announcements

⏸️ TELE: HOLD Signal (5/10) – Certified Copy of Resolutions Adopted in the Annual General Meeting

⚡ Flash Summary

Telecard Limited’s 32nd Annual General Meeting (AGM) held on October 28, 2025, approved the minutes of the previous AGM, the annual audited financial statements for the year ended June 30, 2025, and re-appointed Parker Russell A.J.S. as external auditors for the upcoming year. Shareholders ratified related party transactions from the past year and authorized the Board of Directors to engage in future related party transactions subject to review and approval by the Board Audit Committee and the Board of Directors. These resolutions indicate a continuation of standard corporate governance practices and shareholder oversight.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • ✅ Minutes of the Annual General Meeting held on November 27, 2024, were approved.
  • 👍 Annual Audited Financial Statements for the year ended June 30, 2025, were approved.
  • 👨‍💼 Parker Russell A.J.S. Chartered Accountants re-appointed as external auditors for the term ending at the conclusion of the 33rd AGM.
  • 🗓️ The auditor’s term will cover the audit for the financial statements for the year ending June 30, 2026.
  • 🤝 Auditor’s fee and out-of-pocket expenses will be mutually agreed upon and reimbursed at actuals.
  • 🤝 Related party transactions for the year ended June 30, 2025, were ratified, approved, and confirmed.
  • ✅ Board of Directors authorized to enter into arrangements or carry out transactions with related parties.
  • ⚖️ Future related party transactions must be deemed fit and/or approved by the Board of Directors.
  • 🗓️ Authorization extends to the financial year ending June 30, 2026, or up to the next annual general meeting.
  • ⚠️ Some or a majority of the Directors may be interested in these arrangements and transactions.
  • 🛡️ The Board Audit Committee and the Board of Directors will review and approve all related party transactions.
  • 📜 Review and approval process will follow Sections 207 and/or 208 of the Companies Act, 2017, to the extent applicable.
  • 💰 All related party transactions will be as per the quantum approved by the Board of Directors from time to time.
  • ✔️ Transactions approved by the Board of Directors are deemed approved by shareholders under Sections 207 and/or 208 of the Companies Act, 2017.
  • 📢 These transactions will be presented to shareholders in the next Annual General Meeting for ratification and confirmation, if required.

🎯 Investment Thesis

HOLD. The resolutions passed at the AGM indicate standard corporate governance practices. Without specific financial details, it’s challenging to form a strong buy or sell opinion. Monitoring the company’s financial performance and how related party transactions are managed is crucial. Price target is dependent on financial performance, which is not available in this document. Time horizon is medium-term, pending further financial data.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

⏸️ REWM: HOLD Signal (6/10) – Certified Copy of Resolutions Passed in the Annual General Meeting

⚡ Flash Summary

Reliance Weaving Mills Limited held its 35th Annual General Meeting on October 28, 2025. Shareholders approved the minutes of the previous AGM, the audited financial statements for the year ended June 30, 2025, and the re-appointment of ShineWing Hameed Chaudhri & Co. as external auditors. The meeting also ratified related party transactions and authorized the board to approve future related party transactions on a case-by-case basis. Finally, the shareholders approved investments in associated companies through working capital loans, with specific amounts allocated to Fatima Sugar Mills Limited, Reliance Commodities (Pvt.) Limited, Fatima Transmission Company Limited, Fazal Cloth Mills Limited, and Fatima Holding Limited.

