Treet Corporation Limited (TREET): Earnings to be driven by deleveraging & demand growth - By JS Research

Mar 26 2025


JS Global Capital


  • Treet Corporation Limited (TREET) held its Corporate Briefing to discuss financial performance and outlook. To recall, the Company posted consolidated profit after tax of Rs77mn in 1HFY25, compared to a loss of Rs311mn in 1HFY24 mainly due to company’s deleveraging efforts which reduced financial charges by 30% YoY.
  • The company shared that its subsidiary, Renacon Pharma (58.16% holding), commissioned a new hemodialysis solution manufacturing facility in Faisalabad in Jan-2025. Management anticipates strong export potential from this segment, particularly in the Eastern European market.
  • Regarding the battery segment, management anticipates strong demand growth, driven by a recovery in auto sales amid lower interest rates and increasing demand in the energy storage sector, spurred by changes in solar net-metering policies
Treet Corporation Limited (TREET): Earnings to be driven by deleveraging & demand growth - By JS Research

Mar 26 2025


JS Global Capital


  • Treet Corporation Limited (TREET) held its Corporate Briefing to discuss financial performance and outlook. To recall, the Company posted consolidated profit after tax of Rs77mn in 1HFY25, compared to a loss of Rs311mn in 1HFY24 mainly due to company’s deleveraging efforts which reduced financial charges by 30% YoY.
  • The company shared that its subsidiary, Renacon Pharma (58.16% holding), commissioned a new hemodialysis solution manufacturing facility in Faisalabad in Jan-2025. Management anticipates strong export potential from this segment, particularly in the Eastern European market.
  • Regarding the battery segment, management anticipates strong demand growth, driven by a recovery in auto sales amid lower interest rates and increasing demand in the energy storage sector, spurred by changes in solar net-metering policies
Treet Corporation Limited (TREET): Innovations and Expansions Lead the Way – By AHCML Research

Dec 13 2024


Al Habib Capital Markets


  • The latest financial statements reveal a steady performance by Treet Corporation Limited (TREET) amidst challenging economic conditions. The Group achieved a consolidated top-line growth of 4% compared to the same period last year, supported by pricing adjustments and strategic cost management. Although high inflation and geopolitical factors posed challenges, TREET’s strategic initiatives in innovation, export market expansion, and operational efficiency highlight its resilience and potential for recovery.
  • In Sep’24, the Company introduced a new range of high-quality shaving foams, receiving an overwhelmingly positive initial market response. The Company plans to expand its portfolio with high-end shaving products, catering to both domestic and international markets.v
  • The cashflow of the company is expected to be strong after successfully divested 11.3% of its shares in Treet Battery Limited (TBL), liquidating 99,977,721 shares as of November 30, 2024, reducing its stake to 85.76%. And approval of TBL’s PKR 2.0 billion of inter-company loans and interest into equity by issuing 200mn new shares at PKR 10 per share, subject to SECP approval, to strengthen TBL’s financial position.
Treet Corporation (TREET): Set to capitalize on business diversification – By Topline Research

Dec 12 2024


Topline Securities


  • TREET Group is composed of the holding company Treet Corporation (TREET) and its subsidiaries First Treet Manufacturing Modaraba (FTMM), Treet Battery (TBL), Renacon Pharma, Treet Trading and Treet Holdings.
  • In FY24, on consolidated basis, revenue stood at Rs25.09bn with Blades, Battery, Corrugated Boxes, Pharma Products, and Soaps contributing 43.6%, 34.8%, 10.8%, 5.5%, and 5.3% to the revenue respectively.
  • Manufacturing Capacity: TREET has a manufacturing capacity of 2,230mn units of Blades, 30K MT of Corrugated Boxes, 18k units of bikes, 1.2mn units of Batteries and 2.4mn session of Hemodialysis concentrates
Pakistan Market: TREET & TBL: FY24 Corporate Briefing Takeaways – By Taurus Research

