The Searle Company Limited (SEARL): Result Review – By Taurus Research

Oct 6 2025


Taurus Securities


  • The Company reported a top-line of PKR 28.6Bn, down 3%YoY from PKR 29.4Bn driven by lower volumetric sales. Gross margins improved 3pptsYoY, supported by deregulation of non-essential medicines. Finance costs fell by 42%YoY on the back of lower interest rate and a 99%YoY reduction in long term borrowings. Meanwhile, loss from discontinued operations stood at PKR 2.2Bn, down 36%YoY. As a result, LAT dropped 43%YoY to PKR 1.4Bn, translating into an LPS of PKR 2.73/sh.
  • In 4QFY25, top-line clocked in at PKR 6.6Bn, down 7%YoY/6%QoQ. Gross margins increased 2pptsYoY/stable QoQ supported by higher prices for medicines following deregulation. Finance costs dropped 64%YoY/7%QoQ, primarily due to reduction in long term borrowings. The Company posted a LAT of PKR 119Mn from its continuing operations and a loss of PKR 969Mn from discontinued operations, converted into an overall LAT of PKR 1.1BnYoY. Consequently, LPS stood at PKR 2.13/sh. Finally, the Company also announced 15% bonus shares for the year.
The Searle Company Limited (SEARL): Result Review – By Topline Research

Oct 6 2025


Topline Securities


  • Searle Company (SEARL) announced its 4QFY25 result today, where the company recorded unconsolidated profit of Rs165mn (EPS of Rs0.32) vs. a loss of Rs3,442mn in 4QFY24. The same is down by 46% QoQ due to higher tax charge recorded in this quarter. Earning is lower than our expectation due to lower than estimated sales.
  • This takes full year FY25 earnings to Rs434mn (EPS of Rs0.85) vs loss of Rs3,331mn in FY24. To highlight, company has recorded impairment loss on investment on subsidiary of Rs927mn in FY25, we exclude this impact, EPS would have been Rs1.9 in FY25.
The Searle Company Limited (SEARL): Result Review – By Taurus Research

Oct 6 2025


Taurus Securities


  • The Company reported a top-line of PKR 28.6Bn, down 3%YoY from PKR 29.4Bn driven by lower volumetric sales. Gross margins improved 3pptsYoY, supported by deregulation of non-essential medicines. Finance costs fell by 42%YoY on the back of lower interest rate and a 99%YoY reduction in long term borrowings. Meanwhile, loss from discontinued operations stood at PKR 2.2Bn, down 36%YoY. As a result, LAT dropped 43%YoY to PKR 1.4Bn, translating into an LPS of PKR 2.73/sh.
  • In 4QFY25, top-line clocked in at PKR 6.6Bn, down 7%YoY/6%QoQ. Gross margins increased 2pptsYoY/stable QoQ supported by higher prices for medicines following deregulation. Finance costs dropped 64%YoY/7%QoQ, primarily due to reduction in long term borrowings. The Company posted a LAT of PKR 119Mn from its continuing operations and a loss of PKR 969Mn from discontinued operations, converted into an overall LAT of PKR 1.1BnYoY. Consequently, LPS stood at PKR 2.13/sh. Finally, the Company also announced 15% bonus shares for the year.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Oct 20 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, gradually gaining throughout the session as easing geopolitical pressures and optimism around the ongoing results season lifted sentiment. The market further strengthened toward the close following positive news of a current account surplus of USD 110 million. Trading volumes increased to 704mn shares today as compared to 500mn shares in the previous session. Today, the KSE-100 index gained 2,437 points to close at 166,243 level, up by 1.49% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Fertilizer sectors were the major contributors in today's session, cumulatively adding 1786 points to the index.
Pakistan Market Wrap: KSE-100 closes at 166,243 up 2,437 points – By Alpha-Akseer Research

