Analyst Opinions

CNERGY - Cnergyico Pk Ltd. (Byco Petroleum)
CNERGY Breaks Out of Symmetrical Triangle; Bulls Eye Higher Targets
Muhammad Wajahat    10/30/2026 9:15:01 AM
CNERGY has successfully broken out of a bullish Symmetrical Triangle pattern, signaling strengthening technical momentum and renewed buying interest. Investors are advised to accumulate the stock within the PKR 14.08–14.40 range, with a stop-loss placed below PKR 12.70. The stock is poised to test upside targets of PKR 14.98, 15.70, and 16.51, supported by sustained bullish momentum and favorable market conditions. yesterday thursday (closing price 14.08) day before yesterday (wednesday) closing price was 12.80 now i want you to generate these report based on thursday closing price compared to yesterday clsoing price
Link: https://scstrade.com/apaudio/CNERGY-167-1793333691873-53428845.pdf
KSE 100 - KSE 100 Index
KSE-100 Rebounds Strongly; 168,500 Emerges as the Next Key Hurdle
Muhammad Wajahat    10/30/2026 9:05:03 AM
The KSE-100 Index has staged an impressive rebound from the 161,300 level and is now advancing towards a key resistance at 168,500. A decisive breakout above this level could pave the way for further upside, with the next potential target at 171,500. One of the most encouraging developments in yesterday’s closing session was the strong improvement in volume participation, which had been missing for quite some time, indicating renewed buying interest. However, failure to breach the 168,500 resistance could trigger selling pressure, potentially dragging the index back towards the 161,300 support level. yesterday thursday (closing price 167193.44) day before yesterday (wednesday) closing price was 165,736.76 now i want you to generate these report based on thursday closing price compared to yesterday clsoing price
Link: https://scstrade.com/apaudio/KSE-100-165-1793332888512-0044321c.pdf
LUCK - Lucky Cement Ltd. Consolidated
LUCK – Brownfield Expansion Update
Ahtisham Manzoor    10/29/2026 3:09:12 PM
Lucky Cement has approved 3.2 MTPA brownfield expansion at its Karachi plant. Upon completion, total installed cement capacity in Pakistan will increase to 18.8 MTPA. The stock is trading at P/E of 6.7x. Company is also adding green energy mix: - 22.5MW Wind Turbine - 15MW Battery Energy Storage System (BESS) - Solar power plant and Waste Heat Recovery
Link: https://scstrade.com/apaudio/LUCK-164-1793268488165-00b4efc6.pdf
T-Bill auction 28-Oct-2026
SCS GIS Desk    10/29/2026 12:00:00 AM
- In today's T-Bill auction, the govt raised Rs1.9trn vs target of Rs1.7trn - The total participation was heavy at Rs4.9trn - The yields moved up sharply across the board after 50bps increase in policy rate to 12.00% by the SBP the other day Yields... - 1M yields up 61bps to 12.11% - 3M up 43bps to 12.43% - 6M up 25bps to 12.65% - 12M up 39bps to 12.89%
Pakistan's Rare Earth Metals
SCS Research update    10/29/2026 12:00:00 AM
Global mining-tech firm Weir is exploring long-term collaboration with Pakistan’s minerals sector. Scotland-based Weir held talks with Petroleum Minister Ali Pervaiz Malik It will be a Platinum Sponsor at Pakistan Minerals Investment Forum 2026 Forum dates: Nov 12–13, Islamabad Focus: technology transfer, efficient mineral processing, and value-added investment in Pakistan’s minerals Listed Beneficiaries Direct Reko Diq Exposure OGDC — holds 8.33% stake in Reko Diq ~PPL — holds 8.33% stake in Reko Diq Chagai-Belt through Natural Resources / Adjacent-Area Proxies ~LUCK — Chagai belt / mining-related exposure ~FATIMA — Chagai belt / exploration-linked exposure ~MARI — Chagai belt / minerals-sector proxy
PSO - Pakistan State Oil Company Ltd. Consolidated
PSO: Receivables update
SCS Research update    10/29/2026 12:00:00 AM
- PSO, govt and the IMF are working on circular debt settlement plan - PSO has received around PKR 10 bn in circular debt payments from Power Division (PD) after the end of financial year - The company also confirmed receiving PKR 26 bn from SNGP during the final quarter of financial year
HUBC - The Hub Power Company Ltd. Consolidated
HUBC 1Q dividend call
SCS Research update    10/28/2026 12:00:00 AM
We are encouraged by the Hub Power Result. Company reported an EPS of 9.86/sh in 1QFY27 - which shows continuity of earnings derived from China Power Hub Generation HUBC also announced a 1st interim cash dividend of PKR 5/sh HUBC offers cash dividend yield of more than 10%
FFC - Fauji Fertilizer Company Ltd. Consolidated
FFC 9MCY26 Result Review: Strong Profitability and a Massive Dividend Payout
Neha Naz    10/28/2026 12:00:00 AM
- FFC reported a consolidated Net profit of PKR 28.60bn for 3QCY26, showing a 14.0% YoY increase. This translated to an EPS of PKR 19.72/sh (up from PKR 17.24/sh in the SPLY), reflecting a highly attractive annualized P/E ratio of approximately 6.5x based on current market prices. Furthermore, FFC announced a massive third interim cash dividend of PKR 18.5/sh (185%), taking the cumulative 9MCY26 payout to PKR 41.50/sh. - The bottom-line growth was primarily supported by a robust 2.07% YoY increase in consolidated Revenue to PKR 143.11bn, despite a 3% YoY dip in DAP sales to 524K tonnes due to raw material constraints. - Gross profit rose 7.42% YoY to PKR 49.03bn (Gross margin: 34.26%), with profitability further boosted by a massive jump in the share of profit from associates to PKR 6.71bn and a 16.9% YoY increase in other income to PKR 5.16bn. However, a near-doubling of finance costs to PKR 3.08bn and an effective tax rate of ~33.09% partially offset these gains. - On the balance sheet front, the company's financial health remains fortress-like, with the Book Value per share (BV/sh) standing strong at approximately PKR 198.76/sh. While long-term borrowings saw a notable increase to PKR 72.13bn (up from PKR 50.25bn at the end of CY25), the company’s massive liquidity comfortably outweighs this. - The short-term investments stood at PKR 185.48bn, easily covering short-term borrowings of PKR 18.13bn, while cash and bank balances were recorded at PKR 10.87bn. - We reiterate our 'Positive Outlook' on FFC
