Analyst Opinions

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
KSE-100 Breaches Major Support; 200-DMA Now in Focus
M Wajahat    7/24/2026 12:00:00 AM
The KSE-100 Index has decisively broken below the critical 173,500 support level, a key threshold we had highlighted previously. The index is now likely to extend its decline toward the 200-day moving average, currently positioned around 169,800. A failure to hold this support could expose the market to further downside, with the next key target at 164,800. On the upside, if the market stages a rebound from current levels, the initial recovery is expected to retest the previously identified resistance zone between 178,000 and 179,500. At this stage, no fresh buying is recommended until a confirmed bullish setup emerges.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20July%2024,%202026...pdf
AGIC - Askari General Insurance Company. Ltd.
SECP Approves Fauji Foundation’s 51% Stake Acquisition in AGIC
Neha Naz    7/24/2026 12:00:00 AM
- The SECP’s approval for Fauji Foundation (FF) to acquire a 51% controlling stake in Askari General Insurance Company Limited (AGIC) from Army Welfare Trust (AWT) at a carrying cost of PKR 17.06 per share marks a pivotal internal restructuring. - ?Since both AWT and FF operate under institutional welfare frameworks, this transaction represents a strategic realignment within group entities rather than a commercial M&A or change in ultimate economic control of AGIC. - ?Consequently, while the acquisition streamlines governance and operational synergies across Fauji Group’s broader financial services footprint, it is expected to have a neutral impact on market competition and underlying core valuations. AGIC’s Book Value per Share: Rs. 43.54 AGIC’s P/E: 6.02x
Link: https://dps.psx.com.pk/download/document/280330.pdf
KSE-100 Tests Key Support as Market Awaits Directional Breakout
M Wajahat    7/23/2026 12:00:00 AM
The KSE-100 Index is currently trading near the key support level of 173,500. A decisive break below this support could trigger further downside toward the 200-day moving average at 169,800. However, if the index manages to hold this level and rebounds, it may retest the previously identified resistance zone between 178,000 and 179,500. Until a clear breakout or breakdown occurs, investors are advised to remain cautious and avoid aggressive fresh buying
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20July%2023,%202026....pdf
BWCL - Bestway Cement Ltd
Bestway Cement: Strength & Strategic Income Power Growth
Neha Naz    7/23/2026 12:00:00 AM
Bestway Cement (BWCL) delivered a strong financial performance, posting an 8.0% YoY increase in Net Profit to PKR 25.75 bn (EPS: PKR 43.20 vs. PKR 40.02 SPLY), which enhanced shareholder payouts to a total annual DPS of PKR 40.00 (inclusive of final cash dividend of PKR 10.00). Balance sheet strength was further reinforced as total equity expanded to PKR 133.876 bn, supported by revenue reserves (PKR 57.91 bn vs. PKR 52.09 bn SPLY), alongside an aggressive 25.0% YoY de-leveraging of long-term debt from PKR 40.0 bn to PKR 30.0 bn, offsetting a minor rise in short-term debt to PKR 20.5 bn. This entails that BWCL has reduced fixed debt. Crucially, BWCL’s substantial PKR 53.75 bn in long-term investments—representing its strategic equity-accounted stake in United Bank Limited (UBL)—served as a vital earnings shield. This stake contributed PKR 14.55 bn (net of tax) as its share of profit of equity-accounted investee (up 35.4% YoY from PKR 10.75 bn), while yielding PKR 7.70 bn in cash dividends received over the period. This massive non-operating earnings stream effectively insulated BWCL's bottom line from core cement margin pressures while backing its dividend distribution capability, making BWCL a better-yielding, defensive pick at a valuation of 12.3x trailing P/E.
The Beginning of a New Era for Islamic Financial Instruments
Atif Saeed Rana    7/23/2026 12:00:00 AM
The latest Government of Pakistan Sukuk auction marked a significant milestone in the development of the country's Islamic capital market, reflecting strong investor confidence and sustained demand for Shariah-compliant government securities. The auction attracted total bids of Rs.741 billion against a target of Rs.125 billion, making it approximately 5.9 times oversubscribed. Capitalizing on the strong demand, the government accepted Rs.239.1 billion, nearly 1.9 times the announced target, highlighting its ability to raise additional funds at competitive pricing. Investor preference was particularly evident in the 10-year Variable Rate Rental (VRR) Sukuk, which received bids totaling Rs.425.3 billion, accounting for approximately 57% of total bids. The strong response to the long-term issue underscores investors' confidence in floating-rate instruments and their preference for longer-duration Shariah-compliant investments in the prevailing interest rate environment. The 3-month and 1-year discounted Sukuk also attracted healthy participation, while demand for the 6-month tenor was comparatively moderate. The cut-off yields were recorded at 11.4994% for the 3-month Sukuk, 11.6902% for the 6-month Sukuk, and 11.8400% for the 1-year Sukuk. Meanwhile, the 10-year VRR Sukuk was priced at the policy rate plus 18.99 basis points, translating into a yield of 11.5803%. The relatively narrow spread over the policy rate reflects strong investor confidence and suggests limited upward pressure on long-term yields. Overall, the auction results point to ample liquidity within the banking system and continued strong demand for government-issued Shariah-compliant securities. The government's ability to mobilize substantially more funds than initially targeted at competitive pricing is a positive development for its financing strategy. More importantly, the success of this auction reinforces the growing depth and maturity of Pakistan's Islamic debt market, marking another important step in the evolution of Islamic financial instruments and strengthening the role of Sukuk in the country's domestic capital market.
