SPEL Limited (SPEL): FY25 Analyst Briefing Takeaways – By AKD Research

Oct 14 2025


AKD Securities


  • To recall, company posted a topline of PkR9.63bn in FY25, compared to PkR6.97bn in the SPLY, up 38%YoY, driven by market expansion and in creased customer reach.
  • Company reported earnings of PkR1.25bn (EPS: PkR6.60) in FY25 vs. PkR641mn (EPS: PkR3.36) in the SPLY, reflecting a 96% YoY increase, primarily driven by lower power cost due to solarization, higher output, and cheaper sea freight. Notably, gross margins rose to 26.9% in FY25 from 18.9% in SPLY.
  • Local sales increased by 25%YoY to PkR8.4bn, due to increased demand in domestic market. In addition, exports surged to PkR1.3bn, up 5.0x YoY, with company expanding footprint in Europe and USA in order to capture high value markets.
SPEL Limited (SPEL): FY25 Analyst Briefing Takeaways – By AKD Research

Oct 14 2025


AKD Securities


  • To recall, company posted a topline of PkR9.63bn in FY25, compared to PkR6.97bn in the SPLY, up 38%YoY, driven by market expansion and in creased customer reach.
  • Company reported earnings of PkR1.25bn (EPS: PkR6.60) in FY25 vs. PkR641mn (EPS: PkR3.36) in the SPLY, reflecting a 96% YoY increase, primarily driven by lower power cost due to solarization, higher output, and cheaper sea freight. Notably, gross margins rose to 26.9% in FY25 from 18.9% in SPLY.
  • Local sales increased by 25%YoY to PkR8.4bn, due to increased demand in domestic market. In addition, exports surged to PkR1.3bn, up 5.0x YoY, with company expanding footprint in Europe and USA in order to capture high value markets.
Technical Outlook: KSE-100: Surges amidst good volumes – By AKD Research

Oct 22 2025


AKD Securities


  • The Index started the session on a strong bullish trajectory and maintained its upward momentum throughout the day. It reached an intra day high of 2,171 points before settling with notable gains of 1,104 points at 167,347. Market activity improved significantly, with trading volumes increasing by 43% compared to the previous session. Over the last 50 trading sessions, the index has recorded 22 positive and 28 negative closings, resulting in a net of 6 negative closings. KSE100 opened with an upside gap on normal volume, suggesting the potential formation of a Runaway Gap, typically indicating trend continuation. Price movement during the session remained limited, as reflected by the narrow difference between opening and closing levels. The daily Parabolic SAR (Stop & Reverse) indicator currently appears below the index, reinforcing the ongoing bullish sentiment.
  • From a technical standpoint, immediate support lies at 167,000, and a breakdown below this level could trigger further weakness towards 166,400 and 165,500. On the upside, resistance is expected around 167,800, followed by 168,500 and 168,900. Traders are advised to trade with a cautious approach and accumulate positions on weakness.
Morning News: Stocks mostly flat but earnings a positive; gold drops 5% - By Shajar Research

Oct 22 2025


Shajar Capital


  • Major stock indexes were mostly near flat on Tuesday, with upbeat results and forecasts from top U.S. companies providing some support, while gold prices dropped more than 5% as investors took profits after a recent rally. (Reuters)
  • US President Donald Trump on Monday said he told Indian Prime Minister Narendra Modi that war with Pakistan must be avoided, highlighting that he has prevented multiple conflicts using diplomacy and trade leverage. (The News)
Morning News: Repatriation of profits jumps 86 percent in Q1 – By Alpha-Akseer Research

Oct 22 2025


Alpha Capital


  • Repatriation of profits and dividends by the foreign investors sharply rose by 86 percent in the first quarter of this fiscal year (FY26) mainly due to improved earnings.
  • The International Monetary Fund (IMF) has warned that severe flooding in Pakistan during the third quarter of 2025 may have more adverse effects on growth, inflation, and the current account than currently estimated, although these impacts remain highly uncertain.
  • The country’s business community has expressed concern following the announcement of uniform Fuel Charges Adjustment (FCA) of August 2025 across the country after inclusion of KE’s generation data.
Pakistan Market Wrap: Momentum Builds as Economic Stability Fuels Market Gains – By HMFS Research