Nov 27 2024


Taurus Securities


  • Treet Corporation, with a legacy of over 70 years, is a leading Pakistani conglomerate operating in personal care, healthcare, packaging, and energy storage. Its diversified portfolio includes the listed Treet Battery Limited and subsidiaries First Treet Manufacturing Modaraba and Renacon Pharma Limited. Known for innovation and quality, Treet continues to deliver impactful products and services across industries.
  • TCL recorded net revenue of PKR 10.9Bn, reflecting a 7%YoY growth, driven by price adjustments despite an 8%YoY volume decline. Gross profit decreased by 3%YoY to PKR 3.1Bn, with that gross margins compressed to 28.8% (FY23: 32%) due to rising utility and manpower costs.
  • Finance costs surged by 26%YoY to ~PKR 1.8Bn, primarily due to high interest rates, despite a 11.1% reduction in borrowings. TCL posted a net loss of PKR 189Mn, compared to a PAT of PKR 133Mn in FY23, as high inflation and elevated borrowing rates continued to create pressure on bottom line.
Pakistan Economy: Mar-2025 CPI clocks in at 0.7%, a six-decade low - By JS Research

Apr 4 2025


JS Global Capital


  • CPI for Mar-2025 clocked in at 0.7%, lowest since 1965. The main contributor to this was the significant decrease in food inflation, which declined 5.1% YoY in Mar-2025.
  • Our average CPI forecast for FY25E is ~5.3%, including a rebound expected in May and June figures. We expect Prime Minister's recent announcement of an ~18% reduction in electricity prices to provide additional support in lowering overall inflation. 
  • The SBP did not cut interest rates in the last MPC meeting but based on the lower-than-expected inflation readings thus far, we may see a cut in rates going forward. At present, the real interest rate (RIR) hovers around ~11.3pp.
Technical Outlook: KSE-100 setting new high - By JS Research

Apr 4 2025


JS Global Capital


  • The KSE-100 index witnessed a positive session, closing at 118,938, up 1,131 points DoD. Trading volumes stood at 423mn shares, compared to 330mn shares previously. The index is expected to face resistance between 119,180 and 119,430, with a breakout targeting 120,937 and 122,299, respectively. On the downside, support is anticipated in the 117,900-118,540 range. The RSI and MACD have moved up, reinforcing a positive outlook. We recommend investors view any downside as a ‘Buy’ opportunity, with risk defined below 117,508. The support and resistance levels are at 117,904 and 119,575, respectively.
Morning News: Goods exports rise by 7.7% to $24.7bn in nine months - By Vector Research

Apr 4 2025


Vector Securities


  • Pakistan’s exports climbed 7.7 percent to $24.7 billion in the first nine months of the fiscal year 2024-25, bolstered by gains in textiles, rice and other key agricultural products. The policymakers expect total exports to surpass $33 billion by June, aiming to sustain the momentum despite economic headwinds.
  • Pakistan's annual inflation rate slowed to just 0.7% in March, the lowest level in over 57 years, primarily due to a reduction in prices of perishable food items and some relief in electricity rates. The Pakistan Bureau of Statistics (PBS) on Thursday reported that the price spiral significantly eased in March compared to a year ago. It was the lowest inflation rate since September 1968, when the country recorded an annual inflation rate below 0.7%.
  • Pakistan’s central bank’s foreign exchange reserves increased by $70 million to $10.68 billion during the week ended March 28, the State Bank of Pakistan said on Thursday. The total liquid foreign reserves held by the country also rose by $29 million to $15.58 billion. However, the reserves of commercial banks fell by $41 million to $4.903 billion.
Economy: Sweeping Tariff Hikes Announced - By IIS Research

