Ghani Dairies Limited IPO: Capitalizing on Pakistan’s Growing Dairy Market – By HMFS Research

Jan 30 2026


HMFS Research


  • Ghani Dairies Limited (GDL) is preparing for an Initial Public Offering (IPO), providing investors exposure to Pakistan’s formalized dairy supply chain, in contrast to traditional commodity-based milk businesses. The company operates a fully mechanized corporate dairy farm, supplying premium-quality raw milk to leading processors, including Nestlé Pakistan, Fauji Foods, and IRC Dairy Products.
  • The IPO is priced at a floor of PKR 24.00 per share, translating into a P/E of 17.56x on FY25 earnings. Applying the same multiple to the post-IPO forecasted FY27 EPS of PKR 3.80 yields a fair value of ~PKR 67 per share, representing ~178% upside from the floor price and ~98.6% from the maximum book building cap of PKR 33.60. The projected FY27 earnings growth is underpinned by near-term capacity expansion, which is expected to nearly double milk production, secured recurring supply contracts with leading processors providing predictable revenue streams, and operational leverage from scale, which should enhance margins further. By funding herd expansion.
Pakistan Market Wrap: Evening Note – By Vector Research

Feb 3 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note opening high early in the session, with momentum further supported by record monthly exports of USD 3.06bn. Trading volumes increased to 390mn shares today as compared to 216mn shares in the previous session. Today, the KSE-100 index gained 1,843 points to close at 186,901 level, up by 1.00% DoD. Banks, Fertilizer, and Technology sectors were the major contributors in today's session, cumulatively adding 1242 points to the index.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) KSE-100 Index extended its upward momentum, hitting an intraday high of 187,519 before closing at 186,901, up 1,843 points (+1.00%). The rally was driven by broad-based buying in Commercial Banks, Fertilizer, Technology, Pharmaceuticals, and Textile composite sectors. Sentiment was further supported by strengthened trade and investment cooperation between Pakistan and Uzbekistan, Moreover, hopes of a de-escalation in US-Iran tensions. In terms of index contribution FFC, UBL, ENGROH, MEBL, and SYS collectively added 734.81 points. On the volume front, KEL led trading with 99.51 million shares, while total market turnover stood at 846.50 million shares.
Interloop Limited (ILP): Result Preview 2QFY26 – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • Interloop Ltd (ILP) is scheduled to announce its financial results for 2QFY26 on February 4, 2026. Interloop Ltd (ILP) reports robust 2QFY26 results with PAT surging 124% YoY to PKR2,580mn, driven by strong sales growth, improved gross margins, and a significant reduction in finance costs. However, PAT declined 7.8% QoQ due to gross margin compression from lower international textile prices and adverse currency movements, which outweighed a sequential sales increase and led to declines in operating and pre-tax profit.
  • We reiterate our Buy recommendation with Target Price of PKR115 per share, reflecting confidence in the company's continued execution and growth prospects.
Oil & Gas Development Company Limited (OGDC): 2QFY26 Result Preview – By Taurus Research

Feb 3 2026


Taurus Securities


  • 2QFY26 EPS: PKR 8.56; 2QFY26 PAT down 4%QoQ.
  • Net sales for the quarter are expected to arrive at ~PKR 98.9Bn, down 2%YoY. Royalty expenses are expected to be recorded at ~PKR 10.9Bn, down 6%YoY supporting profitability.
  • Additionally, EPS for 2QFY26 is expected to arrive at PKR 8.56, down 11%YoY and 4%QoQ, mainly due to elevated exploration and operating expenses arising from dry well outcomes at Jakhro North-1 and Khatian-1, along with the ongoing drilling and seismic activities, which continue to weigh on profitability.
Oil Marketing Companies: OMC sales up 10% YoY and 12% MoM in Jan 2026; 7MFY26 sales up 3% YoY – By Topline Research

