Analyst Opinions

MEBL - Meezan Bank Ltd.
MEBL Holds Breakout Retest, Strengthening Bullish Momentum for the Next Leg Higher
M Wajahat    7/13/2026 12:00:00 AM
MEBL has successfully broken above its ascending channel and is currently retesting the breakout level, reinforcing the strength of its bullish technical outlook and confirming renewed buying interest. Having already achieved its initial target, the stock continues to exhibit strong upward momentum, supporting a positive outlook for further upside towards PKR 592.33, 625.15, and 651.33. Investors are advised to maintain existing positions while adhering to disciplined risk management, with the stop-loss revised upward to PKR 523.10 to safeguard accumulated gains and align with the improving price structure
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20MEBL%20July%2013,%202026...pdf
PRL - Pakistan Refinery Ltd.
PRL Breaks Key Resistance, Signaling Strong Bullish Momentum and Fresh Upside Potential
M Wajahat    7/13/2026 12:00:00 AM
PRL has decisively broken above a key resistance zone, confirming strengthening bullish momentum and an improving technical outlook. The breakout reflects renewed buying interest, and investors are advised to consider accumulating positions within the PKR 41.90–42.37 range. Based on the prevailing technical structure, the stock offers upside potential toward PKR 44.65, 47.35, and 51.25, subject to sustained buying interest and favorable market conditions. To ensure prudent risk management and protect capital, a strict stop-loss is recommended at PKR 37.35
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PRL%20July%2013,%202026...pdf
AKBL - Askari Bank Ltd.
AKBL Retests Breakout Successfully, Reinforcing Bullish Trend and Further Upside Potential
M Wajahat    7/13/2026 12:00:00 AM
AKBL has successfully broken above a key resistance zone and is currently retesting the breakout level, reinforcing the strength of its bullish technical structure and confirming sustained buying interest. The stock is now approaching its first upside target of PKR 118.95, while the prevailing positive momentum supports further upside potential towards PKR 124.54, 132.15, and 139.65. Investors are advised to continue holding existing positions, with the stop-loss revised upward to PKR 106.60 to protect accumulated gains and maintain disciplined risk management in line with the improving price structure
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20AKBL%20July%2013,%202026...pdf
PRL - Pakistan Refinery Ltd.
PRL Surges Above Resistance, Opening the Door to Higher Targets
M Wajahat    7/10/2026 12:00:00 AM
PRL has decisively broken above a key resistance zone, confirming strengthening bullish momentum and an improving technical outlook. The breakout reflects renewed buying interest, and investors are advised to consider accumulating positions within the PKR 41.90–42.37 range. Based on the prevailing technical structure, the stock offers upside potential toward PKR 44.65, 47.35, and 51.25, subject to sustained buying interest and favorable market conditions. To ensure prudent risk management and protect capital, a strict stop-loss is recommended at PKR 37.35
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PRL%20July%2010,%202026...pdf
GAL - Ghandhara Automobiles Ltd. Consolidated
GAL Clears Another Resistance, Reinforcing Uptrend
M Wajahat    7/10/2026 12:00:00 AM
GAL has successfully broken above another key resistance zone, reaffirming strong buying interest and further strengthening its bullish technical outlook. The stock has also achieved our second upside target, reinforcing the prevailing positive momentum. With the uptrend remaining firmly intact, investors are advised to continue holding existing positions for the next upside targets at PKR 610.26, 635.25, and 657.35. Reflecting the improving price structure and to safeguard accumulated gains, the stop-loss has been revised upward to PKR 549.15, ensuring disciplined risk management while maintaining exposure to further upside potential
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20GAL%20July%2010,%202026...pdf
MUGHAL - Mughal Iron & Steels Ind. Ltd.
MUGHAL Achieves Second Upside Target, Bullish Momentum Remains Firmly Intact
M Wajahat    7/8/2026 12:00:00 AM
MUGHAL has successfully broken above its ascending channel pattern, confirming the strength of its bullish technical structure and sustained buying interest. The stock has also achieved our second upside target, further validating the prevailing positive momentum. With the uptrend remaining firmly intact, investors are advised to continue holding existing positions for the next upside targets at PKR 101.15, 107.19, and 117.25. In line with the improving price structure and to safeguard accumulated gains, the stop-loss has been revised upward to PKR 84.81 as part of disciplined risk management.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20MUGHAL%20July%2008,%202026...pdf
THCCL - Thatta Cement Company Ltd.
