Analyst Opinions

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
POWER - Power Cement Ltd.
Power Cement Ltd Projections For FY26, lowest EV/ton play
Neha Naz    8/24/2026 12:00:00 AM
We expect POWER to report 4QFY26 EPS of PKR 0.68/sh, translating into a full-year FY26 basic EPS of PKR 2.59/sh (diluted EPS of PKR 2.45/sh). We expect full-year Revenue to reach PKR 35.26bn, supported by expected quarterly topline progression from PKR 9.17bn in 3QFY26 to PKR 9.63bn in 4QFY26. We expect POWER’s Gross Profit for FY26 to reach PKR 12.27bn, reflecting a healthy Gross Margin of 34.79%. Furthermore, we expect FY26 Operating Profit to be PKR 7.40bn (20.98% margin), easily covering selling and admin expenses for the year, which we expect to be PKR 3.76bn and PKR 0.63bn, respectively. We expect finance costs for the year to be PKR 1.92bn and net profits for FY26 to total ~PKR 3.41bn, yielding a Net Profit Margin of ~10%. Based on these earnings projections, we expect POWER’s FY26 P/E to settle at 8.36x. But we expect POWER's valuation to revolve around one of the lowest EV/ton of PKR 13,303 ($47.96) as per the SCS cement sector universe.
Link: http://scstrade.com/research/Research%20Reports/General/Power%20Cement%20Ltd%20Projections%20For%20FY26%20lowest%20EVton%20play.pdf
APAG - Agro Processors & Atmospheric Gases Limited (APAG)
(APAG) is engaged in the refining, processing and marketing of edible oils and related food products. The company’s flagship brand is Soya Supreme, while its product portfolio also includes Malta, Taqat, Supremo, Champion and Smart.
Ayezan    8/21/2026 4:11:05 PM
Company Overview APAG refines and markets edible oils and food products under brands including Soya Supreme, Malta, Taqat, Supremo, Champion and Smart. Its product mix comprises approximately 64% cooking oil, 35% vanaspati/margarine and 1% sauces. Soya Supreme contributes around 70% of sales and reportedly carries higher margins than other brands. The company operates from 2.48 acres of freehold industrial land with installed capacity of 90,000 MT per annum for oils and margarine, and 5,000 MT for sauces. APAG has received Shariah-compliant certification from AL Hilal Advisor. Financial Performance FY25 sales increased 17.6% YoY to PKR 18.1bn. PAT rose to PKR 557mn from PKR 213mn in FY24. Management has also indicated FY25 PAT of PKR 601mn, corresponding to a net margin of approximately 3%. In 9MFY26, PAT reached PKR 602mn, exceeding full-year FY25 earnings. Gross margin improved to 15.93% from 14.35%, while net margin increased to 3.80% from 3.08%. IPO Details and Use of Proceeds APAG intends to raise PKR 1,857.59mn at a floor price of PKR 32.00 per share. The issue comprises 58.05mn shares, representing 15% of post-IPO capital. Approximately PKR 1,402.51mn will fund CAPEX to increase capacity by 30,000 MT to 120,000 MT annually. The remaining PKR 455.08mn will support working capital, raw-material procurement (PKR 187mn) and marketing expansion into Punjab, KPK and Gilgit-Baltistan (PKR 268.13mn). Export Business Export sales were approximately PKR 1.5bn in FY25, representing around 12% of total sales. Key markets include Afghanistan, Qatar, UAE and the wider MENA region, with European exports planned for 1QFY27. Exports primarily comprise vanaspati and margarine under Taqat and Champion brands. Afghanistan exports receive advance USD payments with 2–3 week delivery. Management estimates export margins at 12–15% and notes LC retirement discounts of PKR 1–1.5 on advance remittances. The company has supplied institutional clients including Pakistan Navy (PKR 300mn tender) and Army, plus participated in UN aid programmes with US payments over the past three years. Tax and Import Structure APAG operates under the Export Facilitation Scheme with duty exemptions on exports. Export turnover is taxed at 1.25%, while local operations face 29% corporate tax plus 8% super tax, with an estimated 2% tax saving post-finance bill. As a manufacturer, APAG imports crude oil for refining and can adjust the 2% advance income tax paid at import stage. Cost Structure and Capacity Raw material costs represent 88–90% of sales. Oil is imported primarily from Malaysia and Indonesia at USD 1,000–1,200 per metric tonne. Capacity utilisation was 47.8% in FY26. The planned BMR initiative aims to increase throughput from 120 to 150–160 tonnes per hour, improving fixed-cost absorption. Energy Initiatives APAG plans biomass installation, solar expansion, and economiser installation to reduce energy costs and SSGC gas dependency. Gas prices declined approximately 10% due to lower RLNG prices, with the pricing structure at 80% SSGC and 20% variable. Industry Overview Edible-oil consumption grew 17.3% YoY to 4.89mn MT in FY25. Per-capita consumption increased to 20.3 kg from 17.6 kg. Imports accounted for 72.3% of consumption, with local production at 27.2%. Cottonseed represents 74.2% of domestic oilseed production. Valuation Applying a forward P/E range of 13.0x–18.0x to APAG's estimated forward earnings results in an indicative fair value of approximately PKR 39.1 per share.
