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.
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.
Systems Limited (SYS): 3Q2025 EPS at Rs1.90, up 28% YoY – By Topline Research

Oct 27 2025


Topline Securities


  • Systems Limited (SYS) announced its 3Q2025 result, posting a consolidated PAT of Rs2.8bn (EPS: Rs1.90) up 28% YoY and 5% QoQ.
  • The growth in earnings is primarily driven by an improvement in gross margins to 29.7% in 3Q2025 (from 25.3% in 3Q2024), supported by enhanced operational efficiency. Gross margins during 2Q2025 were 25.4%, taking 9M2025 gross margins to 26.9% (vs. 24.0% in 9M2024).
  • The company also reported a 20% YoY increase in revenue during 3Q2025, likely reflecting sustained growth in IT exports, which were up 25% YoY.
Systems Limited (SYS): Result Review - Earnings accelerate as margins hit 12-quarter high – By AKD Research

Oct 27 2025


AKD Securities


  • Systems Limited (SYS) announced its 3QCY25 financial results today, wherein the company posted Profit after Tax (PAT) of PkR2.8bn (EPS: PkR1.9) vs. PkR2.2bn (EPS: PkR1.5) in SPLY, up 28%YoY. Earnings were above our expectations, primar ily due to higher than anticipated gross margins.
  • Company reported revenue of PkR20.7bn in 3QCY25, compared to PkR17.3bn in SPLY, up 20%YoY. The growth in topline is attributed to strong performance of 21%/41%/14%YoY in the MENA/Pakistan/Europe regions, respectively.
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.
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.
D. G. Khan Cement Company Limited (DGKC): Lower int’l coal prices to cushion margins; Buy – By JS Research

Nov 27 2025


JS Global Capital


  • We reiterate our Buy rating on DGKC, though we’ve trimmed our FY26E–FY28F EPS estimates by 6-7% owing to weaker North region prices and supply disruptions of Afghan coal; however, lower international coal prices are expected to partially offset the impact, especially in the South. Our revised SoTP-based Dec-2026 stands at Rs283 (down 7%).
  • Management, in its recently held briefing, highlighted that due to Afghan border issues, the company has primarily shifted to international coal, which now comprises up to 90% of the total fuel mix. Intl coal prices are currently hovering around US$100 110/ton (including duties) and are expected to remain stable in the near term.
  • Company expects double-digit growth in domestic dispatches in FY26, supported by the 18% growth already seen in 4MFY26. Conversely, export dispatches are likely to see limited growth as the South plant is operating at optimal capacity (106% in FY25) and owing to high base-effect from FY25, though a strategic shift toward more cement exports instead of clinker are likely to improve export retention prices.
AGP Limited (AGP): Robust profitability prospects alongside organic growth – By JS Research

Nov 26 2025


JS Global Capital


  • AGP has continued to demonstrate robust growth in terms of volumes and profitability, with 9MCY25 topline growth arriving at 15% YoY on a consolidated basis despite the seasonal hiccups. We expect this momentum to continue during 4Q as well, taking cumulative CY25 revenue growth to 17% YoY.
  • Management in its recently held briefing session apprised that the company has taken price hikes, incorporating CPI adjustments keeping in line the competitiveness while considering volumes. Notably, AGP’s volumetric growth during CYTD stand at 3.9% compared to the industry growth of -0.1%.
Pakistan Market Wrap: View from the Desk – By JS Research

Nov 25 2025


JS Global Capital


  • Another dull session witnessed at PSX on Tuesday as investors preferred to remain mainly on the side lines owing to roll over week and absence of triggers. The benchmark KSE-100 index moved between 162,819 points (+ve 835) and 161,276points(-ve708) throughout the day eventually closing with a minor lossof291pointsat161,692 points. Investors are advised to adopt a ‘Buy on dips’ stance with focus on oil & gas and cement stocks.
Food & Personal Care Products: Early signs of demand recovery – By JS Research

