Power Cement Ltd (POWER): Corporate Briefing takeaways - By JS Research

May 21 2025


JS Global Capital


  • Power Cement Ltd (POWER) recently held a corporate briefing session to discuss its results and outlook. The company posted a profit after tax of Rs316mn in 3QFY25, compared to a loss of Rs717mn in 3QFY24. In 9MFY25, earnings stood at Rs349mn compared to a loss of Rs1,187mn in the same period last year.
  • Sales revenue declined by 16% YoY in 3QFY25, mainly due to an 18.9% YoY drop in dispatches. Despite this, gross margins rose 5.6ppts YoY mainly led by cost efficiencies measures and lower coal prices.
  • The management apprised that the company had experienced significantly lower fuel costs in recent quarters, primarily due to lower global coal prices (with current landed cost at Karachi Port around US$100/ton, comprising mostly US coal), and the use of alternative fuels, which now make up 10–20% of the fuel mix and are 25–30% cheaper than coal.
Power Cement Ltd. (POWER): 9MFY25 Analyst Briefing Takeaways - By AKD Research

May 21 2025


AKD Securities


  • Power cement Ltd. (POWER) held its analyst briefing today to discuss the 9MFY25 financial results and future outlook of the company. Following are the key points:
  • To recall, company posted profit of PkR348mn (EPS: PkR0.07) in 9MFY25 compared to a loss of PkR1.2bn (LPS: PkR1.41) in SPLY. The said improvement in profitability was primarily attributable to lower financial charges (down 35%YoY) during the period amidst falling interest rates and improved operating efficiencies.
  • Company’s total offtakes for 9MFY24 decreased by 19%YoY to 1.7mn tons. This was due to decrease in clinker exports amid falling prices in the international market. Avg. export prices for clinker during the period stood at ~US$30-31/ton
Power Cement Ltd (POWER): Corporate Briefing takeaways - By JS Research

May 21 2025


JS Global Capital


  • Power Cement Ltd (POWER) recently held a corporate briefing session to discuss its results and outlook. The company posted a profit after tax of Rs316mn in 3QFY25, compared to a loss of Rs717mn in 3QFY24. In 9MFY25, earnings stood at Rs349mn compared to a loss of Rs1,187mn in the same period last year.
  • Sales revenue declined by 16% YoY in 3QFY25, mainly due to an 18.9% YoY drop in dispatches. Despite this, gross margins rose 5.6ppts YoY mainly led by cost efficiencies measures and lower coal prices.
  • The management apprised that the company had experienced significantly lower fuel costs in recent quarters, primarily due to lower global coal prices (with current landed cost at Karachi Port around US$100/ton, comprising mostly US coal), and the use of alternative fuels, which now make up 10–20% of the fuel mix and are 25–30% cheaper than coal.
Pakistan Power: Power Generation up 25%YoY in Apr'25 - By AKD Research

May 21 2025


AKD Securities


  • Power generation for Apr’25 clocked in at 10,513GWh, marking an increase of 22%YoY/25% MoM. The rise is driven by elevated cooling demand amid rising temperatures and reduced reliance on captive generation by industries. Key contributors to the power mix during the month were Coal, Hydel, RLNG, and Nuclear sources.
  • Notably, authorities imposed a levy of PkR791/mmbtu on gas-based CPPs during Mar'25, raising gas tariff to PkR4,291/mmbtu. This translates into a significantly higher effective generation cost of ~PkR42/kwh, assuming a thermal efficiency of 35% for off-grid captives utilizing natural gas. The sharp increase in generation cost likely prompted industries to shift towards relatively cheaper grid electricity in the near term, in light of recent reductions in grid tariffs, which is estimated at ~PkR28/kwh (excluding taxes and duties).
  • More positively, the cost of generation declined by 5%YoY/8%MoM to PkR8.95/kWh, compared to PkR9.75/kWh in Apr’24, reflecting improved fuel economics. On a cumulative basis, total power generation during 10MFY25 stood at 100,648GWh, broadly unchanged YoY.
Power Cement Limited (POWER): Corporate Briefing Takeaways - By Taurus Research