Signal: HOLD ⏸️
Strength: 6/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 🗓️ The 35th Annual General Meeting (AGM) of Reliance Weaving Mills Limited convened on October 28, 2025.
  • ✔️ Shareholders approved the minutes of the 34th AGM held on October 28, 2024.
  • 🧾 Audited financial statements for the year ending June 30, 2025, were approved.
  • 🤝 ShineWing Hameed Chaudhri & Co. were re-appointed as external auditors.
  • 💰 Auditor remuneration will be mutually decided by the CEO and auditors.
  • 🤝 Related party transactions disclosed in Note 45 of the financial statements for the year ending June 30, 2025, were ratified.
  • ✅ The Board is authorized to approve related party transactions until June 30, 2026.
  • 📝 Transactions approved by the board will be presented for formal ratification in the next AGM.
  • 🏦 Approval granted for investments in associated companies via working capital loans under Section 199 of the Act.
  • ⏳ Loans are for a period of one year from the date of shareholder approval.
  • 📈 Return on loans will be KIBOR plus 2.50%, not less than the company’s average borrowing cost.
  • 🏭 PKR 400 million loan approved for Fatima Sugar Mills Limited.
  • 📦 PKR 200 million loan approved for Reliance Commodities (Pvt.) Limited.
  • 📡 PKR 300 million loan approved for Fatima Transmission Company Limited.
  • 🧵 PKR 200 million loan approved for Fazal Cloth Mills Limited.
  • 🏢 PKR 200 million loan approved for Fatima Holding Limited.

🎯 Investment Thesis

HOLD. The provided document primarily outlines procedural approvals and related-party transactions, offering limited insights into the company’s overall financial health or strategic direction. Without further information on the financial performance and strategic vision, a HOLD rating is most appropriate. Further analysis will be required before recommending a BUY or SELL position. Price target is not available at this time.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

📉 ELCM: SELL Signal (8/10) – Transmission of Quarterly Report for the Period Ended September 30, 2025

⚡ Flash Summary

Elahi Cotton Mills Limited reports a challenging first quarter for 2025, with a turnover of Rs. 253.126 million, a decrease of 5.20% compared to Rs. 266.300 million in the same period last year. The company experienced a loss after tax of Rs. 3.564 million, a significant downturn from a profit of Rs. 10.050 million in 2024. This loss is attributed to decreased rates of finished goods, and management anticipates unfavorable conditions in the next quarter due to reduced demand. The loss per share stands at Rs. 2.74, and the directors do not recommend any dividend or bonus shares.

Signal: SELL 📉
Strength: 8/10
Sentiment: NEGATIVE
Time Horizon: LONG_TERM

📌 Key Takeaways

  • 📉 Revenue decreased by 5.20%, from Rs. 266.300 million to Rs. 253.126 million.
  • ⬆️ Cost of sales increased slightly by 0.70%, from Rs. 247.018 million to Rs. 248.750 million.
  • ⚠️ The company incurred a loss before taxation of Rs. 0.400 million, compared to a profit of Rs. 14.521 million in the same quarter last year.
  • 💸 Loss after tax amounted to Rs. 3.564 million, a stark contrast to the profit of Rs. 10.050 million in the previous year.
  • 📉 Loss per share is Rs. 2.74, a significant drop from an EPS of Rs. 7.73 last year.
  • 🚫 No cash dividend or bonus shares are recommended by the directors.
  • 🏭 The company’s primary business is manufacturing and selling pure polyester yarn.
  • 📉 Management expects continued unfavorable conditions due to reduced demand from the value-added textile industry.
  • 📊 Total Assets increased from Rs. 276,533,287 to Rs. 288,791,417.
  • 📉 Accumulated loss increased from (Rs. 58,732,763) to (Rs. 61,688,907).
  • 💰 Cash and cash balances decreased slightly from Rs. 10,159,419 to Rs. 9,949,003.
  • 📉 Operating (Loss)/profit shows a significant decrease, from profit of Rs. 14,506,555 to a loss of (Rs. 385,959).
  • 🚫 Company authorized for issue on 28.10.2025 by the Board of Directors.
  • 💼 Staff retirement benefits (gratuity) increased from Rs. 38,635,595 to Rs. 41,351,105.

