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Analyst Opinions

MLCF - Maple Leaf Cement Factory Ltd. Consolidated
Maple Leaf Cement (MLCF) — 2QFY26 Result Review
Ahsan Muhammad Asif    2/25/2026 12:00:00 AM
Flat Topline Sequentially – EV/ton $50/ton Maple Leaf Cement Factory (MLCF) reported revenue of Rs 18.94bn in 2QFY26, compared to Rs 19.03bn in 2QFY25, reflecting a marginal YoY decline. The largely flat topline suggests stable dispatch volumes in a competitive cement market. Margins firmed up Gross profit declined to Rs 6.03bn, down 15% YoY from Rs 7.14 bn, even though we believe margins remained firm. MLCF reported a GP margin of ~30%. The companies in Punjab are facing the ignominy of 6% royalty charges. 2Q Bottom Line Reflects continuation of margins MLCF reported PAT of Rs 2.5 bn, down 22% YoY from Rs 3.23 bn. EPS came in at Rs 2.40/sh, compared to Rs 3.08/sh in 2QFY25, reflecting the impact of margin compression despite lower finance costs. The effective tax rate stood at 36% compared to 27% in SPLY. Earnings firmed up in 1HFY26 On a cumulative basis (1HFY26), performance appears comparatively stronger. MLCF revenue increased to Rs 35.42bn vs Rs 34.75 bn in 1HFY25, while net profit rose to Rs 5.12bn from Rs 4.27bn. The improvement is primarily attributable to reduced finance costs. In 7MFY26, the company sold 2.45 mn tons of cement. In our view, this reflects a capacity utilization of approximately 50% to 53%, i.e., 4.2mn tons of annual sales. MLCF is yielding EV/ton of $50/ton vs DGKC $53/ton – both of them are lower than the market average of $60-80/ton. SCS Research
Link: https://www.linkedin.com/in/mahsan178/
DGKC - D. G. Khan Cement Company Ltd.
DGKC 2QFY26 Result Review
Ahsan Muhammad Asif    2/24/2026 12:00:00 AM
D.G. Khan Cement posted a robust growth in profitability of PKR 3.85bn, up 28% YoY during 2QFY26, despite a slight decline in topline revenue. The company posted 1HFY26 EPS of PKR 13.59/sh, which is up 61% YoY from PKR 8.42/sh. The quarterly revenue stood at Rs 22.95 bn, marginally lower than Rs 23.43 bn in 2QFY25, reflecting a ~2% YoY decline. The slight drop in sales suggests either softer dispatch volumes or pricing pressure in the domestic/export market. However, the real strength of the quarter lies in margin expansion. Profitability Increased Gross profit increased significantly to Rs 7.04 bn compared to Rs 5.84 bn in the same quarter last year, registering a ~20% YoY growth. Gross margins improved to approximately 30.7% from around 24.9% last year. This indicates strong cost control, improved retention prices, and likely benefits from lower coal or energy costs. The margin improvement clearly shows operational efficiency gains. Decline in Finance Cost: A major positive driver of earnings this quarter was the sharp decline in finance costs. Finance cost dropped to Rs 505mn from Rs 1.07bn in 2QFY25 — a decline of more than 50% YoY. This reduction reflects lower interest rates and significant debt repayment during the period. The impact of lower finance charges directly boosted bottom-line growth. As a result, PBT rose to Rs 5.88 bn compared to Rs 4.33 bn last year. After taxation, Profit After Tax (PAT) stood at Rs 3.85 bn, up from Rs 3.01 bn, showing a strong ~28% YoY increase. Earnings per share (EPS) for the quarter improved to Rs 8.62 versus Rs 6.56 last year, reflecting solid earnings expansion. Long-Term Borrowing Decline: The balance sheet shows a significant strengthening compared to June 2025. Long-term borrowings declined from Rs 13.43 bn to Rs 6.13 bn, reflecting aggressive deleveraging. This explains the sharp drop in finance costs. Equity Increased & Book Value Increased: Total equity increased from Rs 99.6 bn in June 2025 to Rs 117.0 bn, and Book value increased to Rs 267/sh in December 2025, driven by higher retained earnings. Liquidity improved substantially, with short-term investments rising sharply and cash balances increasing from under Rs 1 bn to over Rs 2.4 bn. The company is now in a much stronger financial position compared to last year.