Link: https://scstrade.com/apaudio/APAG-56-1787307861279-e024117b.pdf
OGDC - Oil & Gas Development Company Ltd.
OGDC: Trendline Support Sparks a New Buying Opportunity
Muhammad Wajahat    8/21/2026 9:04:56 AM
OGDC has taken support from its key trendline, reinforcing its bullish technical structure and signalling a favourable buying opportunity. Investors are advised to accumulate the stock within the PKR 319.46–321.50 range, with a strict stop-loss placed below PKR 303.25. On the upside, the stock has the potential to advance towards PKR 328.54, PKR 337.52, and PKR 345.32, provided the positive momentum remains intact.
Link: https://scstrade.com/apaudio/OGDC-55-1787249363418-02c55b43.pdf
FCL - Fast Cables Ltd
Fast Cables results view
Muhammad Wajahat    8/20/2026 2:30:20 PM
The company is well positioned to capitalize on demand from DISCOs FCL is now in the limelight after the government initiated the privatization of Faisalabad Electric (FESCO) The NML group is a frontrunner in acquiring FESCO In this context, FCL will likely receive project-based orders from privatized DISCOs FCL continues to report sales and profit growth FCL reported FY26 EPS of PKR 3.28/sh vs PKR 1.97/sh reported last year SCS is positive on FCL, which depends on demand for cables and related electrical products, viz. Solar Cables, overhead conductors, verticals, and building wires, etc. SCS believes liberalization of T&D will spur a surge in such companies, viz. Fast Cables, Pakistan Cables, etc.
Link: https://scstrade.com/apaudio/FCL-54-1787215658124-1476a798.pdf
KSE 100 - KSE 100 Index
KSE-100 at Crucial Support: Bounce or Breakdown?
Muhammad Wajahat    8/19/2026 5:40:04 PM
The KSE-100 Index is currently testing a crucial support level around 175,700, which will play a key role in determining the market’s next direction. If this support holds and the index sustains above this level, we could see a recovery towards 180,000, followed by 185,000. However, a decisive break below 175,700 could trigger further selling pressure, potentially dragging the index towards the 170,000 level. Therefore, 175,700 remains the key level to watch in the upcoming sessions.
Link: https://scstrade.com/apaudio/KSE-100-52-1787143203757-6d092ec7.pdf
FCEPL - Frieslandcampina Engro Pakistan Ltd.
FCEPL: Long-Term Breakout Unlocks Strong Upside Potential
M Wajahat    8/18/2026 12:00:00 AM
FCEPL has successfully broken above its long-term resistance zone, signalling strengthening bullish momentum and an improving technical outlook. We advise investors to consider accumulating positions within the PKR 126.50–127.59 range. Based on the prevailing chart structure, the stock has the potential to advance towards PKR 133.35, PKR 141.55, and PKR 147.21, provided the bullish momentum remains intact and is supported by healthy volume participation. To ensure prudent risk management, a strict stop-loss at PKR 119.05 is recommended.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20FCEPL%20Aug%2018,%202026...pdf
SLM - Service Long March Tyres Limited
SLM- Service Long March Tyres | Earnings Growth & Valuation
SCS Research update    8/18/2026 12:00:00 AM
We continue our coverage of SLM. The Chinese-origin tyre company is trading at an FY28 Price-to-Sales multiple of 1.8x, which could be in line with major Indian producers such as MRF and Apollo. SLM reported YoY EPS growth of 32% at PKR 1.82/share vs PKR 1.38/share reported in FY25. Revenue was up 44% YoY to PKR 71.7bn vs PKR 49.8bn in FY25. Equity increased by 68% to PKR 45.7bn vs PKR 27.2bn in FY25, which is a positive sign. Accumulated profits also rose to PKR 23bn vs PKR 12.5bn, which is notable. Property value and cash balances continue to rise steadily. Total assets increased by 47% to PKR 78bn vs PKR 52.8bn in FY25. Liabilities also increased, with total loans up by 6%. Total liabilities rose 26% to PKR 32.3bn vs PKR 25.6bn in FY25. SLM is trading at a P/S valuation of 1.8x based on forecasted FY28 sales. We expect the FY28 Price-to-Sales multiple of 1.8x to be in line with top Indian tyre brands such as MRF and Apollo. The Chinese parent, Chaoyang Long March, owns a listed entity in China, Zhongce Rubber, which trades at ~49 Yuan on the Shanghai Stock Exchange.
