Stylers International Limited (STYLERS): FY25 Corporate Briefing Key Takeaways – By Taurus Research

Nov 27 2025


Taurus Securities


  • Stylers International is a leading apparel and textile exporter operating two major manufacturing facilities in Lahore at Glaxo Town and Raiwind Road. The Company employs 6,000 people and produces approximately 10Mn garments annually for international customers.
  • Capacity expansion remains a central focus, with Stylers Unit 2, Sunshine, currently producing 3.5Mn pieces per year and planned to reach 6.5Mn pieces by FY28. Phase 1 of the Sunshine Expansion Project is expected to complete in 2026, and Phase 2 in 2027, with the management planning to increase overall production capacity by 8,000 units.
Stylers International Limited (STYLERS): FY25 Corporate Briefing Key Takeaways – By Taurus Research

Nov 27 2025


Taurus Securities


  • Stylers International is a leading apparel and textile exporter operating two major manufacturing facilities in Lahore at Glaxo Town and Raiwind Road. The Company employs 6,000 people and produces approximately 10Mn garments annually for international customers.
  • Capacity expansion remains a central focus, with Stylers Unit 2, Sunshine, currently producing 3.5Mn pieces per year and planned to reach 6.5Mn pieces by FY28. Phase 1 of the Sunshine Expansion Project is expected to complete in 2026, and Phase 2 in 2027, with the management planning to increase overall production capacity by 8,000 units.
Pakistan Market Wrap: Value Buying Drives Strong Gains Amid Improved Macro Sentiment – By HMFS Research

Nov 28 2025


HMFS Research


  • The KSE-100 index extended its bullish momentum today as investors continued to engage in value buying, shrugging off concerns stemming from the IMF’s recent commentary on governance issues. With the USD 1.2bn tranche still expected to be disbursed in December, market confidence held firm. Adding to the positive sentiment, the Securities and Investment Facilitation Council (SIFC) unveiled a roadmap to improve the business environment through a substantial reduction in the corporate tax rate, reinforcing the upward trajectory of the bourse.
  • The E&P and IT sectors led the rally, pushing the benchmark to close at the level 166,678—up 1,304 points from the previous session. Trading activity remained healthy, with 296mn shares exchanged on the KSE-100 and 590mn across the broader market. Key volume leaders included SSGC (39mn), BOP (34mn), and WTL (33mn). Looking ahead, the index is expected to retain its bullish undertone, supported by improving macroeconomic indicators and optimism around the anticipated IMF tranche. That said, phases of profit-taking may emerge as part of normal market cycles. Investors are advised to stay vigilant, closely track evolving developments, and prioritize fundamentally sound stocks with long-term growth potential.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 28 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum despite the ongoing rollover week, surging to a intraday high of 167,005 points before settling at a closing level of 166,678, up 1,304.38 points (0.79%). The bullish sentiment was underpinned by strong investor interest across key sectors, particularly Technology & Communications, Oil & Gas Exploration & Production, Cement, and Commercial Banks. On the economic front, expectations of a reduction in domestic petroleum prices from December 1, 2025 driven by softer international crude and refined product prices further supported market sentiment. Concurrently.
  • The government, through SIFC, plans to abolish the super tax and cut the corporate tax rate to 25% a move expected to boost PSX-listed companies, attract investment, and support export led growth, though its execution hinges on IMF commitments and the upcoming finance bill. Among major contributors SYS, PPL, HUBC, OGDC, & LUCK, which collectively added 608.81 points to the benchmark index. SSGC led volumes with 39.182 million shares; as overall market participation reached 592.75 million shares.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Nov 28 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, gaining momentum as the session progressed, supported by improved liquidity. Trading volumes increased to 296mn shares today as compared to 174mn shares in the previous session. Today, the KSE-100 index gained 1,304 points to close at 166,678 level, up by 0.79% DoD. Commercial Banks, Cement, and Oil & Gas Exploration Companies sectors were the major contributors in today's session, cumulatively adding 804 points to the index.
Dolmen City REIT (DCR): FY25 Analyst Briefing takeaways – By AKD Research

Nov 28 2025


AKD Securities


  • To recall, company reported revenue of PkR5.9bn in FY25, compared to PkR5.2bn in SPLY, up 14%YoY, primarily driven by occupancy level. Along with, company reported earnings of PkR4.9bn (EPS: PkR2.21) in FY25 vs. PkR4.5bn (EPS: Pk2.03) in SPLY, up 9%YoY.
  • In 1QFY26, company reported revenue of PkR1.6bn, up 14%YoY, due to afore mentioned factor. Earning stood at PkR1.4bn (EPS: PkR0.62), compared to PkR1.1bn (EPS: PkR0.50) in SPLY, up 24%YOY.
  • Company’s rental revenue mix comprise of Rental Income and Revenue-Sharing, which represent ~90% and 10% respectively.
Gillette Pakistan Limited (GLPL): Corporate Briefing Notes – By Chase Research

