jun 2025 - By Topline Research

Jun 17 2025


Topline Securities


  • Pakistan’s Consumer Price Index (CPI) for Jun 2025 is expected to clock in at 3.5-4.0% YoY, taking FY25 average to 4.64% compared to 23.41% in FY24. The MoM inflation in Jun 2025 is expected to clock in at +0.6%.
  • Inflation is expected to be higher due to an uptick in food prices by 1.3% MoM due to Eid festivities. The tomatoes and potato prices are expected to rise by 64% and 24%, respectively. However, this was partially offset by 33% decrease in chicken prices.
  • Housing, water, electricity and gas segment is expected to witness a rise of 0.26% MoM in Jun 2025 due to an increase in electricity prices by 3.04% which is mostly offset by an 8% decrease Liquefied Petroleum Gas (LPG).
Cement: Lahore High Court announces 6% royalty decision against Cement Manufacturers - By Topline Research

Jun 16 2025


Topline Securities


  • In a major development today, Lahore High Court larger bench has announced its decision against the Punjab based cement manufacturers regarding royalty case. The companies will have to pay the royalty amount at prescribed formula of 6% of retention price.
  • Companies may go for appeal in Supreme Court now, however, this decision to go for review is not final yet from cement manufacturers.
  • To recall that manufacturers based in Punjab were already provisioning for their raw material cost based on formula of 6% of retention price.
Pakistan State Oil (PSO): Corporate Brief in Corporate Briefing Key Takeaways - By Topline Research

Jun 13 2025


Topline Securities


  • Pakistan State Oil (PSO) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook of the company.
  • As per management, efforts are ongoing to resolve circular debt, though no definitive plan is in place. The target is to recover both principal and Late Payment Surcharge (LPS). As of Mar 2025, PSO’s total receivables stand at Rs732bn, which included Rs325bn in principle from SNGPL alone. Overall LPS amount is over Rs200bn+. Investment plans are in place, pending liquidity, with options still under review.
  • Since Feb 2024, there has been no buildup in circular debt from SNGPL side as company has made it clear to Government and PSO that payments should flow on monthly basis. And this understanding is continuing and being implemented in true spirit. In contrast, OGDC and PPL receivables increased from Sui companies in 3QFY25
Pakistan Economy: Monetary Policy Survey 56% of the participants expecting status quo; we also expect no change - By Topline Research

Jun 12 2025


Topline Securities


  • State Bank of Pakistan (SBP) is scheduled to hold its Monetary Policy Committee (MPC) meeting on May 05, 2025.
  • In a Poll conducted by Topline Securities, 56% of the market participant expect a status quo in upcoming monetary policy meeting compared to 31% in last poll. While 44% are expecting a rate cut of at-least 50bps.
  • Out of total 44% rate cut participants, 19% are expecting 50bps cut , and 25% are expecting 100bps cut.
Highnoon Laboratories (HINOON): Corporate Briefing Key Takeaways - By Topline Research

Jun 12 2025


Topline Securities


  • Topline Securities organized Corporate Briefing Session of Highnoon Laboratories(HINOON), where management discussed financial performance and future outlook.
  • HINOON outperformed the industry, with its revenue growing at a 10-year CAGR of 23%, compared to the pharmaceutical industry’s 10-year CAGR of 15%.
  • HINOON’s revenue grew by 25% to Rs24.6bn in 2024, of which 8% was driven by volume growth and 17% by price increases. The management expects the growth momentum to continue in the coming period and to outperform industry growth
Auto: Pakistan Car sales in 11MFY25 up 39% YoY; 2/3 wheelers record ~ 3 year high - By Topline Research

Jun 12 2025


Topline Securities


  • Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 14,762 units in May 2025, reflecting a 35% YoY and 39% MoM rise.
  • MoM rise was mainly due to lower base as Apr 2025 saw road closure in Sindh (due to strikes over canal issues) which delayed deliveries and thus lower sales.
  • YoY growth is supported by a more stable macroeconomic environment, lower interest rates, easing inflation, and improving consumer sentiment.
Economy: FY26 Budget: Proposed Stock Market measures Focus on Dividend Tax, CGT and Corporate Income Tax - By Topline Research

Jun 2 2025


Topline Securities


  • In continuation of our report titled 'Pakistan Federal Budget FY26 Preview: Fiscal Consolidation to Continue; Third Consecutive Year of Primary Surplus,' released on May 22, 2025, we outline additional proposed measures that the government may announce in the upcoming budget on June 10, 2025, as per recent reports.
  • Increase in Tax Rates on Passive Income: As reported, FBR is considering increasing tax rates on passive income by 2–3% in the upcoming budget mainly on bank deposits and saving schemes. Currently, the Passive income is taxed at 15% for filers and 35% for non-filers. Although news doesn’t outline increase in tax on Capital gain and dividend income, however, we believe, tax on capital gain and dividend income may also be enhanced if income on debt is taxed at 17–18% compared to the current 15%.
  • This increase in the tax rate from 15% to 17–18% is likely to have a negative impact on local equities.
Cement: Local cement dispatches likely to be up by 34% MoM in May-2025 11MFY25 local sales decline to narrow to 5% YoY - By Topline Research

May 30 2025


Topline Securities


  • Pakistan local cement dispatches are likely to be up by 34% MoM to clock in at 3.38mn tons in May-2025. Dispatches are anticipated to increase by 1% YoY.
  • Our analysis is based on the provisional numbers of 25 days, based on which local sales stands at 2.82mn tons, while as per our channel checks in 28 days of the month, local sales was ~3.15mn tons.
  • MoM increase in local cement dispatches is mainly due to higher number of working days in May-25 compared to Apr-25, due to Eid holidays falling in Apr-25. Sales per day are expected at 109k tons in May-25 compared to 84k tons recorded in Apr-25.
K-Electric (KEL): Transmission and Distribution Tariff Unveiled All three businesses now will get USD tariff - By Topline Research

May 26 2025


Topline Securities


  • In Seven months after securing dollarized tariff for generation business, the K-Electric (KEL) has also secured dollarized tariff for its transmission and distribution business for 7 years, i.e. from FY24 to FY30.
  • Distribution Business awarded USD ROE of 14%: NEPRA has awarded USD IRR of 14% to KEL for distribution business against requested USD IRR of 16.67%. The USD IRR of 14% translates into PKR ROE of 25.6% for Y1 (i.e. FY24). Which is better than previous tariff PKR return of 16.67%.
  • Transmission Business awarded USD ROE of 12%: NEPRA has awarded USD IRR of 12% to KEL for transmission business against requested USD IRR of 15%. The USD IRR of 12% translates into PKR ROE of 21.4% for Y1 (i.e. FY24). Which is better than previous tariff PKR return of 15%
Current:
Open:
Volume:
Change: ()
High:
Low:
52 Week High:
Vol Avg(12 m):
Free Float:
52 Week Low:
Market Cap:
Total Share:

Relative Strength Index (RSI)

RSI:

MACD Signals

MACD DAILY:
MACD WEEKLY:

Simple Moving Avg (SMA)

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