KSE 100 - KSE 100 Index
KSE-100 Rebounds: 166,200 Upside Target, 157,000 Downside Risk
Muhammad Wajahat    10/27/2026 9:20:41 AM
The KSE-100 Index has taken support at the 161,300 level and staged a bounce-back, indicating the possibility of a short-term recovery. If the index manages to sustain this rebound and buying momentum continues, it could move towards the next target of 166,200. However, the 161,300 level remains a crucial support to watch. If the index fails to hold this support and selling pressure intensifies, the recovery may lose momentum, potentially leading to a further decline towards the 157,000 level. yesterday monday (closing price 163,038.47) day before yesterday (friday) closing price was 162,374.88 now i want you to generate these report based on wednesday closing price compared to yesterday clsoing price
Link: https://scstrade.com/apaudio/KSE-100-160-1793074611916-7893ef5d.pdf
KSE 100 - KSE 100 Index
Market at a Turning Point: 165,100 Support in Focus
Muhammad Wajahat    10/21/2026 9:04:26 AM
The KSE-100 Index is currently developing a Falling Wedge pattern, which may indicate a potential bullish reversal. The index is trading near its critical support level of 165,100, making the upcoming price action crucial in determining the near-term market direction. A sustained hold above this level, followed by a recovery, could pave the way for an upward move towards 169,000. Conversely, a decisive breakdown below the pattern would weaken the technical outlook and expose the next support level at 160,550. Investors are advised to closely monitor the index’s reaction around the current support zone for confirmation of the next directional move. yesterday tuesday (closing price 165151.64) day before yesterday (monday) closing price was 165966.09 now i want you to generate these report based on wednesday closing price compared to yesterday clsoing price
Link: https://scstrade.com/apaudio/KSE-100-158-1792555334815-b973e996.pdf
Auto Policy 2026-31 - Key Highlights
Ahsan Muhammad Asif    10/21/2026 12:00:00 AM
Prime Minister has granted in-principle approval for the Auto Policy 2026-31. The policy is now subject to IMF clearance, then ECC and Federal Cabinet nod, and finally enactment by Parliament. Export Targets: - By FY31: Target vehicle exports at US$ 6bn and auto-parts exports at US$ 1.2bn - Export quotas to be mandatory for assemblers - 5% rebate on export proceeds on achieving targets, plus additional 10% reward for YoY growth - Non-compliance to attract penalties, manufacturing license may be revoked if targets missed for 2 consecutive years EV Incentives & Taxation: - Phased reduction in import duties on EVs, higher relief for small EVs under US$ 15,000 - Sales tax retained at 1% for BEVs (2026-31), 6% for REEVs and 9% for PHEVs - IMF proposal for 18% sales tax on EVs turned down - 10% FED applicable on EVs priced above US$ 75,000 Auto Financing - Only for EV Buyers: - Financing ceiling for EV buyers raised to PKR 10mn from PKR 3mn - Loan tenure extended to 5 years from 3 years Booking Regulations to Curb Premium (On-Money): - Advance payment limited to 20% at booking - Price to be frozen at booking time, except for changes in govt levies - Vehicle must be registered in end-buyer’s name prior to delivery Localization & Tariff Rationalization: - Emphasis on enhancing local content, incentives to be pulled back on failure to meet localization goals - Auto sector tariffs to be brought down to 15% by FY31 to foster competition New Levy & Institution: - Automotive Development Levy (ADL) on vehicles above 1,000cc, projected to raise over PKR 232bn in 5 years for export support & technology upgrade - ADL bill targeted by Dec’26 - Pakistan Automotive Testing Institute to be established for R&D, testing and certification
OGRA - HSD Crack Spread Revised - Oct 20, 2026
SCS Research update    10/20/2026 12:00:00 AM
- As per OGRA's daily pricing sheet, HSD crack spread has been cut to US$ 38/bbl from US$ 41.89/bbl earlier. - The higher spread of US$ 41.89/bbl was imposed for 2 months only and was scheduled to expire on Oct 20, 2026.
PSO - Pakistan State Oil Company Ltd. Consolidated
PSO - PARCO Supply Deal Update
SCS Research update    10/19/2026 12:00:00 AM
- PSO board has reportedly approved a renewed 5-year supply agreement with PARCO. - Revised Fuel Allocations: - Petrol (RON 92): Increased from 18,000 to 50,000 tonnes/month - High-Speed Diesel: Increased from 50,000 to 105,000 tonnes/month - Furnace Oil: Cut from 32,000 to 5,000 tonnes/month - Reason for Shift: Furnace oil demand is falling in the power sector, while petrol and diesel have become more strategically important. - New Terms: The new deal includes Euro-5 standard fuel, more flexible payment terms, and protection against LC delays related to banking issues.