Nov 28 2025



  • Gillette Pakistan Limited (GLPL) reported loss per share of PKR 0.81 for FY25, compared to earnings per share of PKR 3.18 in FY24. Furthermore, in 1QFY26, the company reported loss per share of PKR 3.53, compared to earnings per share of PKR 0.12 in the same period last year (SPLY).
  • The Procter & Gamble Company has decided to discontinue its direct business operations in Pakistan as part of its broader global restructuring program, which includes strategic decisions related to portfolio optimization.
Pakistan Economy: Inflation Risk Real or Just a Fear? – By Alpha-Akseer Research

Nov 28 2025


Alpha Capital


  • Pakistan is at a pivotal moment in determining the direction of its exchange rate. While the rupee has long been associated with inflationary spikes whenever devalued, the present macroeconomic context signals a limited inflationary transmission from PKR depreciation. Since domestic food prices have already adjusted by 26.5% beyond global benchmark, the scope for additional inflationary pressure from depreciation remains limited. In this environment, a carefully managed depreciation of the rupee could support export competitiveness, attract higher remittance inflows, and strengthen the external account, offering a strategic opportunity to devalue the currency without immediately destabilizing prices.
  • Domestic food inflation is already running well above the global index nearly 26.5% higher with a weight of 34.6% in the overall CPI basket. This elevated base reduces the risk of a sharp surge in prices from currency depreciation. In addition, food prices in Pakistan have historically been downward sticky, implying that they do not decline quickly even when global prices ease. In this context, external inflationary forces, such as PKR depreciation or an uptick in world food prices, are likely to have a limited pass-through effect on local food costs. Going forward, the World Bank is projecting a further decline in the global food price index by 6.1% in 2025 and 0.3% in 2026. As a result, the existing gap may widen further in Pakistan’s favor, providing additional cushion for the economy to absorb potential international price shocks or PKR depreciation without triggering significant domestic inflation.
Systems Limited (SYS): Sustained outperformance; Upside intact – By JS Research

Nov 28 2025


JS Global Capital


  • We reiterate our Buy stance on Systems Limited (SYS) after rolling our valuation forward from Jun-2026 to Dec-2026, we revise our target price upward to Rs185 (up 3%). The company is well positioned for sustained expansion, with a projected 5-year revenue CAGR of 25% anchoring our long-term view.
  • We trim our CY25E/CY26F EPS estimates by 7%/9% to Rs7.30/Rs10.04, primarily reflecting stronger rupee. Revenue growth & margins remained strong CYTD despite stable currency movement. For 9MCY25, SYS reported earnings of Rs2.8bn, with the MENA region accounting for nearly 59% of overall revenue. Gross margins rose to 29% in 3Q, supported by tighter cost controls and additional working days.
Technical Outlook: KSE-100: Breaks consolidation – By AKD Research

Nov 28 2025


AKD Securities


  • The index opened on a strong note and sustained its upward momentum throughout the session, reaching an intraday high of 2,423 points. It eventually closed with a solid gain of 2,185 points at 165,373. Market activity, however, slowed as trading volumes fell by 25% compared to the previous session. The Index had been struggling with a trend-line resistance, which it has now broken, signaling a potential new phase of higher highs. However, the breakout appears weak due to the lack of supporting volumes, which raises some concerns. The Index is currently trading 21.6% above its 200-period moving average, maintaining an overall uptrend. Volatility remains elevated relative to the average of the last 10 sessions, while trend indicators continue to reflect a bullish outlook.
  • Technically, the immediate support is seen at 164,800 and a breach below this could extend the decline toward 164,400 and 163,800. Conversely, resistance is expected around 165,850, followed by 166,400 and 167,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Morning News: Manufacturing sector: SIFC identifies barriers to new investment – By Alpha-Akseer Research

