KEL 8.12 / 144.42M 0.20 |

HASCOL 24.56 / 100.75M 1.31 |

CNERGY 8.53 / 84.11M 0.21 |

TELE 8.69 / 36.42M 0.15 |

PIBTL 17.13 / 32.34M 0.09 |

BOP 36.13 / 30.90M -0.60 |

CLOV 8.89 / 30.82M 0.50 |

WTL 1.35 / 27.50M -0.01 |

UNITY 12.91 / 25.09M 0.05 |

PACE 11.30 / 23.41M -0.34 |

DFSM 16.87 / 19.86M 1.31 |

MLCF 88.96 / 19.50M -0.66 |

PASL 2.83 / 19.23M 0.18 |

DSL 5.92 / 17.04M -0.01 |

DCL 10.72 / 16.62M 0.04 |

FNEL 1.44 / 12.90M -0.03 |

TPLP 8.65 / 12.46M -0.08 |

AGHA 7.95 / 12.20M -0.23 |

TPL 11.11 / 10.17M 0.21 |

DFML 22.22 / 9.85M 2.02 |

PRL 36.16 / 9.62M -0.30 |

SSGC 27.91 / 8.61M -0.82 |

HUMNL 11.70 / 8.11M 0.34 |

FCCL 51.85 / 7.72M -1.60 |

ASC 11.55 / 7.72M 0.64 |

TBL 9.49 / 7.55M 0.24 |

BECO 5.66 / 7.54M -0.06 |

DGKC 190.31 / 6.99M -3.10 |

SEARL 93.42 / 6.62M -1.38 |

PIAHCLA 26.17 / 6.51M 2.38 |

NETSOL 140.34 / 6.27M 3.13 |

PAEL 40.85 / 5.78M -0.40 |

LOADS 13.68 / 5.47M 0.01 |

HIRAT 7.19 / 5.42M 1.00 |

NCPL 68.99 / 5.28M -0.53 |

KOSM 5.74 / 5.22M -0.06 |

MDTL 5.94 / 5.06M 0.07 |

PPL 229.93 / 5.01M -4.95 |

OGDC 329.68 / 4.96M -4.04 |

CSIL 6.16 / 4.88M 0.02 |

DSIL 10.01 / 4.15M 0.05 |

MACFL 47.29 / 3.99M 4.30 |

PTC 54.01 / 3.97M -0.94 |

AVN 37.17 / 3.86M 1.13 |

DWSM 8.58 / 3.77M 1.00 |

NBP 192.56 / 3.68M -2.48 |

TRG 55.51 / 3.65M 0.86 |

STL 58.53 / 3.60M 2.94 |

TREET 25.02 / 3.49M -0.11 |

FFL 17.45 / 3.45M -0.29 |

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Announcements

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ATLH - Atlas Honda Ltd. Atlas Honda Limited. (ATLH) Financial Results Final Quarter Results Mar 31, 2026 EPS 4Q = Rs. 47.28 Full Year EPS FY26 = Rs. 170.21 Last Full Year EPS FY25 = Rs. 122.91 Yearly Growth = 38% Final Dividend FY26 Cash (Rs/share) 56.00 (560%) Bonus Shares = FY26 = Nil Current Price = Rs. 1,722.95 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 16/06/2026 To 29/06/2026

HASCOL - Hascol Petroleum Ltd.(NON-COMPLIANT)Hascol Petroleum Limited. (HASCOL) Unconsolidated Financial Results 1st Quarter March 31, 2026 EPS 1Q = Re. 0.45 Last 1Q EPS = Rs. (3.09) 1Q Growth = 115% Interim Dividend 1Q-26 Cash (Rs/share) Nil Bonus Shares 1Q-26 = Rs. Nil Current Price = Rs. 21.10

PPL - Pakistan Petroleum Ltd.Pakistan Petroleum Limited. (PPL) Unconsolidated Financial Results Nine Month Results March 31, 2026 EPS 3Q = Rs. 7.63 EPS Uptill 9M = Rs. 22.48 Last 9M EPS = Rs. 26.72 9M Growth = (16%) Interim Dividend 3Q-26 = Rs. 2.00 (20%) Bonus Shares 3Q-26 = Rs. Nil Current Price = Rs. 222.99 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 14/5/2026 To 18/5/2026