Apr 4 2025


Ismail Iqbal Securities


  • On April 2, 2025, U.S. President Donald Trump announced a new set of tariffs aimed at reducing trade imbalances and protecting American industries. Starting April 5, a 10% tariff will apply to all imports into the United States. In addition, much higher tariffs will be imposed on certain countries, including a 34% tariff on Chinese goods and a 20% tariff on European Union exports, beginning April 9. The U.S. government believes these actions will help bring back manufacturing jobs and reduce its trade deficit. However, the move has caused strong reactions from affected countries like China and the EU, who have promised to take countermeasures. Global markets have already reacted negatively, with Asian stock markets falling sharply and U.S. and European futures showing losses. Experts are warning that these tariffs could increase inflation, raise production costs, and slow down economic growth both in the U.S. and worldwide.
  • For Pakistan, this situation presents both challenges and possible advantages. In 2024, Pakistan exported around $5.7 billion worth of goods to the U.S., and 80– 85% of that was textile-related products such as garments, home textiles, and fabrics. Pakistani textile exports will face a 29% tariff in the U.S., which is high compared to many other countries. However, with the U.S. now increasing tariffs even more on countries like China, Vietnam, and Bangladesh—Pakistan’s main competitors in textiles there could be a window of opportunity. If U.S. buyers look for cheaper alternatives to avoid higher tariffs on Chinese and Vietnamese goods, Pakistani products may become more attractive.
Economy: March CPI Clocked in at 0.7%YoY - By Sherman Research

Apr 3 2025


Sherman Securities


  • CPI for March’25 is recorded at 0.7%YoY compared to 1.5%YoY during the previous month thanks to decrease in food & housing index and base effect.
  • The food index reported disinflation (i.e. down 5.1%YoY) in March’25 which is highest decline since recent history. This decrease is primarily due to decline in prices of wheat flour (down 35%), wheat (down 35%), onions (down 71%), fresh vegetables (down 32%) and tomatoes (down 54%).
  • On a MoM basis, inflation increased by 0.9%MoM primarily driven by food index (up 1.9%MoM) and slight decline in housing index (down 0.1%MoM) mainly due to decline in electricity charges (down 1.3%MoM). The uptick in inflation was largely attributed to the Ramzan effect.
Economy: Reciprocal Tariffs of US Impact on Pakistan and Listed Cos - By Topline Research

Apr 3 2025


Topline Securities


  • The United States of America (USA) has imposed reciprocal tariffs on its trading partners including Pakistan, aiming to boost domestic manufacturing by making foreign imports expensive and to raise revenue.
  • The reciprocal duties ranges from 10-48%, which reportedly is in addition to universal tariff of 10% on all countries.
  • The reciprocal duties are imposed with the exception of Mexico and Canada as these countries were subject to previously announced tariffs of 10-25%. While certain goods from key industries i.e. steel, aluminum, automobiles, copper, pharmaceuticals, semiconductors, and lumber - are also exempt from these rates.
Economy: Mar-2025: 4% MoM gain led by IMF’s positive feedback - By JS Research

Apr 3 2025


JS Global Capital


  • KSE-100 posted monthly gain of 4% or 4.55k points for the month of March, after seeing negative returns for the first two months of CY25. This was primarily led by the positive outcome of IMF’s review. KSE-100 also hit all time high of 118.7k points but didn’t manage to sustain due to weaker trading activity reflecting the Ramadan affect. ADTO was down 29% MoM in terms of shares traded, where mutual funds (Net Outflow: US$295mn) and foreigners (Net Outflow: US$12mn) were net sellers during the month while banks were net buyers.
  • We witnessed interest in Energy stocks during the month on back of expectation of IMF approval for government's proposal to address the outstanding circular debt. Resultantly, Energy sector stocks mainly PSO, SNGP, PPL and OGDC reported MoM gains of 29%, 19%, 12%, 10% respectively from their lows seen during the month.
  • IMF staff and Pakistani authorities reached an SLA on the first review under Pakistan’s Extended Fund Facility (EFF) and a new 28-month Resilience and Sustainability Facility (RSF) arrangement with total access of US$1.3bn (SDR 1bn). Pakistan is now expected to receive US$2.3bn including immediate disbursement of US$1bn under the 2nd tranche of EFF by early-May subsequent to IMF board approval meanwhile IMF team is also due in May to review the FY26 Budget. IMF mission highlighted Pakistan efforts towards achieving macroeconomic stability and fiscal reforms aims at maintaining tight monetary policy to keep medium term inflation within 5%-7%, achieving primary surplus target of 1% of GDP, continuing energy sector reforms to reduce circular debt (integration of CPPs to the grid and power tariffs adjustment) and implementation of climate reforms in order to comply with the RSF (including introduction of carbon levy, water pricing).
Technical Outlook: KSE-100; Consolidation to continue - By JS Research