Link: https://www.linkedin.com/in/mahsan178/
PSO - Pakistan State Oil Company Ltd. Consolidated
PSO Clears Key Resistance, Setting the Stage for Further Gains
M Wajahat    8/18/2026 12:00:00 AM
PSO has successfully broken above its long-term resistance zone, signalling strengthening bullish momentum and a significantly improved technical outlook. We advise investors to consider accumulating positions within the PKR 382.30–384.35 range. Based on the prevailing chart structure, the stock has the potential to advance towards PKR 399.91, PKR 412.35, and PKR 435.21, provided bullish momentum remains supported by healthy volume participation. To ensure prudent risk management, a strict stop-loss at PKR 345.60 is recommended.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PSO%20Aug%2018,%202026...pdf
PRL - Pakistan Refinery Ltd.
PRL Record Rally Continues — More Upside Ahead
M Wajahat    8/17/2026 12:00:00 AM
PRL has marked a new all-time high, further reinforcing its bullish technical structure and reflecting sustained buying interest. The stock has successfully achieved its eighth upside target, reaffirming the strength of the prevailing uptrend. Investors are advised to continue holding positions for the remaining upside targets of PKR 81.32, PKR 88.25, and PKR 95.69. In line with the strengthening price structure, the stop-loss has been revised upward to PKR 69.95 to protect gains while maintaining disciplined risk management
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PRL%20Aug%2017,%202026...pdf
NRL - National Refinery Ltd.
NRL Breakout Retest Signals Strong Upside Potential
M Wajahat    8/17/2026 12:00:00 AM
NRL has successfully broken above its key resistance zone and is currently retesting the breakout level, reaffirming its bullish technical structure and signalling renewed buying interest. The stock has already achieved its first upside target, and with momentum remaining strong, investors are advised to continue holding positions for the next targets of PKR 523.35, PKR 549.96, and PKR 571.35. In line with the strengthening price structure, the stop-loss has been revised upward to PKR 462.60 to protect gains while maintaining disciplined risk management.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20NRL%20Aug%2017,%202026...pdf
PSX - Pakistan Stock Exchange Ltd.
Buy Zone Alert: PSX Between PKR 53.48–53.60
M Wajahat    8/13/2026 12:00:00 AM
PSX has presented a favourable buying opportunity, with the stock offering an attractive entry point within the PKR 53.48–53.60 range. Investors are advised to accumulate the stock within this range. The expected upside targets stand at PKR 56.50, 60.35, and 63.90. To effectively manage downside risk, a strict stop-loss should be maintained at PKR 47.91
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PSX%20Aug%2013,%202026...pdf
PRL - Pakistan Refinery Ltd.
The PRL is currently owned by PSO | Result Review:
Ahsan Muhammad Asif    8/13/2026 12:00:00 AM
PRL Equity increased to PKR 42.2bn in FY26, a 60% YoY increase. The PRL book value has increased in the current results to PKR 67.88 from PKR 42.22. The PRL reported robust FY26 earnings. The final EPS is recorded at PKR 25.05/sh. The 4Q earning is PKR 5.88/sh. The company's total debt has been reduced to PKR 16.5bn from PKR 27.8bn, a 40.6% reduction. The PRL margins have increased, which eases the company's profitability. This is inline with global phenomenon where GRMs of refineries continue to increase to current global scenario. PRL is a beneficiary of the government's policies of changing oil prices overnight. The Ex-Refinery price, which is the selling price of the refineries, is continuously reviewed by OGRA. We expect another substantial performance from PRL in the September quarter results. This ownership is watched closely in the wake of growing Saudi-Pakistan ties. PRL is being considered one of the best refineries in Pakistan.
Link: https://www.linkedin.com/in/mahsan178/
FCCL - Fauji Cement Company Ltd.