Oct 20 2025


Alpha Capital


  • The equity market opened on a strong note and maintained its upward trajectory throughout the session. The KSE-100 Index recorded an intraday high of 166,421 and a low of 164,282, before closing at 166,243, reflecting a significant gain of 2,437 points. Trading activity remained vibrant, with a total volume of 703.7 million shares and a traded value of approximately PKR 36.4 billion.
  • Key contributors to the index’s rise included HBL (4.8%, 285 points), UBL (2.2%, 255 points), BOP (10%, 167 points), NBP (4.1%, 144 points), and AKBL (10%, 138 points). On the volume side, KEL and BOP dominated with 229.3 million and 184.4 million shares traded, respectively.
  • Following a healthy phase of correction and consolidation, the market has begun to regain positive momentum. While short-term volatility may persist, the medium- to long-term outlook remains positive, bolstered by the upcoming corporate earnings season. Robust dividend announcements, particularly from Banks and Fertilizer companies, are anticipated. Investors are advised to focus on fundamentally strong sectors—including E&Ps, OMCs, Fertilizers, and Banks—which offer a combination of attractive dividend yields and sustainable growth potential.
Pakistan Market Wrap: Bulls Regain Control as Optimism Returns to the Bourse – By Topline Research

Oct 20 2025


Topline Securities


  • The Pakistan Stock Exchange (PSX) witnessed a strong bullish rally on the KSE-100 index, as renewed optimism lifted investor sentiment across the board. The benchmark surged 2,615 points intraday, driven by improving geopolitical conditions and encouraging macroeconomic signals. Investor confidence strengthened as Pak–Afghan border tensions eased, following the peace talks held in Doha, while positive economic developments added further momentum. Additionally, the Finance Minister’s projection of 3.5–4% GDP growth for FY25— despite the challenges posed by recent monsoon floods—further reinforced market optimism.
  • Amid this upbeat sentiment, the benchmark KSE-100 Index gained 2,356 points over the previous close, settling at 166,242 level. Trading activity remained robust, with 704mn shares changing hands on the KSE-100 and 1.47bn shares traded in the broader market. KEL (229mn), WTL (223mn), and BOP (184mn) emerged as the top volume leaders for the session. Looking ahead, favourable macroeconomic indicators, coupled with the anticipated IMF tranche disbursement, are expected to sustain the market’s positive trajectory. Moreover, the ongoing quarterly earnings season may attract investors toward value-oriented and fundamentally strong stocks. That said, intermittent profit-taking cannot be ruled out as the index consolidates at higher levels. Investors are advised to remain vigilant, monitor market dynamics closely, and focus on stocks offering long-term growth potential.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 17 2025


Al Habib Capital Markets


  • The KSE-100 Index witnessed another session of heightened volatility, touching an intraday high of 165,031 before settling at 163,806, down -638.51 points (-0.39%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery.
  • On economic front, The State Bank of Pakistan’s FY25 Annual Report highlights that prudent monetary and fiscal policies, along with IMF support and favorable global conditions, strengthened macroeconomic stability, reducing inflation to an eight-year low, achieving a current account surplus, and cutting the fiscal deficit to a nine-year low. Among key index movers, MARI, UBL, HBL, POL, & ENGROH, cumulatively dragged the benchmark down by -380.52 points. WTL led volumes with 891.36 million shares; overall market turnover was 1,978.65 million shares
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Oct 17 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, exhibiting volatility throughout the session, primarily due to the absence of any significant positive triggers. Trading volumes decreased to 500mn shares today as compared to 1390mn shares in the previous session. Today, the KSE-100 index lost 639 points to close at 163,806 level, down by -0.39% DoD. Oil & Gas Exploration Companies, Commercial Banks, and Power Generation & Distribution sectors were the major laggards in today's session, cumulatively shedding 497 points from the index.             
Pakistan Market Wrap: Volatility Persists: KSE-100 Slips 1,300 Points – By HMFS Research

Oct 17 2025


HMFS Research


  • The market remained volatile today, trading largely in the red as sentiment oscillated between optimism and caution. The downside was primarily driven by escalating Pakistan–Afghanistan geopolitical tensions, which unsettled investors and triggered broad-based profit-taking. Further pressure emerged after Finance Minister highlighted that recent floods affecting vast agricultural areas could weigh on economic growth this year, amplifying concerns over near-term fundamentals. Consequently, the KSE-100 Index extended its decline, closing 639 points lower at 163,806 level, marking a sharp correction on the last trading session.
  • The KSE-100 index recorded 500mn shares traded, while overall market volumes surged to 1.98bn shares. WTL (891mn), KEL (263mn), and BOP (84mn) emerged as the day’s top volume leaders. Looking ahead, market fundamentals remain robust, underpinned by improving macroeconomic indicators, the anticipated IMF inflow, and ongoing bilateral engagements with key partners. The onset of the quarterly results season is also expected to provide fresh upward momentum to the index. While intermittent volatility and profit-taking may emerge—particularly if geopolitical tensions intensify—the overall sentiment remains constructive. Investors are advised to maintain a balanced and fundamentals-driven approach, focusing on companies with resilient earnings and sustainable growth prospects, while staying mindful of short-term market shifts.
Pakistan Market Wrap: KSE-100 closes at 163,806 down 639points – By Alpha-Akseer Research