THCCL Breaks Above Long-Term Resistance Trendline, Signaling Strong Bullish Continuation
M Wajahat    7/8/2026 12:00:00 AM
THCCL has successfully broken above its long-term resistance trendline, signaling strengthening bullish momentum and a notable improvement in its technical outlook. Investors may consider accumulating positions within the PKR 74.25–74.50 range, as the prevailing chart structure suggests potential upside targets at PKR 78.33, 83.35, and 87.25, subject to sustained buying interest and healthy volume participation. To manage downside risk and protect capital, a strict stop-loss is recommended at PKR 66.80
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20THCCL%20July%2008,%202026...pdf
LUCK - Lucky Cement Ltd. Consolidated
LUCK Extends Rally Beyond Key Resistance; Higher Upside Targets Remain in Focus
M Wajahat    7/7/2026 12:00:00 AM
LUCK has successfully broken above another key resistance zone, reaffirming strong buying interest and further strengthening its bullish technical outlook. The stock has also achieved our second upside target, reinforcing the prevailing positive momentum. With the bullish trend remaining firmly intact, investors are advised to continue holding existing positions for the next upside targets at PKR 499.19, 519.52, and 551.25. In line with the improving technical structure and to protect accumulated gains, the stop-loss has been revised upward to PKR 441.72, ensuring disciplined risk management while maintaining exposure to further upside potential.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20LUCK%20July%2007,%202026...pdf
MEBL - Meezan Bank Ltd.
MEBL Maintains Strong Uptrend Following Confirmed Channel Breakout and Retest
M Wajahat    7/7/2026 12:00:00 AM
MEBL has successfully broken above its ascending channel pattern and is currently retesting the breakout level, reinforcing the strength of its bullish technical structure. The stock is now approaching our first upside target of PKR 573.25. With buying momentum remaining robust, investors are advised to continue holding existing positions for further upside targets at PKR 592.33, 625.15, and 649.15. Reflecting the improving price structure and to safeguard accumulated gains, the stop-loss has been revised upward to PKR 514.80, ensuring disciplined risk management while maintaining exposure to additional upside potential.
Link: http://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20MEBL%20July%2007,%202026...pdf
PAEL - Pak Elektron Ltd.
PAEL Strengthens Bullish Outlook After Key Breakout and First Target Achievement
M Wajahat    7/7/2026 12:00:00 AM
PAEL has successfully broken above its key resistance zone, reaffirming strong buying interest and strengthening its bullish technical outlook. The stock has also achieved our first upside target, validating the positive price structure. With momentum remaining firmly intact, investors are advised to continue holding existing positions for the next upside targets at PKR 49.15, 53.35, and 57.25. In line with the improving technical structure and to protect accumulated gains, the stop-loss has been revised upward to PKR 42.20, ensuring disciplined risk management while maintaining exposure to further upside potential.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PAEL%20July%2007,%202026...pdf
AKBL - Askari Bank Ltd.
AKBL Breakout Update: Bullish Momentum Intact, Higher Targets in Sight
M Wajahat    7/6/2026 12:00:00 AM
AKBL has broken above a key resistance zone, reinforcing its bullish outlook and approaching its first target of PKR 118.95. With momentum remaining strong, investors may continue to hold for further upside targets of PKR 124.54, 132.15, and 139.65, while the stop-loss has been revised upward to PKR 106.60 to protect gains and maintain disciplined risk management.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20AKBL%20July%2006,%202026...pdf
OGDC - Oil & Gas Development Company Ltd.
OGDC Breakout Update: Breakout Confirms Continued Upside Potential
M Wajahat    7/6/2026 12:00:00 AM
OGDC has successfully broken above its key resistance zone, reaffirming strong buying interest and strengthening its bullish technical outlook. With the stock approaching its initial target of PKR 351.15 and momentum remaining firmly intact, investors are advised to continue holding positions for further upside targets of PKR 371.25, 391.23, and 402.31. In line with the improving price structure and to safeguard accumulated gains, the stop-loss has been revised upward to PKR 322.13, ensuring disciplined risk management while maintaining exposure to additional upside potential.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20OGDC%20July%2006,%202026...pdf
GLAXO - Glaxosmithkline (Pak) Ltd.
GLAXO Breakout Update: Symmetrical Pattern Breakout Signals Further Upside Potential
M Wajahat    7/6/2026 12:00:00 AM
GLAXO has successfully broken out of a bullish symmetrical pattern, signaling renewed buying interest and reinforcing its positive technical outlook. With momentum remaining strong, investors are advised to continue holding positions for further upside targets of PKR 397.15, 413.25, and 431.25. In line with the strengthening price structure and to safeguard accumulated gains, the stop-loss has been revised upward to PKR 355.13, ensuring disciplined risk management while maintaining exposure to additional upside potential.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20GLAXO%20July%2006,%202026...pdf
OGDC - Oil & Gas Development Company Ltd.
