BUY and SELL Shares in PSX

21/11/2025

*AKD, Off the Analyst's Desk – Nov 21, 2025*

*FEROZ - FY25 & 1QFY26 Analyst Briefing takeaways*
Ferozsons Laboratories Ltd. (FEROZ) held its corporate briefing today to discuss its FY25 & 1QFY26 financial results and future outlook. Following are the key highlights:

To recall, company’s standalone profitability increased by 32%YoY to PkR528mn (EPS: PkR12.2) in FY25 from PkR400mn (EPS: PkR9.2) in SPLY, supported by higher sales and improved gross margins.

In 1QFY26, earnings increased by 30%YoY to PkR182mn (EPS: PkR4.2) from PkR141mn (EPS: PkR3.2) in SPLY.

Company’s revenue increased by 9%YoY in FY25, primarily driven by volumetric growth. Notably, overall pharma industry growth during the year was price-led.

https://research.akdsl.com/638993372892689449.pdf

*Regards*
*AKD Research*

21/11/2025

*November 21, 2025 | Ghani Global Holdings Limited | AKD Off the Analyst's Desk*

*FY25 Analyst Briefing Takeaways*

To recall, company’s standalone profitability increased by 6.1x YoY to PkR149.2mn (EPS: PkR0.4) in FY25, from PkR24.3mn (EPS: PkR0.1) in SPLY.

Company’s consolidated profitability increased by 6.0x YoY to PkR3.2bn (EPS: PkR9.0) in FY25, from PkR0.5bn (EPS: PkR1.5) in SPLY. Notably, this includes a one-off impact on account of bargain purchase gain on the demerger of GCWL from GCIL.

GGL holds 49% shareholding in Ghani Chemical Industries Ltd. (GCIL), 56% in Ghani ChemWorld Ltd. (GCWL), and 50% in Ghani Global Glass Ltd. (GGGL). In addition, the holding company is engaged in the trading of MIG wire and refrigerant gases.

Full Report
https://research.akdsl.com/638993155784852900.pdf

*Regards*
*AKD Research*

21/11/2025

*AKD Daily Technical - Nov 21, 2025*

*KSE-100: Approached trend line resistance*

𝐌𝐚𝐫𝐤𝐞𝐭 𝐕𝐢𝐞𝐰 — 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥

The index started the session on a strong note and maintained its upward trajectory throughout the day, reaching an intraday high of 1,592 points. It eventually settled with a gain of 711 points, closing at 162,937. Market participation weakened, as trading volumes fell by 42% from the previous session. The Index is now approaching a declining trendline resistance, as visible on the chart. Over the past 10 sessions, there have been 7 positive closings and 3 negative closings, resulting in a net of 4 positive sessions. The MACD remains bullish, trading above its signal line after crossing it two sessions ago. Since this crossover, the Index has risen 1.24% and has moved between a high of 163,818 and a low of 160,584.

Technically, the immediate support is seen at 162,500 and a breach below this could extend the decline toward 161,800 and 161,200. Conversely, resistance is expected around 163,500, followed by 164,000 and 164,400. It is recommended to accumulate positions on weakness with risk defined below support zone.

Full Report
https://research.akdsl.com/638993125094686253.pdf

*Regards,*
*AKD Research*

20/11/2025

*November 20, 2025 | Tata Textile Mills Limited | AKD Off the Analyst's Desk*

*FY25 Analyst Briefing Takeaways*

TATM is a textile spinning company with three manufacturing units in Karachi, Kotri and Muzaffargarh, having a total spindle capacity of 127,092 units.

Company posted topline of PkR41.2bn, down 10%YoY vs PkR45.8bn in FY24. The decline was attributed to the imposition of EFS, which shifted focus toward yarn sales and led to lower revenue at the start of the year.

Gross margins declined to 5.6% from 7.3% in FY24, due to higher energy prices and increased raw material costs caused by cotton scarcity, necessitating more imports

Full Report
https://research.akdsl.com/638992386509908143.pdf

*Regards*
*AKD Research*

20/11/2025

*AKD Daily Technical - Nov 20, 2025*

*KSE-100 Hovering around 30-SMA*
Market View — Technical
The index opened on a strong footing and continued its upward momentum throughout the session, reaching an intraday high of 1,807 points. It closed the day with a solid gain of 1,291 points at 162,226. Market participation improved, as trading volumes rose by 19% compared to the previous session. The Index is trading 20.6% above its 200-period moving average. Volatility remains elevated relative to the average of the last 10 sessions. Volume indicators show a neutral stance, with buying and selling pressure relatively balanced. A bullish divergence has emerged on the RSI, which has made a new 14-period high even though the Index itself has not.

https://research.akdsl.com/638992265047434067.pdf

*Regards*
*AKD Research*

19/11/2025

*AKD, Off the Analyst's Desk – Nov 19, 2025*

*GCWL — FY25 Analyst Briefing Takeaways*
Ghani Chemworld Ltd. (GCWL) held its analyst briefing today to apprise investors of the progress on the commencement of operations and future outlook. Key highlights are as follows:

To recall, Ghani Chemical Industries Ltd. (GCIL) has demerged its calcium carbide business into GCWL through the allotment of ordinary shares to GCIL shareholders in Apr’24.

