Meezan Bank (MEBL): 1Q2025 EPS at Rs12.3, down 12% YoY and 8% QoQ - By Topline Research

Apr 21 2025


Topline Securities


  • Meezan Bank (MEBL) announced its 1Q2025 result today, where the bank recorded earnings of Rs22bn (EPS of Rs12.3), which is down 12% YoY and down 8% QoQ. The earnings came in line with industry expectations.
  • Alongside the result, the bank also announced first interim cash dividend of Rs7.0/share in 1Q2025, in-line with industry expectations.
  • Net spread earned by MEBL fell by 8% YoY and 15% QoQ to Rs62bn in 1Q2025. This decline in spread is due to a decrease in interest rates, along with the imposition of the Minimum Deposit Rate (MDR) on the individual portfolio.
Meezan Bank Limited (MEBL): Result Review - 1QCY25 - By HMFS Research

Apr 21 2025


HMFS Research


  • Meezan Bank Limited (MEBL) reported a consolidated Profit After Taxation (PAT) of PKR 22.4bn (EPS: PKR 12.26) for 1QCY25, down 11% y/y from PKR 25.1bn (EPS: PKR 13.87) in 1QCY24. The decline in profitability was primarily due to lower net mark-up income, despite strong growth in feebased earnings and foreign exchange income.
  • Profit/return earned stood at PKR 107.6bn, reflecting a 10% y/y decline from PKR 119.2bn in 1QCY24, largely impacted by a lower interest rate environment.
  • Other income recorded at PKR 9.2bn (↑33%) mainly attributable to the 22% rise in Fee and com mission income (PKR 7.2bn) and 234% increase in foreign exchange income (PKR 1.6bn), transaction volumes and currency market movements.
Meezan Bank Limited (MEBL): 1QCY25 EPS clocked in at PKR12.3 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • MEBL has announced its 1QCY25 result, wherein it has posted unconsolidated PAT of PKR22.0bn (EPS: PKR12.3) vs. PAT of PKR24.9bn (EPS: PKR13.9) in SPLY. The result came slightly above our expectations, mainly due to healthy volumetric growth QoQ.
  • Profit earned fell by ~10%/8% YoY/QoQ, mainly driven by lower yields on assets. To highlight, bank recorded deposit growth of ~11% QoQ in 1QCY25.
  • Other income recorded QoQ decline of ~23%, amid 8% QoQ decline in fee income and absence of capital gains. On YoY basis, other income inched up by ~29% due to 10% increase in fee income and healthy jump in FX income.
Meezan Bank Limited (MEBL): Earnings Down 13% YoY; Dividend Maintained - By IIS Research

Apr 21 2025


Ismail Iqbal Securities


  • Meezan Bank Limited has announced 1QCY25 result, where the bank has posted unconsolidated earnings of PKR 12.28/sh, down by 13% YoY and 8% on QoQ basis. The result is inline with our expectations. The bank has announced interim cash dividend of PKR 7/sh.
  • Net spread income declined by 9% YoY and 15% QoQ, reflecting the impact of asset repricing concentrated in 3Q/4Q and the implementation of the Minimum Deposit Rate (MDR) for Islamic banks. Fee income rose 10% YoY but dropped 8% QoQ, while FX income surged 3x amid higher trade activity and volumes.
  • Operating expenses down by 7% YoY and increase by 11% QoQ. Bank also recorded a provisioning of PKR 1.86 billion in 1QCY25 vs. Reversal of PKR0.35 bn in SPLY.
Meezan Bank (MEBL): 1Q2025 EPS at Rs12.3, down 12% YoY and 8% QoQ - By Topline Research

Apr 21 2025


Topline Securities


  • Meezan Bank (MEBL) announced its 1Q2025 result today, where the bank recorded earnings of Rs22bn (EPS of Rs12.3), which is down 12% YoY and down 8% QoQ. The earnings came in line with industry expectations.
  • Alongside the result, the bank also announced first interim cash dividend of Rs7.0/share in 1Q2025, in-line with industry expectations.
  • Net spread earned by MEBL fell by 8% YoY and 15% QoQ to Rs62bn in 1Q2025. This decline in spread is due to a decrease in interest rates, along with the imposition of the Minimum Deposit Rate (MDR) on the individual portfolio.
Meezan Bank Limited (MEBL): 1QCY25 Result Review - By Taurus Research