Nov 21 2025


JS Global Capital


  • We review food sector’s profitability for Sep-2025 quarter based on cumulative figures of 9 listed food companies. Our sample reported 9% YoY growth in topline along with 100bp expansion in margins. Notably this was the first quarter with positive revenue growth reported by Dairy segment (80-90% of NESTLE, FFL, FCEPL revenues) since GST imposition in Jul-2024.
  • Recovery in sales, shift in product mix, cost optimization measures coupled with decline in finance cost enabled the companies to report 14% YoY growth in net earnings during the period.
  • Our sample continued to underperform the benchmark KSE100 Index CYTD, as the sector’s market capitalization is up 19% compared to 42% gains reported by the index. NATF, UPFL and MUREB outperformed peers on the back of strong earnings and payouts, and subsidiary sell-off news flow in case of NATF. Resultantly, the sector P/S and P/E multiples now stand at 1.5x and 22x based on the trailing 4Q’s sales and earnings. NATF remains our top pick in the sector.
Pakistan Market Wrap: View from the Desk – By JS Research

Nov 19 2025


JS Global Capital


  • The KSE-100 Index closed at 162,226, posting a gain of 1,291 points DoD. The market's recent ascent (anearly41%CYTDrally) is largely attributed to improved economic stability, successful IMF backed reforms, and a surge in retail investor participation. Midday profit-taking was swiftly absorbed, reflecting underlying resilience. The immediate outlook suggests continued volatility however, the medium-term forecast remains constructive, supported by expectations of further macroeconomic stabilization.
Descon Oxychem Limited (DOL): FY25 Corporate Analyst Briefing – By JS Research

Nov 17 2025


JS Global Capital


  • Descon Oxychem Limited (DOL) held its corporate briefing to review FY25 performance and share its outlook. The company posted an FY25 EPS of Rs4.91, reflecting a 69% YoY increase, primarily due to a 10ppt increase in gross margins during the year. We present key takeaways from the session.
  • The company’s topline grew 5% YoY in FY25, driven by higher Hydrogen Peroxide volumes, which reached 42k MT in FY25 (up 4% YoY), with the plant operating at full capacity.
  • On the cost side, power consumption improved to 532 kWh/ MT from 583 kWh/MT due to better plant efficiency. Combined with lower RLNG prices and other cost optimizations, this resulted in a 10ppt YoY expansion in gross margins to 30% in FY25.
Pakistan Market Wrap: View from the Desk – By JS Research

Nov 17 2025


JS Global Capital


  • The KSE-100 closed at 161,687, down248 points, after swinging in a volatile intraday range after showing an intraday high of 163,602 The decline largely stemmed from profit-taking following recent strong gains, combined with investor caution around macro risks and possible policy headwinds. Looking ahead, the market could remain choppy, while liquidity and reform momentum may support further gains, geopolitical uncertainty and inflation pressures could trigger intermittent pullbacks.
Technical Outlook: KSE-100: Resistance test at the 30-DMA – By JS Research

Nov 17 2025


JS Global Capital


  • The KSE-100 index extended the gain to close at 161,935 level, up 1,278 points DoD. Volumes stood at 673mn shares versus 797mn shares traded previously. The index is expected to test resistance at the 30-DMA that is currently at 162,478 level. A break above that will target the recent high at 163,935 level. However, any downside will find support at the 50-DMA standing at 161,321. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below 50-DMA. The support and resistance are at 161,112 and 162,439 levels, respectively.
Pakistan Textile Sector: 1QFY26 in pictures – By JS Research

Nov 13 2025


JS Global Capital


  • Our sample of eight textile companies reported 1% YoY decline in revenues, however, earnings growth remained robust at 41% YoY, driven by lower cotton prices, energy cost optimization, and lower financial charges (mainly led by ILP– being one of the largest player).
  • Interloop Ltd (ILP) posted highest revenue growth (+5% YoY), gross margin expansion (+3.8ppts), and a sharp earnings turnaround. We witnessed mix earnings trends across companies where ILP, NCL, and KTML recorded YoY earnings growth, while others saw declines.
  • Going forward, operating conditions are expected to remain challenging for the sector amid weak global demand and pricing pressure. However, easing domestic cotton prices and tariff clarity should support both intermediate (yarn, cloth) and value-added exporters (knitwear, garments). Continued focus on vertical integration and energy cost optimization will be key to maintaining global competitiveness.
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