PSO - Pakistan State Oil Company Ltd. ConsolidatedPakistan State Oil Company Limited. (PSO) Consolidated Financial Results Nine Month Results March 31, 2026 EPS 3Q = Rs. 52.59 EPS Uptill 9M = Rs. 83.93 Last 9M EPS = Rs. 26.23 9M Growth = 220% Interim Dividend 3Q-26 = Rs. Nil Bonus Shares 3Q-26 = Rs. Nil Current Price = Rs. 383.00

NRL - National Refinery Ltd. National Refinery Limited. (NRL) Financial Results Nine Month Results March 31, 2026 EPS 3Q = Rs. 91.31 EPS Uptill 9M = Rs. 113.39 Last 9M EPS = Rs. (181.20) 9M Growth = 163% Interim Dividend 3Q-26 = Rs. Nil Bonus Shares 3Q-26 = Rs. Nil Current Price = Rs. 407.00

NBP - National Bank Of Pakistan National Bank of Pakistan. (NBP) Unconsolidated Financial Results 1st Quarter March 31, 2026 EPS 1Q = Rs. 7.86 Last 1Q EPS = Rs. 10.08 1Q Growth = (22%) Interim Dividend 1Q-26 Cash (Rs/share) Nil Bonus Shares 1Q-26 = Rs. Nil Current Price = Rs. 188.05

FFC - Fauji Fertilizer Company Ltd. ConsolidatedFauji Fertilizer Company Limited. (FFC) Consolidated Financial Results 1st Quarter March 31, 2026 EPS 1Q = Rs. 13.62 Last 1Q EPS = Rs. 12.23 1Q Growth = 13% Interim Dividend 1Q-26 Cash (Rs/share) 8.50 (85%) Bonus Shares 1Q-26 = Rs. Nil Current Price = Rs. 514.99 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 12/5/2026 To 14/5/2026

APL - Attock Petroleum Ltd.Attock Petroleum Limited. (APL) Financial Results Nine Month Results March 31, 2026 EPS 3Q = Rs. 67.07 EPS Uptill 9M = Rs. 118.67 Last 9M EPS = Rs. 61.88 9M Growth = 92% Interim Dividend 3Q-26 = Rs. Nil Bonus Shares 3Q-26 = Rs. Nil Current Price = Rs. 575.00

DGKC - D. G. Khan Cement Company Ltd. D.G. Khan Cement Company Limited. (DGKC) Unconsolidated Financial Results Nine Month Results March 31, 2026 EPS 3Q = Rs. 5.71 EPS Uptill 9M = Rs. 19.07 Last 9M EPS = Rs. 12.60 9M Growth = 51% Interim Dividend 3Q-26 = Rs. Nil Bonus Shares 3Q-26 = Rs. Nil Current Price = Rs. 174.36

OGDC - Oil & Gas Development Company Ltd.Oil & Gas Development Company Limited. (OGDC) Unconsolidated Financial Results Nine Month Results March 31, 2026 EPS 3Q = Rs. 9.82 EPS Uptill 9M = Rs. 26.80 Last 9M EPS = Rs. 30.13 9M Growth = (11%) Interim Dividend 3Q-26 = Rs. 3.25 (32.50%) Bonus Shares 3Q-26 = Rs. Nil Current Price = Rs. 311.25 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 12/5/2026 To 13/5/2026

Analyst Opinions

Test

FECTC - Fecto Cement Ltd.5/7/2026 12:00:00 AMFECTC EV/ton is less tha $40

FECTC is the cheapest in terms of EV per ton, which is less than $40/ton. We expect company earnings to rebound in FY27-28. The company is situated in Sangiani, Islamabad, which is noteworthy in the calculation of its fair value.

MTL - Millat Tractors Ltd. Consolidated 5/7/2026 12:00:00 AMMTL Notices at PSX

The Board has recommended subdividing the face value of shares from Rs. 10/sh to Rs. 5/sh. Consequently, the total number of ordinary shares will increase from 199.5 mn to 399 mn. The ratio is 1:2. It means that for every 100 shares, there will be another 100 shares. The Company clarified via PSX notice that the company is currently in the preliminary stages of evaluating the feasibility of EV motorcycle production in Pakistan.