Fauji Cement Company Limited (FCCL) – FY26 Financial & Operational Performance
Neha Naz    8/12/2026 12:00:00 AM
Income Statement Highlights: FCCL delivered a strong financial performance in FY26, driven by top-line growth, operational efficiencies and reduced financing costs. Currently, FCCL is yielding a trailing PE of 8.8x & leading PE of 5.8x. Revenue grew by 5% YoY to Rs. 93.69bn (up from Rs. 88.96bn), while Gross Profit rose 4% YoY to Rs. 32.72bn, yielding a solid 35% Gross Profit Margin. This profitability was backed by strategic cost optimization initiatives, including higher reliance on local coal, alternative fuels, captive power generation and in-house PP bag production. Operating profit consequently edged up 2% YoY to Rs. 26.67bn. Further supporting bottom-line expansion, finance costs fell 28% YoY to Rs. 4.17bn due to accelerated debt repayments, finance income jumped 67% YoY to Rs. 1.78bn and bottom-line earnings were boosted by FCCL's share of net profit from its equity-accounted investment in Attock Cement. As a result, Net Income surged 21% YoY to Rs. 16.18bn, driving EPS up 22% to Rs. 6.60. FCCL gave a dividend payout of Rs. 1.50 per share. Balance Sheet & Deleveraging Highlights: - Significant Deleveraging: Long-term loans were reduced by 36.69% YoY, dropping from Rs. 24.208bn to Rs. 15.327bn, significantly easing financial risk. - Improved Liquidity: Cash and bank balances surged by 38.16% YoY, increasing from Rs. 2.665bn to Rs. 3.682bn. - Strategic Equity Investment: FCCL recorded a new long-term equity investment of Rs. 21.196bn in FY26 following its joint acquisition of Attock Cement (ACPL) with KAPCO. Cash Flow Highlights: - Strategic Growth Outflow: FCCL deployed Rs. 20.914bn toward the acquisition of Attock Cement Pakistan Ltd in FY26. - Aggressive Debt Settlement: Repayment of long-term loans expanded by 291% YoY, jumping to Rs. 18.199bn compared to Rs. 4.657bn in FY25. - Higher Cash Payouts: Total dividend distribution increased by 25% YoY to Rs. 3.061bn (up from Rs. 2.447bn in FY25), reinforcing capital return to shareholders.
SNBL - Soneri Bank Ltd.
Valuations - Expected 2QCY26 / PE 4.9x
SCS Research update    8/12/2026 12:00:00 AM
We expect SNBL to report 2Q EPS of PKR 1.24/sh.This translates into 1HCY26 EPS of ~PKR 2.47/sh SNBL valuation looks noticeable on PBV of 0.79x. SNBL yields CY26 P/E of 4.9x. Likewise, the SNBL payout ratio will remain stable. We expect an annual payout ratio of 32% vs. 36% reported in CY25 We are estimating NIMs in the range of 4.1%. We are expecting growth in the asset side of the balance sheet whilst cash balances, investments, and advances are all growing. We expect total assets and equity to also grow. We expect SNBL to deliver resilient earning, maintain an improving dividend profile. SNBL is currently valued at ~0.79x P/BV, supported by a noticeable 6.25% dividend yield. Positive on PBV
KSE-100 Breakout: Hold Above 179,500 to Target 188,000
M Wajahat    8/11/2026 12:00:00 AM
The KSE-100 Index has broken above the 178,000–179,500 resistance zone and is currently attempting to sustain above this breakout area. If the index successfully sustains above this zone, we could see further upside towards the 188,000 level. However, if the index fails to hold the breakout and slips back below the resistance zone, it may move towards the next support at 175,000.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20Aug%2011,%202026...pdf
NRL - National Refinery Ltd.
NRL Breaks Resistance, Bullish Momentum Takes Charge
M Wajahat    8/11/2026 12:00:00 AM
NRL has confirmed a breakout above its key resistance zone, signalling a positive shift in technical momentum and presenting a favourable buying opportunity. Investors are advised to accumulate the stock within the PKR 492.95–494.35 range, with a stop-loss placed below PKR 449.49. On the upside, the expected targets are 509.31, 523.35 , and PKR 549.96, provided the breakout remains intact.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20NRL%20Aug%2011,%202026...pdf
PRL - Pakistan Refinery Ltd.