UBL - United Bank Ltd.
UBL Result Preview: 2QCY26 EPS Expected at PKR 15.00; PKR 8.00/Share Dividend Likely
SCS Research update    7/22/2026 12:00:00 AM
SCS Research expects UBL to report 2QCY26 EPS of PKR 15.00/share, representing a 23.31% QoQ decline but a 33.21% YoY increase. This would take 6MCY26 EPS to approximately PKR 34.56/share. SCS also expects the bank to announce a cash dividend of PKR 8.00/share, implying a dividend yield of 6.76%.
Link: https://www.linkedin.com/in/mahsan178/
KSE-100 at a Turning Point: Key Support Holds, Resistance Awaits
M Wajahat    7/21/2026 12:00:00 AM
The KSE-100 Index has successfully taken support near the 173,500 level. As long as this support remains intact, the index is likely to extend its recovery toward the 178,000–179,500 resistance zone. However, if the 173,500 support fails to hold, the next key downside support is expected around the 200-day moving average near 169,800. Investors are advised to remain cautious and avoid aggressive fresh buying until the index confirms its next directional move.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20July%2021,%202026...pdf
PRL - Pakistan Refinery Ltd.
PRL Extends Bullish Breakout; Eyes Higher Targets
M Wajahat    7/21/2026 12:00:00 AM
PRL has successfully broken above another key resistance zone, reaffirming robust buying interest and further strengthening its bullish technical structure. Following the successful achievement of our second upside target, the prevailing momentum remains firmly intact. Investors are advised to continue holding existing positions for the next upside targets at PKR 51.25, 54.32, and 59.65. In line with the improving price action and to protect accumulated gains, the stop-loss has been revised upward to PKR 45.15 while maintaining exposure to the stock's continued upside potential.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PRL%20July%2021,%202026...pdf
KSE-100 Near Critical Resistance; Caution Advised
M Wajahat    7/20/2026 12:00:00 AM
The benchmark index continues to face strong resistance within our identified 178,000–179,500 zone, increasing the probability of a near-term corrective phase. Should selling pressure intensify, the index may retreat toward the key 200-day moving average (200-DMA) support at 169,800. Conversely, a decisive breakout and sustained close above the 178,000–179,500 resistance range would negate the corrective outlook, confirming renewed bullish momentum and paving the way for fresh all-time highs. Investors are advised to remain cautious and await a confirmed breakout before taking aggressive positions.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20July%2020,%202026...pdf
KSE-100 at a Make-or-Break Zone
M Wajahat    7/17/2026 12:00:00 AM
The KSE-100 Index is currently trading near a crucial resistance zone between 178,000 and 179,500. A decisive breakout above this range could trigger further upside momentum, with the next target around 185,000. However, if the index fails to clear this resistance, it may drag lower toward the 175,000 support level
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20July%2017,%202026....pdf
OGDC - Oil & Gas Development Company Ltd.
OGDC is unlocking Shale gas potential in Sindh signifies structural upside
SCS Research update    7/17/2026 12:00:00 AM
- OGDC's successful transition to horizontal drilling in Sindh unlocks an estimated 7.5 TCF of shale gas reserves (this is yet to be noted in the Energy Year Book) - This marks an inflection point that addresses risks related to mature field depletion - This can also considerably beef up production capacity - This will also boost 2P asset valuation - As per the company, OGDC has a Reserve Replacement Ratio (RRR) of 160% - The company is expanding its resource base to increase current production volumes - This, in return, could drive long-term import substitution against expensive LNG from Qatar or Azerbaijan - However, given the capital-intensive nature of shale and a 3–5 year commercialization timeline, this will merely be a structural re-rating catalyst rather than a near-term earnings driver - This is as per the media OGDC's media talk - Exploring Shale gas reserves continues to be an expensive exploration proposition - So far, it will remain a subjective development
DCR - Dolmen City Reit
Declaration of Final Cash Dividend
SCS Research update    7/17/2026 12:00:00 AM
The company declared a final cash dividend of Rs. 0.66 per unit (6.6%), ahead of the FY26 financial results. This is in addition to the interim dividends already paid of Rs. 1.92 per unit (19.2%). Total FY26 Dividend Declared: Rs. 2.58 per unit (25.8%). Latest EPS: 3QFY26 EPS: Rs. 0.65 9MFY26 EPS: Rs. 2.35 Dividend Yield (FY26): 6.7% Book Value/NAV: PKR 34.21/share Current Market Price: PKR 38.00/share
MZNPETF - Meezan Pakistan ETF
Meezan ETF NAV increased by 2.85% to PKR 1.44bn
SCS Research update    7/15/2026 12:00:00 AM
This is the June 2026 fund manager's report for the Meezan Pakistan Exchange Traded Fund (MZNP-ETF), which saw its net asset value increase by 2.85% over the month to bring its total net assets to Rs. 1.44 billion. The update highlights the fund's latest Shariah-compliant asset allocations, performance metrics, and top stock holdings.
Link: https://dps.psx.com.pk/download/document/279947.pdf
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