Link: https://www.linkedin.com/in/mahsan178/
HUBC - The Hub Power Company Ltd. Consolidated
HUBC Reports Impressive 2QFY26 Earnings – 2Q Dividend PKR 5/sh
Ahsan Muhammad Asif    2/24/2026 12:00:00 AM
The Hub Power (HUBC) reported a robust consolidated earnings performance in 2QFY26, with net profit clocking in at PKR 12.35bn (EPS: PKR 8.19), registering a substantial increase compared to PKR 5.48bn (EPS: PKR 3.25) in 2QFY25. The strong year-over-year growth was primarily underpinned by improved operational profitability and a notable rise in income from associates and joint ventures. Revenue and Gross Profit Revenue for the quarter stood at PKR 16.7bn, reflecting modest YoY growth, while gross profit increased to PKR 7.43bn (+16% YoY), indicating relatively stable cost dynamics and improved margin retention. Consequently, profit from operations strengthened materially, highlighting the resilience of HUBC’s core earnings base. Cumulative Performance (1HFY26) On a cumulative basis, 1HFY26 profitability stood at PKR 25.62bn (EPS: PKR 17.16), largely consistent with PKR 25.79bn (EPS: PKR 17.99) recorded in the corresponding period last year. While the half-year comparison remains broadly flat, the sharp recovery in quarterly earnings suggests improved earnings momentum and better income visibility. Dividend Yield 10% Alongside the result, HUBC announced an interim dividend of PKR 5/share. Notably, the company had already paid PKR 5/share earlier, bringing the cumulative payout to PKR 10/share for the period.
Link: https://www.linkedin.com/in/mahsan178/
APL - Attock Petroleum Ltd.
Attock Petroleum Limited (APL) – 2QFY26 Result Review
Ahsan Muhammad Asif    2/24/2026 12:00:00 AM
Earnings Overview Attock Petroleum Limited (APL) reported 2QFY26 earnings of PKR 2.61bn (EPS: PKR 20.97), down 5% YoY compared to PKR 2.74bn (EPS: PKR 22.01) in 2QFY25. While topline growth remained modest, with net sales increasing to PKR 122.9bn (+3% YoY), the quarter was characterized by a recovery in core operating margins. Gross profit clocked in at PKR 4.78bn, up 19% YoY, reflecting improved inventory gains and relatively better product spreads. Consequently, operating profit rose to PKR 3.63bn, marking a 35% YoY increase. Margin Dynamics The expansion in gross profitability highlights a more favorable margin environment during the quarter. Improved product spreads and inventory effects supported earnings at the operating level, suggesting that core marketing operations remained resilient despite sector-wide volatility. The strength in operating profit underscores that the underlying business fundamentals remained intact, with margin recovery serving as the primary driver of earnings. Cumulative Performance (1HFY26) On a cumulative basis, 1HFY26 earnings stood at PKR 6.42bn (EPS: PKR 51.60), up 25% YoY, highlighting that overall profitability remains on a growth trajectory despite quarterly volatility. The cumulative growth trend reinforces the view that earnings moderation in the quarter is largely cyclical rather than reflective of structural weakness. Dividend & Balance Sheet Comfort The company announced an interim dividend of PKR 20/share alongside the results. At the prevailing market price of PKR 585, the payout translates into an implied yield of approximately 3.4%. The dividend announcement, supported by the company’s liquidity position, reinforces APL’s defensive investment appeal. APL’s strong balance sheet, with the company holding approximately PKR 50bn in cash on its books. This translates into roughly PKR 420 cash per share SCS Research
Link: https://www.linkedin.com/in/mahsan178/
MLCF - Maple Leaf Cement Factory Ltd. Consolidated
The PIOC purchase deal 88.28% holding!
Ahsan Muhammad Asif    2/23/2026 12:00:00 AM
MLCF recently showed an intention to acquire PIOC. Based on this Purchase Agreement Intention (PAI), the company recently completed the transaction by purchasing shares from the public. The 26.62mn shares, which represents 11.72% holding is bought at the rate of PKR478.43/sh. MLCF acquired 131,820,554 ordinary shares (constituting 58.03% of the shareholding interest) on February 20, 2026. MLCF already holds 42,082,047 (18.53%) along with its group associates, and together with the aforementioned acquisition. MLCF and its associates' collective stake now stands at 88.28% in the ordinary shares and control of PIOC, thereby rendering PIOC a subsidiary of MLCF.
Link: https://www.scstrade.com/research/Research%20Reports/General/MLCF%20holds%20a%20majority%20holding%20in%20PIOC....pdf
POWER - Power Cement Ltd.