Feb 3 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM.
  • The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM rise is driven by lower petrol and diesel prices in Jan-26 and a low base following the nationwide strike in Dec 2025 that disrupted sales for around 10 days.
  • This takes total sales for 7MFY26 to 9.7mn tons, reflecting a 3% YoY increase compared to 9.4mn tons in 7MFY25.
Lucky Cement Limited (LUCK): Analyst Briefing 2QFY26 Highlights – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • LUCK has held an analyst briefing yesterday to discuss its financial results and future outlook. Below are the key takeaways from the briefing.
  • Pakistan cement domestic demand grew 12.5% YoY in 1HFY26 and Lucky Cement 1HFY26 sales increased to 3.36mn tons vs. 2.98mn tons in 1HFY25.
  • Approximately 56 - 57% of Lucky Cement’s energy mix comes from renewables, comprising 89.3 MW of solar capacity (including a planned 15 MW addition by Mar’26) and 28.8 MW of wind power. The remaining renewable contribution is generated through WHR systems.
Lucky Cement Ltd (LUCK): Cost optimization initiatives continue; Buy – By JS Research

Feb 3 2026


JS Global Capital


  • Lucky Cement Ltd (LUCK) held its corporate briefing yesterday to discuss 1HFY26 results and outlook. To recall, LUCK reported standalone EPS of Rs15.86 for 1HFY26, up 68% YoY, driven by stronger core performance and higher dividend income from subsidiaries. On a consolidated basis, earnings increased 13% YoY to Rs30.45/ sh.
  • Management shared that UC 3.0 technology has been commissioned on two production lines at the Karachi plant at a cost of Rs3-3.5bn, with plans to expand it to the two remaining lines. The technology is expected to improve cost efficiency by reducing coal consumption per ton of clinker produced and allowing the use of lower-cost, high-sulphur coal, with an estimated payback of 5 to 7 years.
Commercial Banks: Flat Earnings; Payouts Intact – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • We preview the IIS Banking Universe’s 4QCY25 results, where aggregate earnings are expected to remain largely flat QoQ at PKR 100bn, while delivering a 16.5% YoY growth. Despite continued pressure on net interest margins amid a declining interest-rate environment, earnings remained resilient, supported by balance-sheet expansion, contained credit costs, and disciplined expense management.
  • Net interest income is expected to increase 3.6% QoQ to PKR 340.5bn and 11.7% YoY, even as reinvestment yields remained under pressure. Margin compression was partially offset by volumetric growth, with deposits rising 20% YoY and 5.7% QoQ, supporting earning asset expansion. An improving deposit mix further helped cushion margins. On a full-year basis, CY25E NII is projected to grow 15.4% YoY, reflecting the sector’s ability to navigate a softer rate cycle.
Commercial Banks: 4QCY25 Previews: Stable earnings; Payouts intact – By Insight Research

Feb 3 2026


Insight Securities


  • We estimate profitability of ISL coverage banks to inch up by 16% YoY, while same is expected to decline by 2% QoQ. The YoY increase is mainly driven by lower ETR for the quarter compared to SPLY, further aided by volumetric expansion. While, QoQ decline is attributable to slight moderation in NIMs. Net Interest Income of the sector is likely to decline as impact of lower policy rate translates into asset yields.
  • However, some of the impact is likely to offset by balance sheet expansion as deposits grew by ~2.7% QoQ. We estimate HBL/UBL/MCB/MEBL/BAFL to post EPS of PKR11.0/13.8/11.9/12.5/3.5, respectively. We expect dividend payouts to remain robust amid healthy profits and decent buffer on adequacy ratios and expect HBL/UBL/MCB/ MEBL/BAFL to announce DPS of PKR5.0/8.0/9.0/7.0/2.5, respectively.
Ghani Dairies Limited IPO: Capitalizing on Pakistan’s Growing Dairy Market – By HMFS Research

Jan 30 2026


HMFS Research


  • Ghani Dairies Limited (GDL) is preparing for an Initial Public Offering (IPO), providing investors exposure to Pakistan’s formalized dairy supply chain, in contrast to traditional commodity-based milk businesses. The company operates a fully mechanized corporate dairy farm, supplying premium-quality raw milk to leading processors, including Nestlé Pakistan, Fauji Foods, and IRC Dairy Products.
  • The IPO is priced at a floor of PKR 24.00 per share, translating into a P/E of 17.56x on FY25 earnings. Applying the same multiple to the post-IPO forecasted FY27 EPS of PKR 3.80 yields a fair value of ~PKR 67 per share, representing ~178% upside from the floor price and ~98.6% from the maximum book building cap of PKR 33.60. The projected FY27 earnings growth is underpinned by near-term capacity expansion, which is expected to nearly double milk production, secured recurring supply contracts with leading processors providing predictable revenue streams, and operational leverage from scale, which should enhance margins further. By funding herd expansion.
Pakistan Market Wrap: Bulls Regain Control as Market Breaks Higher – By HMFS Research

