PSX - Pakistan Stock Exchange Ltd.
PSX: Structural growth in listings and retail participation supports earnings outlook REP033
Ahsan Muhammad Asif    7/31/2026 12:00:00 AM
SCS Research sees PSX remaining well positioned to benefit from rising market activity, supported by multiple new listings, improving account openings in the Sahulat & Roshan Digital category, and a potential value unlock from CDC’s expected listing. The exchange’s ~40% stake in CDC provides additional optionality, while earnings are expected to improve meaningfully in FY27. Revenue drivers: ~Multiple listings in 1HCY26 should support fee income. ~New account openings are likely to drive higher trading volumes. SCS is also one of the frontrunners in account openings, which included normal UIN activation, Sahulat & Roshan Digital a/c opening. ~ Also, SCS sees a growing potential trend of minors' account openings. ~CDC’s widely anticipated listing in September is a positive catalyst for PSX. ~PSX owns ~40% of CDC, which adds value. ~ PSX also holds beneficial holdings in National Clearing (NCCPL) of 49.71% and e-clear Services of 25%. ~9MFY26 EPS stood at PKR 1.8, while FY27 EPS is expected at PKR 6.0/sh. ~PSX is yielding FY27 P/E of 8.5x.
Link: https://www.linkedin.com/in/mahsan178/
POL - Pakistan Oilfields Ltd.
SCS Market view
SCS Research update    7/31/2026 12:00:00 AM
There is a development in Gaza where Pres. Trump has announced the Board of Peace The world markets are responding positively to this development SCS's focus is on dividend-paying stocks, which include HUBC, MEBL & POL POL can pass on final cash dividend of PKR 45 - 50/sh. SCS sees POL may take advantage of a spike in oil prices during 4Q2026 POL is yielding PE of 7x - 7.5x & annual cash yield of 9.5%
Link: https://www.linkedin.com/in/mahsan178/
Third Rejection Signals Strong Resistance as KSE-100 Tests Critical Support
M Wajahat    7/31/2026 12:00:00 AM
The KSE-100 Index continues to trade within the previously identified range and has once again been rejected from the 178,000–179,500 resistance zone for the third consecutive time, reinforcing this area as a significant supply zone. The index is now approaching its immediate support around 175,000. A decisive break below this level could trigger further downside toward the 200-day moving average, currently positioned near 169,800. Given the prevailing technical structure, we recommend avoiding fresh buying at current levels. New long positions should only be considered after a confirmed breakout and sustained close above the 178,000–179,500 resistance zone.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20July%2031,%202026...pdf
GHGL - Ghani Glass Ltd.
GHGL Earning Preview:
SCS Research update    7/31/2026 12:00:00 AM
GHGL reported 9MFY26 EPS of PKR 4.69/sh ~We expect GHGL may report annual EPS of ~PKR 6.25/sh ~This translates into P/E of 6.32x ~ Earlier, GHGL recorded FY25 EPS of PKR 5.90/sh
Link: https://www.linkedin.com/in/mahsan178/
HBL - Habib Bank Ltd.
Expected 2QCY26 Highlights SCS update
SCS Research update    7/30/2026 12:00:00 AM
We expect HBL to report 2Q EPS of PKR 10.27/sh This translates into 1HCY26 EPS of ~PKR 20.78/sh We also expect HBL to pass on a 2nd interim cash dividend of PKR 6/sh (this will be a cumulative PKR 12/sh in 1HCY26). HBL valuation is sanguine... HBL yields a CY26 P/E of 7.1x. Likewise, HBL is improving its payout ratio. We expect an annual payout ratio of 58% vs. 42.8% reported in CY25. HBL NIMs... We are estimating NIMs in the range of 4.3% alongside ADR rising slightly (+0.17%) and IDR declining marginally (-0.05%). Balance sheet growth... We are expecting growth on the asset side of the balance sheet, with cash balances, investments, and advances all increasing. We expect total assets of PKR 7.70tn and equity of PKR 421bn, as per our model. Analyst View: Positive on PBV & Dividend yield We expect HBL to deliver resilient earnings and maintain an improving dividend profile. HBL is currently valued at ~1.0x P/BV, supported by an attractive 7.9% dividend yield.