Power Cement depicts lowest EV per ton among players
Ahsan Muhammad Asif    2/11/2026 12:00:00 AM
POWER is Arif Habib Group’s flagship cement plant on Karachi Super Highway with 3.375 million tons annual capacity, using FLSmidth Denmark technology similar to DGKC Hub. ? It trades at one of the lowest valuation metrics in the sector, with EV around 42–43 USD/ton versus other southern plants at roughly 51–55 USD/ton. ? Company debt has come down to about PKR 16.67bn in 1QFY26 from PKR 18.45bn, and around 1150bps rate easing in FY25 should support lower finance costs and better profitability. POWER posted earnings of PKR 0.6 per share in 1QFY26, and the report projects FY26 EPS at about PKR 2.32 per share. ? Exports are emerging as a key driver: Jan’26 exports were 191k tons, with exports forming ~55% of dispatches from the southern zone over 7MFY26, where POWER holds 15%+ share in Sindh/Balochistan dispatches. ? The house view is that ML10 (motorway/route) development and cheaper coal–backed clinker exports can be important positive triggers for POWER’s outlook.
Link: https://www.scstrade.com/research/Research%20Reports/General/Power%20Cement%20depicts%20lowest%20EV%20per%20ton%20among%20players.pdf
KSE-100 Cautious Approch
SCS Technical Desk    2/10/2026 12:00:00 AM
KSE-100 looks not good A decisive breakdown below the neckline 182,000 would confirm the Head & Shoulders pattern and open the door for a corrective move toward the 177,500–175,000 zone.
BML - Bank Makramah Ltd.(Summit Bank)
BML Update
Ahsan Muhammad Asif    2/2/2026 12:00:00 AM
Bank Makramah Limited (BML) has restructured its share capital with a reduction factor of 18.99003516. As a result, both the share price and the number of shares have been adjusted proportionally. We advise you not to sell your shares, as your share quantity will be automatically adjusted according to the factor.
PIAHCLA - PIA Holding Company Ltd. (A)
Be Cautious in PIA
Ahsan Muhammad Asif    12/22/2025 12:00:00 AM
We anticipate significant volatility in PIA due to its privatization process on December 23. Your strategy should be to sell during strength. Based on our understanding, the reference price could be around PKR 85-110 billion, which translates to approximately PKR 16.6 - 21.1 per share.
Link: https://www.linkedin.com/in/mahsan178/
KSE-100 Analysis
SCS Technical Desk    10/30/2025 12:00:00 AM
Hidden bullish divergence on the KSE 100 chart, the marked support area around 158,000 looks strong, and buyers are defending it. A bounce or upward continuation is likely if the support holds and RSI begins to rise again. If price closes below the support zone, If price closes below 156,000, it invalidates the hidden bullish divergence and opens room toward 152,000–153,000 next support.
Link: https://scstrade.com/TechnicalAnalysis/TA_RealTimeCharting.aspx
AIRLINK - Air Link Communication Ltd
Airlink Is in Range Bound Territory
SCS Technical Desk    10/21/2025 12:00:00 AM
AIRLINK Current Market Structure: After breaking the trendline, the price is now consolidating between a Support Area (~145–154) and a Resistance Area (~170–175), forming a horizontal range. Key Levels: ?? Support Zone: 145.66 – 153.90 ?? Resistance Zone: 170.00 – 174.20 Trade Idea: Bullish Bias: As price approaches the support zone, there's a potential long opportunity if a bullish reversal pattern forms. Target: Resistance zone around 174 Stop-loss: Below the support area (~145)
KSE 100 Analysis
SCS Technical Desk    10/1/2025 12:00:00 AM
KSE-100 is testing a multi-decade trendline resistance on the monthly chart ?? A breakout here could unlock a fresh bullish phase, while rejection may trigger a healthy pullback. Critical zone ahead for the market
PPL - Pakistan Petroleum Ltd.
PPL PSO OGDC Bullish Stance
SCS Technical Desk    9/26/2025 12:00:00 AM
PPL, OGDC, and PSO — all three are currently testing multi-year resistance levels that have been rejected multiple times since 2005. Stay focused on confirmation: The real strength will come only if these stocks break out and hold above their respective resistance levels. While sentiment is positive, respect the levels. A sustainable move above resistance would mark a significant shift in trend and open door for further upside.
