Mari Energies Limited (MARI): Fundamentals priced in, ambitions yet to materialize – By Insight Research

Oct 16 2025


Insight Securities


  • MARI has demonstrated commendable operational performance in recent years, underpinned by consistent reserve accretion with reserve growing at a 5-year CAGR of 11%. MARI’s reserve and resources (2P+2C) increased to an all time high of 952 MMBOE as of Jun’25, translating into a Reserve Replacement Ratio (RRR) of 278%.
  • Given the significant improvement in reserve base, sustained exploration efforts and company’s diversification into mining and cloud storage, we upgrade our stance to Hold, with a revised Dec’26 SOTP based target price of PKR725/sh. MARI’s diversification initiatives, however, remain in early stages and have been conservatively incorporated. Meanwhile, MARI continues to pursue an aggressive exploration strategy across new and existing blocks, which could unlock incremental value over the medium term.
Mari Energies Limited (MARI): Fundamentals priced in, ambitions yet to materialize – By Insight Research

Oct 16 2025


Insight Securities


  • MARI has demonstrated commendable operational performance in recent years, underpinned by consistent reserve accretion with reserve growing at a 5-year CAGR of 11%. MARI’s reserve and resources (2P+2C) increased to an all time high of 952 MMBOE as of Jun’25, translating into a Reserve Replacement Ratio (RRR) of 278%.
  • Given the significant improvement in reserve base, sustained exploration efforts and company’s diversification into mining and cloud storage, we upgrade our stance to Hold, with a revised Dec’26 SOTP based target price of PKR725/sh. MARI’s diversification initiatives, however, remain in early stages and have been conservatively incorporated. Meanwhile, MARI continues to pursue an aggressive exploration strategy across new and existing blocks, which could unlock incremental value over the medium term.
Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By IIS Research

Oct 14 2025


Ismail Iqbal Securities


  • The company reported a Net Profit of PKR 65.1 billion (EPS: PKR 54.25) for FY25, reflecting a 15.7% decline compared to PKR 77.3 billion (EPS: PKR 64.37) in FY24. The dip in profitability was primarily attributed to lower production volumes due to gas curtailment, adverse FX and price variances, and additional wellhead expenses.
  • The company reported total hydrocarbon sales of 39.13 MMBOE in FY25, showing a marginal 0.31% YoY increase from 39.01 MMBOE in FY24 marking the highest-ever annual output in its history. The uptick was supported by new production from Shewa, Ghazij, and Shawal fields, along with enhanced drilling activity, which helped offset the impact of gas curtailment at mature assets.
Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By Chase Research

Oct 14 2025



  • Mari Energies Limited (MARI) reported earnings per share of PKR 54.25 for FY25, compared to PKR 64.37 in FY24. Furthermore, in 4QFY25, the company reported earnings per share of PKR 15.69, compared to earnings per share of PKR 21.37 in the same period last year (SPLY).
  • The company is working on Block 5 in partnership with ADNOC, where three discoveries are currently under development. The development plan has been approved by ADNOC, and production is targeted at approximately 25,000 barrels per day.
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.
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.
Mari Energies Limited (MARI): Fundamentals priced in, ambitions yet to materialize – By Insight Research

Oct 16 2025


Insight Securities


  • MARI has demonstrated commendable operational performance in recent years, underpinned by consistent reserve accretion with reserve growing at a 5-year CAGR of 11%. MARI’s reserve and resources (2P+2C) increased to an all time high of 952 MMBOE as of Jun’25, translating into a Reserve Replacement Ratio (RRR) of 278%.
  • Given the significant improvement in reserve base, sustained exploration efforts and company’s diversification into mining and cloud storage, we upgrade our stance to Hold, with a revised Dec’26 SOTP based target price of PKR725/sh. MARI’s diversification initiatives, however, remain in early stages and have been conservatively incorporated. Meanwhile, MARI continues to pursue an aggressive exploration strategy across new and existing blocks, which could unlock incremental value over the medium term.
Attock Cement Pakistan Limited (ACPL): Analyst briefing takeaways – By Insight Research

