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PSO - Pakistan State Oil Company Ltd. Consolidated10/19/2026 12:00:00 AMPSO - PARCO Supply Deal Update

- PSO board has reportedly approved a renewed 5-year supply agreement with PARCO. - Revised Fuel Allocations: - Petrol (RON 92): Increased from 18,000 to 50,000 tonnes/month - High-Speed Diesel: Increased from 50,000 to 105,000 tonnes/month - Furnace Oil: Cut from 32,000 to 5,000 tonnes/month - Reason for Shift: Furnace oil demand is falling in the power sector, while petrol and diesel have become more strategically important. - New Terms: The new deal includes Euro-5 standard fuel, more flexible payment terms, and protection against LC delays related to banking issues.

SLM - Service Long March Tyres Limited10/17/2026 12:00:00 AMServis Owns 51%, Chinese Partner 45% of SLM

1. Earnings Growing - Revenue Up 44%, Margins Improving SLM reported revenue of Rs. 71.7 billion in FY26, compared to Rs. 49.8 billion in FY25. This is a growth of 43.9%. Gross profit was Rs. 18.1 billion in FY26, compared to Rs. 10.7 billion in FY25. Gross margin improved to 25.3% from 21.6%. In FY24, the company had revenue of Rs. 37.9 billion and a net profit of Rs. 5.36 billion. 2. Dividend Paid Early - Rs. 0.83 Per Share in First Year of Listing For FY26, the company announced a final cash dividend of Rs. 0.83 per share. This was paid within a few months of listing. 3. Strong JV Structure - Servis Owns 51%, Chinese Partner 45% SLM is a joint venture between Pakistan's Servis Group and China's Chaoyang Long March Tyre Co. Servis Group owns 51% of the company. Long March owns about 45%. Before listing, Chinese shareholders held about 43%. The Chinese partner was established in 1966 and is China's first all-steel tyre maker. The company sells tyres under three brands: Longmarch, Roadlux, and Supercargo. 4. Sales Mix Improving - 40% Exports, Targeting $100 Million SLM is the largest all-steel radial tyre maker in Pakistan. It has about 60% share in the truck and bus tyre market in Pakistan. It exports about 40% of its production. In FY24, exports were 32% of total sales. In FY26, exports were about 70 million dollars. The company wants to increase it to 100 million dollars in FY27. Main export markets are USA and Brazil. Poland exports will start soon. Pakistan is now the 5th largest tyre exporter to USA and 7th to Brazil. 5. Market Share Increasing - From 15% to 62%, Aiming for 70% SLM's local market share increased from 15% in FY23 to 62% in FY26. Management wants to take it above 70%, but it depends on competition from Chinese imports. 6. Cost Pressure Rising - 95% Raw Material Imported, Prices at Highs 95% of raw materials are imported from Thailand, Malaysia, and China. So the company is exposed to global price changes. Natural rubber prices are at a 13-year high and carbon black at a 2-year high due to the Gulf conflict. The company has already increased prices by 5% and will increase again in the next 30 to 60 days. It wants to pass on all cost increases by December 2026. Margins may be under pressure in 2QFY27 and 3QFY27 because of the time lag in price increases. 7. Cheap Financing Available - SBP Scheme at 2% For Expansion The company is looking at long-term loans under SBP's export scheme. The rate is 2% for the first two years and 5% for the next eight years. 8. Energy Costs Coming Down - Renewables to Reach 40% The company needs 20MW at peak and 12-14MW on average. It has 12MW solar and 7.5MW wind. The wind project is still being installed. After that, renewable energy will be 40% of total use, up from 23% now. It is also installing a biomass boiler by June 2027 to reduce gas use. 9. Duty Support - Import Duty Raised from 16% to 27% The government has approved an increase in customs duty on imported truck tyres from 16% to 27%. This is good for SLM. 10. OEM Business Strong - 60% Share in Local Truck Makers SLM has 60% share in supplying tyres to local truck and bus makers. Its competitors are GTYR and Chinese suppliers who sell sizes that SLM does not make.

UBL - United Bank Ltd.10/16/2026 3:59:33 PMUBL liquidate there investments in order to maintain the leverage ratio

- UBL book value increased to PKR208/sh reported in 9M vs PKR 199/sh reported on Dec 31, 2025 - This translates into a PBV multiple of 2x - UBL contemplated deposit mobilization, which increased the deposit base by exactly PKR 1.5 trillion to PKR 6.5 trillion as at 9M - The deposit mobilization also resulted in a higher cost of deposits - However, UBL markup earnings touched the PKR 1 trillion mark in 9M - UBL also booked a gain on securities amounting to ~PKR 48bn - UBL reported 3Q tax charge of 52% - UBL reported 9M EPS of 46/sh (we expect UBL may report PKR60/sh EPS in CY26 - UBL also announced the 3rd interim cash dividend of PKR 8/sh