LUCK - Lucky Cement Ltd. Consolidated5/6/2026 12:00:00 AMLUCK’s Diversified Dominance | PE 6.9x PBV 1.1x | Annualized Net Margin 18.15%

Lucky Cement Limited (LUCK LUCK Snapshot ) is one of the biggest cement capacity plant holders in Pakistan withthe 15mn tons capacity. LUCK posted a robust consolidated performance in 9MFY26, reporting a Net Profit of PKR 68.47bn, 8.4% up YoY. The Gross Revenue of PKR473.72 bn is 14.5% up, driven by the strong operational footprint of the company’s diverse subsidiaries. The group achieved an EPS of PKR 43.47, reflecting an 11.1% increase over SPLY. Segmental Performance & Operational Highlights: ? Cement Operations: Local sales volumes increased 8.9% to 4.9 MT, reflecting a gradual stabilization in demand. Export volumes declined by 9.7% to 2.3 MT as part of a strategic rationalization of geographic exposure. The company is expanding its Karachi solar capacity to 89.3 MW by 4Q FY26 and has successfully commissioned UTIS technology to reduce production costs, as per the company report. ? Lucky Motor Corporation (LMC): The automobile sector observed a volume increase of approximately 46% compared to the previous year, supported by stable pricing and exchange rate parity. LMC is enhancing competitiveness against new Chinese brands through a partnership with GAC Group to introduce New Energy Vehicles (NEVs) and focus on the low-cost smartphone segment. They are yet to roll out variants. Natural Resources factor… LUCK Group owns 33.33% stake in Natural Resources (NRL), and the other stakeholders in NRL are Fatima Fertilizer and Mari Energies. The key leading sectors are minerals, copper, gold, barite-lead-zinc, and exploration licenses for rare earth minerals at Chaghi, Balochistan. We expect some positive cash flows to start from 2030-32 onwards. As per the media reports, Lucky Motor Corporation’s partnership with GAC Group marks an expansion into Pakistan’s New Energy Vehicle (NEV) market, positioning the company in the EV mobility business.

POWER - Power Cement Ltd.5/6/2026 12:00:00 AMPOWER - Shariah compliance case

The cement company POWER maintains financing arrangements. These facilities include Istisnaa financing amounting to PKR 4 bn, Letters of Credit totaling PKR 1.280 bn, Running Musharakah facilities of Rs. 2.2bn, Murabaha financing of Rs. 200mn, and Islamic Export Refinance Facilities amounting to Rs. 1.5 bn. POWER is yielding FY26 PE of 9.9x, EV PKR 24.92/sh, and Book Value of PKR 18.88

HUBC - The Hub Power Company Ltd. Consolidated4/22/2026 12:00:00 AMHub Power Company Limited – Gradual earning shift | Result Review (9MFY26)

HUBC reflecting ‘earning shift’ from JV business We see HUBC may have recouped revenues in 9MFY26 from ‘newer’ ventures, viz., joint ventures, after agreeing to end CPP payment on the base plant last year. HUBC reported a YoY decline in revenue, with 3QFY26 sales at Rs16.5 bn, down 3.5%, and 9MFY26 revenue at Rs50.6 bn, down from Rs64.6 bn. Gross profit remained relatively stable in the quarter at Rs6.6 bn vs Rs7.0 bn last year, which actually supports our analysis. Earnings Support from JV is a positive sign We see decreasing finance costs provided some relief during the period, while income from associates and joint ventures increased to Rs11.0 bn (quarterly) and Rs32.3 bn (9MFY26). This continued reliance on non-core income highlights a gradual shift in the earnings mix. Profitability reflecting SOME's earning shift.’ Net profit slightly decreased on a YoY basis. HUBC posted Rs12.1 bn in 3QFY26 (vs Rs12.7 bn) and Rs37.7 bn for 9MFY26 (vs Rs39.0 bn). The EPS is PKR 8.33 in 3QFY26 and PKR 25.49 in 9MFY26 on the consolidated basis. Balance Sheet: Long-term liabilities decreasing is a positive sign The balance sheet remained stable with total assets around Rs. 413.6 bn. Equity saw a modest increase, while long-term liabilities declined, indicating deleveraging. However, higher current liabilities point toward increased working capital requirements. Dividend & Valuation The company announced a PKR 5/sh dividend in 3QFY26, taking the cumulative payout to PKR 15/sh for 9MFY26, implying a payout ratio of ~59% and a P/BV of ~1.31x, with a dividend yield of ~8.7%. HUBC yield FY26 PE of 6.5x below the KSE 100 PE range of 8x - 9x. POSITIVE

UBL - United Bank Ltd.4/15/2026 12:00:00 AMUBL 1QCY26 Result Overview

? UBL reported robust performance, with PAT up 38% YoY to PKR 48.98bn and EPS up 35% to 19.56/sh. ? The bank’s core income remained stable, as net interest income grew 18% YoY, reflecting consistent performance in its primary banking operations. ? NII increased significantly (+170% YoY), driven by higher gains on securities, which supported overall profitability during the period. On the expense side, costs rose ~53% YoY due to business expansion. ? UBL also announced a PKR 8/share dividend, representing a ~41% payout ratio.

