Systems Limited (SYS):2024 Annual Corporate Briefing Key Takeaways - By Topline Research

Apr 10 2025


Topline Securities


  • Systems Limited (SYS) held its corporate briefing today to discuss 2024 financial result and future outlook.
  • SYS EBITDA margins in 2024 decreased to ~15% in 2024 compared to 18% in 2023. Revenue growth in USD terms was 27% in 2024 compared to 2% growth in EBITDA. In 2024 Revenue in USD terms stood at US$242.35mn and EBITDA stood at US$35.94mn.
  • Appreciation of PKR had dealt a blow to margins of the company since the management had planned for PKR to depreciate by 5% in 2024. Going, forward management is now focused on optimizing its operations rather than be dependent on PKR depreciation
Systems Limited (SYS): 1QCY25 EPS clocked in at PKR8.54 – Above expectation - By Insight Research

Apr 28 2025


Insight Securities


  • SYS has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR2.5bn (EPS: PKR8.54) vs. PAT of PKR1.6bn (EPS: PKR5.36) in SPLY. The result is above our expectation mainly due to lower selling and distribution expenses during the quarter.
  • Revenue for the quarter clocked in at PKR18.1bn, up by ~19% YoY, mainly due to higher revenue from Middle east and Europe region. However, same is down by 6% on QoQ basis, mainly due decline in revenue from Middle east and Europe region.
  • Company’s dollarized revenue clocked in at ~US$65mn in 1QCY25, depicting a growth of ~19% YoY. However, same is down by ~6% QoQ due to lower revenue from Middle east region.
Systems Limited (SYS): 1QCY25 EPS to clock in at PKR8.08 - By Insight Research

Apr 25 2025


Insight Securities


  • Systems Limited is expected to post PAT of ~PKR2.4bn (EPS: PKR8.08) in 1QCY25 as compared to ~PKR1.6bn (EPS: PKR5.29) in SPLY, up by 50%/16% YoY/QoQ.
  • Revenue is expected to increase by ~32%/5% YoY/QoQ to clock in at PKR20.1bn, attributable to growth momentum in Middle East region. In 1QCY25 company’s dollarized revenue is expected to grow by ~32%/4% YoY/QoQ to clock in at US$72mn.
  • Gross margins are anticipated to clock in at ~25.2% during 1QCY25 vs. ~23.1% in SPLY, up by ~2.1ppts YoY mainly due to improvement in Middle East region. Similarly on QoQ basis, margins are expected to improve by ~0.8ppts, supported by the absence of higher one-off trading business.
Systems Limited (SYS): 1QCY25E Result Preview: Improving margins to elevate profitability - By AKD Research

Apr 24 2025


AKD Securities


  • We expect Systems Limited (SYS) to post NPAT of PkR2.2bn (EPS: PkR7.6) in 1QCY25 vs PkR1.6bn (EPS: PkR5.4) in SPLY.
  • We anticipate revenue to grow by 39%YoY due to the sustained momentum in the MEA and North American markets.
  • Company’s gross margins are expected to clock in at 24.8% during the quarter compared to 23.1% in SPLY. We maintain our ‘BUY’ stance on the scrip with Dec’25 TP of PkR879/sh.
SYS Limited (SYS): Eyes strong growth in the MENA region - By JS Research

Apr 11 2025


JS Global Capital


  • SYS Limited (SYS) held its Analyst Briefing to discuss CY24 financial performance and outlook. On a consolidated basis, the company reported a 1.15x decline in EPS to Rs25.55, largely attributable to exchange losses. SYS also announced a stock split in the ratio of 5 shares for every 1 share held.
  • SYS reported 26% YoY growth in revenue during CY24 where revenue contribution from MENA region (59% share in the revenue pie) jumped by 35% YoY led by timely expansions to exploit the growth opportunity in the region, mainly Saudi Arabia.
  • Strengthening of workforce, diversification of labour with locations in MENA through Egypt and scaling its ‘Capability Centers of Excellence’ (COEs), should enable the company to achieve 26% YoY growth in revenues (CY25E) and gradually improve gross margins by up to 5% in the next few years, as per the management guidelines.
Systems Limited (SYS): CY24 Corporate Briefing Takeaways - By Taurus Research

