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Analyst Opinions

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