Tariq Glass Industries Limited (TGL): FY25 Corporate Analyst Briefing – By JS Research

Oct 15 2025


JS Global Capital


  • Tariq Glass Industries Limited (TGL) conducted its corporate briefing today to discuss the FY25 results and outlook. To recall, TGL announced FY25 EPS of Rs27.75, reflecting a 9% YoY increase. The company announced a cash dividend of Rs4/sh alongside the results. We present key takeaways from the briefing session.
  • TGL reported a 9% YoY increase in net earnings during FY25, mainly due to improved pricing, recovery in margins and 31% YoY decline in financial charges. We highlight, TGL recorded Rs915mn one-time gain led by the acquisition of Baluchistan Glass (BGL) last year, thus excluding the impact of this, the recurring PBT is up 37% YoY in FY25.
  • During the year, MMM Holding (50% owned by TGL) converted its long-term debt given to BGL, into equity thus increasing its stake in the company to 94% from 84% and thereby increasing TGL’s indirect stake to 47% from 42% earlier.
Tariq Glass Industries Limited (TGL): FY25 Corporate Analyst Briefing – By JS Research

Oct 15 2025


JS Global Capital


  • Tariq Glass Industries Limited (TGL) conducted its corporate briefing today to discuss the FY25 results and outlook. To recall, TGL announced FY25 EPS of Rs27.75, reflecting a 9% YoY increase. The company announced a cash dividend of Rs4/sh alongside the results. We present key takeaways from the briefing session.
  • TGL reported a 9% YoY increase in net earnings during FY25, mainly due to improved pricing, recovery in margins and 31% YoY decline in financial charges. We highlight, TGL recorded Rs915mn one-time gain led by the acquisition of Baluchistan Glass (BGL) last year, thus excluding the impact of this, the recurring PBT is up 37% YoY in FY25.
  • During the year, MMM Holding (50% owned by TGL) converted its long-term debt given to BGL, into equity thus increasing its stake in the company to 94% from 84% and thereby increasing TGL’s indirect stake to 47% from 42% earlier.
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)
Morning News: Asian shares fall, gold claims new record as banking fears weigh – By Shajar Research

Oct 17 2025


Shajar Capital


  • Asian shares tracked Wall Street lower, bonds extended gains and gold hit a fresh record on Friday, with signs of credit stress at U.S. regional banks putting investors on edge. (Reuters)
  • Oil prices edged lower in early trade on Friday, heading for a weekly loss, with uncertainty over global energy supplies after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine. (Reuters)
Morning News: Macroeconomic stability in FY25 – By Spectrum Research

Oct 17 2025


Spectrum Securities


  • The State Bank of Pakistan (SBP) Thursday said a prudent monetary policy stance and continued fiscal consolidation strengthened macroeconomic stability in FY25. Moreover, favourable global commodity prices and IMF’s Extended Fund Facility (EFF) further supported improvement in overall macroeconomic conditions.
  • Pakistan is actively working to diversify its international trade settlement mechanisms and promote the use of local currencies.
Pakistan Market Wrap: KSE-100 Wavers Amid Profit-Taking and Volatility – By HMFS Research

Oct 16 2025


HMFS Research


  • The KSE-100 index witnessed a volatile trading session, oscillating between optimism and caution as investors weighed short-term gains against the broader economic outlook. The benchmark opened on a positive note, climbing 1,179 points intraday, driven by renewed optimism over the anticipated USD 1.2bn IMF tranche disbursement expected later this week. However, the bullish momentum faded as investors chose to book profits at higher levels, pulling the market into negative territory by the session’s close. The index ultimately settled at 164,445, down 1,242 points from the previous close. The Fertilizer and Technology sectors were the key laggards, exerting downward pressure on the benchmark.
  • Despite the correction, trading activity remained exceptionally strong, reflecting sustained investor engagement. The KSE-100 index recorded 1.39bn shares traded, while overall market volumes surged to 3.08bn shares, marking one of the highest turnover sessions in PSX history. KEL (1.02bn), WTL (953.71mn), and TELE (99.87mn) emerged as the day’s top volume leaders. Looking ahead, market fundamentals remain intact, supported by positive macroeconomic developments, including the expected IMF inflow and ongoing bilateral discussions with key allies. While intermittent volatility and short-term profit taking phases may persist, the underlying sentiment stays constructive. Investors are advised to adopt a balanced approach, focusing on fundamentally sound stocks with long-term growth potential while remaining attentive to near-term market dynamics.
Lucky Cement Ltd (LUCK): 1QFY26 result previews – By JS Research

