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Analyst Opinion
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/
SLM - Service Long March Tyres Limited
SLM Increases TBR Tyre Production Capacity by 25%
SCS Research update    6/29/2026 12:00:00 AM
SLM, in a notice to the PSX, announced that it has successfully enhanced its production capacity for Truck and Bus Radial (TBR) tyres. The company’s annual production capacity has increased from 1.6 million tyres to 2.0 million tyres, reflecting an expansion of approximately 25%.
Link: https://dps.psx.com.pk/download/document/279206.pdf