IGI Holdings Limited (IGIHL): Corporate Briefing Notes - By Chase Research

May 19 2025



  • IGI Holdings Limited (IGIHL) reported consolidated net profit of PKR 507 million (EPS: PKR 3.47) in 1QCY25, up 12% from PKR 452 million (EPS: PKR 3.12) in the same period last year.
  • In CY24, the company received dividend income of PKR 1.63 billion, reflecting a 2.6% YoY increase. Profit before tax stood at PKR 1.33 billion versus PKR 1.25 billion in the SPLY, while profit after tax rose slightly to PKR 1.35 billion from PKR 1.32 billion. EPS increased to PKR 9.48 compared to PKR 9.24 last year.
  • The company maintained a stable dividend per share of PKR 65 and a payout ratio of 65% in CY24. Total assets were PKR 16.13 billion, with liabilities dropping significantly to PKR 314 million from PKR 888 million in the SPLY, as the company paid off all short- term and long-term loans.
IGI Holdings Limited (IGIHL): Corporate Briefing Notes - By Chase Research

May 19 2025



  • IGI Holdings Limited (IGIHL) reported consolidated net profit of PKR 507 million (EPS: PKR 3.47) in 1QCY25, up 12% from PKR 452 million (EPS: PKR 3.12) in the same period last year.
  • In CY24, the company received dividend income of PKR 1.63 billion, reflecting a 2.6% YoY increase. Profit before tax stood at PKR 1.33 billion versus PKR 1.25 billion in the SPLY, while profit after tax rose slightly to PKR 1.35 billion from PKR 1.32 billion. EPS increased to PKR 9.48 compared to PKR 9.24 last year.
  • The company maintained a stable dividend per share of PKR 65 and a payout ratio of 65% in CY24. Total assets were PKR 16.13 billion, with liabilities dropping significantly to PKR 314 million from PKR 888 million in the SPLY, as the company paid off all short- term and long-term loans.
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.
Ittehad Chemicals Limited (ICL): Corporate Briefing Notes - By Chase Research

Jun 18 2025



  • Ittehad Chemicals Limited reported earnings per share of PKR 13.86 in FY24 against earnings per share of PKR 18.26 in FY23 a decrease of 24%.
  • Total revenue in FY24 reached PKR 24.3 Bn remaining stagnant compared to FY23 with PKR 24.3 Bn.
  • The company saw its gross margin decrease from 21% in FY23 to 20% in FY24.
Economy: Middle East Conflict-Implications for PSX - By Chase Research

Jun 16 2025



  • The conflict erupted after Israel launched surprise airstrikes on Iranian nuclear and military facilities, killing several high-ranking generals and nuclear experts.
  • In retaliation, Iran fired over 150 ballistic missiles and more than 100 drones at Israel, targeting military sites and urban centers, in what it called "Operation True Promise III".
  • Both sides have since traded escalating rounds of attacks: Israel has struck more than 250 targets in Iran, including nuclear development sites, missile launch facilities, energy infrastructure, and the Defense Ministry headquarters in Tehran.
Economy: Pre-MPC Survey Results - By Chase Research

Jun 16 2025



  • In anticipation of the SBP’s upcoming policy decision, Chase Securities conducted a short poll to gauge market sentiment on:
  • A total of 34 participants provided their insights.
  • We believe that these insights are key to identifying market sentiments and gauging the confidence in the equity market.
Economy: Pre-Budget FY26 Market Sentiments - By Chase Research

Jun 5 2025



  • Chase Securities conducted a pre-budget survey in the run up to the annual budget announcement.
  • A total of 44 participants provided their insights on key issues.
  • We believe that these insights are key to identifying market sentiments and gauging the confidence in the equity market.
  • 27% of the participants expect KSE-100 to be above 150,000 points by the end of June 2026.
Pak Datacom Limited (PAKD): Corporate Briefing Notes - By Chase Research

May 30 2025



  • Pak Datacom Limited reported a net profit of PKR 110.16 million (EPS: PKR 9.29) in 9MFY25, marginally higher than PKR 107.83 million (EPS: PKR 9.09) in 9MFY24.
  • Management explained that Pak Datacom partners with local service providers to purchase bandwidth at wholesale prices, receiving rebates based on operational areas, which it then sells to customers. Subscription revenue is linked to bandwidth consumption. The company also offers solar equipment sales and tailored solutions to corporate clients. Currently, it is conducting a feasibility study on hybrid service arrangements. Pak Datacom holds a market share of 30–35% in VSAT services.
  • The company represents two major international telecom firms in Pakistan—British Telecom and Orange Telecom. As a pioneer of VSAT services in Pakistan and Bangladesh, Pak Datacom has established VSAT networks for the Pakistan Army, Navy, and Air Force. It has also provided VSAT solutions to NADRA, SNGPL, and serves banks and oil companies.
Asia Insurance Company Limited (ASIC): Corporate Briefing Notes - By Chase Research

