Kohat Cement Company Limited (KOHC): FY25 Analyst Briefing Takeaways – By Foundation Research
Nov 11 2025
Foundation Securities
Kohat Cement Company Limited (KOHC PA) held its 1QFY26
analyst briefing today to discuss financial/operational performance and outlook
of the company.
Kohat Cement Company Limited (KOHC PA) profitability clocked
in at PKR 2.9Bn (EPS: PKR 3.20/sh) in 1QFY26 vs. PKR 3.4Bn (EPS: PKR 3.74/sh)
during 1QFY25. In FY25, KOHC profitability was reported at PKR 11.6Bn (EPS: PKR
12.59/sh) as compared to PKR 8.9Bn (EPS: PKR 9.67/sh) in FY24.
In 1QFY26, local retention prices settled at PKR 14.6k/ton
vs. cost incurred of PKR 9.6k/ton. However retention prices in FY25 stood at
PKR 16.1k/ton vs. PKR 14.9k/ton in the year prior. Recently prices have
increased which would offset impact of surge in coal prices thereby gross
margins will sustain.
Fauji Fertilizer Company Limited (FFC): Acquiring of 25% in FFBL Power Company Limited (FPCL) – By Topline Research
Nov 11 2025
Topline Securities
As per company notice, Fauji Fertilizer Company Limited
(FFC) board has approved acquisition of 214,687,500 ordinary shares of FFBL
Power Company (FPCL) (25% of the paid capital) from the Parent Company Fauji
Foundation. Post this acquisition, total ownership of FFC in FPCL will increase
to 100%.
For this purpose, swap ratio has been calculated as per
valuation report which translates 1 share of FFC against a consideration of
13.49 shares of FPCL.
FFC will issue 15,914,566 ordinary shares at a par value of
Rs10 per share, representing approximately 1.1% of the company’s paid-up share
capital before the issue. The issuance will result in minimal dilution for
existing shareholders.
Pakistan Market Wrap: Pakistan Stock Exchange Suffers Sharp Sell-off Amid Renewed Geopolitical Tensions – By HMFS Research
Nov 11 2025
HMFS Research
The Pakistan Stock Exchange (PSX) witnessed a sharp downturn
today, as the benchmark KSE-100 Index plunged over 3,700 points, marking one of
the steepest single-day declines in recent sessions. The sell-off came amid
renewed geopolitical tensions and a fragile domestic security environment,
prompting investors to adopt a distinctly risk-averse stance. Selling pressure
persisted throughout the session, dragging the benchmark to an intra-day low of
157,766, before closing marginally higher at 157,871, down 3,668 points for the
day. Volumes remained steady, with 291mn shares changing hands on the KSE-100
Index and 835mn on the broader All-Share Index. The most actively traded scrips
included FNEL (77mn), KEL (67mn), and WTL (47mn). The sharp reversal came on the
heels of Monday’s rally, as political and security developments took center
stage once again.
A day after the Senate passed “The Constitution
(Twenty-Seventh Amendment) Bill, 2025”, added an element of political
uncertainty to the trading floor. Investor sentiment was further undermined
following a blast in Islamabad, intensifying concerns over the domestic
security outlook. Going forward, market sentiment is expected to remain largely
cautious, with investors likely to seek clarity on both the evolving political
landscape and security situation, alongside monitoring external cues. Investors
are advised to exercise prudence in short-term positioning, focusing on
fundamentally resilient names with stable earnings visibility and
opportunities.
Pakistan Market Wrap: The benchmark index closed on a negative note today – By IIS Research
Nov 11 2025
Ismail Iqbal Securities
The benchmark index closed on a negative note today, weighed
down by heightened geopolitical tensions and a bomb blast incident in
Islamabad. The compromised security environment hurt investor sentiment,
leading to aggressive profit-taking and dampening market momentum. Trading
volumes increased to 291mn shares today as compared to 225mn shares in the
previous session. Today, the KSE-100 index lost 3,668 points to close at
157,871 level, down by -2.27% DoD. Commercial Banks, Oil & Gas Exploration
Companies, and Cement sectors were the major laggards in today's session,
cumulatively shedding 1721 points from the index.
Pakistan Market Wrap: KSE-100 closes at 157,871 down 3,668 points – By Alpha-Akseer Research
Nov 11 2025
Alpha Capital
The equity market opened on a weak note and continued to
trade in negative territory throughout the session. The KSE-100 Index recorded
an intraday high of 161,517 and a low of 157,766, before settling at 157,871 —
down by 3,668 points. Overall market activity remained muted, with a total
trading volume of 289.3 million shares and a traded value of approximately PKR
25.8 billion.