OGDC Confirms Breakout Above Key Resistance
M Wajahat    7/3/2026 12:00:00 AM
OGDC has decisively broken above a key resistance zone, confirming renewed buying interest and reinforcing its bullish technical outlook. The breakout reflects strengthening price momentum, and with the uptrend remaining intact, investors may consider accumulating the stock within the PKR 339.10–340.15 range for potential upside targets of PKR 351.15, 371.25, and 391.23. To manage risk and protect against downside volatility, a stop-loss is recommended at PKR 305.04
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20OGDC%20July%2003,%202026...pdf
JVDC - Javedan Corporation Ltd.
JVDC Shows Strong Recovery from Support
M Wajahat    7/3/2026 12:00:00 AM
JVDC has successfully rebounded from its support zone, indicating renewed buying interest and reaffirming the stock’s bullish technical outlook. The stock is now approaching its first target of PKR 161.15, and with momentum remaining strong, investors may continue to hold positions for further upside potential toward PKR 171.15, 182.97, and 189.65. In line with the improving price structure, the stop-loss has been revised upward to PKR 143.50 to ensure prudent risk management and safeguard accumulated gains
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20JVDC%20July%2003,%202026...pdf
SEARL - The Searle Company Ltd. Consolidated
SEARL Holds Key Support Zone, Reinforcing Bullish Structure
M Wajahat    7/3/2026 12:00:00 AM
SEARL has successfully held its key support zone, signaling renewed buying interest and reinforcing the stock’s bullish technical outlook. With momentum remaining intact, investors may continue to hold their positions for potential upside targets of PKR 99.45, 105.13, and 113.35. In line with the strengthening price structure, the stop-loss has been revised upward to PKR 88.80 to maintain disciplined risk management and protect accumulated gains
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20SEARL%20July%2003,%202026...pdf
Future Outlook for Bond Yield in the Country (Next 12–18 Months)
Atif Saeed Rana    7/3/2026 12:00:00 AM
Over the next 12–18 months, Pakistan's bond market is expected to remain relatively stable, supported by moderating inflation, improving macroeconomic conditions, and continued implementation of IMF-supported reforms. While the State Bank of Pakistan may undertake limited additional policy easing, the scope for further significant declines in bond yields is likely to be constrained. High government borrowing requirements, global oil price volatility, exchange-rate pressures, and changing global financial conditions remain the key risks that could place upward pressure on yields. Consequently, the most probable outlook is for stable to slightly lower bond yields, with investment returns increasingly driven by interest income rather than capital gains as the interest rate cycle approaches stabilization. PIB yields have generally exhibited a downward trend in recent auctions, reflecting easing inflation expectations, improved macroeconomic stability, and market anticipation that the State Bank of Pakistan is approaching or entering a gradual monetary easing cycle. Tenor Earlier Cut-off Yield Latest Cut-off Yield Change 2-Year 12.50% 11.45% ? 105 bps 3-Year 12.50% 11.49% ? 101 bps 5-Year 12.50% 11.63% ? 87 bps 10-Year ~12.61%* 12.14% ? ~47 bps The decline is most pronounced in the 2- and 3-year tenors, indicating strong market expectations of lower policy rates in the near term. Medium- and long-term yields have also fallen, though at a slower pace, reflecting reduced inflation and sovereign risk premiums. The downward movement across the yield curve suggests increasing investor confidence and stronger demand for fixed-income securities. If inflation continues to moderate, PIB yields are likely to trend lower over the next 6–18 months, particularly in the 3–10 year segment
MEBL - Meezan Bank Ltd.
MEBL ascending channel pattern breakout
M Wajahat    7/2/2026 12:00:00 AM
MEBL has successfully broken above its ascending channel pattern, signaling strengthening bullish momentum and an improving technical outlook. Investors may consider accumulating the stock within the PKR 553.45–555.56 range, with potential upside targets of PKR 573.25, 592.33, and 625.15. The breakout is supported by sustained buying interest and constructive price action, reinforcing a positive near- to medium-term outlook for the stock. To maintain disciplined risk management, a stop-loss is recommended at PKR 505.15. ??
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20MEBL%20July%2002,%202026....pdf
AKBL - Askari Bank Ltd.
AKBL Breaks Above Key Resistance, Bullish Momentum Strengthens
M Wajahat    7/2/2026 12:00:00 AM
AKBL has decisively broken out above its key resistance zone, indicating strengthening bullish momentum and an improved technical setup. Investors may consider accumulating the stock in the PKR 112.99–113.45 range, with potential upside targets of PKR 118.95, PKR 124.54, and PKR 132.15. The breakout is backed by healthy buying interest and positive price action, supporting a constructive near- to medium-term outlook. To manage risk effectively, a stop-loss is recommended at PKR 100.13
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20AKBL%20July%2002,%202026....pdf
PTC - Pakistan Telecommunication Co. Ltd.