Oct 21 2025


HMFS Research


  • Bullish momentum carried through at the Pakistan Stock Exchange (PSX) on Tuesday, as the benchmark KSE-100 Index surged over 2,172 points during intraday trading amid renewed investor optimism. Buying interest was pronounced across key sectors including banks, fertilizers, and energy, buoyed by improving macro indicators and institutional participation. Sentiment was further lifted by the government’s successful Staff-Level Agreement (SLA) with the IMF, anticipation ahead of the ongoing results season, and news of the first privatization move — the sell-off of First Women Bank. The index eventually settled around the 167,346 level, closing up by nearly 1,103 points.
  • Turnover remained robust, with volumes of ~1bn shares on the KSE-100 Index and ~1.81bn shares on the All-Share Index. Actively traded names included KEL (547mn), WTL (260mn), and BOP (128mn). Adding to the positive backdrop, Pakistan recorded a current account surplus of USD 110mn in September, reversing the previous month’s deficit of USD 325mn — a development that further reinforced confidence in external sector stability. We expect near-term momentum to persist as investors position ahead of major corporate earnings. That said, intermittent profit-taking cannot be ruled out after the recent rally. We advise clients to maintain exposure in fundamentally strong blue-chip names, while selectively realizing gains in overbought counters.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 21 2025


Al Habib Capital Markets


  • The KSE-100 Index extended its bullish momentum from the previous session, reaching an intraday high of 168,414.13 before settling at 167,346.83, up by 1,103.93 points (0.66%). Renewed investor confidence, driven by reduced geopolitical concerns, improved macroeconomic indicators, and sustained buying in key sectors such as commercial banks, fertilizers, and oil & gas exploration, supported the rally. On the economic front, the IMF noted on Tuesday that economic activity in the Middle East, North Africa, and Pakistan has been “stronger than expected” this year. Top index incliners included, BAHL, FFC, MCB, OGDC & PPL, which collectively pulled the benchmark up by 830.55 points. KEL led volumes with 547.32 million shares; overall market turnover was 1,816.81 million shares.
National Foods Limited (NATF): FY25 Analyst Briefing Takeaways – By AKD Research

Oct 21 2025


AKD Securities


  • Company has two operating segments i.e. its core business and retail (cash and carry). The first encompasses NATF's traditional food and food-related products, while the latter centers on its acquisition of A1 Cash & Carry, a Canadian retail chain.
  • In FY25, NATF reported consolidated earnings of PkR4.4bn (EPS: PkR14.9), against PkR2.8bn in FY24, up 58%YoY, primarily due to operational efficiencies created by the Faisalabad plant.
  • Both the retail segment and the core business delivered growth, with company’s net sales increasing from PkR37bn to PkR45bn, up 19%YoY, while the retail segment also saw a 22%YoY increase in revenue.
National Foods Limited (NATF): Corporate Briefing Notes – By Chase Research

Oct 21 2025



  • National Foods Limited (NATF) reported earnings per share of PKR 13.65 for FY25 (FY24: 5.44). Furthermore, in 4QFY25, the company reported earnings per share of PKR 1.40 (4QFY24: 1.23).
  • Gross margins improved in 1QFY26 to 38% from average of 36% in FY25 primarily due to pricing factor and cost efficiencies associated with the Faisalabad plant. Management is confident that this margin is sustainable for the rest of FY26.
  • In the overall portfolio mix, the Faisalabad plant contributes around 70%. While Karachi plant caters the southern part of the country and exports. A critical distribution hub has been set in Canada to serve customers and improve speed to the market.
Pakistan Refinery Limited (PRL): Corporate Briefing Notes – By Chase Research