Apr 21 2025


Taurus Securities


  • 1QCY25 EPS: PKR 12.3. 1QCY25 PAT down 11%YoY – in line with expectations. Additionally, MEBL has also announced an interim cash dividend of PKR 7.00/sh. Earnings were down mainly due to margin compression and higher provisions.
  • Net Spread Earned (NSE): Down 8%YoY/15%QoQ on the back of substantial drop in yields on the asset side due to the repricing following the reduction in the SBP policy rate. However, the impact was offset to an extent by lower cost of funds.
  • Other Income: Up 31%YoY. However, down 29% on a sequential basis owing to significant decrease in capital gains and other income. Moreover, Fee and Commissions income was also down 4% on a QoQ basis.
Meezan Bank Limited (MEBL): Strong Upside Potential – Buy - By AHCML Research

Apr 8 2025


Al Habib Capital Markets


  • We initiate our coverage of Meezan Bank Ltd. (MEBL) with a Dec’25 Target Price (TP) of PKR 335, signifying a potential capital gain of 30.45%. The bank is also offering a healthy dividend yield of 9.76% (an expected dividend payout of PKR 25/share for CY25). The total return (capital gains + dividend) stands at an attractive 40.21%. MEBL is trading at a CY25 P/E ratio of 5.44x and a PBV of 1.62x.
  • Meezan Bank's stellar growth in recent years can be attributed to several factors: 1) Remarkable deposit growth averaging 24% since 2020, driven by rising consumer preferences for Islamic banking; 2) Meezan stands as a major beneficiary of capturing the Islamic banking market share due to its first-mover advantage; 3) The growing consumer interest in Islamic banking and the SBP’s plan to transform Pakistan’s banking system to align with Shariah principles will further propel Meezan’s growth trajectory. Additionally, other highlights include the lowest infection ratio, consumer ease, and improved asset quality with a high coverage ratio.
  • MEBL stands as Pakistan’s premier Islamic bank, delivering consistent growth, profitability, and resilience in an evolving financial landscape. Over the past five years, MEBL has demonstrated exceptional performance, with net interest income soaring from PKR 64.8bn in 2020 to PKR 287bn in 2024, driven by robust deposit growth and an expanding asset base. The bank’s efficiency has improved significantly, with its cost-to-income ratio declining to 26.78% in 2024, reflecting strong operational discipline. Net profit surged to PKR 102bn, while asset quality remains stable, supported by a prudent risk management framework.
Meezan Bank Limited (MEBL): Analyst briefing takeaways -By Insight Research

Feb 26 2025


Insight Securities


  • Meezan Bank Limited has conducted its conference call today to discuss bank’s financial performance and outlook. Key takeaways of the analyst call are as follows:
  • Bank’s deposit has grown at CAGR of ~34% between 2002-2024, compared to industry’s average of 8.5%.
  • During the year, bank opened 47 new branches taking total branches to 1,098
Meezan Bank Ltd (MEBL): Beats expectation on higher gain on sale of securities amid cost controls - By AKD Research

Feb 13 2025


AKD Securities


  • Meezan Bank Ltd (MEBL) announced its 4QCY24 result earlier today, wherein the bank posted unconsolidated NPAT of PkR24.0bn (EPS: PkR13.4), down 9%YoY/ 7%QoQ. The result is above our expectation given higher gain on sale of securities and lower operating expenses. The result was accompanied by a cash-dividend of PkR7/sh, taking CY24 payout to PkR28/sh (vs. PkR20.0/sh in SPLY).
  • Net Spread Earned in 4Q was recorded at PkR72.3bn, higher by 1%YoY primarily because of balance sheet growth. Bank deposit grew by 16.3% YoY to PkR2.6tn at Dec’24.
  • However, NIMs for the quarter are estimated to have stood at ~9.8%, down 140bps YoY/100bps QoQ due to decline in profit on deposits.
Meezan Bank (MEBL): 4Q2024 EPS at Rs13.36, down 9%/7% YoY and QoQ - By Topline Research