Jan 30 2026


HMFS Research


  • The equity market traded firmly in the green today, with the benchmark index surging to an intra-day high of 4,281 points. Sentiment was underpinned by improving economic indicators alongside the conclusion of the rollover week, which helped restore risk appetite across the board. The KSE-100 ultimately closed at 184,174, marking a gain of 1,836 points from the previous session.
  • Trading activity remained robust, with volumes of 344mn shares on the KSE-100 and 802mn shares across the broader market. Volume leaders included KEL (81mn), HASCOL (66mn), and WTL (54mn). Going forward, market direction will be shaped by upcoming earnings announcements from blue-chip companies, key macroeconomic developments, and evolving geopolitical dynamics—particularly on the US–Iran front. In this backdrop, investors are advised to remain vigilant and focus on fundamentally sound stocks offering long-term growth potential.
Pakistan Market Wrap: Risk-Off Sentiment Triggers Sharp Correction – By HMFS Research

Jan 29 2026


HMFS Research


  • Pakistan’s equity market witnessed a sharp correction on Wednesday, with the benchmark KSE-100 Index shedding over 6,000 points as escalating US–Iran tensions triggered a broad risk-off move across assets. The index closed at 182,338, down 6,042 points (-3.21% d/d). Selling pressure was concentrated in index-heavy names, particularly across the fertilizer and banking sectors, as investors moved to lock in gains after the recent rally. Market participation weakened, with volumes coming off prior levels. The KSE-100 and All-Share indices recorded traded volumes of 414mn and 926mn shares, respectively. Activity was largely confined, with KEL (104mn shares), WTL (48mn), and BOP (31mn) emerging as the most actively traded stocks.
  • Looking ahead, near-term volatility is likely to persist, as global geopolitical developments continue to dominate sentiment, while the local market grapples with stretched valuations and profit-taking pressures following the recent sharp run-up. In the absence of a clear positive catalyst, further downside or consolidation cannot be ruled out. Investors are advised to remain selective and avoid chasing momentum, with a preference for high-quality, fundamentally sound stocks offering earnings visibility and balance sheet strength. Any further weakness may be better utilised to gradually build positions, rather than adopting an aggressive risk-on stance at current levels.
Fauji Fertilizer Company Limited (FFC): 4QCY25E – By HMFS Research

Jan 28 2026


HMFS Research


  • Fauji Fertilizer Company Limited (FFC) is expected to report an unconsolidated EPS of PKR ~17.5/ per share, along with a final dividend of PKR 12.5/ per share, in its Board Meeting scheduled for tomorrow, announcing year end results. We base the improvement in bottom-line on the back of improved farm economics post floods and inclement weather conditions, and most importantly recovery in the DAP business of the Company followed closely by Urea.
Pakistan Market Wrap: Profit-Taking Surfaces as MPC Decision Dampens Momentum – By HMFS Research

Jan 27 2026


HMFS Research


  • The Pakistan equity market ended the session on a cautious note, as broad-based profit-taking emerged after the recent rally, offsetting early gains. The benchmark KSE-100 Index closed at 188,203, down 385 points (-0.20%), as investors reassessed valuations amid mixed sentiment. The market’s tone was further impacted by the MPC decision to keep the policy rate unchanged, which was contrary to market expectations and triggered a re-pricing of the interest rate outlook.
  • Trading activity remained moderate, with turnover at the benchmark recorded at 342mn shares, while the broader All-Share index recorded exchanges of 745mn shares. Scrips such as KEL (90mn), HASCOL (48mn), and BOP (36mn) emerged as the most actively traded names during the day. Looking ahead, the market is likely to remain range-bound, as investors await further clarity from ongoing corporate result announcements and evolving macroeconomic developments. Investors are advised to remain selective and focus on scrips with fundamentally sound profiles and growth visibility.
Honda Atlas Cars Limited (HCAR): Result review – By HMFS Research

Jan 27 2026


HMFS Research


  • Honda Atlas Cars (Pakistan) Limited (HCAR) announced its 3QMY26 results, reporting a profit after tax (PAT) of PKR 655mn (EPS: PKR 4.59), down 12% QoQ but up 16% YoY. The QoQ decline in earnings was primarily driven by a sharp rise in finance costs and distribution & marketing expenses, which more than offset healthy revenue growth.
  • On a YoY basis, earnings improved on the back of strong topline growth, reflecting higher sales volumes amid improving demand conditions.
Pakistan Market Wrap: From Peak to Pause: Profit-Taking Pulls Index Back – By HMFS Research