GCWL is commissioning a 25k TPA Calcium Carbide plant. As per management, plant commissioning has begun, and trial production is expected to commence by early Dec’25.

Notably, the group has been involved in the trading of calcium carbide for more than 15 years and holds ~40% trading market share.

https://research.akdsl.com/638991816582854868.pdf

*Regards*
*AKD Research*

19/11/2025

*AKD, Off the Analyst's Desk – Nov 19, 2025*

*BAHL – 9MCY25 Analyst Briefing Takeaways*
Bank Al Habib Limited (BAHL) held its analyst briefing today wherein the bank discussed its 9MCY25 results and future outlook. Following are the key takeaways:

Bank posted profit of PkR25.4bn (EPS: PkR22.85) in 9MCY25, down 23%YoY due to lower Net Mark-up Income and increased operating expenses.

Board of Directors have announced an interim dividend of PkR3.5/sh, taking 9MCY25 payout to PkR10.5/sh.

Bank’s total deposits reached PkR2.5tn compared to PkR2.3tn in Dec’24, an increase of 9.6%. The increase was mainly driven by growth in current and saving deposits.

https://research.akdsl.com/638991800507348149.pdf

*Regards*
*AKD Research*

19/11/2025

*AKD Daily Technical - Nov 19, 2025*

*KSE-100: Swings within a range*

𝐌𝐚𝐫𝐤𝐞𝐭 𝐕𝐢𝐞𝐰 — 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥
The index opened on a strong note but remained volatile throughout the session, hitting an intraday high of 657 points and a low of 1,103 points. It ultimately ended the day with a loss of 752 points, closing at 160,935. Market participation slowed down, with trading volumes declining by 42% from the previous session. The KSE100 finished 50.0% above the lower Bollinger Band, while the Bands remain 17.12% narrower than usual. Over the last 10 sessions, there were an equal number of positive and negative closes (5 each). The MACD has turned bullish as it moved above its signal line in the latest session. Since this crossover, the Index has fluctuated between a high of 162,345 and a low of 160,584.

Full Report
https://research.akdsl.com/638991404982538897.pdf

*Regards,*
*AKD Research*

18/11/2025

*November 18, 2025 | AKD Commodity Alert | AKD Off the Analyst's Desk*

PTA margins declined WoW – Negative for LOTCHEM
PVC margins increased WoW – Positive for EPCL
PSF margins increased WoW – Positive for LCI, IBFL
DAP margins unchanged WoW – Neutral for FFC
CRC-HRC margins declined WoW – Negative for ASL, ISL

https://research.akdsl.com/638990743903700032.pdf

*Regards*
*AKD Research*

18/11/2025

18/11/2025

*AKD, Off the Analyst's Desk – Nov 18, 2025*

*SGF - CY24 & 9MCY25 Analyst Briefing Takeaways*
SGF held its analyst briefing today wherein the company discussed its CY24 and 9MCY25 results and future outlook. Following are the key takeaways:

Company posted unconsolidated earnings of PkR1.1bn (EPS: PkR 5.37) in CY24 vs PKR1.2bn (EPS: PkR 5.75) in CY23, down 6%YoY, due to higher distribution cost and lower gross margins.

Moreover, company posted unconsolidated earnings of PkR1.6bn (EPS: PkR 7.96) in 9MCY25 vs PkR0.8bn (EPS: PkR 3.97) in 9MCY24, up 2x YoY, largely due to volumetric growth, favorable product mix and higher share of profit from associates.

https://research.akdsl.com/638990680745929810.pdf

*Regards*
*AKD Research*

18/11/2025

*AKD, Off the Analyst's Desk – Nov 18, 2025*

*MTL — FY25 Analyst Briefing Takeaways*
Millat Tractors Ltd. (MTL) held its corporate briefing today to discuss its FY25 financial results and future outlook. Following are the key highlights:

Company posted topline of PkR52.1bn in FY25, down 43%YoY compared to PkR91.5bn in FY24, due to weak farm economics, resulting from the removal of wheat support prices and the impact of recent floods.

Industry sales for FY25 decreased by 36%YoY, declining from 45,494 units in FY24 to 29,192 units. In comparison, MTL’s sales declined by 39% YoY to 18,580, capturing 64% of the market share.

https://research.akdsl.com/638990618580716696.pdf

*Regards*
*AKD Research*