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Analyst Opinions

ASTL - Amreli Steels Ltd.
Market Report Sales Desk
Ahsan Muhammad Asif    7/29/2025 5:12:57 PM
The KSE-100 closed at 137,964.81 points, down 1.02% in todays session. This is a significant correction after nearly a bullish spell following end of hostilities in the middle east. Today KSE 100 made a low of 137,636.37 from a high of 140,331.01 which is indeed a big downside. Earlier, we expected a 50-bps interest rate cut to 10.5% in the upcoming MPC. HINOON Pharma signed an MOU with Beximco Pharma, a Bangladeshi-based manufacturer, to collaborate on high-burden diseases in Pakistan, specifically cardiovascular, respiratory, and diabetes. FFC net revenue surged by 60% QoQ, and the company declared an interim cash dividend of PKR 12/share. However, EFERT couldn’t announce its 2Q results. Significant profit-taking was observed in EFERT in particular and E&P and the banking sector in general. At the end of the trading session, total volume reached 603.82mn shares.
Link: https://www.linkedin.com/in/mahsan178/
ASTL - Amreli Steels Ltd.
Market Report Sales Desk
Ahsan Muhammad Asif    7/29/2025 5:12:33 PM
The KSE-100 closed at 137,964.81 points, down 1.02% in todays session. This is a significant correction after nearly a bullish spell following end of hostilities in the middle east. Today KSE 100 made a low of 137,636.37 from a high of 140,331.01 which is indeed a big downside. Earlier, we expected a 50-bps interest rate cut to 10.5% in the upcoming MPC. HINOON Pharma signed an MOU with Beximco Pharma, a Bangladeshi-based manufacturer, to collaborate on high-burden diseases in Pakistan, specifically cardiovascular, respiratory, and diabetes. FFC net revenue surged by 60% QoQ, and the company declared an interim cash dividend of PKR 12/share. However, EFERT couldn’t announce its 2Q results. Significant profit-taking was observed in EFERT in particular and E&P and the banking sector in general. At the end of the trading session, total volume reached 603.82mn shares.
Link: https://www.linkedin.com/in/mahsan178/
PSO - Pakistan State Oil Company Ltd. Consolidated
PSO – Main beneficiary
Ahsan Muhammad Asif    7/28/2025 11:18:12 AM
PSO – Main beneficiary of the government plans to settle its corporate debt. PSO Receivable is standing ~PKR 500bn as per company latest books. In this case PSO is expected to receive approximately PKR 66.2 bn which constitutes an after-tax incremental impact of PKR 119.9/sh on EPS. PSO has already reported 9MFY25 EPS of PKR 32.52/sh. Ahsan M Asif Research Analyst SCS
HUBC - The Hub Power Company Ltd. Consolidated
SCS Technical Desk    7/25/2025 12:06:41 PM
HUBC is approaching a key breakout level at PKR 154.50 after reclaiming support at 148.50. Bullish structure intact with rising trendline & volume. Breakout above 154.50 could trigger strong upside momentum.
KSE 100 Index
KSE 100 Analysis
SCS Technical Desk    7/4/2025 12:58:52 PM
KSE 100 needs to close above 128,000 level to start next bullish momentum;if it fails then aggressive profit taking may be seen.Work with trailing stop-loss according to your risk appitie.
UBL - United Bank Ltd.
UBL stock split date...
Ahsan Muhammad Asif    6/17/2025 11:27:11 AM
UBL stock split is scheduled for June 23, 2025. The face value will change from Rs 10/sh to Rs 5/sh with a 1:2 ratio i.e. for every 1000 shares, you will receive 2000 shares. Currently, there are 1.25 bn shares (number of shares), and this will increase to 2.5 bn in the post stock split scenario. For instance, if the June 20 closing price is Rs 520/sh, then post-split price could be Rs 260/sh which is effectively half of the original price
BIPL - Bankislami Pakistan
BIPL
SCS Technical Desk    6/16/2025 10:39:41 AM
BIPL looks to have a bullish trend after successfully crossing its important resistance line, the levels are 34.65 and 39.59 and the stop loss is at 25.05.
HUBC - The Hub Power Company Ltd. Consolidated
HUBC Facing resistance around 145 - 146 Level
SCS Technical Desk    5/23/2025 2:31:56 PM
Buy – Support at 137 - 138 with stop loss of 132.0
HUBC - The Hub Power Company Ltd. Consolidated
HUBC, Pakistan’s largest Independent Power Producer, is undergoing a strategic transformation.