Oct 17 2025


Alpha Capital


  • The equity market began the session on a strong note but experienced volatility throughout the day. The KSE-100 Index touched an intraday high of 165,031 and a low of 163,118 before settling at 163,806, marking a decline of 639 points. Trading activity remained robust, with a total volume of 550.4 million shares and a traded value of approximately PKR 22 billion.
  • Major contributors to the index’s decline included MARI (-1.5%, -91 points), UBL (-0.7%, -78 points), HBL (-1.3%, -77 points), POL (-2.4%, -68 points), and ENGROH (-0.9%, -67 points). On the volume front, KEL and BOP led the activity with 262.7 million and 84.2 million shares traded, respectively.
Pakistan Cements: Demand uptick to catalyse further rerating – By Insight Research

Oct 17 2025


Insight Securities


  • Pakistan cement sector has rallied 33% FYTD vs. KSE100’s 32% return. Despite utilization hovering at a depressed level of ~45%, sector’s profitability and stock performance have remained robust. Historically, sector valuations have moved closely in tandem with demand cycles, with P/E multiple stretching towards 10x during boom cycles and contracting to 5x in period of subdued demand. Unlike previous cycles where weak demand triggered price wars and subsequent compressed valuations, cement players have observed strict pricing discipline during current cycle.
  • With political and economic stability, deleveraged balance sheet, lower interest rates and no major capacity additions in short run, the sector appears well positioned to sustain its upward momentum, while any improvement in demand outlook remains a key upside trigger.
Pakistan Fertilizers: Fertilizer off-take down 45%MoM – By Taurus Research

Oct 17 2025


Taurus Securities


  • Total fertilizer off-take was down significantly i.e. 45%MoM in Sep’25 to 625,692 tons due to the impact of the flood devastation (late Aug’25-early Sep’25), poor farm economics as well as higher input costs which had dropped yields on the cash crops i.e. mainly wheat—likely to disrupt demand for the fertilizer products in the near-term. Elsewhere, the resumption of loan disbursement under the Kissan Card scheme and other incentive schemes may support some demand for Fertilizer products during the upcoming Rabi Season 2025-26.
  • On a YoY basis, total fertilizer off-take was up 6%YoY in Sep’25 on the back of the Government’s stance to provide incentives as well as increase in credit disbursements to the farmers to improve agronomic activities. 
Morning News: Pakistan, IMF mull raising tax rates on solar panels, internet – By Vector Research

Oct 17 2025


Vector Securities


  • Following the rejection of proposals to increase tax rates on fertilizer and pesticides, Pakistan and the International Monetary Fund (IMF) are considering alternative options — raising taxes on rooftop solar panels, internet services and other sectors — as contingency measures in case of a revenue shortfall. These identified contingency measures are expected to be part of the IMF’s second review report, to be released after the approval of a $1 billion tranche under the $7 billion Extended Fund Facility (EFF). The measures would only be triggered under two conditions: if the revenue shortfall for the first half (July-December) of the fiscal year exceeds projections, and if the Finance Ministry is unable to reduce its expenditures. (The News)
  • The International Monetary Fund (IMF) has forecast a gradual improvement in Pakistan’s fiscal indicators over the next five years, including a lower fiscal deficit and a reduced debt-to-GDP ratio. However, it has also warned of persistent revenue shortfalls and rising pension and health expenditures. (Dawn)
Pakistan Fertilizers: Fertilizer off-take down 45%MoM – By Taurus Research

Oct 17 2025


Taurus Securities


  • Total fertilizer off-take was down significantly i.e. 45%MoM in Sep’25 to 625,692 tons due to the impact of the flood devastation (late Aug’25-early Sep’25), poor farm economics as well as higher input costs which had dropped yields on the cash crops i.e. mainly wheat—likely to disrupt demand for the fertilizer products in the near-term. Elsewhere, the resumption of loan disbursement under the Kissan Card scheme and other incentive schemes may support some demand for Fertilizer products during the upcoming Rabi Season 2025-26.
  • On a YoY basis, total fertilizer off-take was up 6%YoY in Sep’25 on the back of the Government’s stance to provide incentives as well as increase in credit disbursements to the farmers to improve agronomic activities. 
Pakistan Textiles: Sep’25 Textile exports down 2%YoY – By Taurus Research