Oct 16 2025


JS Global Capital


  • We present 1QFY26 earnings expectations for Maple Leaf Cement Factory Ltd (MLCF) and Lucky Cement Ltd (LUCK).
  • MLCF is expected to post standalone EPS of Rs2.36 in 1QFY26, reflecting a 2.4x YoY increase, driven by a 17% rise in domestic dispatches, a 5.5ppt improvement in gross margins, and a substantial reduction in finance costs. On a consolidated basis, EPS is projected at Rs2.67, up 2.1x YoY.
  • LUCK, on the other hand, is expected to post 17% YoY growth in standalone profitability in 1QFY26, with EPS estimated at Rs5.25/share, supported by a 10% increase in dispatches and a 2.4ppt YoY improvement in gross margins amid lower coal prices and continued cost efficiencies. On a consolidated basis, EPS is projected at Rs14.65, reflecting a 20% YoY increase.
Maple Leaf Cement Factory Ltd (MLCF): 1QFY26 result previews – By JS Research

Oct 16 2025


JS Global Capital


  • We present 1QFY26 earnings expectations for Maple Leaf Cement Factory Ltd (MLCF) and Lucky Cement Ltd (LUCK).
  • MLCF is expected to post standalone EPS of Rs2.36 in 1QFY26, reflecting a 2.4x YoY increase, driven by a 17% rise in domestic dispatches, a 5.5ppt improvement in gross margins, and a substantial reduction in finance costs. On a consolidated basis, EPS is projected at Rs2.67, up 2.1x YoY.
  • LUCK, on the other hand, is expected to post 17% YoY growth in standalone profitability in 1QFY26, with EPS estimated at Rs5.25/share, supported by a 10% increase in dispatches and a 2.4ppt YoY improvement in gross margins amid lower coal prices and continued cost efficiencies. On a consolidated basis, EPS is projected at Rs14.65, reflecting a 20% YoY increase.
Tariq Glass Industries Limited (TGL): FY25 Corporate Analyst Briefing – By JS Research

Oct 15 2025


JS Global Capital


  • Tariq Glass Industries Limited (TGL) conducted its corporate briefing today to discuss the FY25 results and outlook. To recall, TGL announced FY25 EPS of Rs27.75, reflecting a 9% YoY increase. The company announced a cash dividend of Rs4/sh alongside the results. We present key takeaways from the briefing session.
  • TGL reported a 9% YoY increase in net earnings during FY25, mainly due to improved pricing, recovery in margins and 31% YoY decline in financial charges. We highlight, TGL recorded Rs915mn one-time gain led by the acquisition of Baluchistan Glass (BGL) last year, thus excluding the impact of this, the recurring PBT is up 37% YoY in FY25.
  • During the year, MMM Holding (50% owned by TGL) converted its long-term debt given to BGL, into equity thus increasing its stake in the company to 94% from 84% and thereby increasing TGL’s indirect stake to 47% from 42% earlier.
Atlas Battery Limited (ATBA): Corporate analyst briefing takeaways – By JS Research

Oct 15 2025


JS Global Capital


  • The company reported a topline of around Rs35bn in FY25, reflecting a 15% YoY decline. The drop is primarily led by a 10% decrease in Atlas Maintenance-Free Battery (AMB) sales volume in the replacement market and a consumer shift from heavy to medium-sized batteries, which carry lower realizations.
  • Accordingly, the management highlighted that the shift in sales mix from heavy to medium-sized batteries has also impacted margins, as gross margins declined 3ppt YoY to 11% in FY25. Going forward, margins are expected to remain under pressure unless heavy battery demand improves.
Technical Outlook: KSE-100; Resuming the uptrend – By JS Research