Ahsan M Asif    5/23/2025 12:12:08 PM
HUBC, Pakistan’s largest Independent Power Producer, is undergoing a strategic transformation. The company is reducing debt, improving financial health, and diversifying beyond traditional power generation. Notable highlights include: ~Major reduction in financial debt, leading to lower finance costs. ~Expansion into lithium mining, battery manufacturing, and electric vehicle (EV) production—positioning HUBC for the clean energy future. ~Continued strong dividend yield (7%) and attractive valuation metrics (EV/EBITDA 3.7x, P/E ~3.9x). ~New business models after the termination of the Hub base plant PPA and revised terms for the Narowal plant. ~Investments in EV charging infrastructure and partnerships for BYD vehicle assembly in Pakistan. These initiatives reflect HUBC’s forward-thinking approach and commitment to sustainable growth.
Link: https://scstrade.com/research/Research%20Reports/General/Hub%20power%20key%20developments....pdf
- General News
Dividend payers Low price items Prices under 100
Faisal Shaji Scs    9/19/2023 3:42:01 PM
Faysal Bank.. Scheduled Islamic Bank... Likely to pay dividends gradually Hub Power.. Dividend twice a year depending upon govt paying to IPPs Dollar component benefit... Engro Fertilizer.. Dividend in all 4 quarters... Engro Polymer.. Probable Dividend in all the quarters... Fauji Cement.. Will regain paying dividend in next fiscal... Nishat Chunian Power.. Dividend in a year depending upon govt paying to IPPs... Dividend is always big... Faisal Shaji Scs Research
- General News
Dividend payers Low price items Prices under 100
Faisal Shaji Scs    9/19/2023 3:40:06 PM
Dolmen City REIT.. Dividend is disbursed thrice a year as per practice... Hi - Tech Lubricant.. Growing Oil marketing company with dividend paying capacity... Engro Power Qadirpur... Dividend in a year depending upon govt paying to IPPs... Dividend is always big...
EPCL - Engro Polymer & Chemicals Ltd.
DAWH buying EPCL shares with PKR 2bn
Asad Rafiq    12/14/2022 2:29:29 PM
Company PVC margins down below $400/ton. Steep decline in margins of 60% CYTD. DAWH announced to buy EPCL of PKR2bn in its portfolio (as per PSX Rule book, this period of buy could be within six months) Major support area is at 40. EPCL can be accumulated in range of 40-45
- General News
STOCKS TO WATCH IN FY23 RECESSION.
Iqra Nadeeem    12/14/2022 1:20:36 PM
An investment strategy plan for FY23, where we have picked stocks keeping recessionary factor. Based on previous recession analogy we buoyed Information Technology / Telecommunication sector, Food sector and Health sector. The selected stocks from each sector is mentioned in our FY23 strategy report.
Link: http://www.scstrade.com/research/Research%20Reports/General/Strategy%20during%20recession.pdf
BAHL - Bank AL-Habib Ltd.
Bank Al Habib Banking on non-core income
Muhammad Shahzad Khan    2/9/2022 3:51:28 PM
Bank Al-Habib Ltd (BAHL) announced its CY21 financial results. The middle tier bank reported bumper net earnings of PKR 18.7bn (EPS: PKR 16.83/sh) as against PKR.17.8bn (EPS:PKR16.03 /sh) reported in the same period last year. This is by far BAHL’s highest EPS in current history. The bank also approved highest yearly final cash dividend of PKR7/sh albeit payout ratio of 41.5% - a good jump from previous year. BAHL yields CY20/CY21 PE & PBV of 4.06x/4.56x & 0.9x/0.85x respectively. BAHL CY21 forecasted book value was PKR 91/sh.
MCB - MCB Bank Ltd.
MCB Bank Dividend stream continues
Muhammad Shahzad Khan    2/9/2022 12:02:24 PM
We expect MCB to report net earnings of PKR28.24bn (EPS: PKR23.83/sh) as against Rs.29bn (EPS: Rs.24.5/sh) reported in the same period last year. The bank is also expected to approve final cash dividend of PKR 6/sh (cumulative cash dividend of PKR 20/sh). MCB yields CY20/CY21 PE & PBV of 7.56x/6.80x & 1.35/0.95 respectively. MCB deciphers Justified PBV price of PKR 265/- which is at a 38% discount of current market price.
LUCK - Lucky Cement Ltd.
Improvement in Standalone Earnings
Iqra Nadeem    1/31/2022 1:03:29 PM
On consolidated basis LUCK earned PKR154.5bn in revenue, where as, standalone cement sales revenue recorded an increase of 20%yoy. Although, total dispatches declined by 6% to 4.70mn tons albeit decline in export volumes by 20%yoy on the back of increased coal and other input prices. Upcoming Coal based project,Cement expansion project & Commencement of Samsang brand mobile phone production will drove LUCK earnings ahead in coming quarters.
HTL - Hi-Tech Lubricants Ltd
OMC stations in Punjab
Asad Rafiq    11/16/2021 4:43:44 PM
HTL is aggressively bringing OMC sites in Punjab and their petrol handling increasing every quarter. In a recent announcement - HTL got approval to enhance fuel outlets to 52 in Punjab province. We consider HTL in a growth phase as a new OMC.