May 21 2025


Taurus Securities


  • The management of POWER highlighted that the Company turned into profit after five years amid massive developments i.e. successful plant turnaround, significant payment of a finance cost, improving operational efficiency through better fuel mix and capturing huge market share in high grade cement.
  • On the production and sales front, the management told that net sales dropped 16%YoY in 9MFY25 due to drastic decline in production and sales of Clinker on the back of significant decline in international Clinker prices. However, they expect some recovery in Clinker export prices until Dec’25 i.e. in between USD 35-37 per ton. This will improve profitability of the Company. Further, Operating profit surged 24%YoY in 9MFY25 on account of drop in finance cost (35%YoY) due to lower interest rates along with reduction in operational costs i.e. fuel saving of around 10% by using Agricultural Waste as alternative fuel. Moreover, the management is expecting to pay off significant portion of dividends to preference shareholders (Currently 74.5Mn as outstanding) once it has settled large amount of debt during FY26.
  • According to the management, the Company is using 100% imported coal (mainly from US) with a total cost of around PKR 35-37K per ton. Whereas, total export price per ton of Clicker (70% of total exports) and Cement is currently at USD 35-37 and USD 40-47, respectively. They shared that the recent Plant turnaround made it operating at 100% capacity (capable of utilizing high Sulphur coal to make high grade cement). The current retention price is ~PKR 775-800 per bag.
Power Cement Ltd. (POWER): Corporate Briefing Takeaways - By Sheman Research

May 21 2025


Sherman Securities


  • Power Cement Ltd. (POWER) conducted its corporate briefing today to discuss 9MFY25 financial result and future outlook. During the period, company posted net earnings of Rs348mn(EPS Rs0.3) versus net loss of Rs1.2bn (LPS Rs1.1) during the same period last year. During the period, company recorded gross margins of 28% as compared to 22% due to lower energy prices and better retention prices in local and export market.
  • The company has become 2 nd largest cement player in southern region with market share of 19% just behind Lucky Cement.
  • As far as coal mix is concerned, currently plant operates on a mix of Imported and alternate fuel in a ratio of 90% and 10% respectively. Moreover, currently, landed coal price ranges between Rs35-37k. As per management, company is expected to take alternate fuel to 25% in total fuel mix by the next year.
Hub Power Company Ltd (HUBC):3QFY25 Preview: Earnings dip amid PPA setbacks - By AKD Research

Apr 28 2025


AKD Securities


  • We expect Hub Power Company Ltd (HUBC) to post NPAT of PkR10.7bn (EPS: PkR8.25) for 3QFY25, down 38%YoY.
  • HUBC is anticipated to record its lowest consolidated topline in four years, expected to clock in at PkR14.3bn (down 55%YoY/8%QoQ).
  • Mar’25 marked the first month of BYD’s official entry into the domestic auto market, with the commencement of sales for the Atto-3 and Seal models.
Nishat Power Limited (NPL): 3QFY25 EPS to arrive at PKR 1.7, 9MFY25 LPS to clock-in at PKR 6.1 - By Taurus Research

Apr 22 2025


Taurus Securities


  • Board Meeting: April 25, 2025. 3QFY25 EPS: PKR 1.7; DPS: PKR 3.0; 9MFY25 LPS: PKR 6.1; DPS: PKR 5.0.
  • Net sales are expected at PKR 1.56Bn, down 68%YoY, primarily due to lower dispatches amid weak plant utilization (5% vs. 21% SPLY). Lower generation capped the ROE entitlement at 35%, weighing down capacity payments.
  • Net other income likely to clock in at PKR 358Mn, supported by income on cash reserves, with a PKR 9.6Bn (PKR 27/sh) payment received in Mar-25 and net cash of PKR 23/sh as of Dec-24, reinforcing payout capacity
Pakistan Economy: Power sector circular debt resolution plan in the offing - By Foundation Research