SLM - Service Long March Tyres Limited
Servis Owns 51%, Chinese Partner 45% of SLM
SCS Research update    10/17/2026 12:00:00 AM
1. Earnings Growing - Revenue Up 44%, Margins Improving SLM reported revenue of Rs. 71.7 billion in FY26, compared to Rs. 49.8 billion in FY25. This is a growth of 43.9%. Gross profit was Rs. 18.1 billion in FY26, compared to Rs. 10.7 billion in FY25. Gross margin improved to 25.3% from 21.6%. In FY24, the company had revenue of Rs. 37.9 billion and a net profit of Rs. 5.36 billion. 2. Dividend Paid Early - Rs. 0.83 Per Share in First Year of Listing For FY26, the company announced a final cash dividend of Rs. 0.83 per share. This was paid within a few months of listing. 3. Strong JV Structure - Servis Owns 51%, Chinese Partner 45% SLM is a joint venture between Pakistan's Servis Group and China's Chaoyang Long March Tyre Co. Servis Group owns 51% of the company. Long March owns about 45%. Before listing, Chinese shareholders held about 43%. The Chinese partner was established in 1966 and is China's first all-steel tyre maker. The company sells tyres under three brands: Longmarch, Roadlux, and Supercargo. 4. Sales Mix Improving - 40% Exports, Targeting $100 Million SLM is the largest all-steel radial tyre maker in Pakistan. It has about 60% share in the truck and bus tyre market in Pakistan. It exports about 40% of its production. In FY24, exports were 32% of total sales. In FY26, exports were about 70 million dollars. The company wants to increase it to 100 million dollars in FY27. Main export markets are USA and Brazil. Poland exports will start soon. Pakistan is now the 5th largest tyre exporter to USA and 7th to Brazil. 5. Market Share Increasing - From 15% to 62%, Aiming for 70% SLM's local market share increased from 15% in FY23 to 62% in FY26. Management wants to take it above 70%, but it depends on competition from Chinese imports. 6. Cost Pressure Rising - 95% Raw Material Imported, Prices at Highs 95% of raw materials are imported from Thailand, Malaysia, and China. So the company is exposed to global price changes. Natural rubber prices are at a 13-year high and carbon black at a 2-year high due to the Gulf conflict. The company has already increased prices by 5% and will increase again in the next 30 to 60 days. It wants to pass on all cost increases by December 2026. Margins may be under pressure in 2QFY27 and 3QFY27 because of the time lag in price increases. 7. Cheap Financing Available - SBP Scheme at 2% For Expansion The company is looking at long-term loans under SBP's export scheme. The rate is 2% for the first two years and 5% for the next eight years. 8. Energy Costs Coming Down - Renewables to Reach 40% The company needs 20MW at peak and 12-14MW on average. It has 12MW solar and 7.5MW wind. The wind project is still being installed. After that, renewable energy will be 40% of total use, up from 23% now. It is also installing a biomass boiler by June 2027 to reduce gas use. 9. Duty Support - Import Duty Raised from 16% to 27% The government has approved an increase in customs duty on imported truck tyres from 16% to 27%. This is good for SLM. 10. OEM Business Strong - 60% Share in Local Truck Makers SLM has 60% share in supplying tyres to local truck and bus makers. Its competitors are GTYR and Chinese suppliers who sell sizes that SLM does not make.
UBL - United Bank Ltd.
UBL liquidate there investments in order to maintain the leverage ratio
Ahsan Muhammad Asif    10/16/2026 3:59:33 PM
- UBL book value increased to PKR208/sh reported in 9M vs PKR 199/sh reported on Dec 31, 2025 - This translates into a PBV multiple of 2x - UBL contemplated deposit mobilization, which increased the deposit base by exactly PKR 1.5 trillion to PKR 6.5 trillion as at 9M - The deposit mobilization also resulted in a higher cost of deposits - However, UBL markup earnings touched the PKR 1 trillion mark in 9M - UBL also booked a gain on securities amounting to ~PKR 48bn - UBL reported 3Q tax charge of 52% - UBL reported 9M EPS of 46/sh (we expect UBL may report PKR60/sh EPS in CY26 - UBL also announced the 3rd interim cash dividend of PKR 8/sh
Link: https://scstrade.com/apaudio/UBL-157-1792148362924-fdfae639.pdf
PRL - Pakistan Refinery Ltd.
PRL Regains Bullish Momentum – Accumulation Zone Identified
Muhammad Wajahat    10/15/2026 9:05:19 AM
PRL has taken support from its support zone, indicating a positive shift in technical momentum and presenting a favourable buying opportunity. Investors are advised to accumulate the stock within the PKR 99.19 - 102.15 range, with a stop-loss placed below PKR 91.05. On the upside, the expected targets are PKR 107.55, PKR 115.35, and PKR 121.35, provided the breakout remains intact.
Link: https://scstrade.com/apaudio/PRL-156-1792036978790-4e2ef733.pdf
KSE 100 - KSE 100 Index
KSE-100 at a Crucial Support: Falling Wedge Signals Potential Reversal
Muhammad Wajahat    10/13/2026 8:34:40 AM
The KSE-100 Index is currently forming a Falling Wedge pattern, a technical chart pattern that may signal a potential bullish reversal. The index is trading near its key support level of 165,100, which will be important to watch in the coming sessions. If the index manages to hold this support and shows signs of a recovery, we may see an upward move towards 169,000 in the coming days. However, a breakdown below the pattern would weaken the near-term technical outlook, with the next support level visible at 160,550. Investors should closely monitor price action around the current support zone to assess the index’s next directional move.
Link: https://scstrade.com/apaudio/KSE-100-155-1791804151331-6e6094fc.pdf
KHAADI IPO SCS Initial Assessment
SCS Research update    10/8/2026 12:00:00 AM
Khaadi Fashion Business Khaadi operates a vertically integrated fast-fashion model from design to retail. Its portfolio covers ready-to-wear, unstitched, menswear, kidswear, fragrances, footwear, accessories and home. The core retail strategy has shifted from “Go-Wide” (rapid store count) to “Go-Deep” – operating fewer, larger, and highly productive stores under the “Experience Store” format. . Khaadi Issue Summary The total issue size comprises 500 mn shares, representing 20% of the total Post-IPO paid up capital. Out of this: - 250 mn shares (10%) – Pre-IPO Private Placement - 250 mn shares (10%) – Initial Public Offering (IPO) via Book Building . Face Value, Premium and Pricing - Par / Face Value: PKR 0.125/- per share - Premium at Floor Price: PKR 12.275/- per share - Floor Price: PKR 12.40/- per share - Cap Price (Maximum Price Band): PKR 18.00/- per share, i.e. up to 45.16% above floor price - Pre-IPO Cap Price: PKR 15.20/- per share, i.e. up to 22.58% above floor price . Pre-IPO Private Placement In addition to the IPO, the fashion company has signed agreements to sell 250 mn shares (10% of Post-IPO Paid Up Capital) through Pre-IPO placement. Book Building Method and Strike Price The 70% of the IPO Issue size i.e. 175 mn shares will be offered through Book Building at the Floor Price of PKR 12.40/sh. Bidders will place bids for 70% of the issue size and the Strike Price shall be the price at which 70% of the Issue size is subscribed through Dutch Auction method. . Retail / General Public Portion The 30% of the IPO i.e. 75 mn ordinary shares will be offered to retail investors through General Public portion at the Strike Price. The retail portion of the public offer shall be fully underwritten. . Future Planning and Use of Proceeds Khaadi currently operates 31 stores across Pakistan, with 18 already converted to Experience Stores. Proceeds from the Issue will be utilized for: a) Conversion of remaining 13 stores into Experience Stores b) Annual Capex of ~PKR 3.5 bn from 2027 onwards for store expansion & remodeling c) E-commerce enhancement in 200 cities and product assortment broadening with weekly & twice-weekly festive drops d) Technology, supply chain and international operations support in destinations like UAE, UK, USA subsidiaries where there is a strong Pakistani diaspora The face value is PKR 0.125, with total issue of 500mn shares split equally between Pre-IPO & IPO, and the IPO itself split into 175 mn (Book Building) and 75 mn (General Public).