Oct 16 2025


Taurus Securities


  • Sep’25 textile exports decreased 2%YoY to arrive at USD 1.57Bn as compared to USD 1.6Bn in the SPLY. The decrease was mainly attributable to the decline in cotton cloth, towels, ready made garments, art & silk, made-ups and other textiles by 25%YoY, 5% YoY, 3%YoY, 9%YoY, 2%YoY and 5%YoY, respectively. Whereas, on a monthly basis textile exports showed a growth of 3%MoM from USD 1.52Bn, which was primarily due to the increase in value-added textile products and tents & canvas, respectively.
  • Moreover, basic textile exports totalled USD 217Mn, down 15% YoY, mainly due to the decline in exports of cotton cloth. Similarly, value-added exports remained stable YoY, while, other textiles increased by 3%YoY amounting to USD 188Mn.
United Bank Limited (UBL): 3QCY25 EPS clocks-in at PKR 14.1; PAT up 93% YoY/ 24% QoQ – By Taurus Research

Oct 15 2025


Taurus Securities


  • 3QCY25 EPS: PKR 14.1. 3QCY25 PAT up 93%YoY. 9MCY25 EPS: PKR 40.2; 9MCY25 PAT up 1x over the SPLY – in line with expectations. Further, UBL also announced an interim cash dividend of PKR 8/sh., CYTD payout now stands at PKR 21.5/sh.
  • Net Interest Income (NII): Up 78%YoY. However, only marginally on a sequential basis. The latter can be attributed to the drop in yields due to the re-pricing of investments mainly, which was offset to a large extent by a decline in the cost of funds.
  • Non-Markup Income (NMI): Down 14%YoY/13%QoQ. Largely due to substantial decrease in QoQ capital gains (down 61%QoQ), followed by drop in fee income (down 13%QoQ) & dividend income (down 43%QoQ). However, income from foreign exchange activity posted a QoQ growth of 20%, arriving at over PKR 5Bn for the quarter.
Commercial Banks: 3QCY25 Universe earnings to go up 3%QoQ – By Taurus Research

Oct 14 2025


Taurus Securities


  • We expect 3QCY25 TSL Banking Universe earnings to grow 3% on a sequential basis on account of margin expansion (due to lower cost of funds) and continuing ECL reversals. On a YoY basis, earnings are likely to dip 2%. Accordingly, 9MCY25 PAT is expected to grow 3% only over the SPLY.
  • Despite the relatively stagnant asset yields, Net-interest income growth for our coverage banks is expected to arrive at 4% for the quarter, driven by the uptick in margins mainly due to lower interest expenses on the back of overall lower cost of funds. We at tribute the same to: i) the robust build-up in current accounts CYTD across the industry; ii) substantial re-pricing of term de posits close to the current rates (specially in case of BOP); and iii) an expected dip in OMO based borrowings during 3QCY25.
The Searle Company Limited (SEARL): Result Review – By Taurus Research

Oct 6 2025


Taurus Securities


  • The Company reported a top-line of PKR 28.6Bn, down 3%YoY from PKR 29.4Bn driven by lower volumetric sales. Gross margins improved 3pptsYoY, supported by deregulation of non-essential medicines. Finance costs fell by 42%YoY on the back of lower interest rate and a 99%YoY reduction in long term borrowings. Meanwhile, loss from discontinued operations stood at PKR 2.2Bn, down 36%YoY. As a result, LAT dropped 43%YoY to PKR 1.4Bn, translating into an LPS of PKR 2.73/sh.
  • In 4QFY25, top-line clocked in at PKR 6.6Bn, down 7%YoY/6%QoQ. Gross margins increased 2pptsYoY/stable QoQ supported by higher prices for medicines following deregulation. Finance costs dropped 64%YoY/7%QoQ, primarily due to reduction in long term borrowings. The Company posted a LAT of PKR 119Mn from its continuing operations and a loss of PKR 969Mn from discontinued operations, converted into an overall LAT of PKR 1.1BnYoY. Consequently, LPS stood at PKR 2.13/sh. Finally, the Company also announced 15% bonus shares for the year.
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