HUBC - The Hub Power Company Ltd. Consolidated
Hub Power Company Limited – Gradual earning shift | Result Review (9MFY26)
Ahsan Muhammad Asif    4/22/2026 12:00:00 AM
HUBC reflecting ‘earning shift’ from JV business We see HUBC may have recouped revenues in 9MFY26 from ‘newer’ ventures, viz., joint ventures, after agreeing to end CPP payment on the base plant last year. HUBC reported a YoY decline in revenue, with 3QFY26 sales at Rs16.5 bn, down 3.5%, and 9MFY26 revenue at Rs50.6 bn, down from Rs64.6 bn. Gross profit remained relatively stable in the quarter at Rs6.6 bn vs Rs7.0 bn last year, which actually supports our analysis. Earnings Support from JV is a positive sign We see decreasing finance costs provided some relief during the period, while income from associates and joint ventures increased to Rs11.0 bn (quarterly) and Rs32.3 bn (9MFY26). This continued reliance on non-core income highlights a gradual shift in the earnings mix. Profitability reflecting SOME's earning shift.’ Net profit slightly decreased on a YoY basis. HUBC posted Rs12.1 bn in 3QFY26 (vs Rs12.7 bn) and Rs37.7 bn for 9MFY26 (vs Rs39.0 bn). The EPS is PKR 8.33 in 3QFY26 and PKR 25.49 in 9MFY26 on the consolidated basis. Balance Sheet: Long-term liabilities decreasing is a positive sign The balance sheet remained stable with total assets around Rs. 413.6 bn. Equity saw a modest increase, while long-term liabilities declined, indicating deleveraging. However, higher current liabilities point toward increased working capital requirements. Dividend & Valuation The company announced a PKR 5/sh dividend in 3QFY26, taking the cumulative payout to PKR 15/sh for 9MFY26, implying a payout ratio of ~59% and a P/BV of ~1.31x, with a dividend yield of ~8.7%. HUBC yield FY26 PE of 6.5x below the KSE 100 PE range of 8x - 9x. POSITIVE
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UBL - United Bank Ltd.
UBL 1QCY26 Result Overview
Ahsan Muhammad Asif SCS    4/15/2026 12:00:00 AM
? UBL reported robust performance, with PAT up 38% YoY to PKR 48.98bn and EPS up 35% to 19.56/sh. ? The bank’s core income remained stable, as net interest income grew 18% YoY, reflecting consistent performance in its primary banking operations. ? NII increased significantly (+170% YoY), driven by higher gains on securities, which supported overall profitability during the period. On the expense side, costs rose ~53% YoY due to business expansion. ? UBL also announced a PKR 8/share dividend, representing a ~41% payout ratio.
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SAZEW - Sazgar Engineering Works Ltd.
Sazgar Engineering Works Limited (SAZEW) – Production & Sales increasing | Leading P/E 6.0x | PBV 2.26x | Exp Book value PKR 722/sh
Ahsan Muhammad Asif    4/7/2026 12:00:00 AM
SAZEW is currently trading at an estimated P/E of 6.0x, with an expected price-to-sales ratio of 0.73x and price-to-book value of 2.26x, based on an expected book value of PKR 722/sh. SAZEW reported a record performance in March 2026, with four-wheeler production reaching an all-time high of 1,808 units. This represents a 2.1x increase compared to the previous year and a 10% rise from the month before. The data indicates a continued upward trend in production volumes, consistent with the gradual expansion seen since 2023, as also shown in the accompanying chart. On a cumulative basis, the company’s production for the 9MFY26 totaled 12,871 units, a 55% increase over the SPLY. This growth suggests sustained expansion in manufacturing activity over the past year, likely supported by improved operational capacity and steady demand conditions. Sales performance also demonstrated notable growth during the period. In March 2026, SAZEW reported sales of 1,734 units, reflecting an 84% increase YoY and a 3% rise from the last month. The sales figures remain broadly aligned with production levels, indicating that most of the output is being absorbed by the market without a significant buildup of inventory. Cumulatively, sales for 9MFY26 reached 12,630 units, up 57% YoY. The close proximity between production and sales volumes suggests a relatively balanced demand-supply situation during the period. Overall, the data indicates continued growth in both production and sales, although the pace of month-on-month increases appears more moderate compared to the year-on-year gains. On a cumulative basis, the company’s production for the first nine months of FY2026 (9MFY26) stood at 12,871 units, a 55% increase over the SPLY. This growth suggests sustained scaling of manufacturing activity over the past year, potentially supported by improved operational capacity and steady demand. Sales performance also showed notable growth during the period. In March 2026, SAZEW reported sales of 1,734 units, reflecting an 84% increase YoY and a 3% rise MoM. The sales figures remain broadly aligned with production levels, indicating that most of the output is being absorbed in the market without a significant buildup of inventory. Cumulatively, sales for 9MFY26 reached 12,630 units, up 57% YoY. The close proximity between production and sales volumes suggests a relatively balanced demand-supply position during the period. Overall, the data points to continued expansion in both production and sales, though the pace of month-on-month growth appears more moderate compared to year-on-year gains. The Board has approved an estimated capital expenditure of PKR 22.0 bn (excluding land cost), to be financed through a mix of internal cash generation and bank borrowings. Upon completion, the total installed production/assembly capacity of the four-wheeler plant is expected to increase to 54,000 units per annum on a single-shift basis, indicating a planned scale-up in operations over the medium term.
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FFC - Fauji Fertilizer Company Ltd. Consolidated
Fertilizer Offtake & Inventory Position for Mar 2026
Ahsan Muhammad Asi    4/3/2026 12:00:00 AM
Urea offtake rebounded sharply in March 2026, rising 85% YoY to 568k tons, driven by improved demand after a slow start to the year. This increase reverses the trend seen in January and February, which was weighed down by Rabi demand in December 2025, leading to elevated dealer inventories and suppressed sales. For 1QCY26, cumulative urea sales declined 6% YoY to 1,037k tons. However, key players saw growth: - FFC's offtake improved 12% YoY to 602k tons - EFERT's offtake posted a 7% YoY increase to 279k tons, reversing earlier declines
BAFL - Bank Alfalah Ltd.
BAFL - Analyst Briefing Takeaways
Ahsan Muhammad Asi    4/1/2026 12:00:00 AM
~The bank profitability declined by 26% YoY to PKR 28.3 bn (EPS: PKR 18.0) in CY25, mainly due to increase in administrative and marketing expense. ~The bank also announced final cash dividend of PKR 3/sh, bringing the total cash dividend to PKR 10.5/sh in CY25. ~Net interest margins improved to 4.6%, while non-interest income rose 7% to PKR 47.5 bn, driven by higher dividends and FX income. ~The capital adequacy ratio (CAR) at 15.9% ~BAFL handled US$5.9 bn in remittances, holding a 14.7% market share. Deposits grew 17% YoY to PKR 2.5tr, with a similar increase in current accounts. The investment portfolio rose 9% to PKR 2.2tr, with various yield rates. ~Management anticipates a rise in the policy rate this fiscal year, impacted by Middle Eastern developments. ~Trade volume increased by 20% to US$8.5 bn, with import and export market shares at 11.4% and 5.8%, respectively.