PTC Breaks Above Key Resistance on Strong Volume, Reinforcing Bullish Momentum
M Wajahat    7/2/2026 12:00:00 AM
PTC has successfully broken its key resistance zone , signaling strengthening bullish momentum and an improving technical outlook. Investors may consider accumulating the stock within the PKR 72.07 - 72.57 range, with potential upside targets at PKR 76.65, 80.30, and 86.71. The breakout is supported by sustained buying interest and constructive price action, reinforcing a positive near- to medium-term outlook for the stock. To manage downside risk, a stop-loss is recommended at PKR 64.80
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PTC%20July%2002,%202026....pdf
LSE SPAC-II Limited – IPO
Ahsan Muhammad Asif    7/1/2026 12:00:00 AM
LSE SPAC-II is not a conventional operating company; it does not currently own any business, generate revenue, or provide products or services. Its sole purpose is to raise capital through an IPO and subsequently acquire or merge with an operating business. Business Objective The company's primary objective is to identify, acquire, or merge with a suitable target company within three years of its listing on the PSX. Following the business combination, the acquired entity will effectively become the operating business of the listed SPAC. According to the company prospectus, they had neither identified nor entered into discussions with any specific acquisition target. As such, investors are investing in the management team's ability to identify and execute a suitable transaction in the future rather than in an existing operating business. IPO Details 1. Issue Size: 2 million ordinary shares 2. Issue Price: PKR 10/sh (Fixed Price Method) 3. Pre-IPO Allocation: 1.8 million shares (90%) 4. Public Offering: 2mn shares (10%) 5. Bidding Date: 2 -3 July, 2026 Use of Proceeds The IPO proceeds are intended to finance a future acquisition or business combination. In accordance with Pakistan's SPAC regulations: • At least 90% of the IPO proceeds will be placed in a regulated escrow account, where the funds will remain protected until a qualifying acquisition is completed. • Up to 10% of the proceeds may be used for operating expenses, regulatory compliance, due diligence, professional advisory fees, and identifying potential acquisition opportunities.
Link: https://www.linkedin.com/in/mahsan178/
LUCK - Lucky Cement Ltd. Consolidated
Lucky Cement Expands Karachi Plant Capacity by 300,000 Tons
Ahsan Muhammad Asif    7/1/2026 12:00:00 AM
Lucky Cement has announced an expansion of its Karachi-based cement plant, increasing production capacity by 300,000 tons to 5.35 million tons per annum. Following this expansion, the company’s total production capacity will rise to 15.6 million tons per annum.
Link: https://www.linkedin.com/in/mahsan178/
ISL - International Steels Ltd.
ISL Strongly holds its support zone
M Wajahat    6/30/2026 12:00:00 AM
ISL has successfully held its key support zone, signaling renewed buying interest and reinforcing the stock’s bullish technical outlook. Having already achieved its first target, the stock continues to exhibit strong momentum, and investors may consider holding positions for further upside targets of 98.52, 107.25, and 113.13. In line with the strengthening price structure, the stop-loss has been revised upward to 86.10 to maintain disciplined risk management
Link: https://www.scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20ISL%20June%2030,%202026.....pdf
ILP - Interloop Limited
ILP Break its resistance zone with volume
M Wajahat    6/30/2026 12:00:00 AM
ILP has successfully broken above its key resistance zone, reaffirming its bullish technical structure and signaling renewed buying interest. Having already achieved its first two targets, the stock continues to exhibit strong momentum, and investors may consider holding positions for further upside targets of 113.56, 121.12, and 128.45. In line with the improving price structure, the stop-loss has been revised upward to 98.51 to maintain disciplined risk management and protect accumulated gains.
Link: https://www.scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20ILP%20June%2030,%202026.....pdf
TOMCL - The Organic Meat Company Ltd.
TOMCL has successfully broken its trendline
M Wajahat    6/30/2026 12:00:00 AM
TOMCL has successfully broken above its key trendline resistance, signaling renewed buying interest and reinforcing the stock’s bullish technical outlook. Having already achieved its first four targets, the stock continues to exhibit strong momentum, and investors may consider holding positions for further upside targets of 49.32, 53.40, and 59.61. In line with the strengthening price structure, the stop-loss has been revised upward to 39.96 to maintain disciplined risk management and protect accumulated gains.
Link: https://www.scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20TOMCL%20June%2030,%202026.....pdf
SLM - Service Long March Tyres Limited
SLM Increases TBR Tyre Production Capacity by 25%
SCS Research update    6/29/2026 12:00:00 AM
SLM, in a notice to the PSX, announced that it has successfully enhanced its production capacity for Truck and Bus Radial (TBR) tyres. The company’s annual production capacity has increased from 1.6 million tyres to 2.0 million tyres, reflecting an expansion of approximately 25%.
Link: https://dps.psx.com.pk/download/document/279206.pdf
SRVI - Service Industries Ltd.