PRL Hits New High, Seventh Target Achieved — Bullish Momentum Intact
M Wajahat    8/11/2026 12:00:00 AM
PRL has marked a new all-time high, further strengthening its bullish technical structure and reflecting sustained buying interest. The stock has successfully achieved our seventh upside target, reaffirming the strength of the prevailing uptrend. Investors are advised to continue holding their positions for the remaining upside targets of PKR 75.25, 81.32, and 88.25. To protect gains and effectively manage downside risk, the stop-loss has been revised upward to PKR 63.11
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PRL%20Aug%2011,%202026...pdf
Positive News for Cement Companies:
Neha Naz    8/7/2026 12:00:00 AM
- The Central Development Working Party (CDWP) has approved seven major development projects worth Rs252.974 bn, focusing on infrastructure and institutional capacity building across education, technology and housing sectors. - Four higher education projects totaling Rs12.437 bn include upgrades to Women University AJ&K Bagh, Emerson University Multan, Hyderabad Institute for Technology and Management Sciences, and KBCMA College of Veterinary and Animal Sciences. - Three large-scale schemes worth Rs240.537 bn were referred to ECNEC for final approval: the Pakistan Space Centre (Rs37.131 bn) to enhance satellite development under SUPARCO, the Lahore Water and Waste Water Management Project (Rs31.592 bn) for safe drinking water and pipeline replacement, and the Greater Karachi Bulk Water Supply Scheme (K-IV Phase-I, Rs171.814 bn) to expand water capacity. - This is positive news for the cement and construction sectors such as DGKC, BWCL, FCCL, etc, as these projects will drive significant demand for building materials and infrastructure development across multiple regions, increasing dispatches and revenues.
PTC - Pakistan Telecommunication Co. Ltd.
PTC Rebounds from Key Support, Bulls Eye Higher Targets
M Wajahat    8/7/2026 12:00:00 AM
PTC has rebounded from its key support zone, reinforcing its bullish technical structure and indicating renewed buying momentum. Investors are advised to accumulate the stock within the PKR 73.16–74.05 range. As long as the stock sustains above its key support, the expected upside targets are PKR 77.85, PKR 82.87, and PKR 93.41. To manage downside risk effectively, a strict stop-loss should be maintained at PKR 67.05.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PTC%20Aug%207,%202026...pdf
KSE-100 Clears 179,500 as Bullish Momentum Accelerates
M Wajahat    8/7/2026 12:00:00 AM
The KSE-100 Index successfully broke above the key resistance zone of 178,000–179,500 yesterday, a level we had identified in advance. Today's session further reinforced the bullish momentum with another strong move higher. If the index continues to sustain above this breakout zone, the next upside target remains 188,000. However, if it fails to hold these levels, a pullback toward the 175,000 level for a retest remains a possibility.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20Aug%207,%202026...pdf
Future Outlook on recent T.Bill Auction on interest rate
Atif Saeed Rana    8/6/2026 12:00:00 AM
_SCS outlook_ The auction indicates the market expects SBP to remain cautious, with no aggressive monetary easing in the near term. The rise in 6- and 12-month cut-off yields suggests investors are demanding higher returns due to uncertainty over inflation and the fiscal outlook. If July and August inflation remains contained and the exchange rate stays stable, SBP could consider a 25–50 bps policy rate cut in the coming Monetary Policy Statement. However, persistent fiscal borrowing needs, higher oil prices, or renewed inflationary pressures could keep yields elevated and delay any meaningful easing. Fixed-income outlook: Short-term yields are likely to remain around current levels, while medium- to long-term bonds may perform well if inflation continues to moderate and SBP starts a gradual easing cycle. _Overall view..._ The auction is neutral to slightly hawkish. It reflects abundant liquidity but also cautious investor expectations, with gradual rather than aggressive declines in interest rates likely over the coming months.
MEBL - Meezan Bank Ltd.
MEBL Sets a New All-Time High, Opening the Door for Further Upside
M Wajahat    8/6/2026 12:00:00 AM
MEBL has registered a new all-time high, reinforcing its bullish technical structure and signalling renewed buying interest. The stock has successfully achieved our first upside target, confirming the strength of the prevailing uptrend. Investors are advised to continue holding their positions for the remaining upside targets of PKR 599.64, PKR 615.37, and PKR 631.45. To preserve gains and manage downside risk, the stop-loss is revised to PKR 550.15
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20MEBL%20Aug%206,%202026...pdf
KSE-100 Confirms Major Breakout, Bulls Target 188,000
M Wajahat    8/6/2026 12:00:00 AM
The KSE-100 Index has successfully broken above the resistance zone of 178,000–179,500, the level we had previously identified, on its fifth attempt. If the index sustains this breakout, the next upside target is 188,000. However, if the breakout fails to hold, the index is likely to retest the 175,000 support level before determining its next directional move.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20Aug%206,%202026...pdf
FATIMA - Fatima Fertilizer Company Ltd.