Nov 28 2025


Alpha Capital


  • The National Coordinator of the Special Investment Facilitation Council (SIFC) Lt. Gen. Sarfraz Ahmed Thursday said that without abolishing Super Tax and reducing the tax rate, luring new investment in the manufacturing sector is not possible.
  • The Central Power Purchasing Agency–Guaranteed (CPPA-G) has revealed that industrial electricity consumption increased by 20 percent in October 2025 compared to the corresponding month of 2024.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 27 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum despite the ongoing rollover week, surging to a intraday high of 165,611 points before settling at a closing level of 165,373, up 2,184.78 points (1.34%). The upward momentum was fueled by robust buying interest in commercial banks, cement, fertilizer, oil and gas exploration companies, OMCs, power generation and refinery.
  • On the economic front, addressing the Pakistan Business Council’s Dialogue on the Economy 2025, the Finance Minister projected GDP growth of 3.5% for the current year, with expectations of 4% growth over the next two to three years. He further highlighted the potential for 6–7% medium-term growth, contingent upon continued reforms and sustained momentum in agriculture, manufacturing, and services sectors. Meanwhile, Pakistan’s annual fuel oil exports reached an all-time high this year, with volumes expected to remain steady or trend higher next year. Among major contributors MEBL, LUCK, PPL, OGDC, & ENGROH, which collectively added 941.96 points to the benchmark index. DSL led volumes with 48.39 million shares; as overall market participation reached 498.36 million shares.
Kohinoor Energy Limited (KOHE): FY25 Corporate Briefing – By Taurus Research

Nov 27 2025


Taurus Securities


  • Kohinoor Energy Limited (KOHE), established by the Saigol Group and Toyota Tsusho Corporation, operates a 124 MW furnace oil power plant in Punjab. The company has exclusive 30-year Power Purchase Agreements (PPA) with CPPA-G and Fuel Supply Agreements (FSA) with PSO, securing operational stability.
  • The Company’s revenue for FY25 stood at PKR 4.3Bn, a 56.7%YoY decrease, due to lower dispatch levels. However, net profit stood at PKR 724Mn, down by54.7%YoY. EPS declined to PKR 4.27 from PKR 9.44 in FY24,
Stylers International Limited (STYLERS): FY25 Corporate Briefing Key Takeaways – By Taurus Research

Nov 27 2025


Taurus Securities


  • Stylers International is a leading apparel and textile exporter operating two major manufacturing facilities in Lahore at Glaxo Town and Raiwind Road. The Company employs 6,000 people and produces approximately 10Mn garments annually for international customers.
  • Capacity expansion remains a central focus, with Stylers Unit 2, Sunshine, currently producing 3.5Mn pieces per year and planned to reach 6.5Mn pieces by FY28. Phase 1 of the Sunshine Expansion Project is expected to complete in 2026, and Phase 2 in 2027, with the management planning to increase overall production capacity by 8,000 units.
Unity Foods Limited (UNITY): FY25 Corporate Briefing Key Takeaways – By Taurus Research

Nov 26 2025


Taurus Securities


  • Unity Foods Limited (UNITY) is one of Pakistan’s leading food and agribusiness groups, operating across edible oil, canola oil, animal feed, cattle feed, and confectionery products. The Company also offers branded rice, flour, and other consumer staples, serving households, industrial buyers, and export markets.
  • Edible oil remains the core foundation of the business, contributing 32% of total revenue, while the Company’s broader portfolio ensures a diversified revenue base. UFL operates 9 state-of-the-art facilities nationwide, producing more than 100 SKUs across retail and industrial segments.
Quice Food Industries Limited (QUICE): FY25 & 1QFY26 Corporate Briefing Takeaways – By Taurus Research

Nov 26 2025


Taurus Securities


  • QUICE is engaged in manufacturing syrups, juices, and carbonated soft drinks, primarily.
  • InFY25, QUICE recorded a topline of PKR 1.1Bn compared to PKR 903Mn in FY24. Its gross margin grew from 14% in FY24 to 17% in FY25. Distribution and Administrative costs increased by PKR 33Mn and PKR 8Mn, respectively. As a result, QUICE posted an operating loss of PKR 3.1Mn in FY25 compared to an operating loss of PKR 23Mn in FY24. QUICE’s finance cost decreased to PKR 62Mn in FY25 from PKR 128Mn in FY24. As a result, QUICE posted a loss after tax of PKR 12Mn in FY25 compared to a loss after tax of PKR 27Mn in FY24. Resultantly, the Company’s loss per share was recorded at PKR 0.12/sh in FY25 compared to PKR0.28/sh in FY24.
Roshan Packages Limited (RPL): FY25 Corporate Briefing Takeaways – By Taurus Research

Nov 25 2025


Taurus Securities


  • Roshan Packages Limited, founded in 2002, is a leading packaging solutions provider specializing in the production of high- quality corrugated boxes, flexible packaging, and offset printing.
  • The Company’s revenue decreased to PKR 9.66Bn in FY25 from PKR 10.33Bn in the SPLY. The Company’s gross margin in FY25 was 8.01%, a decline from 8.57% in FY24. The Company’s net profit for FY25 was PKR 141Mn, a decline of 33.18% from last year. Earnings per share was PKR 0.99 (FY24: PKR 1.49). This overall decline was primarily due to severe macroeconomic headwinds and industry-specific challenges that suppressed demand and increased operational costs.
Pakistan Economy: Nov’25 NCPI Preview – By Taurus Research