Apr 11 2025


Taurus Securities


  • Systems Limited posted a PAT of ~PKR 6.12Bn in CY24, down 29%YoY from ~PKR 8.56Bn in CY23, mainly due to PKR appreciation and higher retention costs. Management noted profits could have been 48% higher under historical currency trends and 10% higher with a stable exchange rate.
  • Despite the profit drop, revenue grew 20%YoY to ~PKR 38.53Bn, with 94% earned in foreign currency. Regional revenue was led by the Middle East & Africa (59%), followed by North America (21%), Pakistan (13%), Europe (4%) and Asia specific (3%), respectively.
  • Export revenue made up 90% of the total, with domestic contributions expected to remain around 10%.
Systems Limited (SYS):2024 Annual Corporate Briefing Key Takeaways - By Topline Research

Apr 10 2025


Topline Securities


  • Systems Limited (SYS) held its corporate briefing today to discuss 2024 financial result and future outlook.
  • SYS EBITDA margins in 2024 decreased to ~15% in 2024 compared to 18% in 2023. Revenue growth in USD terms was 27% in 2024 compared to 2% growth in EBITDA. In 2024 Revenue in USD terms stood at US$242.35mn and EBITDA stood at US$35.94mn.
  • Appreciation of PKR had dealt a blow to margins of the company since the management had planned for PKR to depreciate by 5% in 2024. Going, forward management is now focused on optimizing its operations rather than be dependent on PKR depreciation
Systems Limited (SYS): 4Q2024 EPS at Rs6.92, up by 31% YoY – Earnings lower than expectations - By Topline Reseach

Mar 24 2025


Topline Securities


  • Systems Limited (SYS) announced its 4Q2024 result wherein it posted a consolidated PAT of Rs2.03bn (EPS of Rs6.92) up by 31% YoY and down by 7% QoQ. The result came lower than expectations due to lower-than-expected gross margins and higher distribution costs.
  • Alongside the result SYS announced a DPS of Rs6.00 which was in-line with expectations. Company also announced a Stock Split in the ratio of 5 shares for every 1 share held.
  • Gross margins for 4Q2024 clocked in at 23.6% vs 25.3% in 3Q2024 and 19.7% in 4Q2023. In 4Q2024 there is higher one-off trading revenue which has lower margins and has impacted overall average margins
Systems Limited (SYS): 4QCY24 Result Review - Earnings up 32% YoY, with MENA region at the helm - By AKD Research

Mar 24 2025


AKD Securities


  • Systems Limited (SYS) announced its 4QCY24 financial results today, wherein the company posted Profit after Tax (PAT) of PkR2.0bn (EPS: PkR6.9) vs. PkR1.5bn (EPS: PkR5.3) in SPLY, up 31.5%YoY. However, earnings were below our estimate, primarily due to higher than anticipated operating expenses and impairment losses. Alongside the result, company declared a final cash dividend of PkR6.0/sh and announced a share split in a 5:1 ratio.
  • Company reported revenue of PkR19.2bn in 4QCY24, compared to PkR16.1bn in SPLY, up 19.0%YoY. The growth in topline is attributed to robust growth of 17.4%/13.6%/84.3%YoY in the MENA/North America/Europe regions, respectively.
  • Gross margins clocked in at 24.4%, up from 22.0% in 4QCY23. This increase can primarily be attributed to improvement in gross margins in North America region to 30.2% from 25.7% in 4QCY23. In contrast, MENA region saw a drop in gross margins to 26.8%, declining from 28.0% in 4QCY23.
Systems Limited (SYS): SYS 4QCY24E Result Preview: Improving margins to boost profitability - By AKD Research

Jan 28 2025


AKD Securities


  • We expect Systems Limited (SYS) to post NPAT of PkR2.4bn (EPS: PkR8.2) in 4QCY24 vs PkR1.5bn (EPS: PkR5.3) in SPLY. The result is likely to accompanied with cash payout of PkR6.5/sh.
  • We anticipate revenue to grow by 14%YoY due to the sustained momentum in the MEA and North American markets.
  • Company’s gross margins are expected to clock in at 26.2% during the quarter compared to 22.0% in SPLY. We maintain our ‘BUY’ stance on the scrip with Dec’25 TP of PkR879/sh.
Morning News: FBR to integrate FMCG manufacturers, wholesalers, and distributors into Digital Invoicing System – By WE Research