FATIMA Clears Key Resistance, Opening the Door for Further Upside
M Wajahat    8/6/2026 12:00:00 AM
FATIMA has confirmed a breakout above its key trendline resistance, signalling a positive shift in technical momentum and presenting a favourable buying opportunity. Investors are advised to accumulate the stock within the PKR 165.16–166.10 range, with a stop-loss placed below PKR 150.30. On the upside, the expected targets are PKR 171.15, PKR 175.25, and PKR 181.25, provided the breakout remains intact.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20FATIMA%20Aug%206,%202026...pdf
HBL - Habib Bank Ltd.
HBL Signals a Fresh Rally with Consolidation Breakout
M Wajahat    8/6/2026 12:00:00 AM
HBL has confirmed a breakout from its consolidation phase, indicating a positive shift in technical momentum and presenting a favourable buying opportunity. Investors are advised to accumulate the stock within the PKR 322.01–325.15 range, with a stop-loss placed below PKR 290.15. On the upside, the expected targets are PKR 331.15, PKR 347.45, and PKR 361.25, provided the breakout remains intact
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20HBL%20Aug%206,%202026...pdf
KSE-100 Rejected at Key Resistance — Bulls Await Breakout Confirmation
M Wajahat    8/5/2026 12:00:00 AM
The KSE-100 Index has once again faced rejection from the key resistance zone we previously identified between 178,000 and 179,500. A decisive breakout above this resistance would strengthen the bullish outlook and could open the way toward the 188,000 level. However, if the current rejection continues, the index is likely to retrace toward the 175,000 support zone, where price action will be crucial in determining the next directional move
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20Aug%205,%202026...pdf
Tasdeeq Information Services Limited – Business Overview & IPO Highlights
Ahsan Muhammad Asif    8/5/2026 12:00:00 AM
~Tasdeeq primarily serves banks, NBFCs, leasing companies, microfinance institutions, and other regulated financial entities. The company also plans to expand into the business-to-consumer (B2C) segment by offering value-added credit services. ~Tasdeeq follows an asset-light business model and does not provide loans or manufacture products. Instead, it generates revenue by monetizing trusted credit data and analytical services, with demand closely linked to lending activity. Its business model is comparable to global credit bureaus such as Experian and Equifax. ~Tasdeeq benefits from a strong competitive position as one of only two licensed credit bureaus in Pakistan, creating an oligopolistic market with high regulatory barriers to entry. ~The company maintains a borrower database of approximately 41.5mn records, supported by a broad institutional network. This extensive dataset enhances the quality of its credit information and strengthens its competitive advantage. ~Following losses in CY23 and CY24, Tasdeeq returned to profitability in CY25 and reported a net profit of PKR 36mn during 5MCY26. While the turnaround is encouraging, the company's track record as a profitable business remains relatively limited. ~The company operates as a licensed credit bureau, collecting, maintaining, and sharing credit information to help financial institutions assess borrowers' creditworthiness and make informed lending decisions. IPO Highlights ~ Sector: Financial Information Services / Credit Bureau ~ Offer Size: 150mn ordinary shares ~ Price Range: PKR 1.90 (Floor Price) – PKR 3.00 (Strike Price) ~ Book Building Period: August 5–6, 2026 ~ Public Subscription Period: August 11–12, 2026 SCS Research | REP-033
Link: https://scstrade.com/research/Research%20Reports/General/Tasdeeq%20Services%20Business%20Overview%20&%20IPO%20Highlights.pdf
AKBL - Askari Bank Ltd.
AKBL CY26 valuations- PE 5.7x
SCS Research update    8/5/2026 12:00:00 AM
- AKBL reported 3% QoQ growth in 2Q earnings with EPS reaching PKR 4.67/sh vs. PKR 4.53/sh reported in 1Q, taking 1HCY26 EPS to PKR 9.20/sh. - This improvement was primarily driven by a 42% QoQ surge in non-core income to PKR 7.3bn, despite a slight 1% decline in core income to PKR 21.8bn. - We see core earnings remaining solid. - AKBL notches BV/sh of PKR 104.5/sh vs. PKR 96.2/sh reported in 1Q. - AKBL yields P/BV of 1.0x and P/E of 5.7x - AKBL also yields an expected dividend yield of 7.4%. - The total shareholders' equity stands at staggering PKR 151 bn in 2Q - We remain positive on AKBL due to a sound equity base. - The main ownership of AKBL comes from FFC. - AKBL is vying for Islamic banking branches as per CBS presentation notes.