ENGROH - Engro Holding Ltd (Formerly DAWH). Consolidated
Engro Holding Ltd (ENGROH) stance…
Ahsan Muhammad Asif    8/27/2025 12:00:00 AM
Engro Corporation (ENGROH) remains a diversified conglomerate with strategic stakes across fertilizers, foods, petrochemicals, power, and telecom infrastructure. Its recent acquisition of Jazz-owned telecom towers through Engro Connect strengthens the company’s infrastructure footprint, positioning it as the largest independent tower operator in Pakistan. Despite near-term dividend pressure due to funding needs, we maintain a Positive stance on ENGROH given its strong balance sheet, recurring cashflows from subsidiaries, and long-term growth potential. Key Updates Subsidiary Dividends • EFERT, 56.27% stake: EFERT announced dividend of PKR 6.5/sh in 1HCY25 vs. PKR 2.25/sh in 1QCY25. • EPQL, 68.9% stake: Announced dividend of PKR 10/sh in 1HCY25 vs. PKR 7.5/sh in 1QCY25. • Other Holdings: FCEPL (39.93%), EPCL (56.19%) continue to provide earnings stability. • Engro Enfrashare / Connect Acquisition • Deal Size: $560mn acquisition of 10,500 Jazz towers via Deodar. • Funding Mix: 67% debt, 33% equity. Transaction includes assumption of Deodar’s $375mn debt + $187.7mn fresh capital. • Market Position: Engro Enfrashare now controls 14,500 towers, solidifying its status as Pakistan’s largest independent tower company with 53% market share. • Operational Footprint: Total towers managed expanded to 10,500 towers acquired 14,500 towers. • Strategic Impact: Enhances recurring lease revenues, cost efficiency through tower sharing, and long-term digital infrastructure positioning. We maintain a Positive stance on ENGROH, supported by: • Diversified and resilient earnings base. • Strong cashflow generation from EFERT, EPCL, and EPQL. • Strategic expansion into telecom towers, enhancing infrastructure revenues. • Long-term upside from digital infrastructure growth and cost optimization. Good ‘long term’ play
Link: https://www.linkedin.com/in/mahsan178/
AIRLINK - Air Link Communication Ltd
Airlink Need To Hold Above 160.0
SCS Technical Desk    8/25/2025 12:00:00 AM
AIRLINK is showing strong probability of a rebound from the Rs 160.00 – 156.00 support zone. If it holds above this range, an upside move towards Rs 164.00 – 167.00 can be expected in the short term, followed by a potential target at Rs 174.00. The recommended stop-loss is below Rs 154.00 on a closing basis to manage downside risk.
Positive Trajectory In KSE-100
SCS Technical Desk    8/15/2025 12:00:00 AM
The Upbeat remained intact maintaining the Positive Trajectory as the Benchmark KSE-100 Index moved in the Uncharted Territory posting a new all time Historical Intraday high of 146,813 and even recording a Historical high closing of 145,382 attaining a gain of 4348 points on WOW. The Objective and the Psychological Barrier of 145,000 had been breached however the RSI at 80.17 and Immediate Resistance RO in proximity of 148,000 could create Hurdle which if not breached could lead to Pull-back to test of Immediate Support BP/PP, at around 144,500, which is Ascending Trendline or the Floor of the Channel BPRR. This Floor of the Channel is very Vital if it remains Intact the Benchmark Index is expected to Breakthrough the Immediate Resistance and test the Minor Resistance FF at around 150,000 which is Mid-line of of the Ascending Parallel Channel. The Ceiling of the Channel RR or Psychological Barrier of 155,000 is the Major Resistance. The Minor Support is Horizontal Axis PK at 141,160. The Major Support is Ascending Trendline BB at around 134,500.
PAKT - Pakistan Tobacco Company Ltd.
PAKT Follow Bullish Parallel Channel
SCS Technical Desk    8/8/2025 12:00:00 AM
SCSTrading Signal Alert – Buy when price closes above 1400
PPL - Pakistan Petroleum Ltd.
PPL Weekly Breakout Confirmed
SCS Technical Desk    8/7/2025 12:00:00 AM
Sell – Resistance at 200-210
PSO - Pakistan State Oil Company Ltd. Consolidated
PSO & Petrol Price Break up….
Ahsan Muhammad Asif    8/1/2025 12:00:00 AM
In the oil marketing (OMC) sector, we are focusing on Pakistan State Oil (PSO). We are covering it and our FY25 EPS estimation is PKR 44/sh plus a dividend forecast of PKR 10-20/sh. Whilst our FY26 EPS target is PKR 120/sh based on 1) our probable thrust of an increase in OMC margin by the government to benefit Saudi based companies viz. Aramco sites & WAFI 2) incremental other income 3) reduction in financial charges 4) an improved profile of the balance sheet once there is improvement in intercorporate circular debt situation at the behest of IMF from time to time.
Link: https://www.scstrade.com/research/Research%20Reports/General/PSO%20&%20Petrol%20Price%20Break%20up%E2%80%A6.pdf
PPL - Pakistan Petroleum Ltd.
PPL Facing Resistance
SCS Technical Desk    7/31/2025 12:00:00 AM
PPL Facing strong resistance around 177 - 179 level break this level will lead towards 190 and 195 Use stop-loss below 170 closing basis
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