⚡ Flash Summary

Hub Power Company (HUBCO) announced that Thar Energy Limited (TEL) and ThalNova Power Thar (Private) Limited (TN) have achieved their ‘Project Completion Date’ (PCD) for their 2x330MW power plants as of October 31, 2025. Both TEL and TN are mine-mouth coal-fired IPPs operating in Thar. HUBCO holds 60% shares in TEL directly and 38.3% shares in TN indirectly. The declaration of PCD enables TEL and TN to pay dividends to shareholders, subject to distributable profits and procedural approvals.

📌 Key Takeaways

• ✅ TEL and TN have achieved Project Completion Date (PCD) as of October 31, 2025.
• ⚡ Both power plants are 2x330MW mine-mouth coal-fired IPPs operating in Thar.
• 📅 TEL achieved Commercial Operations Date on October 1, 2022.
• 🗓️ TN achieved Commercial Operations Date on February 17, 2023.
• 🏢 HUBCO directly holds 60% shares in TEL.
• 💼 HUBCO indirectly holds 38.3% shares in TN through Hub Power Holdings Limited.
• 🇵🇰 Projects are recognized as priority projects under the China Pakistan Economic Corridor.
• 💰 PCD enables TEL and TN to pay dividends to shareholders.
• 📜 Dividend payments are subject to availability of distributable profits and procedural approvals.
• 💪 Achievement of PCD demonstrates HUBCO’s commitment to shareholder interests.
• 🎯 The announcement indicates operational milestones have been achieved.
• 🌱 Potential for future dividend income from TEL and TN.
• 🌍 Projects contribute to Pakistan’s energy security.
• 🤝 HUBCO’s strategic investments are yielding results.
• 📈 Long-term positive impact on HUBCO’s financial performance expected.

🎯 Investment Thesis

BUY. The achievement of PCD for TEL and TN indicates that HUBCO’s investments in these projects are maturing and are set to generate income. The successful operation of these plants reduces risk and should lead to stable cash flows and potential dividend income for HUBCO. Price target: PKR 120. Time horizon: Medium term (12-18 months).