Apr 3 2025


JS Global Capital


  • The KSE-100 index witnessed a volatile session to close at 117,807, up 34 points DoD. Volumes stood low at 330mn shares compared to 357mn shares traded in the previous session. The current pattern suggests further consolidation ahead. Meanwhile, a fall below 117,551 (Thursday’s low) will extend the decline towards the 30-DMA currently at 114,731 level. However, any upside will face resistance in the range of 118,120-118,440 where a break above potentially targeting 120,937 and 122,299 levels, respectively. We advise investors to stay cautious on the higher side and wait for dips. The support and resistance levels are at 117,523 and 118,119, respectively.
Morning News: IMF’s RSF; Pakistan to get $1.3bn in tranches - By Vector Research

Apr 3 2025


Vector Securities


  • The International Monetary Fund (IMF) Director of Communications Julie Kozack said Pakistan will receive $1.3 billion under Resilience and Sustainable Facility (RSF) in tranches over 28 months. Speaking at a press conference, Kozack said that for the RSF over the length of the arrangement, subject to approval by the IMF’s Executive Board, the staff-level agreement references an amount of $1.3 billion and that access will be over the life of the RSF, delivered in tranches.
  • Azerbaijan has offered over $1 billion loan in cash deposit in response to Pakistan's request for funding the $1.2 billion Sukkur-Hyderabad motorway amid a disagreement among various government departments over the mode of lending.
  • Remittances are expected to cross a record high of $3.5 billion in March, rising 15 per cent month-on-month, driven largely by inflows during Ramazan, according to financial experts and currency dealer.
Morning News: IMF’s RSF; Pakistan to get $1.3bn in tranches - By WE Research

Apr 3 2025



  • The International Monetary Fund (IMF) announced that Pakistan will receive $1.3 billion under the Resilience and Sustainability Facility (RSF) in tranches over 28 months, subject to approval by the IMF's Executive Board. This follows a staff-level agreement reached on March 25, 2025, after the first review of Pakistan's 37-month Extended Fund Facility (EFF), which was approved in September 2024 for $7 billion. The RSF disbursements, which are spread over the duration of the arrangement, will be provided alongside a $1 billion disbursement from the EFF once the Executive Board approves the first review.
  • Azerbaijan has offered over $1 billion in cash deposits to Pakistan to fund the construction of the $1.2 billion Sukkur-Hyderabad motorway, following a request from Prime Minister Shehbaz Sharif during his recent visit. The proposal includes two options: Azerbaijan’s State Oil Fund placing a term cash deposit with Pakistan’s State Bank, which would then lend the money to the National Highway Authority (NHA), or Azerbaijan, in collaboration with the Islamic Development Bank, directly funding the project. Pakistan has also sought financing for the Hyderabad-Karachi motorway (M-9), estimated to cost $600 million. Despite this offer, there is a lack of consensus among Pakistani government departments, with the Finance Ministry opposing the cash deposit route. The NHA is exploring options, including public-private partnerships, to move forward with the projects, but delays are expected due to limited fiscal space. This comes amid ongoing efforts to secure foreign investments and address Pakistan's infrastructure needs while grappling with political and economic instability.
  • The federal government has announced a reduction in the price of petrol by Rs1 per litre, effective from March 29, lowering the price to Rs254.63 from Rs255.63. However, the price of High-Speed Diesel remains unchanged at Rs258.64 per litre. The price adjustments, recommended by the Oil and Gas Regulatory Authority (OGRA), were made based on fluctuations in international market rates, with the aim of providing relief to consumers.
Pakistan Economy: Mar-2025 CPI clocks in at 0.7%, a six-decade low - By JS Research