Apr 18 2025


Foundation Securities


  • Pakistan's power sector has become a key challenge in the country's macroeconomic balancing act. Stabilizing the economy hinges on resolving power sector issues, which took center stage in recent IMF negotiations for the $7 billion Extended Fund Facility. In a bid to settle the amount in a single go, the government has plans to inject Rs1.5 trillion to tackle the circular debt crisis, clearing overdue liabilities and paving the way for sector stability.
  • Commercial banks will provide nearly Rs1.275 trillion of the bailout package, despite already having significant exposure to the power sector's circular debt. The deal, negotiated between the government and banks, offers below-KIBOR interest rates, potentially saving the government 3-5% on debt servicing costs. Contrary to news flow of banks being pressured into the deal, top banking executives and government officials have assured that the agreement was reached mutually.
  • According to news flow, a term sheet was signed between the government and banks at a large commercial bank in Karachi, with disbursements slated to begin next month. This financial intervention aims to curb the energy crisis and prevent further debt accumulation.
Power: Mar’25 generation up 5%YoY / 15%MoM - By Taurus Research

Apr 17 2025


Taurus Securities


  • Power generation in March 2025 clocked in at 8,409GWh, marking a 5%YoY increase and a 21%MoM recovery, driven by seasonal improvement in demand as the weather changes. This rebound follows the February slowdown, where generation had declined to 6,945GWh due to reduced industrial and household demand during winter.
  • For the 9MFY25, power generation dropped by 2%YoY, declining to 90,147GWh from 92,345GWh recorded in the SPLY.
  • Hydel generation declined sharply by 41%YoY and 31%MoM, contributing only 1,297GWh amid lower water availability. In contrast, coal-based generation surged 1.2xYoY to 1,938GWh and 68%MoM, likely due to better plant availability and reduction in global coal prices. Nuclear generation rose 7%YoY and 20%MoM, contributing the highest share at 2,223GWh. Elsewhere, generation from expensive sources like HSD and furnace oil dropped to 0%, aligning with the Government’s strategy to transition toward more cost-efficient and sustainable energy sources.
Pakistan Power: Mar-25: Power generation picks up as winter recedes - By JS Research

Apr 16 2025


JS Global Capital


  • As per latest data released by National Electric Power Regulatory Authority (NEPRA), Power generation during Mar-2025 clocked in at 8,409GWh, posting a 5% YoY increase. Cumulatively, power generation during 9MFY25 posted a negative growth of 2% YoY, clocking-in at ~90,148GWh.
  • Average cost of generation for Mar-2025 stood at Rs9.2/kWh, down 2% YoY. Generation costs, however, saw a MoM spike, with the average cost of generation rising 12%.
  • The sequential increase in generation cost is primarily due to reduced share of hydel in the power mix and a shift to the more expensive fuel sources, coal and LNG. Hydel generation stood at 15% in the energy mix compared to avg of 30% of the mix in the last 12 months
Technical Outlook: KSE-100 entering the resistance range - By JS Research

May 22 2025


JS Global Capital


  • The KSE-100 index showed positive movement to close at 119,931, up 960 points DoD. Volumes stood at 668mn shares compared to 438mn shares traded in the last session. The index is expected to face resistance at 120,797 (all-time intraday high) as a break above may start a new momentum towards 123,375 and 125,947 levels, respectively. However, any downside will find support between 118,740 and 119,340 levels. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to ’Buy on dips’, keeping stoploss below 118,527. The support and resistance levels are at 119,338 and 120,315, respectively.
Morning News: IMF yet to decide on budget relief request - By Vector Research

