IGI Securities

29/05/2026

Growing a greener future, one tree at a time 🌱

In collaboration with WWF, IGI Holdings marked the International Day for Biological Diversity through a tree plantation drive at the WWF Wetlands Centre, Karachi.
The initiative brought colleagues together beyond the workplace to contribute towards environmental sustainability and promote a healthier future for generations to come.

Together, small actions can create a lasting impact.

25/05/2026

Pakistan's National CPI for May 2026 is estimated at +12.1%y/y, accelerating from +10.9% in April, driven by higher POL, electricity, and gas prices alongside a low base effect.

The transport index leads monthly gains at +5.4%m/m, while food prices rose 0.9%m/m. Average inflation for 11MFY26 stands at 6.7% vs. 4.7% last year.

Inflation risks remain skewed to the upside and could stay above SBP's 5–7% target range at least through Sep-26.

Watch the video for the full breakdown.

View Full Report:https://www.igisecurities.com.pk/downloads/research/CPIdaybreakMay26.pdf

25/05/2026

IGI Research initiates coverage on Meezan Bank (MEBL) with a BUY rating and a December 2026 target price of PKR 616/share, implying 28% upside from current levels.

Pakistan's largest Islamic bank surpassed PKR 3.3trn in deposits in CY25, maintaining a CASA ratio of 91% and an industry-leading 5-year average ROE of ~42%.
1QCY26 PAT came in at PKR 22bn (EPS: PKR 12.39), with fee income up 26% and non-interest income rising 34% year-on-year.

Watch the video for the full breakdown.

View Full Report:https://www.igisecurities.com.pk/downloads/research/MEBL22052026.pdf

25/05/2026

IGI Research previews Pakistan's Federal Budget FY27, expected in the first week of June 2026, assessed as neutral to mildly positive for the economy and equity markets.
The FBR revenue target is set at PKR 15.3trn, with the budget deficit projected at 3.4% of GDP and power sector subsidies capped at PKR 830bn.
Salaried relief, gradual super tax phase-out, and a corporate tax glide path to 25% are among the key measures on the table.

Watch the video for the full breakdown.

View Full Report:https://www.igisecurities.com.pk/downloads/research/BudgetPreviewFY27.pdf

25/05/2026

Daybreak
Monday, May 25, 2026

Federal Budget 2027 Preview: Fiscal Consolidation Likely to Continue

As Pakistan approaches the FY27 Federal Budget, expected in early June 2026, expectations remain focused on a fiscally disciplined and reform-driven framework aimed at maintaining macroeconomic stability while offering targeted support to economic activity. Overall, the budget is expected to be neutral to mildly positive for both the economy and the stock market.

The Government is likely to set FBR revenue target of PKR 15.3trn for FY27 up from PKR 13.4trn estimated in FY26. Overall Budget Deficit is likely to stand at PKR 4.9trn or 3.4% of GDP in FY27 up from PKR 5.0trn (4% of GDP) budgeted in FY26 or estimated PKR 4.0trn (3.2% of GDP).

Salaried individuals are widely expected to receive some fiscal relief in the upcoming budget. The most anticipated measure is an upward revision in the minimum taxable income threshold, which currently exempts individuals earning up to PKR 600,000 annually.

Link: https://www.igisecurities.com.pk/downloads/research/BudgetPreviewFY27.pdf

IGI Securities (BRP-009)
UAN: +92 21 111 444 001 Ext: 912
Website: https://www.igisecurities.com.pk/

25/05/2026

25/05/2026

Daybreak
Monday, May 25, 2026

MEBL: Strong Fundamentals Supporting Sustainable Growth

We initiate coverage on MEBL with a ‘BUY’ rating and target price of PKR 616.0/share offering 28% upside from last close. Meezan Bank Limited is the pioneer of Islamic banking in Pakistan operating with a fully Shariah-compliant business model. Over the years, the Bank has established a strong nationwide presence, currently operting a network of 1,105 branches.

We base our investment thesis on a) Robust Deposit-Led Growth with Steady CA Mobilization b) Asset Quality Risks remain well-managed, c) Strong Capital Position, d) Industry leading ROE and e) MDR impact to be minimum on earnings.

Using Justified P/B approach, we have a ‘BUY’ rating on MEBL with a Dec-26 target price of PKR 616.0/share offering a ~28% upside from the last closing price of PKR 479.56/share (22-May-26). The Bank is currently trading at CY26/27 P/B of 2.6/2.3 with an expected CY26F dividend yield of 6.7%.

Link:https://www.igisecurities.com.pk/downloads/research/MEBL22052026.pdf

IGI Securities (BRP-009)
UAN: +92 21 111 234 234 Ext: 974 | Fax: +92 21 35301726
Website: https://www.igisecurities.com.pk/
Address: 7th Floor, The Forum, Suite No. 701-713, Block-9, Clifton, Karachi-75600, Pakistan

25/05/2026

Daybreak
Monday, May 25, 2026

May-26: CPI Likely to Print +12.1%y/y Growth

For May-26, we estimate national CPI to clock in at +12.06%y/y growth compared to the previous month's +10.89%y/y. On a monthly scale, May-26 is estimated to show a +0.88%m/m growth compared to +2.48%m/m increase in Apr-26.

CPI is expected to increase on monthly basis likely owing to higher POL and food prices and stand close to its last 12-month average increase of +0.87%m/m. As a result, average inflation for 11MFY26 is likely to stand at 6.7% compared to 4.7% in the same period last year.

Going forward, inflation is likely to remain elevated as global oil prices remain higher due to Middle East Conflict. Prolonged increase in oil prices and supply disruption along with PKR depreciation may also indirectly impact inflation. Thus inflation outlook remains uncertain and high risk. Inflation could push beyond SBP’s target range of 5-7% and remain elevated at least till Sep-26.

Link: https://www.igisecurities.com.pk/downloads/research/CPIdaybreakMay26.pdf

IGI Securities (BRP-009)
UAN: +92 21 111 444 001 Ext: 912
Website: https://www.igisecurities.com.pk/

25/05/2026

Commodities and Indices Market Review

Monday, May 25 2026

An overview of major indices and commodity performance. Highlights include movements in the S&P 500, NASDAQ 100, and Dow Jones, alongside key trends in precious and base metals, crude oil, and agricultural commodities.

Stay tuned for insights on market drivers and upcoming economic indicators.

Link:https://www.igisecurities.com.pk/downloads/research/Commodities25thMay2026.pdf

IGI Securities (BRP-009)
UAN: +92 21 111 234 234 | Fax: +92 21 35301726
Website: https://www.igisecurities.com.pk/

25/05/2026

IGI Securities – Investor Kit

Monday, 25 May, 2026

To read full report, please visit:
https://www.igisecurities.com.pk/downloads/research/IK25MAY26.pdf

For further details, please contact us @ +92 21 111 444 001 or visit our
website www.igisecurities.com.pk

25/05/2026

The essentials before the market opens, here’s today’s PSX briefing.