Apr 4 2025


JS Global Capital


  • CPI for Mar-2025 clocked in at 0.7%, lowest since 1965. The main contributor to this was the significant decrease in food inflation, which declined 5.1% YoY in Mar-2025.
  • Our average CPI forecast for FY25E is ~5.3%, including a rebound expected in May and June figures. We expect Prime Minister's recent announcement of an ~18% reduction in electricity prices to provide additional support in lowering overall inflation. 
  • The SBP did not cut interest rates in the last MPC meeting but based on the lower-than-expected inflation readings thus far, we may see a cut in rates going forward. At present, the real interest rate (RIR) hovers around ~11.3pp.
Technical Outlook: KSE-100 setting new high - By JS Research

Apr 4 2025


JS Global Capital


  • The KSE-100 index witnessed a positive session, closing at 118,938, up 1,131 points DoD. Trading volumes stood at 423mn shares, compared to 330mn shares previously. The index is expected to face resistance between 119,180 and 119,430, with a breakout targeting 120,937 and 122,299, respectively. On the downside, support is anticipated in the 117,900-118,540 range. The RSI and MACD have moved up, reinforcing a positive outlook. We recommend investors view any downside as a ‘Buy’ opportunity, with risk defined below 117,508. The support and resistance levels are at 117,904 and 119,575, respectively.
Economy: Mar-2025: 4% MoM gain led by IMF’s positive feedback - By JS Research

Apr 3 2025


JS Global Capital


  • KSE-100 posted monthly gain of 4% or 4.55k points for the month of March, after seeing negative returns for the first two months of CY25. This was primarily led by the positive outcome of IMF’s review. KSE-100 also hit all time high of 118.7k points but didn’t manage to sustain due to weaker trading activity reflecting the Ramadan affect. ADTO was down 29% MoM in terms of shares traded, where mutual funds (Net Outflow: US$295mn) and foreigners (Net Outflow: US$12mn) were net sellers during the month while banks were net buyers.
  • We witnessed interest in Energy stocks during the month on back of expectation of IMF approval for government's proposal to address the outstanding circular debt. Resultantly, Energy sector stocks mainly PSO, SNGP, PPL and OGDC reported MoM gains of 29%, 19%, 12%, 10% respectively from their lows seen during the month.
  • IMF staff and Pakistani authorities reached an SLA on the first review under Pakistan’s Extended Fund Facility (EFF) and a new 28-month Resilience and Sustainability Facility (RSF) arrangement with total access of US$1.3bn (SDR 1bn). Pakistan is now expected to receive US$2.3bn including immediate disbursement of US$1bn under the 2nd tranche of EFF by early-May subsequent to IMF board approval meanwhile IMF team is also due in May to review the FY26 Budget. IMF mission highlighted Pakistan efforts towards achieving macroeconomic stability and fiscal reforms aims at maintaining tight monetary policy to keep medium term inflation within 5%-7%, achieving primary surplus target of 1% of GDP, continuing energy sector reforms to reduce circular debt (integration of CPPs to the grid and power tariffs adjustment) and implementation of climate reforms in order to comply with the RSF (including introduction of carbon levy, water pricing).
Technical Outlook: KSE-100; Consolidation to continue - By JS Research

Apr 3 2025


JS Global Capital


  • The KSE-100 index witnessed a volatile session to close at 117,807, up 34 points DoD. Volumes stood low at 330mn shares compared to 357mn shares traded in the previous session. The current pattern suggests further consolidation ahead. Meanwhile, a fall below 117,551 (Thursday’s low) will extend the decline towards the 30-DMA currently at 114,731 level. However, any upside will face resistance in the range of 118,120-118,440 where a break above potentially targeting 120,937 and 122,299 levels, respectively. We advise investors to stay cautious on the higher side and wait for dips. The support and resistance levels are at 117,523 and 118,119, respectively.
Pakistan Pharma: CY24: Improving profitability prospects - By JS Research