Service Industries to Seek Shareholder Approval for 10-for-1 Share Split at Aug. 4 EOGM
SCS Research update    6/29/2026 12:00:00 AM
Service Industries Limited's Board of Directors has approved a proposal to split the company's ordinary shares by reducing their face value from Rs 10 to Rs 1/sh, facilitating a 10-for-1 stock split. The proposal will be placed before shareholders for approval at an Extraordinary General Meeting (EOGM) scheduled for August 4, 2026, in Lahore. The company has also announced that its share transfer books will remain closed from July 29 to August 4, 2026, both days inclusive.
Link: https://dps.psx.com.pk/download/document/279157.pdf
ILP - Interloop Limited
Big Favor for Export-Based Textile Companies
Ahsan Muhammad Asif    6/24/2026 12:00:00 AM
As part of the approved Finance Bill 2026, the Super Tax will not apply to companies whose export receipts exceed 80% of their total turnover during the financial year (compared to the earlier Budget proposal of a 2% reduction in Super Tax from the previous 10%). This development is particularly positive for large textile exporters such as Interloop Limited (ILP) and Gul Ahmed Textile Mills (GATM), as it significantly improves their after-tax earnings outlook. The export contribution of key companies is as follows: FML derives approximately 96% of its sales from exports, ILP around 94%, and GATM about 91%. Based on this criterion, these companies fall under the exemption category.
Link: https://www.linkedin.com/in/mahsan178/
MLCF - Maple Leaf Cement Factory Ltd. Consolidated
MLCF Resistance turned into Support zone.
M Wajahat    6/24/2026 12:00:00 AM
MLCF has successfully broken above a key resistance zone, signaling renewed buying interest and strengthening bullish sentiment. We are pleased to note that three upside targets have already been achieved, reflecting the stock’s strong price performance. With momentum still intact, investors may continue to hold positions for the next upside targets at 105.72, 112.30, and 118.35. To maintain disciplined risk management, the stop-loss is now revised to below 97.95.
Link: https://www.scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20MLCF%20June%2024,%202026....pdf
PAEL - Pak Elektron Ltd.
Trendline Resistance Breakout
M Wajahat    6/24/2026 12:00:00 AM
PAEL has successfully broken above its trendline resistance, signaling renewed buying interest and reinforcing the stock’s bullish technical outlook. This breakout reflects improving price strength, and with momentum remaining intact, investors may continue to hold positions for upside targets at 46.12, 49.15, and 53.35. To maintain disciplined risk management, a stop-loss is advised at 38.49.
Link: https://www.scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PAEL%20June%2024,%202026....pdf
PAEL - Pak Elektron Ltd.
Trendline Resistance Breakout
M Wajahat    6/24/2026 12:00:00 AM
PAEL has successfully broken above its trendline resistance, signaling renewed buying interest and reinforcing the stock’s bullish technical outlook. This breakout reflects improving price strength, and with momentum remaining intact, investors may continue to hold positions for upside targets at 46.12, 49.15, and 53.35. To maintain disciplined risk management, a stop-loss is advised at 38.49.
Link: https://www.scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PAEL%20June%2024,%202026....pdf
CNERGY - Cnergyico Pk Ltd. (Byco Petroleum)
Cnergy Book Value increased to PKR 40.4/sh
SCS Research update    6/24/2026 12:00:00 AM
CNERGY is on the radar post June Operating at 100% through-put The main player may benefit from refining Iranian crude supplies It's already in 3Q profits CNERGY enjoys the highest shareholders' equity amount of PKR 220bn in the balance sheet vs ATRL equity of PKR 159bn CNERGY yields 9M Book Value of PKR 40.4/sh ATRL is yielding 9M Book Value PKR 1494/sh
Link: https://www.linkedin.com/in/mahsan178/
DGKC - D. G. Khan Cement Company Ltd.
DGKC Resistance turned into Support zone.
Wajahat    6/23/2026 12:00:00 AM
DGKC has successfully broken above a key resistance zone, validating the breakout and reinforcing its constructive bullish outlook. The achievement of the first two upside targets highlights the strength of prevailing momentum and sustained investor interest. Investors may continue to hold positions for the next upside objectives at 235.65, 245.15, and 257.52, subject to favorable market conditions and continued buying activity. To preserve gains and maintain prudent risk management, the stop-loss is now revised to below 201.15.
Link: https://www.scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20DGKC%20June%2023,%202026...pdf
LOTCHEM: Margin Recovery??