Oct 21 2025



  • Pakistan Refinery Limited (PRL) reported loss per share of PKR 7.40 for FY25, compared to earnings per share of PKR 6.45 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 1.61, compared to loss per share of PKR 3.73 in the same period last year (SPLY).
  • During FY25, the company produced 796k tons of HSD and 300k tons of MS. Crude sourcing relied primarily on the Middle East roughly 70% from ADNOC, 20% from Aramco, and 10% local crude.
  • Capacity utilization remained around 80–85%. Management highlighted that increasing utilization further would require running heavier crude, which would alter yields by increasing furnace oil production. Given the record MS and HSD output this year, management aims to improve efficiency and sustain higher production.
Pakistan Refinery Limited (PRL): FY25 & 1QFY26 Corporate Briefing Takeaways – By Taurus Research

Oct 21 2025


Taurus Securities


  • The management of PRL held a corporate briefing session for the results of FY25 and 1QFY26– discussing the achievement of highest ever HSD production i.e. 796,261 MT in FY25 which had minimized overall losses. Further, the Company also achieved highest ever average daily production of MS amounting to 833 MT (7,447 barrels) during FY25. Regarding the update on ongoing Refinery Expansion & Upgrade project (REUP), the management told that EPC-F bids have been received and under evaluation (to be materialized in 1 year) and then major work will be started.
  • In case of crude imports, the Company procured ~70%, 20% and 10% crude from Dubai, Aramco and local channel, respectively during 1QFY26. The current utilization stood at 80-85%. The Company procured a bulk of Bonny crude (Nigerian crude) during FY25 and in 1QFY26 as it is the reason for increase in HSD production due to low sulfur content in it.
  • The current custom duties of crude, HSD and MS are 5%, 10% (2.5% in escrow account) and 10%, respectively. Overall crude average purchase price in FY25 was USD 75/bbl. Moreover, average freight/barrel in FY25 amounted to USD 1.3-1.5. Whereas, average operating/conversion cost in FY25 was USD 3.5/bbl. The management also shared average energy cost per barrel for FY25 which was USD 1/bbl. Total energy requirement per day was PKR 3.5-4 per Megawatt in FY25. As per the management, the average payment cycle from bill of lading to payment (suppliers) is 30 days. The management also highlighted that the IPPs didn’t purchase furnace oil (FO) from the refineries since the imposition of levies on FO.
Engro Fertilizers Limited (EFERT): Unfavourable dynamics weigh on earnings – By JS Research

Oct 21 2025


JS Global Capital


  • Engro Fertilizers Ltd. (EFERT) has underperformed the KSE-100 index by 38% CYTD, mainly led by the unfavorable business dynamics that has adversely impacted the company throughout the year. To recall, the company posted earnings of Rs14bn, down 21% YoY led by the slowdown in sales volume, ongoing discounts, and higher financial charges.
  • The company’s Urea inventory remained elevated, currently hovering around 550k tons owing to subdued local demand. This led to discount offerings in the range of Rs250-325/bag in the outgoing quarter which are still in place. The management in its recently held corporate briefing session apprised that industry’s inventory levels are likely to remain at 1mn tons by year end.
Technical Outlook: KSE-100: Surges amidst good volumes – By AKD Research

Oct 22 2025


AKD Securities


  • The Index started the session on a strong bullish trajectory and maintained its upward momentum throughout the day. It reached an intra day high of 2,171 points before settling with notable gains of 1,104 points at 167,347. Market activity improved significantly, with trading volumes increasing by 43% compared to the previous session. Over the last 50 trading sessions, the index has recorded 22 positive and 28 negative closings, resulting in a net of 6 negative closings. KSE100 opened with an upside gap on normal volume, suggesting the potential formation of a Runaway Gap, typically indicating trend continuation. Price movement during the session remained limited, as reflected by the narrow difference between opening and closing levels. The daily Parabolic SAR (Stop & Reverse) indicator currently appears below the index, reinforcing the ongoing bullish sentiment.
  • From a technical standpoint, immediate support lies at 167,000, and a breakdown below this level could trigger further weakness towards 166,400 and 165,500. On the upside, resistance is expected around 167,800, followed by 168,500 and 168,900. Traders are advised to trade with a cautious approach and accumulate positions on weakness.
National Foods Limited (NATF): FY25 Analyst Briefing Takeaways – By AKD Research