Feb 13 2025


Topline Securities


  • Meezan Bank (MEBL) announced its 4Q2024 result today, where the bank recorded earnings of Rs23.9bn (EPS of Rs13.36), which is down 9% YoY and down 7% QoQ. This takes 2024 earnings to Rs101.5bn (EPS Rs56.5) up 20% YoY.
  • Alongside the result, the bank also announced fourth interim cash dividend of Rs7.0/share in 4Q2024, taking 2024 dividend to Rs28.0/share. The 4Q2024 result came in-line with industry expectations.
  • MEBL recorded provision of Rs7.3bn in 4Q2024 as compared to expense of Rs2.5bn in 3Q2024 and provision expense of Rs2.9bn in 4Q2023. The higher provision expense in 4Q2024 is due to implementation of IFRS-9, we believe.
Meezan Bank Limited (MEBL): Result Review: MEBL 4QCY24 EPS Rs13.4, DPS Rs7 - By Sherman Research

Feb 13 2025


Sherman Securities


  • Meezan Bank Limited (MEBL) announced 4QCY24 result today wherein company posted unconsolidated earnings of Rs23.9bn (EPS Rs13.4), down 9%YoY. The decline in earnings is due to decline in interest earned and higher provisioning during the period.
  • Along with the result, bank announced dividend of Rs7/share in 4QCY24 bringing cumulative dividend payout during CY24 to Rs28/share.
  • MEBL’s interest earned clocked in at Rs116bn, (down 9%YoY) while net interest earned remained flat at Rs76.8bn, up 1%YoY. This decrease is due to lower yields aimed 1,000bps cut in the policy rate since Jun’24.
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.
Market Wrap: Highlights of the day - JS Research

Jul 4 2025


JS Global Capital


  • The KSE-100 Index closed the session on a strong note, gaining 1,262 points to settle at 131,949. Broad-based buying was seen across key sectors, with Autos, banks, and Power leading the charge. Investor sentiment remained upbeat, supported by improved macros and anticipation of further monetary easing. Looking forward, we have a favorable view on the market in the near term, backed by favorable liquidity conditions, positive policy cues, and foreign interest returning to key sectors. However, intermittent consolidation cannot be ruled out as the index approaches resistance levels.
Fertilizers: Sales to recover in June-2025; albeit inventory level remains high - By JS Research

Jul 4 2025


JS Global Capital


  • As per provisional figures, Urea off-take during Jun-2025 is expected to clock in at 580k tons, arriving at a growth of 20% YoY/ 39% MoM. Cumulatively, Urea off-take is likely to post a negative growth of 23% YoY during 1HCY25. On the other hand, DAP off-take is likely to fall 15% YoY during the month.
  • Company-wise, Fauji Fertilizer Company (FFC) is expected to post Urea off-take of 269k tons in Jun-2025, up 4% YoY. This includes 51k tons of granular Urea. Engro Fertilizers (EFERT) is likely to post growth 32% YoY, arriving at 205k tons. In terms of market share, EFERT Urea share improved by 3ppts YoY to 35%, while FFC’s share dipped 8ppts YoY during the month.
  • Urea inventory is expected to remain elevated at around 1.3mn tons by the end of 1HCY25. Assuming capacity utilization remains stable at current levels, allowance of export can be a key trigger in our view, helping to mitigate inventory buildup despite the anticipated increase in local sales during 2HCY25.
Technical Outlook: KSE-100; Upside to continue - By JS Research

Jul 4 2025


JS Global Capital


  • The KSE-100 Index witnessed a volatile session to close at 130,687, up 343 points DoD. Volumes stood at 900mn shares compared to 1,026mn shares traded in the last session. The index is expected to revisit yesterday’s high of 131,325 with a break above targeting 132,134, which can extend to 133,412. However, any downside will find support in the range of 129,050-129,870 levels. The RSI and the MACD are heading up, supporting a positive outlook. We advise investors to 'Buy on dips', keeping stoploss below 128,616. The support and resistance levels are placed at 129,867 and 131,415, respectively.
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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