Jan 10 2025



  • The Federal Board of Revenue (FBR) is expanding its tax oversight by integrating Fast Moving Consumer Goods (FMCG) manufacturers, wholesalers, and distributors into the Digital Invoicing System (DIS) to curb revenue leakages. Under Prime Minister Shehbaz Sharif’s Transformation Plan, around 10,000 FMCG entities will be linked to DIS, targeting key sectors like wheat flour mills, beverage companies, and food manufacturers. The initiative aims to track sales accurately, reduce tax evasion, and phase out manual processes. The FBR is also revising the Point of Sale (PoS) system, particularly for hotels and restaurants in Islamabad. In preparation for the 2025-26 budget, the FBR seeks proposals to broaden the tax base, simplify tax laws, and promote progressive taxation.
  • Pakistan International Airlines (PIA) expects to generate over Rs107 million in revenue from its inaugural direct flight to Paris on January 10, marking the resumption of the Paris route after a four-and-ahalf-year suspension due to the EU’s 2020 ban. The ban was lifted following concerns over pilot licenses and the crash of flight 8303. The route has seen strong demand, with nearly all seats on the round trip from Islamabad to Paris and vice versa sold out. PIA will operate two weekly direct flights, offering cost-effective tickets and time savings. The airline has introduced an intranet wireless entertainment system for passengers, who can access content on mobile devices, tablets, or laptop.
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.
Technical Outlook: KSE-100 setting a record - By JS Research

Jul 7 2025


JS Global Capital


  • Bullish momentum continued for the KSE-100 index, which gained 1,262 points to close at 131,949. Trading volumes stood at 733mn shares, compared to 900mn shares previously. The index is likely to retest Friday’s high of 132,130; a break above this level could target 133,412, with potential to rise further toward 135,232. On the downside, support is seen in the 130,710-131,600 range. The RSI and MACD continue to rise, reinforcing the positive outlook. We advise investors to ‘Buy on dips,’ with risk defined below 130,716. Immediate support and resistance are placed at 131,067 and 132,480, respectively.
Morning News: Pakistan, US reach accord on trade and tariffs - By HMFS Research

Jul 7 2025


HMFS Research


  • With less than a week to go before the July 9 deadline, Pakistan and the United States have concluded a critical round of trade negotiations. While both sides have reached an understanding, a formal announcement is expected only after the US concludes similar ongoing negotiations with other trade partners. The tariff relief, temporarily paused earlier this year, was at risk of expiring if no progress had been made by the July 9 deadline. The agreement, when signed, could lead to increased Pakistani imports of US goods — notably crude oil — and potential American investment in Pakistan’s mining, energy, and infrastructure sectors.
  • The U.S. dollar hovered near its lowest since 2021 against the euro and the weakest since 2015 versus the Swiss franc on Monday, with traders alert for any trade-related headlines in the countdown to President Donald Trump’s tariff deadline. The dollar index , which measures the currency against those three rivals and three more major counterparts, was flat at 96.967, hovering above Tuesday’s nearly 3-1/2-year trough of 96.373.
  • US President Donald Trump said on Friday that he had signed 12 trade letters to be sent out next week ahead of an impending deadline for his tariffs to take effect. “I signed some letters and they’ll go out on Monday, probably 12,” Trump told reporters aboard Air Force One, adding that the countries to which the letters would be sent will be announced on the same day. His comments come days before steeper duties — which the president said on Thursday would range between 10 and 70 per cent — are set to take effect on dozens of economies, from Taiwan to the European Union.
Morning News: Pakistan, US reach accord on trade and tariffs - By Vector Research

Jul 7 2025


Vector Securities


  • With less than a week to go before the July 9 deadline, Pakistan and the United States have concluded a critical round of trade negotiations, reaching an understanding on a deal that could shape the future of the country’s key export sectors. The delegation arrived in Washington on Monday with the aim of finalising a long-term reciprocal tariff agreement that would prevent the re-imposition of a 29 per cent tariff on Pakistani exports — primarily textiles and agricultural products. The tariff relief, temporarily paused earlier this year, was at risk of expiring if no progress had been made by the July 9 deadline.
  • Pakistan and Azerbaijan in a major development Friday signed a partnership agreement. The agreement for investment of a total of $2 billion by Azerbaijan in the economic sector of Pakistan.
  • Foreign exchange companies contributed around $450 million to remittance inflows during June, taking their total contribution to approximately $5 billion in FY25, according to the Exchange Companies Association of Pakistan (ECAP). “We sold about $450m to banks in June, highlighting our growing role in supporting the country’s exchange rate stability,” said Zafar Paracha, Secretary General of ECAP.
Morning News: Azerbaijan to invest $2bn in economic sector WE Research