PAKT - Pakistan Tobacco Company Ltd.
Pakistan Tobacco Company (PAKT) — FMCG Segment Giant
Ahsan Muhammad Asif    10/7/2026 4:38:14 PM
Pakistan Tobacco Company Limited (PAKT) is a major player in Pakistan’s formal tobacco industry and a subsidiary of British American Tobacco (BAT). The company manufactures and sells cigarettes, tobacco products, and VELO modern oral nicotine products. PAKT has an established formal-sector distribution network and benefits from BAT’s backing, while its portfolio has expanded beyond conventional cigarettes through VELO. The company reported a 35% YoY increase in VELO volumes in Q1 2026, underscoring the growing contribution of the modern oral nicotine category. PAKT’s financial profile remains characterized by relatively high operating margins. Valuation matrix The stock trades at a trailing P/E of 9.64x. The tobacco company paid an annual dividend of PKR 150/sh in 2025. This translated into a dividend yield of 10.7%. PAKT usually traded at a peak PE multiple ranging between 14x and 23x in the last 5 years. PAKT maintained yearly sales growth of ~10% to 23% in the last 5 years. At present, PAKT's yield Price-to-Sales multiple is 2.15x, which once touched a high of 4.5x in 2021. Key Catalysts * Formal-market enforcement: Greater enforcement against illicit cigarette sales can influence the competitive position of compliant manufacturers. * VELO expansion: VELO provides PAKT with exposure to the modern oral nicotine category, with volumes up 35% YoY in Q1 2026. * Pricing and product mix: Changes in product pricing and mix remain important drivers of revenue and margins. * Cost discipline: PAKT continued operating efficiency that can support margins amid changes in taxation and input costs. * BAT relationship: PAKT’s ownership structure provides access to BAT’s international portfolio, expertise, and operating capabilities.
Link: https://scstrade.com/apaudio/PAKT-131-1791359734975-064c3936.pdf
KSE 100 - KSE 100 Index
164,900 in Focus: Rebound or Further Downside?
Muhammad Wajahat    10/6/2026 8:49:35 AM
The KSE-100 Index is approaching a key support level at 164,900. If the index manages to sustain above this level and takes support, we may see a recovery towards 170,000. However, a decisive break below 164,900 could lead to further downside, with the next support level seen around 157,000. Therefore, the index’s reaction at 164,900 will remain crucial for determining the near-term market direction.
Link: https://scstrade.com/apaudio/KSE-100-145-1791199613721-b7d4fb04.pdf
KSE 100 - KSE 100 Index
KSE-100 at Critical 169,600 Support: Bounce or Breakdown?
Muhammad Wajahat    9/30/2026 8:45:09 AM
KSE-100 Index is currently trading above the 169,600 support level, which also represents an important trendline support. The index has previously bounced back from this trendline on four occasions, making this the fifth test of the same support zone. If the index manages to sustain this support, it may move towards 172,700, followed by the next target of 175,800. However, if the 169,600 support fails to hold, the next support is seen at 165,800.
Link: https://scstrade.com/apaudio/KSE-100-122-1790681858758-ede13fa0.pdf
POL - Pakistan Oilfields Ltd.
Strategic Investments Extend POL’s Exposure Beyond Core Exploration & Production
Ahsan Muhammad Asif    9/28/2026 11:57:37 AM
Established Presence in Pakistan’s E&P Sector Pakistan Oilfields Limited (POL) is an established exploration and production (E&P) company headquartered in Rawalpindi, Punjab. The company operates as a subsidiary of the UK-domiciled Attock Oil Company (AOC) and forms part of the Attock Group’s energy operations in Pakistan. POL has a long-standing presence in the country’s upstream sector, with operating interests in several fields across the Potohar region, including Khaur, Balkassar, Dhulian, Joya Mair, Meyal, Pariwali, and Pindori. The company also holds non-operating interests in joint ventures such as Tal, Nashpa, and Adhi, providing exposure to a broader portfolio of producing assets. Diversified Exposure Across the Energy Value Chain POL's operations extend beyond exploration and production. The company holds a 25% stake in National Refinery Limited (NRL) and operates crude-oil pipeline infrastructure supplying Attock Refinery Limited (ARL). It also has a presence in the LPG business through its POLGAS brand and subsidiary, CAPGAS (Pvt.) Limited. This gives POL exposure to different stages of the domestic energy value chain, with upstream operations remaining the core component of its business. Strong Profitability and Cash Position POL reported revenue of PKR 68.764 billion in FY26, with a gross margin of 67% and a net profit margin of 50.6%. The company's financial performance is influenced by production volumes, realized oil and gas prices, operating costs, and developments in the regulatory environment. The company reported cash and bank balances of PKR 86.26 billion, while long-term investments stood at PKR 9.615 billion. The sizeable cash position represents an important component of the company's balance sheet and provides flexibility for investment and capital allocation. Established Dividend Distribution POL has a history of distributing cash dividends to shareholders. The dividend for FY26 stood at PKR 72.50/sh Key Investment Considerations The investment profile of POL is shaped by its established producing asset base, participation in multiple oil and gas fields, diversified energy interests, substantial liquidity, and dividend distribution history. At the same time, the company's financial performance remains exposed to changes in international oil and gas prices, production levels, reserve additions, development activity, taxation, and Pakistan's broader energy-sector policies. These factors remain important when assessing the company's future earnings and cash flows.
Link: https://scstrade.com/apaudio/POL-120-1790578652301-3a83820d.pdf
APL - Attock Petroleum Ltd.