🎯 Investment Thesis

Based on the current financial performance, a SELL recommendation is warranted. The significant decrease in revenue and transition to a loss position, along with unfavorable expectations for the next quarter, indicate substantial challenges. Until a clear turnaround strategy is implemented and shows tangible results, investing in Elahi Cotton Mills Limited carries high risk. A realistic price target cannot be provided until profitability is restored, and the time horizon for potential recovery is uncertain.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

⏸️ DADX: HOLD Signal (5/10) – Resolution adopted by the Shareholders in the AGM held on October 28, 2025.

⚡ Flash Summary

The Dadex Eternit Ltd. AGM held on October 28, 2025, approved the financial statements for the year ended June 30, 2025. BDO Ebrahim & Co. were reappointed as auditors for the year ending June 30, 2026. These resolutions confirm the company’s adherence to regulatory requirements and its ongoing financial reporting processes. The announcements provide little quantitative information, making a comprehensive financial analysis impossible without additional data. The shareholders present approved the ordinary business as presented.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 📅 AGM held on October 28, 2025.
  • ✅ Financial statements for the year ended June 30, 2025, approved.
  • 👨‍💼 BDO Ebrahim & Co. reappointed as auditors.
  • 🗓️ Auditor appointment for the year ending June 30, 2026.
  • 🏢 Meeting held at Dadex House in Karachi.
  • 📜 Resolutions adopted as per PSX Regulation No. 5.6.9 (b).
  • 🕒 Meeting commenced at 03:30 p.m. (PST).
  • 📑 Focus on ordinary resolutions.
  • ✉️ Information shared with Pakistan Stock Exchange.
  • ✔️ TRE Certificate Holders of the Exchange informed.
  • 🤝 Continued engagement with BDO Ebrahim & Co.
  • ⚖️ Compliance with regulatory standards.
  • 🧾Approval of financial statements indicates confidence in reporting

🎯 Investment Thesis

Given the limited financial information provided in the announcement, a HOLD recommendation is appropriate. Without concrete data on the company’s financial performance, it’s impossible to form a strong BUY or SELL opinion. A price target and time horizon cannot be reasonably established without further financial information.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

📈 IMS: BUY Signal (8/10) – Financial result for the Quarter Ended 30-09-2025

⚡ Flash Summary

Intermarket Securities Ltd. reported a strong first quarter for 2025, with a significant increase in operating revenue and profit after taxation. Operating revenue increased to Rs 394.08 million from Rs 295.32 million in the same quarter last year. Profit after taxation nearly doubled, reaching Rs 209.84 million compared to Rs 103.86 million in 2024. This growth is primarily driven by higher income from investments and effective cost management.

Signal: BUY 📈
Strength: 8/10
Sentiment: POSITIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 📈 Operating revenue surged to Rs 394.08 million, a 33.44% increase from Rs 295.32 million in Q1 2024.
  • 💰 Income from investments significantly rose to Rs 58.68 million, compared to Rs 21.69 million year-over-year.
  • ✅ Profit after taxation almost doubled to Rs 209.84 million, up from Rs 103.86 million.
  • 💲 Earnings per share (EPS) increased to Rs 0.16 from Rs 0.10.
  • 📉 Finance costs decreased from Rs 40.25 million to Rs 17.43 million, indicating better financial management.
  • 📊 Administrative expenses increased to Rs 216.55 million from Rs 153.08 million in the comparative period.
  • 🏦 Cash and bank balances increased substantially to Rs 995.42 million from Rs 170.32 million.
  • ⚠️ Trade debts decreased from Rs 940.09 million to Rs 717.14 million.
  • 💡 Receivable against margin financing significantly increased to Rs 1,133.17 million from Rs 553.73 million.
  • ✔️ Total assets grew to Rs 4,781.06 million from Rs 3,362.26 million.
  • liabilities also increased to Rs 2,960.53 million from Rs 1,748.68 million.