Mar 27 2025


JS Global Capital


  • We analyse CY24 performance of the listed pharmaceutical sector, using a sample size of nine companies. The year remained positive for the sector, mainly due to stable currency and raw material prices, coupled with the deregulation of non-essential drug pricing, which enabled companies to pass on cost impacts as needed to ensure the availability of key drugs.
  • During CY24, our sample companies cumulatively posted a significant topline growth of 20% YoY, reaching Rs297bn, mainly driven by an increase in drug pricing, which supported 9ppts YoY higher gross margins to 35%. Likewise, the bottom line came in at Rs22bn, reflecting a 3x YoY growth.
  • On the sequential front, topline growth during 4QCY24 hovered around 27% YoY, with major impact from deregulation, which led to price increases that were more pronounced in 2HCY24. As a result, gross margins remained significantly high, up 11ppts YoY to 39% during the quarter.
Technical Outlook: KSE-100 targeting the recent high - By JS Research

Mar 27 2025


JS Global Capital


  • Bulls dominated the session as the KSE-100 index gained 1,139 points to close at 117,772. Volumes stood at high 357mn shares compared to 268mn shares traded in the previous session. The index is moving towards the recent high at 119,422 as a break above potentially targeting 120,937 and 122,299 levels. However, any downside will find support in the range of 116,680-117,230. The RSI and the MACD have moved up, supporting a positive view. We advise investors to view any downside as an opportunity to ‘Buy’, with risk defined below 115,877. The support and resistance levels are at 117,226 and 118,269, respectively.
Treet Corporation Limited (TREET): Earnings to be driven by deleveraging & demand growth - By JS Research

Mar 26 2025


JS Global Capital


  • Treet Corporation Limited (TREET) held its Corporate Briefing to discuss financial performance and outlook. To recall, the Company posted consolidated profit after tax of Rs77mn in 1HFY25, compared to a loss of Rs311mn in 1HFY24 mainly due to company’s deleveraging efforts which reduced financial charges by 30% YoY.
  • The company shared that its subsidiary, Renacon Pharma (58.16% holding), commissioned a new hemodialysis solution manufacturing facility in Faisalabad in Jan-2025. Management anticipates strong export potential from this segment, particularly in the Eastern European market.
  • Regarding the battery segment, management anticipates strong demand growth, driven by a recovery in auto sales amid lower interest rates and increasing demand in the energy storage sector, spurred by changes in solar net-metering policies
Technical Outlook: KSE-100; Play the range - By JS Research

Mar 26 2025


JS Global Capital


  • The KSE-100 index experienced a volatile session, closing at 116,633, up 194 points DoD. Trading volumes stood low at 268mn shares, compared to 312mn shares in the previous session. The index is expected to test resistance at 116,905 (yesterday’s high), with a breakout potentially targeting the recent high of 119,422. On the downside, support is present in the 116,040-116,480 range, while a drop below this level could lead to 114,660. The indicators remain mixed, providing no clear trading signal. Investors are advised to exercise caution at higher levels and wait for dips. The support and resistance levels are at 116,039 and 117,065, respectively.
Technical Outlook: KSE-100; Range bound activity expected - By JS Research

Mar 25 2025


JS Global Capital


  • The KSE-100 Index witnessed another negative session, closing at 116,440, down 2,003 points. Trading volumes stood low at 312mn shares, compared to 369mn shares in the previous session. The index is expected to find support between 115,530 and 116,370, with a breakdown below this range potentially targeting 114,660. On the upside, resistance is expected between 117,160 and 118,070. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance levels are at 115,532 and 118,072, respectively.
Technical Outlook: KSE-100; Post breakout consolidation - By JS Research

Mar 24 2025


JS Global Capital


  • The KSE-100 index witnessed a volatile session to close at 118,442 level, down 328 points DoD. Volumes stood at 369mn shares compared to 668mn shares traded in the previous session. The index is expected to revisit Friday’s high of 119,406; a break above this level may target 120,937 which may later rise to 122,299. However, any downside will find support in the range of 117,650-118,050; a drop below these levels will start off a corrective trend. The indicators are mixed, signaling no clear trading view. Investors are advised to ’Buy on dips’, keeping stoploss below 116,880. The support and resistance levels are at 118,049 and 119,120 levels respectively. NETSOL: Post breakout consolidation to continue.
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