⏸️ BAPL: HOLD Signal (5/10) – Transmission of Quarterly Financial Statements for the Period Ended September 30, 2025

📌 Key Takeaways

• 📉 BAPL’s net loss widened significantly to PKR (5.661) million in Q3 2025 from PKR (1.859) million in Q3 2024.
• 😟 EPS deteriorated to (PKR 0.75) in Q3 2025, compared to (PKR 0.25) in the same quarter last year.
• 📈 Current assets surged to PKR 3,292.696 million, a notable increase from PKR 135.429 million.
• ⚠️ Current liabilities also increased substantially to PKR 40.713 million (2025) from PKR 6.132 million (2024).
• 💰 The company’s equity decreased from PKR 130.136 million to PKR 34.916 million.
• 💼 BAPL is undertaking a significant strategic shift by changing its object clause to include investments in shares and securities.
• 🤝 The company is in the process of acquiring 100% shareholding in Alman Seyyam Sugar Mills (ASSML).
• ✅ PSX removal from the non-compliant counter is a positive signal, restoring confidence among shareholders.
• 💸 The company is issuing shares to the sponsor shareholders of ASSML as part of the takeover consideration.
• 🏦 BAPL’s cash and bank balances are low at PKR 493,520 as of September 30, 2025.
• 📄 The report is unaudited, so figures are subject to change.
• 🤝 The company acknowledges shareholder support and looks forward to strengthening relationships.
• 🏢 Naim Anwar (CEO) and Muhammad Ali (Director) signed off on the Director’s report.

🎯 Investment Thesis

Given the company’s current financial performance and ongoing turnaround efforts, a HOLD rating is appropriate. The acquisition of Alman Seyyam Sugar Mills could potentially improve the company’s prospects, but there are significant integration and execution risks. A price target cannot be specified due to the uncertainty surrounding the company’s future performance. Time horizon: MEDIUM_TERM (2-3 years) to allow for the turnaround strategy to take effect.