🎯 Investment Thesis

BUY. Intermarket Securities presents a compelling investment opportunity based on its strong Q1 2025 results. The significant growth in revenue, profitability, and cash balances indicates a positive trajectory. The decreased finance costs and improved EPS further support the investment thesis. The price target is Rs 2.00, based on a projected P/E ratio of 12x and an EPS of Rs 0.16 over the next 12 months. The time horizon is medium-term, with expectations of continued growth and improved financial performance.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

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

⚡ Flash Summary

PSX announced: Transmission of Quarterly Report for the Period Ended September 30, 2025. Basic analysis suggests neutral sentiment. Professional review recommended.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • PSX made announcement: Transmission of Quarterly Report for the Period Ended September 30, 2025
  • Automated analysis: HOLD signal detected
  • Signal strength: 5/10
  • This is basic analysis – manual review recommended
  • Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for PSX. Manual verification required.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

⏸️ THALL: HOLD Signal (5/10) – Appointment of Chairman & Chief Executive Officer

⚡ Flash Summary

THALL announced: Appointment of Chairman & Chief Executive Officer. Basic analysis suggests neutral sentiment. Professional review recommended.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • THALL made announcement: Appointment of Chairman & Chief Executive Officer
  • Automated analysis: HOLD signal detected
  • Signal strength: 5/10
  • This is basic analysis – manual review recommended
  • Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for THALL. Manual verification required.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

⏸️ HBL: HOLD Signal (6/10) – Transmission of Quarterly Report for the Period Ended September 30, 2025

⚡ Flash Summary

HBL reported a record consolidated profit before tax of Rs 112.2 billion for the first nine months of 2025, a 31% increase year-over-year. The growth was attributed to strong performance across all business lines. Profit after tax rose by 19% to Rs 51.4 billion, although the industry is still burdened by higher taxes. Earnings per share improved from Rs 30.03 in 9M’24 to Rs 34.97 in 9M’25. An interim cash dividend of Rs 5.00 per share (50%) was declared for the quarter ended September 30, 2025.

Signal: HOLD ⏸️
Strength: 6/10
Sentiment: POSITIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 📈 Real GDP growth improved to 3.0% in FY’25, supported by the Industrial sector.
  • ⚠️ Inflation increased to 5.6% in Sep’25, posing a risk to the SBP’s target range.
  • 🌐 Trade deficit widened by 10.2% to $7.5 billion in Q1FY’26.
  • 💰 Remittance flows remained strong at $9.5 billion in Q1FY’26.
  • ✅ Pakistan reached a Staff Level Agreement with the IMF in Oct’25.
  • 🚀 KSE 100 Index posted a 32% gain in Q1FY’26, crossing 165k.
  • 🏦 MPC maintained the policy rate at 11.0% in Sep’25.
  • 🏆 HBL delivered a record consolidated profit before tax of Rs 112.2 billion, up 31%.
  • 💲 Profit after tax rose to Rs 51.4 billion, up 19%.
  • ⭐ Earnings per share improved to Rs 34.97, from Rs 30.03.
  • ⚖️ Bank’s balance sheet grew by 20% to Rs 7.2 trillion.
  • deposit base of Rs 5.1 trillion.
  • 🔒 Domestic deposits rose by 18% to Rs 4.3 trillion.
  • 🌱 Net interest income grew by 11% to Rs 207 billion.
  • 🚀 Non-fund income increased to Rs 68 billion.
  • 📉 Cost/income ratio improved to 55.5%, from 56.8%.
  • 📉 Infection ratio reduced to 4.9%.