SAZEW - Sazgar Engineering Works Ltd.4/7/2026 12:00:00 AMSazgar Engineering Works Limited (SAZEW) – Production & Sales increasing | Leading P/E 6.0x | PBV 2.26x | Exp Book value PKR 722/sh

SAZEW is currently trading at an estimated P/E of 6.0x, with an expected price-to-sales ratio of 0.73x and price-to-book value of 2.26x, based on an expected book value of PKR 722/sh. SAZEW reported a record performance in March 2026, with four-wheeler production reaching an all-time high of 1,808 units. This represents a 2.1x increase compared to the previous year and a 10% rise from the month before. The data indicates a continued upward trend in production volumes, consistent with the gradual expansion seen since 2023, as also shown in the accompanying chart. On a cumulative basis, the company’s production for the 9MFY26 totaled 12,871 units, a 55% increase over the SPLY. This growth suggests sustained expansion in manufacturing activity over the past year, likely supported by improved operational capacity and steady demand conditions. Sales performance also demonstrated notable growth during the period. In March 2026, SAZEW reported sales of 1,734 units, reflecting an 84% increase YoY and a 3% rise from the last month. The sales figures remain broadly aligned with production levels, indicating that most of the output is being absorbed by the market without a significant buildup of inventory. Cumulatively, sales for 9MFY26 reached 12,630 units, up 57% YoY. The close proximity between production and sales volumes suggests a relatively balanced demand-supply situation during the period. Overall, the data indicates continued growth in both production and sales, although the pace of month-on-month increases appears more moderate compared to the year-on-year gains. On a cumulative basis, the company’s production for the first nine months of FY2026 (9MFY26) stood at 12,871 units, a 55% increase over the SPLY. This growth suggests sustained scaling of manufacturing activity over the past year, potentially supported by improved operational capacity and steady demand. Sales performance also showed notable growth during the period. In March 2026, SAZEW reported sales of 1,734 units, reflecting an 84% increase YoY and a 3% rise MoM. The sales figures remain broadly aligned with production levels, indicating that most of the output is being absorbed in the market without a significant buildup of inventory. Cumulatively, sales for 9MFY26 reached 12,630 units, up 57% YoY. The close proximity between production and sales volumes suggests a relatively balanced demand-supply position during the period. Overall, the data points to continued expansion in both production and sales, though the pace of month-on-month growth appears more moderate compared to year-on-year gains. The Board has approved an estimated capital expenditure of PKR 22.0 bn (excluding land cost), to be financed through a mix of internal cash generation and bank borrowings. Upon completion, the total installed production/assembly capacity of the four-wheeler plant is expected to increase to 54,000 units per annum on a single-shift basis, indicating a planned scale-up in operations over the medium term.

FFC - Fauji Fertilizer Company Ltd. Consolidated4/3/2026 12:00:00 AMFertilizer Offtake & Inventory Position for Mar 2026

Urea offtake rebounded sharply in March 2026, rising 85% YoY to 568k tons, driven by improved demand after a slow start to the year. This increase reverses the trend seen in January and February, which was weighed down by Rabi demand in December 2025, leading to elevated dealer inventories and suppressed sales. For 1QCY26, cumulative urea sales declined 6% YoY to 1,037k tons. However, key players saw growth: - FFC's offtake improved 12% YoY to 602k tons - EFERT's offtake posted a 7% YoY increase to 279k tons, reversing earlier declines

BAFL - Bank Alfalah Ltd.4/1/2026 12:00:00 AMBAFL - Analyst Briefing Takeaways

~The bank profitability declined by 26% YoY to PKR 28.3 bn (EPS: PKR 18.0) in CY25, mainly due to increase in administrative and marketing expense. ~The bank also announced final cash dividend of PKR 3/sh, bringing the total cash dividend to PKR 10.5/sh in CY25. ~Net interest margins improved to 4.6%, while non-interest income rose 7% to PKR 47.5 bn, driven by higher dividends and FX income. ~The capital adequacy ratio (CAR) at 15.9% ~BAFL handled US$5.9 bn in remittances, holding a 14.7% market share. Deposits grew 17% YoY to PKR 2.5tr, with a similar increase in current accounts. The investment portfolio rose 9% to PKR 2.2tr, with various yield rates. ~Management anticipates a rise in the policy rate this fiscal year, impacted by Middle Eastern developments. ~Trade volume increased by 20% to US$8.5 bn, with import and export market shares at 11.4% and 5.8%, respectively.