Nov 25 2025


Taurus Securities


  • We expect headline inflation for Nov’25 to decline to 5.8%YoY, registering only a marginal uptick on a sequential basis. Accordingly, FY26 TD NCPI is expected to touchdown at 4.94%YoY.
  • Wherein, taking cue from the pricing trends witnessed for the basket of items forming the Sensitive Price Index, the national index for perishable food items is expected to post a MoM drop of 8% on the back of normalizing food prices for items like Onions & Tomatoes and stable MoM prices for Wheat.
Oil & Gas Development Company Limited (OGDC): FY25 Corporate Briefing Takeaways – By Taurus Research

Nov 24 2025


Taurus Securities


  • OGDC’s revenue declined to Rs 401.18Bn from Rs 463.7Bn, with gross and net profit margins falling to 58% and 42% respectively from 61% and 45% in FY24. Earnings per share (EPS) stood at Rs 39.5, down from Rs 48.59, while the price-to earnings (P/E) ratio increased to 5.58 from 2.79. Dividend per share (DPS) increased to Rs 15.05 from Rs 10.10 in FY24.
  • OGDC drilled 15 wells in FY25, contributing 28% to the industry total compared to the industry average of 38 wells. Net oil production declined to 30,919bpd from 33,117bpd in FY24, while net gas and LPG production fell to 652MMSCFD and 642MT/D respectively, down from 717MMSCFD and 717MT/D in FY24, contributing approximately 49% of the country’s oil reserves and 31% of the country’s gas reserves. Forced production curtailment by SNGPL and UPL from Qadirpur, Nashpa, Chanda, Dhok Hussain, Togh, Bettani, TAL, and Uch fields impacted daily net production by 1,790 barrels of oil, 91MMSCFD of gas, and 72 tons of LPG.
Bank Al-Habib Limited (BAHL): 3QCY25 Corporate Briefing – By Taurus Research

Nov 20 2025


Taurus Securities


  • BAHL is currently operating with 1,305 branches, along with two foreign branches (Bahrain and Malaysia)– 82 branches opened CYTD. 28% or 361 branches are Islamic. The Bank is also operating 1,602 ATMs, CDMs and CRMs currently.
  • During 9MCY25, BAHL posted a PAT of 25.4Bn, down ~23.3%YoY. Wherein, as of Sep’25 deposits clocked-in at ~PKR 2.5Trn, up 9.6%YTD; advances stood at PKR 907Bn; and investments arrived at ~PKR 1.85Trn (down ~4%YTD), respectively. Yield on advances and cost of deposits was recorded at 10.5% and 6.2%, respectively for the period.
Honda Atlas Cars Limited (HCAR): Result Preview – By Taurus Research

Nov 19 2025


Taurus Securities


  • Board Meeting: November 20, 2025.
  • 2QMY26: EPS: PKR 4.5; DPS: NIL; PAT: PKR 649Mn, Up 1.5x YoY.
  • HCAR’s net sales are expected to clock in at ~PKR 24Bn in 2QMY26, down 9%QoQ due to drop in sales volume by 12%QoQ. However, sales were up 45%YoY; primarily attributed to the robust recovery in volumes, with unit sales rising to 4,880 compared to 3,348 during the SPLY. This is due to improved supply chain dynamics and relative stability in auto financing. Further, distribution expense is expected to remain on a higher side, arriving at ~PKR 318Mn, up 75%YoY/down 9%QoQ. Similarly, finance cost is expected to arrive at ~PKR 179Mn, down 7%YoY/12%QoQ due to lower interest rates. Finally, we expect HCAR’s quarterly PAT to clock-in at ~PKR 649Mn, down 22%QoQ/up 1.5xYoY. We do not expect the Company to declare any cash dividend for the quarter.
Descon Oxychem Limited (DOL): Corporate Briefing Session – By Taurus Research

Nov 18 2025


Taurus Securities


  • Descon Oxychem Limited (DOL), a leading hydrogen peroxide manufacturer, delivered solid performance in FY25 due to operational efficiency, market expansion, and sustainability-driven initiatives, reinforcing its position as a key player in specialty chemicals.
  • The Company’s net sales increased by 5%YoY to PKR 5.99Bn whereas gross margin improved by 10ppts to 30% in FY25, derived by optimized production and product mix. EPS rose to PKR 4.9 (FY24: 2.9), and the Company announced a PKR 4.00/sh. dividend, which resulted in 80.5% payout ratio.
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