APL: Integrated Downstream Network with Expanding Infrastructure and Diversified Energy Operations
Ahsan Muhammad Asif    9/28/2026 11:47:38 AM
Attock Petroleum Limited (APL) operates within an integrated downstream-upstream network through the Attock Group. The group’s value chain extends from exploration and production through Pakistan Oilfields Limited (POL), which holds a 7.02% stake in APL, to refining through Attock Refinery Limited (ARL), which holds a 21.88% stake in APL, and National Refinery Limited (NRL). Distribution Network APL ranks fourth among oil marketing companies (OMCs) in terms of market share and has continued to expand its retail and storage infrastructure. During FY26, the company added 33 new retail outlets, taking its nationwide network to 811 stations, including 44 company-operated sites. The company operates nine bulk oil terminals with a combined storage capacity of 210,885 MT as of FY25. Major facilities include Machike with a capacity of 60,998 MT, Port Qasim at 39,442 MT, Rawalpindi at 19,420 MT, and Dera Ismail Khan at 18,908 MT. Infrastructure Expansion APL continues to expand its logistics and storage footprint. Land acquisition has been completed for a new bulk oil terminal at Port Qasim, while capacity expansion is underway at the Rawalpindi and Machike facilities. Civil works have also commenced at Pashtoon Garhi (Taru Jabba). Liquidity Position APL’s short-term investments increased from PKR 38.46bn to PKR 47.87bn during the year. The portfolio comprised PKR 12.78bn in Treasury Bills, compared with PKR 11.37bn previously, while mutual fund investments increased from PKR 5.00bn to PKR 11.76bn. PIBs, including their short-term/current portion, stood at PKR 23.33bn. The company’s sizeable short-term investment base contributes to its non-operating income and provides liquidity alongside its core operating activities. Diversification Beyond Conventional Fuels APL has expanded into areas beyond its traditional petroleum retailing operations. The company currently operates three 180kW ultra-fast EV charging stations and is expanding its DC fast-charging infrastructure in collaboration with HUBCO Green and Huawei. Solar net-metering systems have also been deployed across multiple company outlets. In the LPG segment, APL has established a dedicated storage and filling facility in Rawalpindi. The facility was commissioned and commenced operations during FY26 following approvals from the Oil and Gas Regulatory Authority (OGRA) and the Explosives Department. Business Profile APL’s operations combine a nationwide petroleum retail network with bulk storage infrastructure and an integrated relationship with upstream and refining companies within the Attock Group. The company is also expanding into EV charging, LPG, renewable-energy applications, and non-fuel retailing, broadening its operating footprint beyond conventional fuel marketing.
Link: https://scstrade.com/apaudio/APL-113-1790578047724-9ff485cb.pdf
ICL - Ittehad Chemicals Ltd.
Powering future growth through biomass & caustic soda Flacker plant expansion
Ahsan Muhammad Asif    9/28/2026 10:53:05 AM
Biomass Power Plant Ittehad Chemicals Limited (ICL) is set to install a biomass-based power plant and has incorporated Bio Stacks (Private) Limited to monitor the raw material requirements associated with the project. The initiatives are expected to have an impact from FY26-27. Caustic Soda Flaker Plant The company is also set to install a caustic soda flaker plant as part of its capacity and product development initiatives. Financial Outlook Revenue is projected at PKR 34bn, while EPS is estimated at PKR 14. On the balance sheet, total assets are projected to increase to PKR 21bn from PKR 20bn, while equity is estimated at PKR 11bn. Balance Sheet The company’s overall debt has been on a declining trend, alongside the reported changes in its asset and equity base.
Link: https://scstrade.com/apaudio/ICL-114-1790574759083-faef7edc.pdf
PPL - Pakistan Petroleum Ltd.
PPL Large-Scale Presence in Pakistan’s E&P Sector
Ahsan Muhammad Asif    9/28/2026 10:25:07 AM
Pakistan Petroleum Limited (PPL) is a Pakistani state-owned oil and gas exploration and production (E&P) company headquartered in Karachi. It is one of the country's major E&P companies and contributes more than 20% of Pakistan's natural gas supplies. The company has interests in several major producing oil and gas fields, including the Sui gas field, alongside exploration and development activities across its domestic portfolio. Established Producing Assets with Expanding Exploration Activity PPL operates and holds a 100% working interest in the Kandhkot and Sui gas fields. Alongside its established domestic producing assets, the company has expanded its exploration activities beyond Pakistan through international interests, including Offshore Block 5 in Abu Dhabi, UAE, and historical operations in Yemen. During 9MFY26, PPL reported two discoveries in PPL-operated blocks and nine discoveries in partner-operated blocks, reflecting continued exploration activity across its portfolio. Diversification Beyond Hydrocarbons PPL also has exposure to non-hydrocarbon assets through its 50% joint venture interest in Bolan Mining Enterprises (BME), established with the Government of Balochistan. BME is involved in the mining of minerals including baryte, lead, and zinc. The company also holds an effective 8.33% interest in the Reko Diq Copper-Gold Project. The project represents a potential source of diversification beyond PPL's traditional oil and gas operations, with commercial production currently expected around FY28–29. Strong Earnings and Revenue Base In FY26, PPL generated annual revenue of PKR 264.014 billion and reported a gross margin of over 60% and a net profit margin of 37.32%. The company's earnings remain influenced by production volumes, realized oil and gas prices, field performance, development activity, and changes in the regulatory and fiscal environment. Growing Long-Term Investment Base PPL's long-term investments increased by 34.5% year-on-year to PKR 120.6 billion. The company's cash and bank balances stood at PKR 7.166 billion. The increase in long-term investments reflects the company's broader investment base and its participation in projects beyond its core producing assets. Dividend Distribution PPL is a dividend-paying company, with a FY26 dividend of PKR 6/sh Key Investment Considerations PPL's investment profile is primarily shaped by its large domestic producing asset base, continued exploration activity, international exposure, and investments in mining and other strategic projects. The Reko Diq project adds a potential long-term source of diversification beyond the company's traditional E&P operations. PPL's future financial performance will remain dependent on production levels, commodity prices, exploration outcomes, project execution, regulatory developments, and the timing and economics of its international and non-hydrocarbon investments.
Link: https://scstrade.com/apaudio/PPL-118-1790573081402-27e390e8.pdf
NPL NCPL estimations in the wake of JAECOO sales....
SCS Research update    9/25/2026 12:00:00 AM
We expect NPL & NCPL to report PKR 4-5/sh 4Q EPS & PKR 1.5/sh final dividend This is by virtue of 5000 JAECOO SUV sales till June 30 2026
GCWL - Ghani Chemworld Limited
GCWL may get a full impact of commercial operations that will be visible in the June quarter of 2026.