May 22 2025


Vector Securities


  • Seeking effective and practical steps for the realisation of agriculture income tax and improvements in retail sector taxation, the International Monetary Fund (IMF) has yet to take a position on Pakistan’s request for relief measures in the upcoming budget, due on June 2.
  • Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said that Pakistan’s exports to United States of America (USA) is $4.4 billion as compared to imports of US$1.9 billion with the trade surplus of $2.5 billion during current Financial Year 2024-25 (up to March).
  • Pakistan’s total investment plunged into the lowest range despite a slight improvement in the outgoing fiscal year 2024-25, mainly due to the assumption of reliance on increased public investments. Private sector investment stagnated, standing at 9.1 percent in the current fiscal year compared to 9 percent in the last financial year.
Morning News: $2.5bn surplus in trade with US: Aurangzeb - By WE Research

May 22 2025



  • Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, reported that Pakistan recorded a trade surplus of $2.5 billion with the United States during the current financial year 2024-25 (up to March), with exports at $4.4 billion and imports at $1.9 billion. In the previous year, 2023-24, exports were $5.3 billion and imports $2.2 billion, resulting in a $3.1 billion surplus. Key exports include garments and medical instruments, while major imports consist of cotton, steel scrap, computers, and petroleum products. The U.S. has imposed a 30% reciprocal tariff on Pakistani imports, currently suspended for 90 days, which exporters see as a challenge but also a potential opportunity due to higher tariffs on competitors. In response, the prime minister has formed a Steering Committee and a working group, with the Ministry of Commerce coordinating a comprehensive strategy to engage with U.S. authorities.
  • Gold prices in Pakistan rose significantly on Wednesday, with 24-karat gold reaching Rs349,400 per tola after an increase of Rs6,600, and 10 grams priced at Rs299,554, up Rs5,659, according to the AllPakistan Gems and Jewelers Sarafa Association. The price of 22-karat gold also increased to Rs274,601 per 10 grams. Silver prices followed suit, with 24-karat silver rising to Rs3,466 per tola and Rs2,971 per 10 grams. Internationally, spot gold traded near $3,302 an ounce, up 0.39%, marking its third consecutive daily gain, driven by a softer dollar and heightened safe-haven demand amid global economic and geopolitical uncertainties.
  • Pakistan’s per capita income rose by 9.75% to a record $1,824 in FY2024–25, up from $1,662 the previous year, with the economy’s total size reaching $410.96 billion—a 2.68% annual increase—according to provisional estimates by the Pakistan National Accounts Committee (NAC). In rupee terms, per capita income grew 8.27% to Rs509,174. This growth, driven mainly by a 3.99% rise in the services sector and a modest 1.18% increase in agriculture, helped Pakistan join the world’s 40 largest economies, despite a continued 1.14% contraction in the industrial sector. The NAC also revised earlier quarterly GDP growth estimates and finalized FY23 growth at -0.21% and FY24 at 2.51%. Analysts see the rebound as a sign of resilience amid global and domestic challenges, marking the highest GDP since FY18, when it last approached similar levels before facing economic and political instability.
Power Cement Ltd. (POWER): 9MFY25 Analyst Briefing Takeaways - By AKD Research

May 21 2025


AKD Securities


  • Power cement Ltd. (POWER) held its analyst briefing today to discuss the 9MFY25 financial results and future outlook of the company. Following are the key points:
  • To recall, company posted profit of PkR348mn (EPS: PkR0.07) in 9MFY25 compared to a loss of PkR1.2bn (LPS: PkR1.41) in SPLY. The said improvement in profitability was primarily attributable to lower financial charges (down 35%YoY) during the period amidst falling interest rates and improved operating efficiencies.
  • Company’s total offtakes for 9MFY24 decreased by 19%YoY to 1.7mn tons. This was due to decrease in clinker exports amid falling prices in the international market. Avg. export prices for clinker during the period stood at ~US$30-31/ton
Power Cement Ltd (POWER): Corporate Briefing takeaways - By JS Research