Oct 21 2025


AKD Securities


  • Company has two operating segments i.e. its core business and retail (cash and carry). The first encompasses NATF's traditional food and food-related products, while the latter centers on its acquisition of A1 Cash & Carry, a Canadian retail chain.
  • In FY25, NATF reported consolidated earnings of PkR4.4bn (EPS: PkR14.9), against PkR2.8bn in FY24, up 58%YoY, primarily due to operational efficiencies created by the Faisalabad plant.
  • Both the retail segment and the core business delivered growth, with company’s net sales increasing from PkR37bn to PkR45bn, up 19%YoY, while the retail segment also saw a 22%YoY increase in revenue.
Technical Outlook: KSE-100: Faces a bullish trading session – By AKD Research

Oct 21 2025


AKD Securities


  • The index started the session on a strong bullish note and sustained its upward momentum throughout the day. It recorded an intraday high of 2,615 points before closing with substantial gains of 2,437 points at 166,243. Market participation strengthened, as trading volumes rose by 41% compared to the previous session. Currently, KSE-100 stands 28.5% above its 200-period moving average, indicating a firm uptrend. Volatility remains significantly higher than the 10-period average, though there is a fair likelihood of it easing and the Index stabilizing in the near term. Volume indicators suggest balanced inflows and outflows (neutral), while trend forecasting oscillators continue to signal a bullish outlook.
  • From a technical standpoint, immediate support lies at 165,800, and a breakdown below this level could trigger further weakness towards 165,300 and 164,500. On the upside, resistance is expected around 167,100, followed by 167,800 and 168,500. Traders are advised to trade with a cautious approach and accumulate positions on weakness.
Technical Outlook: KSE-100: Sustaining above moving averages – By AKD Research

Oct 16 2025


AKD Securities


  • The index opened on a strong positive note and remained volatile throughout the session. It recorded an intraday high of 2,086 points and a low of 119 points before closing with a modest gain of 210 points at 165,686. Market participation strengthened, with trading volumes surg ing by 53% from the previous session. On the daily chart, the Index continues to hold above both its minor and major moving averages. Among momentum indicators, the RSI (Relative Strength Index) stands at 61.14, while the parabolic SAR (Stop & Reverse) remains positioned below the current index level since the last session, indicating continued bullish momentum.
  • From a technical standpoint, immediate support lies at 165,200, and a breakdown below this level could trigger further weakness towards 164,600 and 163,600. On the upside, resistance is expected around 166,800, followed by 167,400 and 168,400. Traders are advised to trade with a cautious approach and accumulate positions on weakness.
Baluchistan Glass Ltd. (BGL): FY25 Analyst Briefing Takeaways – By AKD Research

Oct 15 2025


AKD Securities


  • Company posted a loss of PkR713mn (LPS: PkR1.85) in FY25 vs PkR509mn (LPS: PkR1.94) in SPLY. Management attributed the loss to: i) 6.5 month production shutdown, ii) elevated raw material and energy costs (fuel and energy: 40% of COGS), and iii) higher financing cost due to an increase in short-term borrowings.
  • Company operates three manufacturing facilities with a combined capacity of 375 TPD; however, none of these are currently operational. Sales mix includes tableware, pharmaceutical, and container-ware glass, with all plants designed for multi-purpose production.
  • Company achieved financial restructuring through issuance of 376.9mn new shares to MMM Holding Ltd against its outstanding loans, through by way of other than right offer. This transaction increased paid-up capital from PkR2.6bn to PkR6.3bn, raising MMM Holding’s stake to 93.59% (FY24: 84.34%).
Atlas Battery Ltd. (ATBA): FY25 Analyst Briefing Takeaways – By AKD Research

Oct 15 2025


AKD Securities


  • Company posted topline of PkR35.2bn FY25 vs PkR41.5bn in FY24, a de crease of 15%YoY. Management attributed the drop in revenue to a 10% reduction in Automotive battery (AMB) sales.
  • Management stated, market demand has shifted from heavy to medium sized batteries. Alongside, increasing competition from imported lithium-ion batteries, which are gradually replacing lead-acid batteries in the storage segment, has weighed on demand for lead-storage batteries.
United Bank Limited (UBL): Result Review — Higher asset base led to earnings increase – By AKD Research