Oct 15 2025


JS Global Capital


  • KSE-100 index witnessed a sharp recovery to close at 165,476 level, up 7,033 points DoD. Volumes stood at 1,180mn shares versus 1,366mn shares traded previously. The index is expected to test resistance at 165,869 where a break above that will target 167,354, followed by the all-time high at 169,989. However, any downside will find support between 162,240 and 164,050 levels, respectively. The RSI and the Stochastic Oscillator have reversed, supporting a positive view. We recommend investors to 'Buy on dips', keeping stoploss below 162,243 level. The support and resistance are at 162,243 and 167,288 levels, respectively.
Pakistan Aluminium Beverage Cans Limited (PABC): Seasonal dip in 3Q earnings; Reiterate Sell – By JS Research

Oct 13 2025


JS Global Capital


  • We expect PABC to report 13% YoY jump in EPS for 3QCY25 to Rs5.33, taking 9MCY25E EPS to Rs16.10 (+30% YoY). Increase in earnings is primarily led by recovery in domestic sales as well as exports ahead of upcoming regional expansions.
  • We reiterate our Sell rating for PABC, premised on strong run-up in the stock price, expected decline in earnings from CY27E onwards owing to the normalization of taxes and weaker exports outlook from upcoming expansions in Central Asia. Our revised TP of Rs130, implies 14% downside in the stock price from current levels.
  • With ~50% of PABC’s revenues contributed by exports to Afghanistan, the company’s sales and earnings remain exposed to the risk of cross-border tensions between the two countries.
Technical Outlook: KSE-100 entering the support range – By JS Research

Oct 13 2025


JS Global Capital


  • Bears continued to dominate the session as KSE-100 index declined by 1,433 points to close at 163,098 level. Volumes stood at 1,397mn shares versus 1,570mn shares traded previously. The index is expected to test support between 162,110 and 162,420 levels as a fall below that will continue the downtrend with 157,246 as the next target. However, any upside will face resistance in the range of 163,590-165,270 level. The RSI and the MACD are heading down, supporting a corrective view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 161,918 and 164,770 levels, respectively.
Pakistan Markets: Selling pressure dominated the market – By JS Research

Oct 10 2025


JS Global Capital


  • The KSE-100 Index corrected 3.5% WoW to 163,098 as profit-taking was observed, after extended bull-run of 5 weeks having positive closings. Among the major sectors, Oil & Gas exploration and production (E&Ps), Cement, and Banking posted negative returns of 5.5%, 4.6%, and 3.4%, respectively. Average daily volumes also declined by 9% WoW to 1,357mn shares. During the week, the IMF concluded its visit to Pakistan for the second review of the ongoing US$7bn EFF program, alongside the first review under the Resilience & Sustainability Facility (RSF).
  • Issues related to flood-related fiscal adjustments, other fiscal slippages, and certain other matters will be under discussion during policy level talks in the coming days. Meanwhile, Pakistan reported an 11% YoY growth in remittances, which stood at US$3.2bn in Sep-2025. Cumulatively, remittances reached US$9.5bn (+8% YoY) during 1QFY26. On the privatization front, the process for PIA has entered its final stages, with bidding and key negotiations expected to conclude by year-end. Additionally, the government is moving forward with the privatization of DISCOs to align with IMF reform commitments. Lastly, SBP reserves inched up by US$20mn WoW to US$14.4bn.
Pakistan Market Wrap: View from the Desk – By JS Research

Oct 9 2025


JS Global Capital


  • Amid persistent profit-taking and a lack of fresh positive triggers, the benchmark index ended the day in negative territory after a session of significant volatility. Trading activity intensified, with volume climbing to 1,570mn shares from yesterday's 1,275mn. The KSE-100 declined by 736 points (0.45%) to close at 164,531, with the Banking, Power, and Oil & Gas sectors contributing the most to the losses.
Pakistan Pharmaceuticals: Profitability continued to rise led by positives – By JS Research

Oct 7 2025


JS Global Capital


  • We analyze 2QCY25 performance of the listed pharmaceutical sector, using a sample size of 9 companies. Our sample posted 11% YoY increase in net revenue to Rs79bn, mainly attributable to the deregulated non-essential drug prices. Likewise, gross margin improved to 41%, up 7ppts YoY during the period mainly led by higher pricing, lower API prices, and stable currency.
  • On QoQ basis, our sample companies’ sales remained flat owing to the seasonality impact, however, gross margins improved by 2ppts to 41% during the outgoing quarter.
  • During FY25, the sample posted a revenue growth of 16% YoY, arriving at Rs314bn during the year. Wherein, the earnings improved by 2.6x YoY led by positives as discussed above.
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