Jul 7 2025



  • Pakistan and Azerbaijan have signed a significant $2 billion investment agreement, marking a new milestone in bilateral economic relations. The deal, signed in the presence of Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, and Azerbaijani Economy Minister Mikayil Jabbarov, reflects growing investor confidence in Pakistan. It follows a cordial meeting between Prime Minister Sharif and Azerbaijani President Ilham Aliyev in Khankandi, with a more detailed agreement to be finalized during the Azerbaijani President’s upcoming visit to Pakistan. Both countries committed to further enhancing cooperation across various sectors, including trade, investment, and climate issues, as emphasized by Prime Minister Sharif during his remarks in Shusha.
  • With less than a week before the July 9 deadline, Pakistan and the United States have reached a preliminary understanding on a trade agreement aimed at securing Pakistan’s key export sectors, particularly textiles and agriculture, from the re-imposition of a 29% tariff. Led by Commerce Secretary Jawad Paal, the Pakistani delegation concluded four days of negotiations in Washington, with a formal announcement expected after the US finalizes talks with other trade partners. The proposed deal includes reciprocal tariff arrangements, increased Pakistani imports of US goods such as crude oil, and potential American investment in Pakistan’s mining, energy, and infrastructure sectors—including projects like Reko Diq. Officials remain optimistic that the agreement will preserve Pakistan’s access to the US market and revitalize economic ties strained since the Trump-era tariffs.
  • Oil prices dropped over 1% after OPEC+ surprised markets by announcing a larger-than-expected production increase of 548,000 barrels per day (bpd) for August, raising fears of oversupply. Brent crude fell to $67.50 per barrel, while U.S. West Texas Intermediate dropped to $65.68. The hike, up from prior monthly increases of 411,000bpd, reflects a more aggressive push for market share, with Saudi Arabia driving much of the actual output gains. OPEC+ cited strong global demand and low inventories as justification. Goldman Sachs expects a final 550,000bpd increase to be announced for September at the group’s August 3 meeting. Meanwhile, Saudi Arabia raised prices for its flagship Arab Light crude in a show of confidence in demand. In a related development, U.S. President Trump indicated higher tariffs will be announced by July 9, with implementation set for August 1.
Market Wrap: Banking on Bulls: KSE-100 Hits a New Milestone - By HMFS Research

Jul 4 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) sustained its upward trajectory in today’s session, with the benchmark KSE-100 Index surging to a fresh intra-day high of 132,130 before closing at 131,949, up by a robust 1,262 points (+0.97%). The rally was supported by sustained investor interest—particularly in the banking sector—as participants continued to rotate into fundamentally sound, undervalued plays amid a supportive macroeconomic backdrop. Trading activity remained strong, with the All-Share Index posting a healthy turnover of 731mn shares, while KSE-100 volumes came in at 199mn shares, indicating broad-based participation. Top volume leaders included, WTL (58mn), BML (36mn), and TREET (30mn). The banking sector emerged as the primary driver of index gains, supported by attractive dividend yields, and compelling P/B valuations. The recent softening in Pakistan’s sovereign credit default swap (CDS) spreads has further improved investor sentiment by lowering perceived external risk, catalyzing flows into equities. While the momentum remains firmly intact, the market’s proximity to psychological resistance levels suggests room for near-term consolidation, especially as investors may opt to lock in recent gains. However, the medium-term narrative remains constructive, underpinned by prospects of continued IMF engagement, fiscal reforms, and easing external account pressures. We continue to advise investors to remain selective and focus on sectors with resilient fundamentals and earnings visibility. In the current phase of the cycle, valuation discipline, liquidity considerations, and macro-driven event positioning will remain critical in navigating market dynamics.
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%
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