⚡ Flash Summary

Telecard & Supernet Technologies’ corporate briefing for FY 2024-25 highlights the strategic merger of Supernet Limited with Supernet Technologies, approved by both Boards and shareholders on June 27, 2025, to unlock value and list SNL on PSX Main Board. The merger application awaits adjudication by the Sindh High Court. Key commercial achievements include securing PKR 833 Mn+ contracts and renewing a PKR 600+ million agreement for Value Added Services. The company is focused on digital transformation in Pakistan.

📌 Key Takeaways

• ✅ Strategic merger of Supernet Limited with Supernet Technologies approved on June 27, 2025.
• 🏢 Aims to list SNL on PSX Main Board post-merger.
• ⚖️ Merger application pending adjudication by the Sindh High Court.
• 📡 LDI and Local Loop Licenses of TCL under renewal, industry-wide issues being challenged in courts.
• 🤝 Telecard has entered into an alliance with Call Center Studio out of Turkey.
• 🏦 Secured a 5-year contract worth PKR 833 Mn+ for 1,800 bank branches.
• 🌐 Won MNO Network Operations SLAs (3-year) for PKR 1,940 Mn+.
• 🛰️ Won MEO Satellite Services (3-year extendable) for PKR 1,030 Mn+.
• 💰 Secured a PKR 800 Million+ NBP connectivity contract for 5 years.
• 🔒 Super Secure locked-in 5-year project with an MNO for PKR 700 Mn+.
• 🏦 Super Secure locked-in a 3-year project with the Banking sector for PKR 196 Mn+.
• 📞 Telecard renewed a PKR 600+ million agreement for Value Added Services.
• 📈 Secured 81 Million in monthly billing for long-term contracts with almost all banks.
• 🛡️ Cybersecurity business generated USD 1.76Million from banking customers.
• 🤝 Added Karakoram Cooperative Bank and other banks to the portfolio.

🎯 Investment Thesis

HOLD. Telecard shows promising growth and strategic initiatives, including the merger and focus on digital transformation. However, pending regulatory decisions and macroeconomic factors necessitate a cautious approach. A more aggressive stance would be justified with greater clarity on license renewals and sustained profitability improvements.