NEGATIVE - FoxLogica

📉 FML: SELL Signal (7/10) – Presentation Corporate Briefing Session 2025

⚡ Flash Summary

Feroze1888 Mills Limited’s corporate briefing session for 2025 reveals a challenging financial performance. Revenue has decreased by 5.23% from PKR 70 billion in FY’24 to PKR 66 billion in FY’25. Profit after tax (PAT) suffered a significant drop of 82.70%, falling from PKR 0.6 billion to PKR 0.09 billion. EBITDA also declined by 15.92%, decreasing from PKR 8.1 billion to PKR 6.8 billion.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Revenue decreased by 5.23% from PKR 70Bn (FY’24) to PKR 66Bn (FY’25).
📉 Profit After Tax (PAT) plummeted by 82.70%, dropping from PKR 0.6Bn to PKR 0.09Bn.
📉 EBITDA declined by 15.92%, from PKR 8.1Bn to PKR 6.8Bn.
🌿 The company planted 170,000+ trees for climate change.
☀️ Solar energy generation increased by 300% compared to FY’22.
💧 Water saving projects reported 289,253+ gallons saved per day.
👩‍💼 Female employee strength increased by 56%.
💰 Investment in CSR activities reached PKR 33.5 million.
🤝 Sponsored 22 marriages of female employees/workers.
📉 Cotton prices saw a decrease of 4.8%.
📉 Finance cost decreased by 13%.
⬆️ Gas rates increased by 37%.
⬆️ Salaries and wages increased by 15.6%.
🏆 Received Women Empowerment & Gender Equality Recognition Award 2025.

🎯 Investment Thesis

Based on the declining financial performance and profitability, a SELL recommendation is warranted for Feroze1888 Mills Limited. The company faces significant headwinds in terms of revenue growth and profitability, which are unlikely to be resolved in the near term. I am setting a price target 20% lower than current share price, with a medium term (6-12 months) investment horizon, accounting for the negative trends and associated risks.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 10, 2025

announcements Signal: HOLD

⏸️ TOMCL: HOLD Signal (6/10) – Corporate Briefing Session FY25

⚡ Flash Summary

The Organic Meat Company Limited (TOMCL) held a corporate briefing session for FY25, highlighting an increase in Net Sales but a decrease in Gross Profit and Earnings Per Share. While revenue grew by 18.72%, profitability metrics declined, indicating potential challenges in cost management or increased operating expenses. The company emphasized its market reach and recent achievements, including securing export orders. Investors should closely monitor the company’s strategies to improve profitability and manage operational costs effectively.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📈 Net Sales increased by 18.72% from PKR 11,797.75 million in FY24 to PKR 14,006.07 million in FY25.
📉 Gross Profit decreased by 18.84% from PKR 1,579.04 million in FY24 to PKR 1,281.54 million in FY25.
📉 Operating Expenses slightly decreased by 2.75% from PKR 790.05 million to PKR 768.32 million.
📉 Finance Cost decreased significantly by 33.57% from PKR 231.49 million to PKR 153.77 million.
⬆️ Other Income increased substantially by 183.64% from PKR 87.02 million to PKR 246.82 million.
📉 Profit Before Tax decreased by 5.94% from PKR 644.52 million to PKR 606.27 million.
📉 Profit For The Year decreased by 13.59% from PKR 497.37 million to PKR 429.79 million.
📉 Earnings Per Share (EPS) decreased by 17.61% from PKR 3.35 to PKR 2.76.
➡️ Real EPS (after adjustments) decreased slightly by 1.43% from PKR 2.80 to PKR 2.76.
🌐 TOMCL has expanded its market reach to include Tajikistan and has extensive market access within Pakistan’s meat export segment.
✅ The company has achieved several ‘firsts’ in Pakistan, including deboning facilities and exporting cooked/heat-treated meat to China.
🤝 TOMCL secured a USD 3.24 million Frozen Boneless Beef Export Order from the CIS Market – Tajikistan.
💰 The company secured USD 7.5 million in export orders from China for cooked frozen boneless beef for FY25-26.
🏭 TOMCL has commenced operations at its Karachi Export Processing Zone (KEPZA) facility on October 1, 2025.
⚠️ Taxation has increased from 1% on Turnover to 39% of Profit.

🎯 Investment Thesis

A ‘Hold’ recommendation is maintained for TOMCL. The company’s revenue growth is promising, but declining profitability metrics raise concerns. Before considering a ‘Buy’ rating, investors should wait for TOMCL to demonstrate effective cost management and a clear path to improved profitability. A price target cannot be reasonably established without further clarity on future earnings potential.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 10, 2025

announcements PIOC Signal: HOLD

⏸️ PIOC: HOLD Signal (5/10) – Presentation CBS PCL 2025

⚡ Flash Summary

Pioneer Cement’s FY2025 presentation reveals a mixed performance. While gross turnover increased to Rs. 50.86 billion, up 3.3% from FY2024, net turnover decreased by 6.2%. Profitability metrics such as gross profit and profit after tax also experienced declines. The company has settled its syndicated financing early and declared a dividend of Rs. 10 per share.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