May 21 2025


JS Global Capital


  • Power Cement Ltd (POWER) recently held a corporate briefing session to discuss its results and outlook. The company posted a profit after tax of Rs316mn in 3QFY25, compared to a loss of Rs717mn in 3QFY24. In 9MFY25, earnings stood at Rs349mn compared to a loss of Rs1,187mn in the same period last year.
  • Sales revenue declined by 16% YoY in 3QFY25, mainly due to an 18.9% YoY drop in dispatches. Despite this, gross margins rose 5.6ppts YoY mainly led by cost efficiencies measures and lower coal prices.
  • The management apprised that the company had experienced significantly lower fuel costs in recent quarters, primarily due to lower global coal prices (with current landed cost at Karachi Port around US$100/ton, comprising mostly US coal), and the use of alternative fuels, which now make up 10–20% of the fuel mix and are 25–30% cheaper than coal.
Pakistan Power: Power Generation up 25%YoY in Apr'25 - By AKD Research

May 21 2025


AKD Securities


  • Power generation for Apr’25 clocked in at 10,513GWh, marking an increase of 22%YoY/25% MoM. The rise is driven by elevated cooling demand amid rising temperatures and reduced reliance on captive generation by industries. Key contributors to the power mix during the month were Coal, Hydel, RLNG, and Nuclear sources.
  • Notably, authorities imposed a levy of PkR791/mmbtu on gas-based CPPs during Mar'25, raising gas tariff to PkR4,291/mmbtu. This translates into a significantly higher effective generation cost of ~PkR42/kwh, assuming a thermal efficiency of 35% for off-grid captives utilizing natural gas. The sharp increase in generation cost likely prompted industries to shift towards relatively cheaper grid electricity in the near term, in light of recent reductions in grid tariffs, which is estimated at ~PkR28/kwh (excluding taxes and duties).
  • More positively, the cost of generation declined by 5%YoY/8%MoM to PkR8.95/kWh, compared to PkR9.75/kWh in Apr’24, reflecting improved fuel economics. On a cumulative basis, total power generation during 10MFY25 stood at 100,648GWh, broadly unchanged YoY.
Oil Marketing Companies: OGRA approves ERR for sui companies - By Insight Research

May 21 2025


Insight Securities


  • In a recent development, OGRA has decided a 6.6% increase in gas prices for SNGPL, while reducing SSGCL prices by 5.9%, effective from July’25. OGRA has submitted its decision to the federal government for the issuance of a formal notification outlining category wise consumer gas prices. As per legal requirements, the federal government is expected to finalize the category-wise pricing within 40 days. We believe that the impact of consumers will be marginal due to minimal hike in overall prices. However, RLNG diversion volume remains a key component to look for.
  • OGRA approves meager increase for SNGPL; price set at PKR1,895.2/MMBTU The OGRA has issued its decision on SNGPL petition, where OGRA approved a tariff increase of PKR116.9/MMBTU, setting the prescribed price at PKR1,895.2/MMBTU, which represents a 6.6% increase from the current rate against SNGPL's request for an increase of PKR707/MMBTU. This revised revenue requirement stems from a PKR62.2bn downward adjustment in operating expenses, wherein major deviations stems from adjustment in cost of gas and the disallowance of PKR95.9bn on account of late payment surcharge. Notably, OGRA based its calculations on different oil price and exchange rate assumptions of PKR75.3/bbl for crude and PKR280/US$. SNGPL, in contrast, assumed PKR77/bbl, and PKR287.5/US$, respectively. Furthermore, OGRA revised the RLNG volume downwards to 75,556 MMCF, compared to SNGPL's projected 88,185 MMCF. This adjustment is due to confirmation from PLL that arrangements have been made with ENI to divert cargoes outside Pakistan from Jul’25 to Dec’25. Additionally, while SNGPL had requested PKR317.7/MMBTU for RLNG cost of services for the year, OGRA approved PKR210/MMBTU. This adjustment assumes a reduced RLNG input volume of 325,677 MMBTU, against SNGPL's projected 343,960 MMBTU, amid aforementioned diversion.
  • OGRA has finalized its decision on SSGCL’s petition for FY2025–26, against SSGCL's proposed hike of PKR2,399/MMBTU to bridge a revenue shortfall of PKR888.6bn (including PKR498.7bn from prior years), OGRA has instead recommended a reduction of PKR103.95/MMBTU. This brings the prescribed price down to PKR1,658.56/MMBTU, a 5.9% decrease. OGRA has revised SSGCL’s net revenue requirement down to PKR319.9bn with only PKR34.2bn allowed as prior year adjustment. Major downward revisions include PKR62.2bn in operating expenses. OGRA’s estimates factor in PKR75/bbl for oil and PKR280/US$, contrasting with SSGCL’s assumptions of PKR72.5/bbl and PKR292.
Power Cement Limited (POWER): Corporate Briefing Takeaways - By Taurus Research