SCS Research update    6/18/2026 12:00:00 AM
LOTCHEM is sitting at an EBITDA margin of 12.7%, showing operational recovery Hence, LOTCHEM is currently yielding EBITDA amounting to PKR 2.65bn (~4bn reported on Dec 31, 2025) So far, the reported gross margins improved to 14% in 1Q, which was merely 6% in the same period last year We see PTA-Px margins improving, as per our reading (Sunsirs ~$250/ton) The local PTA prices may be hovering at ~PKR 250k tons LOTCHEM reported EBITDA of PKR18bn in FY22, which was the peak point, but currently sitting at PKR 2.65bn, we expect it may increase this year, mainly given 1) an increase in PTA-Px margins 2) decrease in local grid cost (maybe PKR 26 - 36/kWh) Earlier LOTCHEM reported 1Q EPS of PKR 0.97/sh The sales were slightly down by 3.2%, i.e., PKR 20.8bn vs PKR 21.5bn reported for the same period last year 2Q quantity sales may improve from 80k tons We witnessed improved COGS control, which supported margins, i.e., gross margins increased up to 14% whereby gross profit jumped by 123% to PKR 2.9bn vs PKR 1.3bn reported last year We see early signs of cost discipline under the new management team. This indicates a management transition from the previous Korean team
Link: https://www.linkedin.com/in/mahsan178/
HUBC - The Hub Power Company Ltd. Consolidated
Hub Power Company
SCS Research update    6/18/2026 12:00:00 AM
- HUBC pays a cash dividend of PKR 5/sh in every quarter - HUBC via Mega Motors to install BYD EV Variants in Gharo, Sindh, from October 2026 onwards, wherein an LC is established - Mega to produce 25k EV vehicles, which contribute more than PKR 10/sh on EPS - HUBC has recouped earnings in FY26 (after the government scrapped its 1995 IPP agreement) - Now HUBC is getting revised CPP on Narowal - HUBC is a bond-like stock with ~10% cash yield
Link: https://www.linkedin.com/in/mahsan178/
Mughal: Earnings Growth Outlook & Revenue Forecasting REP033Copper Segment Outlook
SCS Research update    6/15/2026 12:00:00 AM
> Mughal sold 1,737 tons of copper in 9MFY26, generating approximately PKR 6.5 bn in revenue. > We expect copper export sales to increase in 4QFY26. > Assuming the company sells 4,000 tons of copper in 4QFY26: > Expected copper revenue: PKR 15 bn > Expected net profit from copper segment: PKR 0.75 bn > Assumed net profit margin: 5% > Expected copper EPS contribution: PKR 2.23 per share > We expect the overall EPS to reach PKR 8/sh > Expected FY26 P/E is 11x > Expected FY27 P/E is 6x SCS Research update
Link: https://www.linkedin.com/in/mahsan178/
FATIMA - Fatima Fertilizer Company Ltd.
Fatima Fertilizers - a case of compounding
SCS Research update    6/11/2026 12:00:00 AM
Fatima Fertilizer_ is shaping up as a classic “defensive growth” name on the PSX, and those numbers you posted line up with why it’s getting attention: Valuation + Income - PE 5.8x, PBV 1.7x: Cheap vs PSX average and vs global fertilizer peers. The market isn’t pricing in much earnings growth. - *Dividend yield >10%*: Fatima has a track record of high payouts because cash flows are stable and _capex_ is low once plants are running. Why margins are holding up: - Optimized gas: Fertilizer is energy-intensive. Fatima Fertilizers' access to allocated gas at reasonable rates keeps input costs down vs plants relying on RLNG. - Urea + CAN demand: Stable demand + import restrictions keep local prices supported. - Lower finance costs: There is an unleveraged balance sheet, which further boosts EPS. The Natural Resources kicker: Exposure to Natural Resources Limited, alongside Mari Energies and Lucky Cement, puts Fatima Fertilizers in the Balochistan copper/gold/rare earth story. It’s early-stage and not in current earnings, but it’s a free optionality if exploration succeeds. There is a strong chance of positive cash flows in 2031. Risks to watch: 1. Gas policy changes – any cut in allocated gas or price hike hits margins fast. 2. Subsidy/floor price changes – gov’t controls urea pricing, so farm economics + fiscal health matter. 3. Commodity urea prices – if global urea crashes, local prices may follow. Bottom line: At 5.8x PE + 10%+ yield, Fatima Fertilizers can keep compounding through 2026. The Natural Resources exposure is not in the price yet.
Link: https://www.linkedin.com/in/mahsan178/
Daily Technical Calls and Support
SCS Update    6/11/2026 12:00:00 AM
SCS uploads daily technical calls to its website. Follow the link below to stay updated on upcoming and valuable calls: For SCS clients, for any technical queries, please call: UAN (021) 111-111-721 Ext. 123.
Link: https://www.scstrade.com/research/RE_Technical_Reports.aspx
CHCC - Cherat Cement Company Ltd.