MARI - Mari Energies Limited.4/1/2026 12:00:00 AMMari discovery EWT continues at Spinwarm Waziristan

Spinwarm 1 Production 40 mmcfd The impact on Mari incremental EPS is ~PKR 5.70/sh Mari has 55% stakes as operator Alongside JV partner OGDC, which has 35% stakes Spinwarm Waziristan is one of the most promising fields in Pakistan

KSE 100

171,115.82

-1,778.45

(-1.03 %)

Vol: 431,757,518

KSE 30

51,478.54

-641.56

(-1.23 %)

Vol: 123,807,995

KMI 30

245,731.79

-3,035.82

(-1.22 %)

Vol: 184,521,182

Volume Leaders

Symbol	Price	Volume
KEL	8.12	144,424,938
HASCOL	24.56	100,747,421
CNERGY	8.53	84,108,382
TELE	8.69	36,418,295
PIBTL	17.13	32,341,852
BOP	36.13	30,899,031
CLOV	8.89	30,823,426
WTL	1.35	27,499,884
UNITY	12.91	25,086,525
PACE	11.30	23,411,931

Gainers

Symbol	Price	Change %
HIRAT	7.19	13.91
DWSM	8.58	11.66
DBCI	7.25	10.76
KSTM	10.20	9.80
AGSML	10.51	9.51
RUBY	17.01	9.11
FTMM	18.22	9.11
JVDCPS	74.20	9.10
PIAHCLA	26.17	9.09
MACFL	47.29	9.09

Losers

Symbol	Price	Change %
ASHT	47.84	-11.10
BFMOD	23.88	-11.10
JUBS	50.00	-11.08
EWIC	52.30	-10.78
FSWL	76.03	-10.60
ANLNV	7.13	-10.24
ASTM	18.66	-9.81
ARUJ	11.70	-9.15
CRTM	73.02	-9.09
JSGCL	160.16	-8.02

SCRA

Yearly(July, 2021 up to 16-Nov-2021)

$-322.61mn

Monthly (Nov, 2021 up to 16-Nov-2021)

$-49.40mm

Daily (16-Nov-2021)

-5.05mn

Total Portfolio Investment (5-Nov-2021)

$1,445mn

FIPI

Gross Buy

USD 18.92mn

Gross Sell

USD -20.11mn

Net Sell

USD -1.18mn

GDR

MCB (1 GDR = 2 Shares)

3.00

OGDC (1 GDR = 10 Shares)

6.50

UBL (1 GDR = 4 Shares)

6.40

LUCK (1 GDR = 4 Shares)

13.00

HUBC (1 GDR = 25 Shares)

31.54

Currency Rates

U.S Dollar

279.00

U.K Pound

378.79

Euro

326.93

Japanese Yen

1.76

U.A.E Dirham

76.00

Commodities Rates

WTI Crude

$ 95.76

Brent Crude

$ 101.76

Cotton $/lb

$ 84.16

Gold 100oz FUTR

$ 4,704.04

Silver Future

$ 78.21

World Markets

DOW

49,910.59(+612.34)

NASDAQ

25,838.94(+512.82)

SP500

7,365.03(+105.81)

NEKKEI225

63,192.50(+3679.38)

SHANGHAI

4,169.75(+57.59)

BSE

78,000.57(+42.05)

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FECTC is the cheapest in terms of EV per ton, which is less than $40/ton. We expect company earnings to rebound in FY27-28. The company is situated in Sangiani, Islamabad, which is noteworthy in the calculation of its fair value.

Spinwarm 1 Production 40 mmcfd The impact on Mari incremental EPS is ~PKR 5.70/sh Mari has 55% stakes as operator Alongside JV partner OGDC, which has 35% stakes Spinwarm Waziristan is one of the most promising fields in Pakistan

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