PRL - Pakistan Refinery Ltd.10/15/2026 9:05:19 AMPRL Regains Bullish Momentum – Accumulation Zone Identified

PRL has taken support from its support zone, indicating a positive shift in technical momentum and presenting a favourable buying opportunity. Investors are advised to accumulate the stock within the PKR 99.19 - 102.15 range, with a stop-loss placed below PKR 91.05. On the upside, the expected targets are PKR 107.55, PKR 115.35, and PKR 121.35, provided the breakout remains intact. yesterday wednesday (closing price 99.19) day before yesterday (thursday) closing price was 93.19 now i want you to generate these report based on wednesday closing price compared to yesterday clsoing price

KSE 100 - KSE 100 Index10/13/2026 8:34:40 AMKSE-100 at a Crucial Support: Falling Wedge Signals Potential Reversal

The KSE-100 Index is currently forming a Falling Wedge pattern, a technical chart pattern that may signal a potential bullish reversal. The index is trading near its key support level of 165,100, which will be important to watch in the coming sessions. If the index manages to hold this support and shows signs of a recovery, we may see an upward move towards 169,000 in the coming days. However, a breakdown below the pattern would weaken the near-term technical outlook, with the next support level visible at 160,550. Investors should closely monitor price action around the current support zone to assess the index’s next directional move.

10/8/2026 12:00:00 AMKHAADI IPO SCS Initial Assessment

Khaadi Fashion Business Khaadi operates a vertically integrated fast-fashion model from design to retail. Its portfolio covers ready-to-wear, unstitched, menswear, kidswear, fragrances, footwear, accessories and home. The core retail strategy has shifted from “Go-Wide” (rapid store count) to “Go-Deep” – operating fewer, larger, and highly productive stores under the “Experience Store” format. . Khaadi Issue Summary The total issue size comprises 500 mn shares, representing 20% of the total Post-IPO paid up capital. Out of this: - 250 mn shares (10%) – Pre-IPO Private Placement - 250 mn shares (10%) – Initial Public Offering (IPO) via Book Building . Face Value, Premium and Pricing - Par / Face Value: PKR 0.125/- per share - Premium at Floor Price: PKR 12.275/- per share - Floor Price: PKR 12.40/- per share - Cap Price (Maximum Price Band): PKR 18.00/- per share, i.e. up to 45.16% above floor price - Pre-IPO Cap Price: PKR 15.20/- per share, i.e. up to 22.58% above floor price . Pre-IPO Private Placement In addition to the IPO, the fashion company has signed agreements to sell 250 mn shares (10% of Post-IPO Paid Up Capital) through Pre-IPO placement. Book Building Method and Strike Price The 70% of the IPO Issue size i.e. 175 mn shares will be offered through Book Building at the Floor Price of PKR 12.40/sh. Bidders will place bids for 70% of the issue size and the Strike Price shall be the price at which 70% of the Issue size is subscribed through Dutch Auction method. . Retail / General Public Portion The 30% of the IPO i.e. 75 mn ordinary shares will be offered to retail investors through General Public portion at the Strike Price. The retail portion of the public offer shall be fully underwritten. . Future Planning and Use of Proceeds Khaadi currently operates 31 stores across Pakistan, with 18 already converted to Experience Stores. Proceeds from the Issue will be utilized for: a) Conversion of remaining 13 stores into Experience Stores b) Annual Capex of ~PKR 3.5 bn from 2027 onwards for store expansion & remodeling c) E-commerce enhancement in 200 cities and product assortment broadening with weekly & twice-weekly festive drops d) Technology, supply chain and international operations support in destinations like UAE, UK, USA subsidiaries where there is a strong Pakistani diaspora The face value is PKR 0.125, with total issue of 500mn shares split equally between Pre-IPO & IPO, and the IPO itself split into 175 mn (Book Building) and 75 mn (General Public).

PAKT - Pakistan Tobacco Company Ltd.10/7/2026 4:38:14 PMPakistan Tobacco Company (PAKT) — FMCG Segment Giant

Pakistan Tobacco Company Limited (PAKT) is a major player in Pakistan’s formal tobacco industry and a subsidiary of British American Tobacco (BAT). The company manufactures and sells cigarettes, tobacco products, and VELO modern oral nicotine products. PAKT has an established formal-sector distribution network and benefits from BAT’s backing, while its portfolio has expanded beyond conventional cigarettes through VELO. The company reported a 35% YoY increase in VELO volumes in Q1 2026, underscoring the growing contribution of the modern oral nicotine category. PAKT’s financial profile remains characterized by relatively high operating margins. Valuation matrix The stock trades at a trailing P/E of 9.64x. The tobacco company paid an annual dividend of PKR 150/sh in 2025. This translated into a dividend yield of 10.7%. PAKT usually traded at a peak PE multiple ranging between 14x and 23x in the last 5 years. PAKT maintained yearly sales growth of ~10% to 23% in the last 5 years. At present, PAKT's yield Price-to-Sales multiple is 2.15x, which once touched a high of 4.5x in 2021. Key Catalysts * Formal-market enforcement: Greater enforcement against illicit cigarette sales can influence the competitive position of compliant manufacturers. * VELO expansion: VELO provides PAKT with exposure to the modern oral nicotine category, with volumes up 35% YoY in Q1 2026. * Pricing and product mix: Changes in product pricing and mix remain important drivers of revenue and margins. * Cost discipline: PAKT continued operating efficiency that can support margins amid changes in taxation and input costs. * BAT relationship: PAKT’s ownership structure provides access to BAT’s international portfolio, expertise, and operating capabilities.