Cherat Cement is planning a share buyback of up to 4% of its capital
SCS Research update    6/10/2026 12:00:00 AM
Key details.... - The buyback is part of a set of strategic initiatives the company is pursuing, pending shareholder approval in June 2026. - It was announced alongside other moves: a PKR 300 mn investment in Cherat Packaging Ltd (CPPL) and entry into mining via a JV. - The announcement came during a tough quarter - Q3 FY26 net profit fell 30% QoQ and 16% YoY due to lower dispatches and higher coal prices. The buyback hasn’t been executed yet - it still needs shareholders to sign off at the June 2026 meeting.
Link: https://www.linkedin.com/in/mahsan178/
FECTC - Fecto Cement Ltd.
FECTC Islamabad land value in focus
SCS Research update    6/9/2026 12:00:00 AM
? Fecto Cement maintains a strategically significant industrial asset through its manufacturing facility located in Sangjani, Islamabad. ? The plant is situated on approximately 237.64 acres of freehold land, representing a substantial long-term asset base. ? This area is equivalent to approximately 38,022.4 marlas. ? Based on an estimated market rate of PKR 0.5mn – 0.8 mn per marla, the implied valuation of the land is approximately PKR 19bn to 25bn. ? The per-share land value (after tax) has a minimum price of PKR 293/sh. ? At a higher benchmark rate of PKR 2.2 mn per marla, the implied valuation increases significantly to approximately PKR 83.65 bn. ? This analysis highlights the considerable intrinsic value embedded in the company’s industrial land.
Link: https://www.linkedin.com/in/mahsan178/
MTL - Millat Tractors Ltd. Consolidated
MTL Updates:
Ahsan Muhammad Asif    6/9/2026 12:00:00 AM
1. Stock Split: Millat Tractors Limited (MTL) has approved a subdivision of its shares, reducing the face value from Rs 10 to Rs 5. Issued shares will increase from ~199.5 million to ~399.0 million. This stock split improves liquidity and affordability without affecting shareholder rights or overall business value. 2. Financial Support for Subsidiary: The Board of MTL has approved providing financial backing to its subsidiary, Millat Industrial Products Limited (MIPL), for the E-Bike Project. MTL will issue a Corporate Guarantee, Letter of Comfort, or other security arrangements up to a maximum of PKR 1.5 billion (Rupees One Billion Five Hundred Million Only).
Link: https://www.linkedin.com/in/mahsan178/
POWER - Power Cement Ltd.
Power Cement notes ....SCS published report
Ahsan Muhammad Asif    6/4/2026 12:00:00 AM
Power Cement has a production capacity of around 3.4 million tons per annum, produced primarily at its Nooriabad plant in Karachi, Sindh. ? POWER yields leading PE of 7.59x, PBV of 0.9x, and annualized net margin of ~10%. ? The company has the potential to export.
Link: https://www.scstrade.com/research/Research%20Reports/General/Power%20Cement....pdf
MUGHAL - Mughal Iron & Steels Ind. Ltd.
Mughal Steel - Copper LME touches $13,981/ton
SCS Research update    6/4/2026 12:00:00 AM
? Mughal Steel has been exporting copper ingots to China for many years. ? During April 2026, copper-related sales increased in the export data tracked by our research.
Link: https://www.linkedin.com/in/mahsan178/
FATIMA - Fatima Fertilizer Company Ltd.
Fertilizer | Urea Offtake May’26
Ahsan Muhammad Asif    6/2/2026 12:00:00 AM
May’26 urea sales came in at ~419k tons, essentially unchanged from 418k tons a year ago, per provisional figures. Compared to April, offtake was down 10% as the market cooled off after farmers front-loaded purchases last month amid fears of price hikes tied to Middle East instability. The trend varied by company. FFC sold 257k tons, well above 207k tons in May’25. FATIMA and AGL also gained, with 87k tons and 31k tons vs 54k tons and 15k tons SPLY. EFERT went the other way, falling to 43k tons from 142k tons last year. For Jan-May’26, total urea offtake is tracking 9% higher YoY at 1,920k tons vs 1,768k tons, helped by stronger farm incomes. FFC is driving the growth with offtake up 29%YoY to 1,099k tons. Meanwhile, EFERT and FATIMA are both down 11%YoY, at 431k tons and 275k tons. On the stock side, industry-wide inventory fell to 990k tons from 1,316k tons SPLY. EFERT still carries the heaviest load at 637k tons, with FATIMA at 221k tons and FFC at 112k tons. We prefer Fatima & FFC.
