| 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/ |
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| 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/ |
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| 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 |
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| 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.
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| Link: https://www.linkedin.com/in/mahsan178/ |
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| FATIMA - Fatima Fertilizer Company Ltd. |
| Fertilizer | Urea Offtake May’26 |
| Ahsan Muhammad Asif 6/2/2026 12:00:00 AM |
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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/ |
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