Oct 15 2025


AKD Securities


  • United Bank Ltd (UBL) announced its 3QCY25 financial results earlier today, wherein the bank posted NPAT of PkR35.3bn (EPS: PkR14.1) for the quarter, up 93%YoY/24%QoQ. The result is in line with our expectations. In addition to the result, bank announced an interim cash payout of PkR8.0/sh, taking nine month cash payout to PkR21.5/sh.
  • NII recorded at PkR92.0bn in 3QCY25, up by 78%YoY/1%QoQ, primarily due to higher investment book, up 37%YoY and advances, up 78%YoY/4%QoQ.
  • Mark-up earned decreased by 4%YoY/2%QoQ to PkR298bn, while mark-up expensed was recorded at PkR205bn (down 21%YoY/3%QoQ). Notably, the bank’s estimated NIMs moderated to 3.7% in 3QCY25 compared to 3.9% in the previous quarter.
SPEL Limited (SPEL): FY25 Analyst Briefing Takeaways – By AKD Research

Oct 14 2025


AKD Securities


  • To recall, company posted a topline of PkR9.63bn in FY25, compared to PkR6.97bn in the SPLY, up 38%YoY, driven by market expansion and in creased customer reach.
  • Company reported earnings of PkR1.25bn (EPS: PkR6.60) in FY25 vs. PkR641mn (EPS: PkR3.36) in the SPLY, reflecting a 96% YoY increase, primarily driven by lower power cost due to solarization, higher output, and cheaper sea freight. Notably, gross margins rose to 26.9% in FY25 from 18.9% in SPLY.
  • Local sales increased by 25%YoY to PkR8.4bn, due to increased demand in domestic market. In addition, exports surged to PkR1.3bn, up 5.0x YoY, with company expanding footprint in Europe and USA in order to capture high value markets.
Pakistan Automobiles: Carmakers shift into high gear as sales surge in Sep'25 – By AKD Research

Oct 13 2025


AKD Securities


  • In Sep’25, the auto sector witnessed a surge in volumes, up 61%YoY, with total industry sales reaching 18,788 units. The incline in sales was largely attributable to a 67%YoY increase in Passenger cars & LCVs sales. Moreover, trucks sales also witnessed an increase of 168%YoY.
  • Segment-wise, passenger cars with engine capacities of 1,000cc and above emerged as the top-performing segment, clocking in at 6,224 units (up 64%YoY), primarily attributable to increased sales of Alto, Swift, Cultus and Ravi. Alongside, sales of 800cc and below reported at 5,439 units (up 45%YoY).
  • We anticipate above 20%YoY growth in the auto sector for FY26 and FY27, respectively. INDU stands out as our recommended pick with Jun’26 target price PkR3,585/ sh. We anticipate INDU to capture a major chunk of the HEVs market moving forward.
Pakistan Markets: Weekly Market Review – By AKD Research

Oct 10 2025


AKD Securities


  • Market remained under pressure during the week, given investor skepticism amid political uncertainty stemming from tensions between the government and its coalition allies. Sentiment was further dampened as the IMF mission departed without securing a staff level agreement, although the mission chief noted that significant progress had been made, with second phase of discussions to continues in Washington. The benchmark index declined by 5,891pts during the week, down 3.49%WoW, to close at 163,098pts.
  • Moreover, market participation weakened by 7.6%WoW with avg daily traded volume down to 1.6bn shares, compared to 1.8bn shares in the prior week. On the macroeco nomic front, the National Accounts Committee revised Pakistan’s FY25 GDP growth esti mate upward to 3.04%, compared to the earlier provisional figure of 2.68%. In addition, Worker Remittance’s clocked in at US$3.2bn in Sep’25, up 11%YoY. Moreover, SBP held FX reserves increased by US$20mn WoW, ending the week at US$14.4bn as of Oct 3rd. On the currency front, PkR appreciated by 0.03%WoW against the greenback during the week, closing the week at 281.17 PkR/US$.
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