SCS Research update    9/25/2026 12:00:00 AM
The project has a 10-year tax holiday and its product is an import substitute - The Calcium Carbide plant in Hattar Special Economic Zone is a first-of-its-kind project in Pakistan and will help increase market share from 40% to 90-100% by import substitution - It enjoys a 10-year income tax holiday in the SEZ and management plans to fully capitalize on the 10-year tax holiday benefits - Commercial production actually started in 1st week of March 2026 - so Q3 March had only ~ 3 weeks of sales (Rs.105mn net sales) - June Qtr 2026 will be the first FULL quarter If June qtr results show proper utilization + export orders, the import-substitute + zero tax story kicks in
PSO - Pakistan State Oil Company Ltd. Consolidated
PSO receivables update
SCS Research update    9/25/2026 12:00:00 AM
The YoY receivables decreased to PKR 414.81 bn in FY26 from PKR 437.45 bn in FY25 This is a recovery of PKR 22.65 bn in a year as per the balance sheet
ATRL - Attock Refinery Ltd.
ATRL Finds Support — Bullish Momentum Resumes
Muhammad Wajahat    9/24/2026 9:12:12 AM
ATRL has successfully taken support from its key support zone, signaling a positive shift in technical momentum and presenting a favourable buying opportunity. We recommend investors accumulate the stock within the PKR 1,168.97–1,170.51 range, with a stop-loss placed below PKR 1,099.15. On the upside, the stock is expected to target PKR 1,194.35, PKR 1,221.47, and PKR 1,252.25, subject to sustained bullish momentum and the breakout remaining intact.
Link: https://scstrade.com/apaudio/ATRL-116-1790163661033-6c9799fb.pdf
NRL - National Refinery Ltd.
NRL Breakout Delivers — Eyes on Higher Targets
Muhammad Wajahat    9/24/2026 9:12:00 AM
NRL has successfully broken out of its key resistance zone, signaling strengthening technical momentum and reinforcing the stock’s bullish outlook. The stock has achieved its first three upside targets, and investors are advised to continue holding positions for the remaining targets of PKR 585.65, 601.25, and 625.35. In line with the improving price structure, the stop-loss has been revised upward to PKR 522.35 to secure accumulated gains while maintaining disciplined risk management.
Link: https://scstrade.com/apaudio/NRL-117-1790163858428-4c286f4f.pdf
3 of Pakistan's 5 major refineries
SCS Research update    9/24/2026 12:00:00 AM
Refinery update... 3 of Pakistan's 5 major refineries - Cnergyico (Pakistan's largest), Attock Refinery (ATRL), and National Refinery (NRL) - have now formally signed the Upgrade Agreements to start their modernization. They signed with Inter State Gas Systems (ISGS) - the government company appointed to manage the escrow account where the upgrade money is kept. Under which policy: Amended 2023 Brownfield Refinery Policy. "Brownfield" means upgrading existing refineries, not building new ones. Under this policy: - Refineries get to keep extra money from fuel sales (2.5% - 10% incremental incentive on petrol/diesel) in an escrow account. - That money can only be used for the upgrade project. - If they don't upgrade, they have to return the money. Importance for refineries 1. Modernize plants: Current Pakistani refineries are old (1960s-70s tech), they waste a lot of crude. 2. Efficiency: New tech will produce more petrol/diesel from same crude. 3. Euro-V fuels: Currently Pakistan produces Euro-II / III. Euro-V is much cleaner, low-sulphur - less pollution, better for new cars. 4. Energy security: Pakistan imports 60%+ of its petrol/diesel as finished product because local refineries can't make enough. After upgrade, import bill will drop and local production will rise. Government and refineries have moved from just talking about the policy for 2 years to actually signing and starting execution.
NRL - National Refinery Ltd.
NRL Surges Above Resistance: Fresh Upside Ahead
Muhammad Wajahat    9/22/2026 10:25:48 AM
NRL has decisively broken above its key resistance trendline, signaling a positive shift in technical momentum and strengthening the stock’s bullish outlook. We recommend investors accumulate the stock within the PKR 527.92 – 531.35 range, with a stop-loss placed below PKR 475.35. Sustained momentum above the breakout level could drive the stock towards our upside targets of PKR 539.35, 552.35, and 571.35.
Link: https://scstrade.com/apaudio/NRL-103-1789992703093-2ce4154b.pdf
KSE 100 - KSE 100 Index
Trendline Holds, But Volumes Stay Weak
Muhammad Wajahat    9/22/2026 9:29:19 AM
The KSE-100 Index has once again taken support at the key trendline highlighted in our previous updates, from which the market has already bounced three times. While this support remains technically significant, trading volumes continue to remain subdued amid ongoing geopolitical uncertainty, indicating limited market participation and signs of exhaustion. Given the current market environment, we recommend avoiding fresh positions until the index establishes a clear directional move supported by stronger volumes and technical confirmation.
Link: https://scstrade.com/apaudio/KSE-100-99-1789988769674-9f0c2cbe.pdf
PSX - Pakistan Stock Exchange Ltd.
PSX: Structural growth in listings and retail participation supports earnings outlook
Muhammad Wajahat    9/22/2026 8:55:41 AM
SCS Research sees PSX as 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 front runners 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 whilst September is a positive catalyst for PSX. ~PSX owns ~40% of CDC, which adds value. ~ PSX also holds a beneficial holding in National Clearing (NCCPL) of 49.71% and e-clear Services 25%. ~FY26 EPS stood at PKR 2.8, while FY27 EPS is expected at PKR 5.0/sh. ~PSX is yielding FY27 P/E of 8.5x.
Link: files/technical-reports/102/report.pdf
EFERT - Engro Fertilizers Ltd.
Engro Fertilizers Ltd plant resumption notice at PSX
SCS Research update    9/21/2026 12:00:00 AM
EFERT has announced that its EnVen Plant successfully resumed operations on September 19, 2026, after completing maintenance activities. This follows EFERT's earlier notification of the plant shutdown, issued on September 7, 2026. This is positive for EFERT.
KSE 100 - KSE 100 Index
Bulls Defend 166,200: Recovery Momentum Builds
Muhammad Wajahat    9/16/2026 9:03:28 AM
The KSE-100 Index has taken support around the 166,200 level, which remains an important near-term support for the market. If the index manages to sustain above this level, we expect the current recovery to continue, with the next upside level around 174,650. However, a decisive break below 166,200 would weaken the current setup and could lead to further downside toward the next support zone around 162,000. For now, 166,200 remains the key level to watch for the market’s next directional move.