Oct 16 2025


Insight Securities


  • InFY25, company posted net sales of PKR33bn vs. PKR28bn in SPLY, up by 17% YoY. The growth was primarily driven by higher retention prices and increased export volumes. To note, ACPL local retention price stood at ~PKR16k/ton in FY25 vs. ~PKR15k/ton in SPLY.
  • Company profitability declined by 51% YoY in FY25, mainly due to the one-off gain on disposal of a subsidiary recorded in FY24.
  • The company’s sales mix during FY25 comprised of 44% local sales and 56% exports, compared to 53% and 47%, respectively, in FY24.
Sazgar Engineering Works Limited (SAZEW): 1QFY26 EPS clocked in at PKR73.1 – Inline with expectation – By Insight Research

Oct 15 2025


Insight Securities


  • During 1QFY26, revenue witnessed an increase of ~28%/24% YoY/QoQ, to clock in at PKR33.8bn, primarily due to higher volumetric sales.
  • Gross margins decreased by ~370bps YoY to clock in at ~25.2% in 1QFY26, attributable to imposition of carbon levy.
  • Selling and distribution expense recorded an increase of 30%/7% YoY/QoQ amid higher volumetric sales.
Commercial Banks: 3QCY25 Previews: Volumetric expansion to offset pressure on NIMs – By Insight Research

Oct 15 2025


Insight Securities


  • We estimate profitability of ISL coverage bank to inch up by ~4.2%/0.3% YoY/QoQ. The YoY increase is mainly driven by volumetric growth, while on QoQ basis earning are expected to remain flat. Net Interest Income for coverage banks is expected to stay broadly unchanged, as the impact of NIMs compression is likely to be offset by volumetric growth in the asset base on QoQ basis. We expect dividend payouts to remain robust amid healthy profits and decent buffer on adequacy ratios. We project HBL/UBL/MCB/MEBL/BAFL to post EPS of PKR11.1/13.5/10.9/12.8/4.8, respectively. On dividend payouts, we expect HBL/UBL/MCB/MEBL/BAFL to announce DPS of PKR4.5/8.0/9.0/7.0/2.5, respectively.
  • The sector's net interest margins (NIMs) are expected to witness some moderation in 3QCY25, primarily due to the decline in yields. However, the impact is likely to be offset by volumetric growth. Cost of funds are likely to remain stable as SBP maintained policy rate at 11% in last 4 MPC meetings. Non funded income are likely to decline amid softening in capital gains, while fee income is likely to inch up amid improved economic activity and remittance flows.
Automobile Assemblers: Earnings Preview: Lower volumes to drag profitability – By Insight Research

Oct 14 2025


Insight Securities


  • We preview quarterly results of INDU, SAZEW, MTL and AGTL for Sep’25, wherein we expect ISL auto universe to post revenue of PKR104.1bn, up by 25% YoY. Whereas, same is expected to go down 8% QoQ, amid lower volumetric sales. In Sep’25, sector is expected to post PAT of PKR10.4bn, down by ~8% QoQ. Company specific, we expect INDU/SAZEW/MTL/ AGTL to post an EPS/LPS of PKR71.6/75.7/1.3/(0.6) in Sep’25, respectively. Furthermore, we expect INDU/SAZEW to announce DPS of ~PKR43.0/15.0.
  • To highlight, passenger cars sales increased by 46% YoY to clock in at 29.3k units in 1QFY26. The increase is attributable to improved economic activity, lower interest rate and low base effect. Whereas on QoQ basis, same is down by ~20%. While, jeeps & pickups sales witnessed an increase of ~72%/25% YoY/QoQ, amid growing trend of SUV’s among consumers. Conversely, tractor companies sold only ~2.9k units in 1QFY26, down by ~43%/50% YoY, primarily due to weak agronomics.
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