🎯 Investment Thesis

Given the strong financial performance, HBL’s stock is currently a HOLD. While the bank demonstrates growth and operational efficiencies, factors such as the higher tax burden and external economic conditions are a big headwind. The price target is revised to previous levels, 5-10% above the current price, until the external environment improves.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

⏸️ KSTM: HOLD Signal (5/10) – Financial Results for the Quarter Ended

⚡ Flash Summary

Khalid Siraj Textile Mills Limited reported financial results for the quarter ended September 30, 2025. The company experienced a loss after taxation of PKR 4,129,883, compared to a loss of PKR 4,537,513 in the same period last year. Basic and diluted loss per share improved slightly from PKR (0.42) to PKR (0.39). There was no cash dividend, bonus shares or right shares announced for the period.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEGATIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • ❌ Loss after taxation: PKR (4,129,883)
  • ⬆️ Slight improvement in loss compared to last year’s PKR (4,537,513)
  • 📉 Loss per share: (PKR 0.39) vs (PKR 0.42) last year
  • 💰 No cash dividend declared
  • 🚫 No bonus shares declared
  • 🚫 No right shares declared
  • 🏢 Administrative and selling expenses: PKR (528,667)
  • 🏭 Other operating expenses: PKR (4,787,539)
  • 💵 Finance costs: PKR (33)
  • 🏦 Long-term finances remain unchanged at PKR 153,895,767
  • 🧾 Deferred liabilities decreased slightly to PKR 38,606,519
  • 💸 Cash and bank balances increased to PKR 234,628
  • 🏭 Property, plant, and equipment decreased to PKR 288,332,372

🎯 Investment Thesis

Based on the current financial performance, a HOLD recommendation is appropriate. While the company has shown some improvement in reducing its losses, the lack of profitability and the absence of dividends make it a risky investment. A price target cannot be established without additional financial information. Continue to monitor the situation.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

📈 IMS: BUY Signal (7/10) – Transmission of Quarterly Report for the Period Ended 30-09-2025

⚡ Flash Summary

Intermarket Securities Limited (IMS) reported a strong first quarter for the financial year 2025, marked by a significant increase in operating revenues and profitability. The company’s operating revenues surged to Rs. 452.764 million, a substantial increase from Rs. 317.011 million in the same period last year. This growth translated into higher profits, with after-tax profit reaching Rs. 209.835 million compared to Rs. 103.863 million year-over-year. Consequently, the earnings per share (EPS) also saw a notable rise, reaching Re. 0.16 compared to Re. 0.04 in the previous year, demonstrating improved financial performance across key metrics.

Signal: BUY 📈
Strength: 7/10
Sentiment: POSITIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 🚀 Operating revenues increased significantly to Rs. 452.764 million, up from Rs. 317.011 million YoY.
  • 💰 Profit before tax surged to Rs. 237.729 million compared to Rs. 137.818 million in the previous year.
  • ✅ After-tax profit nearly doubled, reaching Rs. 209.835 million from Rs. 103.863 million YoY.
  • 📈 EPS soared to Re. 0.16, a fourfold increase from Re. 0.04 in the same period last year.
  • 📊 Short term Investments increased from 265.11 million to 670.79 million.
  • 🏦 Trade debts decreased from 940.09 million to 717.13 million.
  • 💵 Cash and bank balances significantly increased to Rs. 995.419 million from Rs. 170.320 million since June 30, 2025.
  • ✔️ Authorized share capital remains constant at 2,000,000,000 ordinary shares.
  • 💼 Total assets grew to Rs. 4,781.058 million compared to Rs. 3,362.260 million as of June 30, 2025.
  • 📉 Finance costs decreased to Rs. 17.433 million from Rs. 40.249 million in the comparable quarter.
  • 📊 Brokerage commission increased from 233.738 million to 357.186 million.
  • 🤝 The company successfully merged with EFG Hermes Pakistan Limited, effective July 1, 2024.
  • 🏦 Short term borrowings increased from 534.255 million to 931.009 million.

🎯 Investment Thesis

Based on the strong Q1 performance, improved profitability, and enhanced financial position, a BUY recommendation is warranted for Intermarket Securities. The company’s successful merger, increase in revenue, and earnings growth make it an attractive investment. The price target is set at Rs. 0.80, representing a 25% upside potential over the next 12 months, contingent on maintaining growth momentum and effective cost management.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

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