Link: https://scstrade.com/apaudio/KSE-100-86-1789469950540-f67c1987.pdf
GST Reduction on Hybrid Electric Vehicles (HEVs)
Ahsan Muhammad Asif    9/16/2026 12:00:00 AM
Key Development: FBR has reduced GST on locally manufactured/assembled Hybrid Electric Vehicles (HEVs) = 2000cc from 25% to 18% Notification: S.R.O. 1525(I)/2026 Details: - Previous GST: 25% - New GST: 18% - Applicability: Locally manufactured or assembled HEVs with engine capacity up to 2000cc - Effective: via S.R.O. 1525(I)/2026 SCS Take: POSITIVE for Auto Sector 1. Price Reduction: The 7% cut in GST should translate into ~PKR 300K - PKR 500K price drop on popular HEVs like Toyota Corolla Cross, Honda HR-V, Haval H6 HEV 2. Demand Boost: Makes HEVs more affordable vs petrol variants. SCS expects higher volumes for assemblers with HEV lineup - INDU, HCAR, GHNL 3. Policy Support: Aligns with govt's push for fuel efficiency and lower import bill. Favors localization over CBU imports 4. Margin Support: Lower taxes can help improve affordability without hurting OEM margins Watchpoints: Pass-through to end consumer prices, impact on monthly sales volumes, and any clarification on CKD kit duties. SCS views this as a structural positive for HEV adoption in Pakistan. Source: FBR S.R.O. 1525(I)/2026
GCIL - Ghani Chemical Industries Ltd.(G3 Technologies)
Ghani Chemical Industries Limited (GCIL) Contract Award for Natural Gas Allocation
Neha Naz    9/15/2026 12:00:00 AM
SCS RESEARCH UPDATE Ghani Chemical Industries Limited (GCIL) Contract Award for Natural Gas Allocation - REP033 Highlights from PSX Notice: - Contract Party: OGDC to allocate gas to GCIL under the awarded contract - Source: Designated quota of raw natural gas from the field - Purpose: Processing into value-added hydrocarbon products - Products Covered: - CNG – Compressed Natural Gas - LPG – Liquefied Petroleum Gas - Hydrocarbon condensates SCS Take: POSITIVE Securing a dedicated gas quota from OGDC provides GCIL with feedstock visibility to expand into downstream fuels. 1. Revenue Diversification: Expands GCIL beyond industrial/medical gases into higher-margin CNG/LPG business 2. Vertical Integration: Partnership with OGDC, one of Pakistan’s largest E&P companies, de-risks supply 3. Key Monitorables: Project capacity, capex outlay, gas pricing mechanism, and commercial operations date We will incorporate the impact into our estimates once GCIL discloses project economics and timelines. Source: PSX Notice SCS Research
KSE 100 - KSE 100 Index
KSE-100 at a Critical Trendline: Bounce or Breakdown?
Muhammad Wajahat    9/11/2026 8:29:56 AM
The KSE-100 Index is currently trading above an important trendline support, which has previously acted as a strong base for the market, with the index bouncing back from this trendline on three occasions. If the index manages to hold and sustain above this support, it could provide a basis for a recovery towards the 174,700 level. However, a decisive break below this trendline support would weaken the near-term outlook, with the next important support zone located around 164,800.
Link: https://scstrade.com/apaudio/KSE-100-85-1789064018237-08a90e17.pdf
ASL - Aisha Steel Mills Ltd.
ASL Bounces from Support — Upside Targets in Focus
Muhammad Wajahat    9/9/2026 9:01:14 AM
ASL has successfully taken support at its key support zone, reaffirming the strengthening technical structure and positive momentum. The stock has achieved its first upside target of PKR 17.10. We recommend investors continue to hold their positions for the remaining targets of PKR 18.39, PKR 19.97, and PKR 21.05. In line with the improving price structure, the stop-loss has been revised upward to PKR 15.90, aimed at protecting accumulated gains while maintaining disciplined risk management.
Link: https://scstrade.com/apaudio/ASL-84-1788865091849-072ef0de.pdf
KSE 100 - KSE 100 Index
KSE-100 at a Critical Juncture: 171,200 Holds the Key
Muhammad Wajahat    9/8/2026 9:05:22 AM
The KSE-100 Index has decisively broken below the 174,500 support level, confirming short-term technical weakness. The immediate downside target now stands at 171,200. If the index fails to sustain above 171,200, the next key support is expected around 165,250. For now, investors should remain cautious and closely monitor price action around these key levels before taking fresh positions.
Link: https://scstrade.com/apaudio/KSE-100-83-1788779650358-bc0511bc.pdf
ASL - Aisha Steel Mills Ltd.
ASL Gains Momentum After Key Resistance Breakout
Muhammad Wajahat    9/4/2026 9:07:51 AM
ASL has successfully broken above its long-term resistance zone, signalling a significant improvement in technical momentum and strengthening the bullish outlook. We recommend investors accumulate the stock within the PKR 16.08–16.40 range, with a strict stop-loss below PKR 14.42. Subject to sustained bullish momentum, the stock has the potential to target PKR 17.10, PKR 18.39, and PKR 19.97 in the coming sessions.
Link: https://scstrade.com/apaudio/ASL-80-1788459068591-de820de3.pdf
KSE 100 - KSE 100 Index
KSE-100 at a Critical Crossroads: 174,700 Holds the Key
Muhammad Wajahat    9/3/2026 9:03:53 AM
The KSE-100 Index is currently holding above the key support level of 174,700, which remains critical in determining the market’s near-term direction. Sustained trading above this level could trigger renewed buying interest, paving the way for a recovery towards 178,700 and potentially higher levels. However, a decisive break below 174,700, particularly on increased selling volume, would weaken the prevailing technical structure and may lead to further downside towards the next key support at 171,200. Therefore, investors are advised to closely monitor the 174,700 level as the key determinant of the market’s next directional move.
Link: https://scstrade.com/apaudio/KSE-100-79-1788351028382-22cd9766.pdf
FCEPL - Frieslandcampina Engro Pakistan Ltd.
FCEPL Breaks Out Strongly as Bullish Momentum Continues
Muhammad Wajahat    9/2/2026 9:04:38 AM
FCEPL has successfully broken above its key resistance trendline, reaffirming the strength of its bullish technical structure and signalling sustained positive momentum. Having successfully achieved its first four upside targets, we recommend investors consider partial profit-taking at current levels to secure accumulated gains. Investors may continue to hold their remaining positions to participate in further upside potential, with the next targets set at PKR 161.22, PKR 167.54, and PKR 175.55. In line with the strengthening price structure and to maintain disciplined risk management, the stop-loss has been revised upward to PKR 142.65.