Link: https://www.linkedin.com/in/mahsan178/
Property Sector: Emerging Relief Measures
Ahsan Muhammad Asif    6/1/2026 12:00:00 AM
The FBR, Ministry of Finance, and IMF are reportedly discussing tax relief measures for the real estate sector to revive activity and attract overseas Pakistani investment. Possible measures include: - Lower withholding tax on property transactions. - Reduction in Capital Gains Tax (CGT). - Further rationalization of FBR property valuations. - Steps to improve market liquidity. - Incentives for overseas Pakistanis. Market chatter suggests transaction taxes may be reduced significantly, but no final approval has been announced yet. Our coverage companies, LUCK, FECTC, POWER, FCCL
Link: https://www.linkedin.com/in/mahsan178/
SBP Next Treasury Bill Auction
SCS Research update    6/1/2026 12:00:00 AM
The next SBP Treasury Bill auction is expected to see stable to slightly higher cut-off yields. The current 3M yield is 12.5683%. Recent auctions have shown an upward trend in yields as the market adjusts to the latest increase in the SBP policy rate. Higher government borrowing needs may continue to put pressure on yields, while strong liquidity in the banking system is likely to support demand and limit any sharp rise. The 6M and 12M tenors are expected to see a modest increase in yields, with current rates at 13.0558% and 13.6996%, respectively, while the 3M tenor may remain relatively stable. A higher cut-off yield would reflect expectations of persistent inflation and a cautious monetary policy stance. Overall, the market does not expect an immediate rate cut, and yields are likely to remain firm in the near term. The monetary policy is expected to be held on 15 June 2026, making this the last auction before the MPC decision.
Link: https://www.linkedin.com/in/mahsan178/
EV & Hybrid Tax Review Ahead of FY27 Budget
Ahsan Muhammad Asif    6/1/2026 12:00:00 AM
The government is reportedly considering withdrawing preferential GST rates for hybrid and electric vehicles in the upcoming FY27 budget as part of broader tax rationalization measures. If implemented, GST on EVs could rise from 1% to 18%, while hybrid vehicles may also be taxed at the standard GST rate. Among listed companies, SAZEW appears most exposed due to its strong reliance on Haval hybrid SUV sales. INDU could also face pressure through Corolla Cross Hybrid demand, while HCAR may see slower adoption of its future hybrid offerings. In addition, NPL and NCPL have indirect exposure through their stake in NexGen Auto (JAECOO), making the budget outcome important for their growth narrative. Overall, any withdrawal of EV and hybrid tax incentives would likely be negative for SAZEW, INDU, NPL, and NCPL, while also slowing momentum in Pakistan’s emerging new-energy vehicle market.
Link: https://www.linkedin.com/in/mahsan178/
NATF - National Foods Ltd.
_National Foods (NATF): Eid ul-Adha boom_ | SCS Update
Ahsan Muhammad Asif    5/29/2026 12:00:00 AM
We expect NATF to experience a seasonal uplift in sales during the Eid al-Adha period, which will be reflected in its 4Q posting in FY26. This is due to trademark spices, recipe mixes, sauces, and BBQ-related product categories that may have been consumed during Eid al-Sacrifice. However, while the seasonal demand impact remains positive, the market will likely focus more on the sustainability of growth beyond the festive period. NATF continues to benefit from its established distribution network and strong positioning within the packaged food segment, supporting demand resilience despite broader economic pressures. We estimate 4QFY26 earnings to clock in at ~PKR 13.3/share (Cumulative FY26 Earnings could be PKR 35.6/share). NATF is currently yielding at P/E multiple of 10.53x. In addition, the food sector is currently trading at approximately 15.3x earnings, which suggests further upside potential for the stock given NATF’s earnings momentum, strong brand equity, and defensive business profile. SCS expects NATF to experience a seasonal uplift in sales during the Eid al-Adha period, which will be reflected in 4Q. SCS Research
Link: https://www.linkedin.com/in/mahsan178/
AGP - AGP Ltd.
AGP Notice at PSX
SCS Research update    5/22/2026 12:00:00 AM
The company will add 4 new subsidiaries and land spanning over 3 acres. Company earnings will increase to PKR 20/sh from PKR 8/sh. We expect it to have the potential to reach PKR 300/sh at a P/E of 15x, although the pharmaceutical industry, on average, trades at 20x.
Link: https://www.linkedin.com/in/mahsan178/
PREMA - At-Tahur Ltd.
PREMA - Enters into Premium Water Segment
SCS Research update    5/20/2026 12:00:00 AM
Product Launch - Launched ‘Prema Natural Spring Water’ to enter the premium water segment. Financial Performance - 9MFY26 - EPS: PKR 1.87, up 19% YoY vs PKR 1.57 - EBIT: PKR 6.9bn, up 21% YoY vs PKR 5.7bn - Sales: PKR 5.1bn, up 24.4% YoY vs PKR 4.1bn Valuation Metrics - Forward P/E: 11.3x (food sector multiple) We assume biological assets of 3000 cows producing milk.
Link: https://www.linkedin.com/in/mahsan178/