KSE 100 - KSE 100 Index10/6/2026 8:49:35 AM164,900 in Focus: Rebound or Further Downside?

The KSE-100 Index is approaching a key support level at 164,900. If the index manages to sustain above this level and takes support, we may see a recovery towards 170,000. However, a decisive break below 164,900 could lead to further downside, with the next support level seen around 157,000. Therefore, the index’s reaction at 164,900 will remain crucial for determining the near-term market direction.

KSE 100 - KSE 100 Index9/30/2026 8:45:09 AMKSE-100 at Critical 169,600 Support: Bounce or Breakdown?

KSE-100 Index is currently trading above the 169,600 support level, which also represents an important trendline support. The index has previously bounced back from this trendline on four occasions, making this the fifth test of the same support zone. If the index manages to sustain this support, it may move towards 172,700, followed by the next target of 175,800. However, if the 169,600 support fails to hold, the next support is seen at 165,800.

POL - Pakistan Oilfields Ltd.9/28/2026 11:57:37 AMStrategic Investments Extend POL’s Exposure Beyond Core Exploration & Production

Established Presence in Pakistan’s E&P Sector Pakistan Oilfields Limited (POL) is an established exploration and production (E&P) company headquartered in Rawalpindi, Punjab. The company operates as a subsidiary of the UK-domiciled Attock Oil Company (AOC) and forms part of the Attock Group’s energy operations in Pakistan. POL has a long-standing presence in the country’s upstream sector, with operating interests in several fields across the Potohar region, including Khaur, Balkassar, Dhulian, Joya Mair, Meyal, Pariwali, and Pindori. The company also holds non-operating interests in joint ventures such as Tal, Nashpa, and Adhi, providing exposure to a broader portfolio of producing assets. Diversified Exposure Across the Energy Value Chain POL's operations extend beyond exploration and production. The company holds a 25% stake in National Refinery Limited (NRL) and operates crude-oil pipeline infrastructure supplying Attock Refinery Limited (ARL). It also has a presence in the LPG business through its POLGAS brand and subsidiary, CAPGAS (Pvt.) Limited. This gives POL exposure to different stages of the domestic energy value chain, with upstream operations remaining the core component of its business. Strong Profitability and Cash Position POL reported revenue of PKR 68.764 billion in FY26, with a gross margin of 67% and a net profit margin of 50.6%. The company's financial performance is influenced by production volumes, realized oil and gas prices, operating costs, and developments in the regulatory environment. The company reported cash and bank balances of PKR 86.26 billion, while long-term investments stood at PKR 9.615 billion. The sizeable cash position represents an important component of the company's balance sheet and provides flexibility for investment and capital allocation. Established Dividend Distribution POL has a history of distributing cash dividends to shareholders. The dividend for FY26 stood at PKR 72.50/sh Key Investment Considerations The investment profile of POL is shaped by its established producing asset base, participation in multiple oil and gas fields, diversified energy interests, substantial liquidity, and dividend distribution history. At the same time, the company's financial performance remains exposed to changes in international oil and gas prices, production levels, reserve additions, development activity, taxation, and Pakistan's broader energy-sector policies. These factors remain important when assessing the company's future earnings and cash flows.

Symbol	Price	Volume
PRL	108.81	52,931,490
CNERGY	12.88	35,789,820
TPLT	32.26	14,356,517
WTL	0.95	12,246,538
SPWL	8.31	10,648,108
WAVESAPP	7.37	9,592,809
KEL	6.01	9,512,363
TISL	4.83	9,313,517
TRG	57.62	8,932,053
KOSM	5.44	8,372,243

Symbol	Price	Change %
ANL	9.60	10.42
UCAPM	13.27	9.12
DNCC	21.20	9.10
SINDM	55.51	9.10
CFL	75.85	9.10
PIM	87.86	9.09
SZTM	90.51	9.09
KPUS	1,298.40	9.09
EMCO	39.60	9.09
PECO	782.11	9.09

Symbol	Price	Change %
FIL	459.78	-11.11
MACFL	90.30	-11.11
FCIBL	58.52	-11.11
JATM	49.88	-11.11
CENIR	20.20	-10.82
FIMM	210.37	-10.46
FTSM	31.38	-10.42
KOHTM	94.77	-9.91
MSCL	22.32	-9.54
MWMP	78.92	-9.47

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