Link: https://www.scstrade.com/research/Research%20Reports/General/AKBL%20CY26%20valuations%20PE%205.7x.pdf
HTL - Hi-Tech Lubricants Ltd
HTL Holds Strong Support, Signaling Bullish Upside Potential
M Wajahat    8/4/2026 12:00:00 AM
HTL has taken strong support from its key support zone, reinforcing a positive technical outlook and presenting a favourable buying opportunity. Investors are advised to accumulate the stock within the PKR 37.50–39.88 range, with a stop-loss at PKR 35.90. On the upside, the expected targets are PKR 41.35, 44.67, and 48.77, provided the stock continues to hold above its key support level.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20HTL%20Aug%204,%202026...pdf
PSO - Pakistan State Oil Company Ltd. Consolidated
PSO owns PRL
SCS Research update    8/4/2026 12:00:00 AM
SCS assessment PSO now owns a 63% stake in PRL. This is an increase from the previous holding of ~60% As per SCS, the extraordinary move in PRL is related to this government-based ownership Also, SCS believes PRL will increase its production of petrol after the new refining policy. Also, refineries were allowed to export FO (heating oil) as per media handouts SCS would like to remind that PSO is still waiting for a resolution of inter-corporate debt. As per a media handout published last week, PSO is still depicting the receivable amount of PKR 900bn in the media reports Hence, SCS Research is positive on PSO & PRL on these downstream oil sector developments
Link: https://www.linkedin.com/in/mahsan178/
HBL - Habib Bank Ltd.
HBL pays 2Q Cash dividend of PKR 6/sh
SCS Research update    8/4/2026 12:00:00 AM
HBL pays 2Q cash dividend of PKR 6/sh (cumulative 1H cash dividend PKR 12/sh) HBL beats market estimates in terms of 2Q EPS of PKR 12.51/sh This is due to an increase in non-core income, which includes FX income and dividend income There is a slight decrease in the book value of HBL due to a decrease in surplus on revaluation of assets
Link: https://www.linkedin.com/in/mahsan178/
EFERT - Engro Fertilizers Ltd.
EFERT CBS presentation
SCS Research update    8/4/2026 12:00:00 AM
Engro Fertilizers Limited has released its 2Q2026 corporate briefing, reporting a decline in quarterly revenue and profitability due to planned pricing actions and higher gas costs. Despite these market challenges, the company declared a dividend of PKR 1.75 per share. As per EFERT, it is well-positioned with 'big inventory levels' to capitalize on expected demand recovery in 2HCY26. EFERT says it is making progress on strategic initiatives, including the development of a joint industry Pressure Enhancement Facility to secure long-term feedstock supplies.
Link: https://www.linkedin.com/in/mahsan178/
KSE-100 Holds 175,000 Support – Rebound Toward Key Resistance in Focus
M Wajahat    8/3/2026 12:00:00 AM
The KSE-100 Index has taken support around the 175,000 level. If the index successfully sustains above this support, it is likely to move back toward the 178,000–179,500 resistance zone. However, if the market fails to hold current levels and faces rejection, the next key support will be the 200-day Moving Average, positioned around 169,800
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20Aug%203,%202026...pdf
PSX - Pakistan Stock Exchange Ltd.
PSX: Structural growth in listings and retail participation supports earnings outlook REP033
Ahsan Muhammad Asif    7/31/2026 12:00:00 AM
SCS Research sees PSX 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 frontrunners 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 in September is a positive catalyst for PSX. ~PSX owns ~40% of CDC, which adds value. ~ PSX also holds beneficial holdings in National Clearing (NCCPL) of 49.71% and e-clear Services of 25%. ~9MFY26 EPS stood at PKR 1.8, while FY27 EPS is expected at PKR 6.0/sh. ~PSX is yielding FY27 P/E of 8.5x.
Link: https://www.linkedin.com/in/mahsan178/
POL - Pakistan Oilfields Ltd.