May 29 2025



  • Asia Insurance Company Limited reported a net profit of PKR 168.39 million (EPS: PKR 2.31) in CY24, up from PKR 85.70 million (EPS: PKR 1.17) in CY23.
  • Gross and net insurance premiums were reported at PKR 1.23 billion and PKR 990.88 million, respectively, in CY24. The gross premium comprised PKR 596.39 million from Fire & Property Damage, PKR 208.06 million from Marine, Aviation & Transport, PKR 153.62 million from Motor, PKR 147.01 million from Health, and PKR 129.71 million from Miscellaneous segments.
  • In the Takaful segment, contributions stood at PKR 76.53 million from Fire & Property Damage, PKR 27.72 million from Marine, Aviation & Transport, PKR 21.48 million from Motor, and PKR 19.84 million from Miscellaneous. Total Takaful business contribution was reported at PKR 145.57 million in CY24.
IGI Holdings Limited (IGIHL): Corporate Briefing Notes - By Chase Research

May 19 2025



  • IGI Holdings Limited (IGIHL) reported consolidated net profit of PKR 507 million (EPS: PKR 3.47) in 1QCY25, up 12% from PKR 452 million (EPS: PKR 3.12) in the same period last year.
  • In CY24, the company received dividend income of PKR 1.63 billion, reflecting a 2.6% YoY increase. Profit before tax stood at PKR 1.33 billion versus PKR 1.25 billion in the SPLY, while profit after tax rose slightly to PKR 1.35 billion from PKR 1.32 billion. EPS increased to PKR 9.48 compared to PKR 9.24 last year.
  • The company maintained a stable dividend per share of PKR 65 and a payout ratio of 65% in CY24. Total assets were PKR 16.13 billion, with liabilities dropping significantly to PKR 314 million from PKR 888 million in the SPLY, as the company paid off all short- term and long-term loans.
TPL Properties Limited (TPLP): Corporate Briefing Notes - By Chase Research

May 19 2025



  • TPL Properties Limited reported unconsolidated loss per share of PKR 6.47 in FY24 against an earnings per share of PKR 7.50 in FY23. Furthermore, in 3QFY25 the company reported loss per share of PKR 2.37 against loss per share of PKR 0.29 in SPLY.
  • On March 29, 2025, a fire incident occurred at the construction site of The Mangrove Project during borehole drilling operations, which were being conducted at an approximate depth of 1,200 feet. A team of technical specialists was immediately appointed to assess and address the situation. The management has confirmed that there were no injuries, casualties, or damage to property.
  • The first tower of Lagoon Views, officially launched in January 2025, comprises 234 residential units. As of the latest update, 50% of the apartments have been successfully sold. Additionally, a dedicated sports facility has been planned as part of the development, with an inauguration scheduled for August 2025.
AGP Limited (AGP): Corporate Briefing Notes - By Chase Research

Apr 28 2025



  • AGP Limited reported a net profit of PKR 2.08 billion (EPS: PKR 7.44) in CY24, reflecting a 75% increase compared to PKR 1.19 billion (EPS: PKR 4.25) in the previous year.
  • Net sales rose 34% YoY to PKR 18.54 billion, while consolidated revenue reached PKR 25.03 billion, up from PKR 18.74 billion in SPLY. Growth was driven by a 21% increase in volumes and a 13% price impact. Consolidated gross margins improved to 58.1% from 53.6% in the SPLY, while operating margins expanded to 28.5% from 22.7%, attributed to successful price adjustments and operational efficiencies
  • Management highlighted that recent acquisitions have contributed significantly to performance, with a 5-year consolidated revenue CAGR of 38%, of which 52% was driven by inorganic growth.
Nestle Pakistan Limited (NESTLE): Corporate Briefing Notes - By Chase Research

Apr 22 2025



  • In CY24, Nestlé Pakistan Limited reported a net profit of PKR 14.81 billion (EPS: PKR 326.53), reflecting a 10% YoY decline compared to PKR 16.49 billion (EPS: PKR 363.68) in CY23.
  • Net revenue stood at PKR 193.21 billion, down 4% YoY from PKR 200.61 billion in CY23. Export sales registered a 21% YoY increase. The overall decline in revenue was attributed to the imposition of sales tax on the dairy & nutrition segment (impacting 70% of the portfolio), an additional 6.5% tax on non-filer retailers, the export taxation under the Normal Tax Regime, and the impact of a product boycott due to in the Middle East conflict.
  • The revenue mix in CY24 comprised Dairy & Nutrition at 78.9%, Beverages at 20.7%, and Others at 0.4%. Dairy & Nutrition segment sales declined by 4.1% YoY to PKR 153.2 billion. UHT milk contributed 15-20% to this segment’s revenue. Management reported negative growth across all categories, with price hikes of 3–5% implemented during the year. No provision was recorded in CY24 related to the Everyday HS classification matter.
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