Key stocks contributing to the index’s decline included
ENGROH (-3.5%, -264 points), OGDC (-3.9%, -220 points), HUBC (-3.0%, -198
points), NBP (-4.4%, -173 points), and MARI (-2.9%, -168 points). In terms of
volumes, KEL and BOP dominated the activity with 66.8 million and 45.2 million
shares traded, respectively.
Agriauto Industries Limited (AGIL): Corporate Briefing Notes – By Chase Research
Nov 11 2025
Agriauto Industries Limited recorded consolidated earnings
per share of PKR 6.62 in FY25, as compared to loss per share of PKR 9.65 in
FY24.
The company recorded net sales of PKR 11.9 Bn, up 39% from
PKR 8.5 Bn in FY24. Along with this, it saw its gross margin expand from 5% in
FY24 to 10% in FY25. As a result, gross profit surged 216% from PKR 389 Mn in
FY24 to PKR 1.2 Bn in FY25.
Nishat Chunian Limited (NCL): Corporate Briefing Notes – By Chase Research
Nov 11 2025
NCL has reported standalone earnings per share of PKR 3.29
in FY25 (FY24: PKR 2.88). Furthermore, in 1QFY26 the company reported EPS of
PKR 2.18 (1QFY25: PKR 0.15).
The company generated 63% of its sales from the domestic
market and 37% from exports. Spinning remained the leading revenue contributor
with a 57% share, followed by Home Textile at 27% and weaving at 16%, while a
minor portion was contributed by external power sales.
The Organic Meat Company Limited (TOMCL): Corporate Briefing Notes – By Chase Research
Nov 11 2025
TOMCL has reported earnings per share of PKR 2.31 in FY25
(FY24: PKR 2.94). Furthermore, in 1QFY26 the company reported EPS of PKR 0.92
(1QFY25: PKR 1.01). The net profit margin has fallen predominantly because of
the change in taxation. The effective tax rate has increased significantly.
Previously, under final fixed tax regime, where income tax
was pegged at 1% on export turnover/proceeds. The effective tax rate was
previously around 18.5% to 20%.
Pakistan Petroleum Limited (PPL): Corporate Briefing Session Insights – By HMFS Research
Nov 11 2025
HMFS Research
Pakistan Petroleum Limited (PPL) conducted its corporate
briefing session, outlining operational highlights, strategic developments, and
future growth priorities. The management emphasized stability in core
operations, progress on international ventures, and diversification into
minerals as key pillars for sustaining long-term value.
PPL’s portfolio remains extensive, comprising 21 producing
fields (nine operated and twelve partner-operated) and 46 exploratory blocks
(twenty-five operated). The company contributes nearly 19% of the country’s
total gas production (~3.8 BCFD in FY25) and 16% of local oil output (~406,000
bpd), reaffirming its leading role in Pakistan’s E&P landscape.
Meezan Bank Limited (MEBL): 9MCY25 Analyst Briefing Takeaways – By AKD Research
Nov 11 2025
AKD Securities
Bank’s profit for 9MCY25 stood at PkR67.2bn (EPS: PkR37.4),
down 13%YoY, due to lower Net Spread Earned on the back of lower policy rate.
Return on financings, investments and placements fell to
PkR312.1bn in 9MCY25, down 18%YoY from PkR378.3bn in 9MCY24, due to falling
yields.
Morning News: 27th Amendment bill approved by joint parliamentary body – By Vector Research
Nov 10 2025
Vector Securities
The joint parliamentary committee on Law and Justice has
given its nod to The Constitution (Twenty-seventh Amendment) Bill, 2025, which
will be tabled in the Senate today (Monday) for consideration and approval.
(BR)
Mahir Binici, the IMF Resident Representative for Pakistan,
has said that Pakistan needs to increase its tax-to-GDP ratio to 15 percent to
overcome its economic and climate change challenges. He said, the narrow tax
and export base, inefficient energy sector, and the loss-making state-owned
enterprises (SoEs) are the biggest hurdles holding back Pakistan’s growth.
However, he said Pakistan’s newly approved USD 1.4 billion arrangement under
the Resilience and Sustainability Facility (RSF) will play a vital role in
strengthening the country’s economic resilience and capacity to withstand
environmental shocks. (BR)
Pakistan Market Wrap: Evening Note – By Vector Research
Nov 6 2025
Vector Securities
Evening Note.