May 21 2025


Taurus Securities


  • The management of POWER highlighted that the Company turned into profit after five years amid massive developments i.e. successful plant turnaround, significant payment of a finance cost, improving operational efficiency through better fuel mix and capturing huge market share in high grade cement.
  • On the production and sales front, the management told that net sales dropped 16%YoY in 9MFY25 due to drastic decline in production and sales of Clinker on the back of significant decline in international Clinker prices. However, they expect some recovery in Clinker export prices until Dec’25 i.e. in between USD 35-37 per ton. This will improve profitability of the Company. Further, Operating profit surged 24%YoY in 9MFY25 on account of drop in finance cost (35%YoY) due to lower interest rates along with reduction in operational costs i.e. fuel saving of around 10% by using Agricultural Waste as alternative fuel. Moreover, the management is expecting to pay off significant portion of dividends to preference shareholders (Currently 74.5Mn as outstanding) once it has settled large amount of debt during FY26.
  • According to the management, the Company is using 100% imported coal (mainly from US) with a total cost of around PKR 35-37K per ton. Whereas, total export price per ton of Clicker (70% of total exports) and Cement is currently at USD 35-37 and USD 40-47, respectively. They shared that the recent Plant turnaround made it operating at 100% capacity (capable of utilizing high Sulphur coal to make high grade cement). The current retention price is ~PKR 775-800 per bag.
Power Cement Ltd. (POWER): Corporate Briefing Takeaways - By Sheman Research

May 21 2025


Sherman Securities


  • Power Cement Ltd. (POWER) conducted its corporate briefing today to discuss 9MFY25 financial result and future outlook. During the period, company posted net earnings of Rs348mn(EPS Rs0.3) versus net loss of Rs1.2bn (LPS Rs1.1) during the same period last year. During the period, company recorded gross margins of 28% as compared to 22% due to lower energy prices and better retention prices in local and export market.
  • The company has become 2 nd largest cement player in southern region with market share of 19% just behind Lucky Cement.
  • As far as coal mix is concerned, currently plant operates on a mix of Imported and alternate fuel in a ratio of 90% and 10% respectively. Moreover, currently, landed coal price ranges between Rs35-37k. As per management, company is expected to take alternate fuel to 25% in total fuel mix by the next year.
Pakistan Cement: Earnings rise on margin gains, lower finance costs - By JS Research

May 21 2025


JS Global Capital


  • We review 3QFY25 performance of the Cement sector with our sample size of 8 companies. Our sample posted a 2.3x YoY surge in earnings during the quarter, driven primarily by margin expansion (+4.1ppt YoY) and dividend income from subsidiaries — MLPL (~Rs5.6bn) for MLCF and LEPCL (~Rs6.0bn) for LUCK. While local cement dispatches witnessed a mild YoY increase of 2%.
  • Margin improvement on YoY basis in 3QFY25 was largely driven by declining coal prices across both North & South regions, cost efficiencies, and higher retention prices. However, margins declined 2.7ppt QoQ, primarily due to a drop in cement prices in the North.
  • Looking ahead, we expect margins to improve, supported by a recovery in cement prices, especially in the North region (up Rs60/bag since Feb-2025), while low international coal prices are likely to continue benefiting companies operating in the South.
Technical Outlook: KSE-100 entering the resistance range - By JS Research