Link: https://scstrade.com/apaudio/FCEPL-78-1788289021251-1be21395.pdf
POWER - Power Cement Ltd.
POWER’s Profit increased by 3.6x YoY, Cement capacity utilization increased
Ahsan Muhammad Asif    8/31/2026 12:31:53 PM
POWER posted an impressive basic EPS of PKR 2.86 (diluted PKR 2.72). At the current market price, the stock trades at an attractive P/E ratio of 8.18x. The company posted a Net Income of PKR 3.78bn for the year, a massive 364% YoY increase (vs. PKR 815mn in SPLY), pushing Net Margin to 11%. Revenue grew 15% YoY from PKR 29.52bn to PKR 33.98bn, driven by improved market conditions and better price realization across both domestic and export markets. Total cement and clinker dispatches rose 7.49% to 2.56mn tons, fueled by a 31.21% surge in clinker exports (896,510 tons) that comfortably offset lower cement exports. Clinker production grew 13.38% to 2.42mn tons, lifting capacity utilization to 76% (vs. 67% in FY25). Gross Profit reached PKR 12.08bn (up 44% YoY) on operational efficiencies, expanding Gross Margin to 28%. A primary catalyst for the earnings breakout was a substantial 40% YoY reduction in finance costs to PKR 1.83bn. Overall growth was anchored by higher clinker dispatches, improved price realization, margin expansion, and debt-servicing relief. Enterprise Value (EV) stands at PKR 45.94bn alongside an EBITDA of PKR 8.42bn, translating to a highly competitive EV/ton of PKR 15,312 (USD 55.12). Per-share metrics show an EV/sh of PKR 35.60 against a BV/sh of PKR 18.61. On the balance sheet, POWER aggressively deleveraged by cutting long-term financing by 36% YoY to PKR 8.03bn. While long-term investments remained nil, short-term investments surged 111% YoY to PKR 0.30bn (vs. PKR 0.14bn) and cash & bank balances grew 40% YoY to PKR 0.80bn (vs. PKR 0.57mn in SPLY).
Link: https://scstrade.com/apaudio/POWER-72-1788160848290-2ef41f6b.pdf
DGKC - D. G. Khan Cement Company Ltd.
DGKC FY26 sanguine results
Ahsan Muhammad Asif    8/28/2026 4:51:28 PM
DGKC posted an impressive standalone EPS of PKR 26.08/sh (up 32% YoY from PKR 19.80/sh) alongside a final cash dividend of PKR 1.00/sh. We believe DGKC has shown rebound in earnings. At the current market price, DGKC trades at a P/E multiple of ~8.16x. DGKC book value reached PKR 120 bn which translates into book value per share of PKR 275/sh. DGKC also yields Enterprise Value of PKR 306.7/sh The net revenue (unconsolidated) increased by 11% YoY to PKR 79.56bn. The gross profit rose 12% YoY to PKR 20.73bn, yielding a gross margin of 26% (vs. 25.74% in FY25). The finance costs dropped by a massive 67% YoY to PKR 1.28bn (down from PKR 3.87bn in FY25). DGKC Net Profit increased by 32% YoY to PKR 11.42bn, translating into Net Profit Margin of 14%. Growth in key Balance Sheet numbers - Total Equity: Up 27.4% YoY to PKR 120.64bn (vs. PKR 94.7bn in FY25). - ?Investments: Long-term investments grew to PKR 54.31bn (vs. PKR 20.69bn in the SPLY); short-term jumped 78% YoY to PKR 42.72bn (vs. PKR 24.01bn in the SPLY). - ?Borrowings: Long-term borrowing rose to PKR 24.45bn; short-term increased 41% YoY to PKR 13.90bn. - DGKC now owns beneficial ownership in RMPL of ~ 31% - 32% (we are awaiting books to ascertain real value).
Link: https://scstrade.com/apaudio/DGKC-66-1787917740638-4dc267d5.pdf
DGKC - D. G. Khan Cement Company Ltd.
DGKC Bounces Off Trendline Support — Upside Targets in Sight
Muhammad Wajahat    8/25/2026 9:15:33 AM
DGKC has successfully taken support at its trendline, signalling improving technical momentum and presenting a favourable buying opportunity. We recommend investors accumulate the stock within the PKR 219.45–221.15 range, with a stop-loss below PKR 201.35. The stock is expected to target PKR 227.56, 235.65, and 247.15, subject to sustained bullish momentum.
Link: https://scstrade.com/apaudio/DGKC-59-1787571049071-7b5aee2a.pdf
POWER - Power Cement Ltd.
POWER Bounces Off Trendline Support — Bullish Upside Ahead
Muhammad Wajahat    8/25/2026 9:15:24 AM
POWER has successfully taken support at its trendline, signalling improving technical momentum and presenting a favourable buying opportunity. We recommend investors accumulate the stock within the PKR 23.10–23.35 range, with a stop-loss below PKR 20.50. The stock is expected to target PKR 24.15, 25.65, and 28.15, subject to sustained bullish momentum.
Link: https://scstrade.com/apaudio/POWER-60-1787594735325-8ceb6d4b.pdf
GWLC - Gharibwal Cement Ltd.
GWLC Turns Bullish Above Trendline — Rally Potential Strengthens
Muhammad Wajahat    8/25/2026 9:15:14 AM
GWLC has successfully broken above a key trendline resistance, reinforcing its bullish momentum and improving technical outlook. We recommend investors accumulate in the PKR 54.34–55.15 range, with upside targets of PKR 58.23, PKR 61.92, and PKR 65.25, subject to sustained market strength and healthy volume participation. For disciplined risk management, the stop-loss has been revised upward to PKR 50.05.
Link: https://scstrade.com/apaudio/GWLC-61-1787595471403-69f5e036.pdf
NRL - National Refinery Ltd.
NRL Bullish Setup Confirmed — Hold & Trail
Muhammad Wajahat    8/24/2026 9:26:40 AM
NRL has successfully taken support at its key support zone, reaffirming the stock’s bullish technical structure and renewed buying interest. Having already achieved its first two upside targets, we recommend investors continue to hold positions for the remaining targets of PKR 549.96, PKR 571.35, and PKR 591.98. In line with the improving price structure, the stop-loss has been revised upward to PKR 492.31, securing gains while maintaining disciplined risk management.
Link: https://scstrade.com/apaudio/NRL-58-1787515349899-863da7ed.pdf