Morning News: $636b worth of gold reserves found in Tarbela – By Vector Research
Nov 4 2025
Vector Securities
Gold reserves worth $636 billion have been discovered at
Tarbela and a briefing on these reserves has been given to the chief of army
staff, who responded positively. This revelation was made by Hanif Gohar,
Chairman of Air Karachi. He said that the gold reserves found in Tarbela were
sufficient to pay off the country's foreign debt and the matter had already
been brought to the attention of the Special Investment Facilitation Council
(SIFC) and the State Bank of Pakistan (SBP) governor. (ET)
Federal Board of Revenue (FBR) Chairman Rashid Mahmood
Langrial has ruled out any contingency plan in terms of implementing new
taxation measures despite a revenue shortfall of Rs 275 billion during the
July-October (2025-26) period. FBR’s shortfall in tax collection stood at Rs
275 billion during the first four months of 2025-26, but noted that no
emergency tax measures would be required this year. (BR)
Pakistan Market Wrap: Evening Note – By Vector Research
Nov 3 2025
Vector Securities
Evening Note.
Morning News: World Bank asks Pakistan to overhaul skewed trade pacts – By Vector Research
Nov 3 2025
Vector Securities
The World Bank has asked Pakistan to improve its skewed
preferential trade agreements with 10 bilateral partners, ensure a
market-determined and flexible exchange rate and push deeper reforms to lower
energy and other input costs to turbocharge over three decades of declining
exports for sustainable economic growth. (Dawn)
The Economic Affairs Division (EAD) has acknowledged that
there is no transparent mechanism in place to ensure that loans obtained from
the IMF are actually utilised for budgetary support or for maintaining the
balance of payments. (BR)
Morning News: IMF condition: Tax Policy Office activated – By Vector Research
Oct 27 2025
Vector Securities
The federal government has implemented another condition of
the International Monetary Fund (IMF) by amending the powers of the Federal
Board of Revenue (FBR). Under the new arrangement, the FBR will now only be
responsible for tax collection, while tax policy formulation will no longer
fall under its jurisdiction. According to sources, the government has activated
the Tax Policy Office within the Ministry of Finance. Following this change,
the FBR will serve solely as a tax collection agency, whereas the newly
established office will handle all matters related to tax policy formulation.
(ET)
Prime Minister Shehbaz Sharif is leading a high-level
delegation to Riyadh — from Monday (today) till Wednesday (29th Oct) — to
participate in the Ninth Edition of the Future Investment Initiative (FII9).
“During his stay, the PM will engage with the Saudi leadership to explore
avenues for enhanced cooperation in the trade, investment, energy, and human
resource sectors. The discussions will also cover regional and global issues of
mutual interest and concern,” the statement added. The FII9 will convene global
leaders, investors, policymakers, and innovators, the press release said. (BR)
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: IMF projects 3.6pc growth vs 4.2pc govt target – By Vector Research
Oct 15 2025
Vector Securities
The International Monetary Fund (IMF) has projected
Pakistan’s GDP growth rate at 3.6 percent during the 2025-26 fiscal year
against the government target of 4.2 percent. The Fund, however, clarified that
its projections do not yet reflect the impact of the 2025 monsoon floods, as
the impact of the disaster has yet to be assessed. (BR)
Without accounting for the yet-to-be-finalised losses from
the recent floods, the International Monetary Fund (IMF) on Tuesday estimated
Pakistan’s economic growth rate at 3.6 per cent for the current fiscal year,
along with higher inflation and widening current account deficit. The Fund’s
growth projection — following its recent two-week review of Pakistan’s economy
— is notably higher than the 2.6pc GDP growth and 7.2pc inflation projected by
the World Bank earlier this month, which were based on its own estimates of
flood-related damages. (Dawn)
Pakistan Market Wrap: Evening Note – By Vector Research
Oct 14 2025
Vector Securities
Evening note.
Morning News: Details of IMF programmes reviewed – By Vector Research
Oct 14 2025
Vector Securities
An official of the Debt Management Office said Pakistan’s
external debt and liabilities have reached USD 92.2 billion till August 31,
2025. The official said that the medium and long term loans share in the
external debt amounts to USD 89.1 billion in the external portfolio. The share
of multilateral loans in the external debt is USD 42.58 billion and bilateral
debt USD 21.82 billion. (BR)
Federal Minister for Finance and Revenue Senator Muhammad
Aurangzeb on Monday urged American investors to explore Pakistan’s energy,
mineral, agriculture, and IT markets, reaffirming commitment to favourable
US-Pakistan tariff arrangements. (The News)