May 22 2025


JS Global Capital


  • The KSE-100 index showed positive movement to close at 119,931, up 960 points DoD. Volumes stood at 668mn shares compared to 438mn shares traded in the last session. The index is expected to face resistance at 120,797 (all-time intraday high) as a break above may start a new momentum towards 123,375 and 125,947 levels, respectively. However, any downside will find support between 118,740 and 119,340 levels. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to ’Buy on dips’, keeping stoploss below 118,527. The support and resistance levels are at 119,338 and 120,315, respectively.
Power Cement Ltd (POWER): Corporate Briefing takeaways - By JS Research

May 21 2025


JS Global Capital


  • Power Cement Ltd (POWER) recently held a corporate briefing session to discuss its results and outlook. The company posted a profit after tax of Rs316mn in 3QFY25, compared to a loss of Rs717mn in 3QFY24. In 9MFY25, earnings stood at Rs349mn compared to a loss of Rs1,187mn in the same period last year.
  • Sales revenue declined by 16% YoY in 3QFY25, mainly due to an 18.9% YoY drop in dispatches. Despite this, gross margins rose 5.6ppts YoY mainly led by cost efficiencies measures and lower coal prices.
  • The management apprised that the company had experienced significantly lower fuel costs in recent quarters, primarily due to lower global coal prices (with current landed cost at Karachi Port around US$100/ton, comprising mostly US coal), and the use of alternative fuels, which now make up 10–20% of the fuel mix and are 25–30% cheaper than coal.
Pakistan Cement: Earnings rise on margin gains, lower finance costs - By JS Research

May 21 2025


JS Global Capital


  • We review 3QFY25 performance of the Cement sector with our sample size of 8 companies. Our sample posted a 2.3x YoY surge in earnings during the quarter, driven primarily by margin expansion (+4.1ppt YoY) and dividend income from subsidiaries — MLPL (~Rs5.6bn) for MLCF and LEPCL (~Rs6.0bn) for LUCK. While local cement dispatches witnessed a mild YoY increase of 2%.
  • Margin improvement on YoY basis in 3QFY25 was largely driven by declining coal prices across both North & South regions, cost efficiencies, and higher retention prices. However, margins declined 2.7ppt QoQ, primarily due to a drop in cement prices in the North.
  • Looking ahead, we expect margins to improve, supported by a recovery in cement prices, especially in the North region (up Rs60/bag since Feb-2025), while low international coal prices are likely to continue benefiting companies operating in the South.
Technical Outlook: KSE-100; Consolidation expected above key averages - By JS Research

May 21 2025


JS Global Capital


  • The KSE-100 index after making a high of 119,900 slid to close at 118,971, down 719 points DoD. Volumes stood at 438mn shares compared to 425mn shares traded in the previous session. The index is likely to revisit yesterday’s low of 118,527 where a drop below targeting the range between 115,330 and 115,750 levels. However, any upside will face resistance in the range of 119,130-119,900. The RSI has moved down, while the MACD is heading up, supporting a neutral view. We advise investors to stay cautious on the higher side and wait for dips. The support and resistance levels are at 118,365 and 119,739, respectively
Market Wrap: Highlights of the day - By JS Research

May 20 2025


JS Global Capital


  • Bears dominated the PSX today as investors adopted a cautious stance, preferring to book profits ahead of the Federal Budget FY2025-26 announcement. The benchmark KSE-100 Index closed with a loss of 719 points, settling at 118,971. During the session, the index touched an intraday high of 119,900 and a low of 118,527. Some buying interest emerged in cement stocks towards the end of the day, driven by hopes of budgetary incentives for the construction sector. Going forward, we advise investors to consider any dips as buying opportunities, particularly in oil & gas, technology, textile, and steel stocks.
Pakistan Textile: 3QFY25: Stable revenue & margins - By JS Research