Jan 26 2026


HMFS Research


  • The KSE-100 Index opened the session on a strong footing, extending its bullish run and touching a fresh intra-day high of 191,033. The upward momentum was supported by encouraging macroeconomic signals and anticipation surrounding earnings announcements from key blue-chip companies. However, sentiment turned cautious in the latter half of the session as elevated valuations prompted profit-taking, compounded by uncertainty ahead of the monetary policy decision. As expectations around the magnitude of a potential rate cut moderated, selling pressure emerged, pulling the benchmark into negative territory to close at 188,588—down 579 points.
  • Trading activity remained healthy, with volumes of 450mn shares on the KSE-100 and 867mn shares across the broader market. Volume leaders for the day included KEL (173mn), WTL (37mn), and PIBTL (29mn). Market is expected to remain rangebound as the SBP announced a status quo on Policy rate. In addition, ongoing corporate result announcements and broader economic developments are likely to drive near-term market dynamics. Investors are advised to remain vigilant, assess evolving signals carefully, and focus on fundamentally strong stocks offering sustainable long-term growth.
Pakistan Market Wrap: Bullish Momentum Continues: KSE-100 Surges on Value Buying Interest – By HMFS Research

Jan 23 2026


HMFS Research


  • The Pakistan equity market extended its positive run today, driven by value-buying interest in select scrips across index heavy sectors that helped the benchmark KSE-100 Index comfortably surpass the 189,000 level during the trading session. Strong participation in fertilizer, E&P, and power sector names, along with ongoing power sector reforms and anticipated foreign inflows, underpinned investor sentiment – keeping the market tone mostly constructive through out the session.
  • At close, the KSE-100 Index registered a solid gain of 1,479 points (+0.79%), reflecting strong optimism. Investor attention led to buoyed trading activity, with turnover at the benchmark recorded at 408mn, whereas the broader All-Share index recorded exchanges of 875mn. Scrips such as KEL (142mn), CNERGY (53mn), and HASCOL (42mn), came forth as the most actively traded scrips during the day. Looking ahead, the market is likely to stay range-bound with an upward bias, supported by improving sentiment and expectations of accommodative policy action, though intermittent profit-taking at elevated levels cannot be ruled out. Investors are encouraged to stay selective and anchored to fundamentally sound names while balancing near-term opportunities with prudent risk management.
Technical Outlook: KSE100 Extends Bullish Momentum, Closes at Record 186,166.82 (+2.20%) – By HMFS Research

Jan 23 2026


HMFS Research


  • The KSE100 is carrying bullish momentum this week as well and closed above another life high on a weekly basis at 186,166.82 with a weekly gain of +4,067.99 (+2.20%). The weekly traded volume stood at 2.48 billion, reflecting strong investor participation.
  • The index continues to trade within the ascending wedge formation that has been developing since 16 December 2024. This wedge pattern historically tends to break from the support side, making the lower boundary of the wedge a critical level to watch.
Pakistan Market Wrap: Rally Reloaded: Yield Drop Sparks Fresh Buying – By HMFS Research

Jan 22 2026


HMFS Research


  • The KSE-100 index started on a bullish note today as investors leaned into value buying, buoyed by a decline in cut-off yields observed in recent T-bill auctions. The easing yields have heightened expectations of a potential rate cut in the upcoming MPC meeting, which is widely viewed as supportive for the equity market. Additionally, momentum was generated by the signing of MOUs with China worth USD 4.5bn across key sectors, reinforcing optimism around growth prospects and foreign collaboration. The benchmark closed at 187,688, up 655 points, reflecting broad-based buying interest.
  • Trading activity remained active, with 462mn shares traded on the KSE-100 and 1.07bn shares across the broader market. Leading the volume charts were KEL (196mn), HASCOL (132mn), and BML (58mn). Looking ahead, the market is likely to maintain its positive tone, supported by improving economic indicators and ongoing discussions at the World Economic Forum aimed at strengthening bilateral ties. The MPC outcome will be a key determinant of near-term direction, while intermittent profit-taking at elevated valuations cannot be ruled out. Investors are advised to remain vigilant and focus on fundamentally strong stocks with long-term growth potential.