SCS Market view
SCS Research update    7/31/2026 12:00:00 AM
There is a development in Gaza where Pres. Trump has announced the Board of Peace The world markets are responding positively to this development SCS's focus is on dividend-paying stocks, which include HUBC, MEBL & POL POL can pass on final cash dividend of PKR 45 - 50/sh. SCS sees POL may take advantage of a spike in oil prices during 4Q2026 POL is yielding PE of 7x - 7.5x & annual cash yield of 9.5%
Link: https://www.linkedin.com/in/mahsan178/
Third Rejection Signals Strong Resistance as KSE-100 Tests Critical Support
M Wajahat    7/31/2026 12:00:00 AM
The KSE-100 Index continues to trade within the previously identified range and has once again been rejected from the 178,000–179,500 resistance zone for the third consecutive time, reinforcing this area as a significant supply zone. The index is now approaching its immediate support around 175,000. A decisive break below this level could trigger further downside toward the 200-day moving average, currently positioned near 169,800. Given the prevailing technical structure, we recommend avoiding fresh buying at current levels. New long positions should only be considered after a confirmed breakout and sustained close above the 178,000–179,500 resistance zone.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20July%2031,%202026...pdf
GHGL - Ghani Glass Ltd.
GHGL Earning Preview:
SCS Research update    7/31/2026 12:00:00 AM
GHGL reported 9MFY26 EPS of PKR 4.69/sh ~We expect GHGL may report annual EPS of ~PKR 6.25/sh ~This translates into P/E of 6.32x ~ Earlier, GHGL recorded FY25 EPS of PKR 5.90/sh
Link: https://www.linkedin.com/in/mahsan178/
HBL - Habib Bank Ltd.
Expected 2QCY26 Highlights SCS update
SCS Research update    7/30/2026 12:00:00 AM
We expect HBL to report 2Q EPS of PKR 10.27/sh This translates into 1HCY26 EPS of ~PKR 20.78/sh We also expect HBL to pass on a 2nd interim cash dividend of PKR 6/sh (this will be a cumulative PKR 12/sh in 1HCY26). HBL valuation is sanguine... HBL yields a CY26 P/E of 7.1x. Likewise, HBL is improving its payout ratio. We expect an annual payout ratio of 58% vs. 42.8% reported in CY25. HBL NIMs... We are estimating NIMs in the range of 4.3% alongside ADR rising slightly (+0.17%) and IDR declining marginally (-0.05%). Balance sheet growth... We are expecting growth on the asset side of the balance sheet, with cash balances, investments, and advances all increasing. We expect total assets of PKR 7.70tn and equity of PKR 421bn, as per our model. Analyst View: Positive on PBV & Dividend yield We expect HBL to deliver resilient earnings and maintain an improving dividend profile. HBL is currently valued at ~1.0x P/BV, supported by an attractive 7.9% dividend yield.
MEBL - Meezan Bank Ltd.
MEBL Rebounds from Key Trendline Support; Fresh Buying Opportunity Emerges
M Wajahat    7/28/2026 12:00:00 AM
MEBL has taken strong support from its key trendline, indicating a favourable buying opportunity. The stock can be accumulated in the 563.80–565.00 range with a stop loss at 528.52. On the upside, the expected targets are 581.30, 599.64, and 615.37, provided the stock continues to hold above its key support
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20MEBL%20July%2028,%202026...pdf
KSE-100 Tests Critical Resistance for the Third Time: Breakout Could Open Path to 188,000
M Wajahat    7/28/2026 12:00:00 AM
The KSE-100 Index has once again reached the key resistance zone of 178,000–179,500, an area from which it has previously faced rejection twice. A decisive breakout above this zone could pave the way for an advance toward the 188,000 level. However, if the index is rejected from this resistance once again, it may pull back to retest the 169,800 support level
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20July%2028,%202026...pdf
FFL - Fauji Foods Ltd.
Declaration of 2QFY26 Financial Results
SCS Research update    7/28/2026 12:00:00 AM
FFL reported 19.0% YoY growth in 2QFY26 sales to PKR 8.2bn, while 1HFY26 sales were up by 12.8% YoY to PKR 16.7bn, reflecting continued topline growth. ? Analyst Opinion: Margin Pressure: Strong sales growth was offset by higher operating expenses, resulting in lower operating profitability and earnings. Earnings: EPS declined to PKR 0.11 in 2QFY26 (vs. PKR 0.16) and PKR 0.24 in 1HFY26 (vs. PKR 0.31) on a YoY basis. Balance Sheet Positives Accumulated losses down by 4.5% YoY to PKR 14.7bn, while the company remains free of long-term debt, indicating an improving financial position despite margin pressure. Total Assets up by 2.9% to PKR 21.5bn is a positive factor. Total cash position continues to increase