May 20 2025


JS Global Capital


  • We review 3QFY25 performance of Textile sector with our sample size of 8 companies. Our sample companies reported a revenue growth of 4% YoY; however, gross margins dipped by 2% YoY (mainly due to softening of product prices). Earnings rose by 13% YoY during the period mainly led by 24% YoY decline in finance cost (-24% YoY), off-setting dip in margins and higher taxation during the quarter.
  • On QoQ basis, our selected companies reported flat top-line growth and gross margins. However, rise in taxes has resulted in 10% QoQ drop in the net earnings.
  • Interestingly, despite a 25% QoQ surge in gas prices for CPPs from Rs3,000/MMBtu in Dec-24 to Rs3,500/MMBtu in Jan-25 and Rs4,291/MMBtu in Mar-25, energy costs and margins for selected companies remained flat QoQ, indicating a greater shift towards cheaper energy sources (FO, coal-based CPP, or grid power purchases)
Technical Outlook: KSE-100; Range bound activity to continue - By JS Research

May 20 2025


JS Global Capital


  • The KSE-100 index witnessed another range bound session to close at 119,690, up 40 points DoD. Volumes stood at 425mn shares compared to 573mn shares traded in the previous session. The index is expected to revisit yesterday’s high of 120,286 where a break above targeting the all-time high of 120,797 level. However, any downside will find support in the range of 118,700-119,200 levels. The RSI and the MACD are heading up, supporting a positive view. We advise investors to ‘Buy on dips’, keeping stoploss below 118,871. The support and resistance levels are at 119,198 and 120,233, respectively.
Market Wrap: Highlights of the day - By JS Research

May 19 2025


JS Global Capital


  • Range bound activities were observed at PSX at the start of the week with low volumes as investors await the Federal Budget FY26 announcement. However, some buying was observed in oil & gas stocks on hopes of early resolution of circular debt. The benchmark KSE 100-index closed the day with a trivial gain of 40 points at 119,689 points moving between 120,285 points (+ve 636) and 119,250 points (-ve 398) during the day. Moving forward we advise a cautious stance to the investors.
Technical Outlook: KSE-100; Consolidation to continue below the peak - By JS Research

May 19 2025


JS Global Capital


  • The KSE-100 index after making a high of 120,506 slid to close at 119,649, down 313 points DoD. Volumes stood at 572mn shares compared to 699mn shares traded in the previous session. The index is expected to face resistance between 120,500 and 120,800 levels. A break above that will start a new bullish move towards 123,375 and 125,947, respectively. However, any downside will find support in the range of 118,930-119,300 levels. The indicators are mixed, signaling no clear trading view. We advise investors to stay cautious on the higher side and wait for dips. The support and resistance levels are at 119,291 and 120,256, respectively.
Economy: LSM: Mar-2025 rebounds with 1.8% YoY growth - By JS Research

May 16 2025


JS Global Capital


  • According to the latest report by the Pakistan Bureau of Statistics (PBS), Large Scale Manufacturing (LSM) recorded a 1.8% YoY increase in Mar-2025, marking a return to positive growth after four consecutive months of YoY decline. On a MoM basis, Mar-2025 witnessed a decline in output.
  • Notable improvement was witnessed in many pivotal sectors during March. Textiles and Food sectors reported 5.2%/20.1% YoY growth, respectively. Within the Food sector, Wheat, which holds the largest weight, reported an increase of 8.1% YoY.
  • A declining inflation trend creates a favorable environment for LSM growth by reducing input costs, improving demand, and stabilizing production. We believe that recent monetary easing is likely to boost growth prospects for the Large-Scale sector going forward.
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