PTL - Panther Tyres Ltd.
Tyres demand seems to accelerate.
Iqra Nadeem    6/21/2021 1:12:55 PM
Panther is a manufacturer of tyre & tubes & exporter of wheelbarrow to more than 12 countries. PTL enjoys a principle share in replacement market (RM) and having affiliation with OEMs. PTL entered into recent contract with AGTL for regular supply of tractor tyres. PTL can report FY21 EPS of Rs7.7/sh. PTL margins improved qoq basis.
FCCL - Fauji Cement Company Ltd.
Investment opportunity
Faisal Shaji    5/24/2021 1:05:21 PM
In continuation to our earlier report, we stick to FCCL FY21 earnings estimation to ~Rs2.8sh (adj.) in the wake of increase in volume sales & slight increase in retention rates in northern zone in general and FCCL in particular as per our estimation. FCCL retention rates are slightly lower. However, we see less leveraged balance sheet is yielding lofted earnings.We also expect FCCL to pay cash dividend in lieu of earnings during FY21. FCCL yields FY21 & FY22 PE of 8.4x and 6.0x respectively.
KOHC - Kohat Cement Company Ltd.
Capacity absorption play
Faisal Shaji    5/18/2021 11:42:21 AM
We have tabulated FY21 earnings of KOHC. The company after carrying out expansion dispatched 6% - 7% of total cement produced till 9MFY21 in the country. KOHC supplied ~2.85mn tons out of total 43.33mn ton reported till 9MFY21. It’s a 63% growth from last year. We expect KOHC to report Rs17.4/sh in FY21 and a probable cash dividend of Rs2/sh. KOHC announced a greenfield project in Dist. Khushab. However, we see KOHC turnaround is being reflected from improved utilization and capacity increase.
CEPB - Century Paper & Board Mills Ltd.
Best company in paper and board packaging segment
Faisal Shaji    4/29/2021 10:46:25 AM
CEPB reported 9MFY21 EPS of Rs13.5/sh. CEPB is undervalued with FY21 PE of 5.5x. CEPB business season starts from September till March given supplies to customers. CEPB is price maker in packaging segment. Also the demand for packaging products enhanced during period of Covid19. Given lock down, restaurant businesses absorption to increase of home supplies.
STCL - Shabbir Tiles & Ceramics Ltd.
9MFY21 EPS Rs3.2
Faisal Shaji    4/29/2021 10:35:39 AM
Shabbir Tiles reported 9MFY21 EPS of Rs3.2/sh. STCL 9M sales reached Rs7.5bn. Stile brand doing good business recently given housing boom. After duties imposed on imported tiles, the local tiles in demand and STCL is doing roaring business with main Chinese competitor at Pindi Bhattian is a price maker. This indirect factor is favorable to STCL. STCL FY21 EPS could touch Rs4/sh. STCL offers FY21 PE of 6.5x.
TRG - TRG Pakistan
Associate companies showing profits
Faisal Shaji    4/8/2021 2:22:26 PM
TRG Pakistan is providing call center services to international customers. TRG is managing 7000 employees, which is single largest strength in providing IT related services to international customers from Pakistan. As for valuations of TRG, TRGIL is an associate company. TRGIL made investment in e-telequote (categories related to e-health, medicare etc), IBEX (call center company already listed at Nasdaq) & Affiniti (Artificial Intelligence). TRG is an asset class for shareholders where they can mainly see top line growth. Since two fiscal years, the consolidated EBITDA is positive.
CHCC - Cherat Cement Company Ltd.
Maximum capacity utilization
Faisal Shaji    3/30/2021 2:56:40 PM
Retention rates in northern zone increases in line with retail prices. Northern zone players supplying cements to locally at better margins with enhanced capacity. CHCC entire capacity sales absorption will likely to propel its FY21 EPS. We already see increasing trend in cement dispatches due to construction of Dasu Dam and PMs housing program.
FABL - Faysal Bank Ltd.
Structural changes in bank
Faisal Shaji    3/30/2021 2:39:26 PM
FABL will soon be recognized as scheduled Islamic Bank. From directors report it is being ascertained that FABL operations will be converted into Sharia based given its majority holding of DMI Bahrain. FABL yield P/BV of 0.4x and provide long term attractive proposition.
PIOC - Pioneer Cement Ltd.
Local utilization increased
Faisal Shaji    3/30/2021 1:08:41 PM
PIOC cement dispatches increased in FY21 given infrastructure work at South Punjab districts of Mianwali etc. Govt. has carried out infrastructure projects in South Punjab wherein PIOC is located at Khushab. At present retention rates in northern zone increased & retail prices are hovering above Rs600/bag. Hence this is a turnaround in margins and earnings for PIOC