1. 🏭 Production capacity: 5.2 million tons of cement annually.
2. ⚡ Captive power generation: 48MW (18MW WHR & 30MW Coal).
3. 💰 Market Capitalization: Rs. 51.82 billion (US$ 182.77 million).
4. 🏦 Total Assets: Rs. 86.37 billion (US$ 310.63 million).
5. 📈 Annual gross turnover: Rs. 50.86 billion (US$ 179.38 million).
6. 👨‍💼 Team: More than 1,100 employees.
7. 🤝 Dealers Network: Over 300 dealers.
8. ➗ Quantity Sold decreased by 12.28% from 2,362,216 tons to 2,072,233 tons.
9. 💸 Gross Turnover increased by 3.30% from Rs. 49,235.02 million to Rs. 50,858.11 million.
10. 📉 Net Turnover decreased by 6.22% from Rs. 35,519.27 million to Rs. 33,308.61 million.
11. 🔻 Gross profit decreased by 11.22% from Rs. 11,763.26 million to Rs. 10,443.52 million.
12. 📉 Profit after tax decreased by 5.80% from Rs. 5,176.17 million to Rs. 4,876.10 million.
13. 💸 Dividend of Rs. 10 per share declared for FY2025.
14. ♻️ Focus on eco-friendly practices and initiatives to reduce carbon footprint, supported by ISO certifications.
15. 📊 Current ratio increased to 0.88 in FY25 compared to 0.55 in FY24.

🎯 Investment Thesis

Based on the mixed financial performance, a HOLD recommendation is appropriate. The increase in revenue is a positive sign, but declining profitability and a high cost of sales are concerning. Further monitoring of the company’s performance is warranted before making a BUY or SELL decision. The company has settled its syndicated financing early which demonstrates good financial management.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: SELL TSBL

📉 TSBL: SELL Signal (6/10) – Disclosure of Interest by a Director, CEO, or Executive of a listed company and their Spouses and the Substantial Shareholders u/s 5.6.4 of PSX Regulations

⚡ Flash Summary

On November 7, 2025, Trust Securities & Brokerage Limited (TSBL) disclosed a sale transaction by Mr. Ahmad Kamal, with CNIC # 42201-0470492-3. Mr. Kamal sold 24,000 ordinary shares of TSBL at a price of PKR 29.00 per share. The transaction was executed through the ready market, with shares held in CDC form. This disclosure complies with PSX Rule Book 5.6.4.

Signal: SELL 📉

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🚨 Insider Sale: Mr. Ahmad Kamal sold 24,000 shares.
📅 Transaction Date: Sale occurred on November 05, 2025.
💰 Price per Share: Shares sold at PKR 29.00 each.
📄 Form of Shares: Shares were held in CDC (Central Depository Company) form.
💹 Transaction Type: Sale executed through the ready market.
🏢 Regulatory Compliance: Disclosure made under PSX Rule Book 5.6.4.
👤 Seller Details: Mr. Ahmad Kamal identified by CNIC # 42201-0470492-3.
📉 Potential Price Impact: Insider selling may exert downward pressure on TSBL’s stock price.
🧐 Market Sentiment: Investors might interpret this sale negatively, indicating a lack of confidence.
🧾 Disclosure Purpose: Aims to maintain transparency and prevent insider trading.
🔍 Monitoring Required: Further observation needed to assess impact on TSBL’s trading volume and price stability.
💼 Company Notification: TSBL sponsor notified the exchange about the transaction.

🎯 Investment Thesis

Given the insider selling, a HOLD/SELL recommendation is appropriate. While not definitively bearish, it warrants caution. Investors should monitor TSBL’s subsequent trading patterns and news for further signals. A potential price target would depend on further financial analysis and sector comparisons, requiring more information. Time horizon: Short to Medium Term, pending more data.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements KSTM Signal: SELL

📉 KSTM: SELL Signal (8/10) – Corporate Briefing Session FY 30-06-2025

⚡ Flash Summary

Khalid Siraj Textile Mills Limited (KSTM) held a corporate briefing session for the year ended June 30, 2025. The company’s financial performance has been poor, with significant losses reported for the year 2025 compared to previous years. Total assets have decreased, and shareholders’ equity is negative. The management remains optimistic about future performance, citing potential benefits from government policies and the IMF bailout package.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 KSTM reported a net loss of Rs -19.32 million in 2025, compared to a loss of Rs -13.72 million in 2024.
❌ Profit/Loss before taxation was Rs -24.59 million in 2025, significantly down from Rs -6.95 million in 2024.
Revenue was Rs 0.00 million in both 2025 and 2024, indicating no sales during the year.
💸 Other operating income decreased drastically to Rs 0.00 million in 2025 from Rs 20.41 million in 2024.
📊 Administrative and general expenses decreased slightly to Rs 3.26 million in 2025 from Rs 3.39 million in 2024.
🏭 Other operating expenses decreased to Rs 21.25 million in 2025 from Rs 23.58 million in 2024.
💰 Finance costs increased to Rs 0.08 million in 2025 from Rs 0.12 million in 2024.
📉 Total assets decreased to Rs 303.065 million in 2025 from Rs 324.307 million in 2024.
📉 Shareholders’ equity is negative, with Rs -77.244 million in 2025 compared to Rs -57.922 million in 2024.
📉 Break-up value per share is negative at Rs -7.22 in 2025, compared to Rs -5.41 in 2024.
📉 Earning per share (basic) is negative at Rs -1.81 in 2025, compared to Rs -1.28 in 2024.
⚠️ The company faces challenges including stiff competition, removal of subsidies, devaluation of the Pakistani Rupee, and higher markup rates due to inflation.
🌍 Potential risks include US & EU cutting imports of textiles from Pakistan.

🎯 Investment Thesis

Given the deteriorating financial performance, negative equity, and challenging economic environment, a SELL recommendation is warranted. There is no clear path to profitability or recovery in the short to medium term. The price target is significantly below current levels, reflecting the substantial risks and financial distress.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements BAFL Signal: HOLD

⏸️ BAFL: HOLD Signal (5/10) – Newspaper clippings regarding withholding of cash dividend due to non-availability of CNIC/ IBAN

⚡ Flash Summary

Bank Alfalah Limited (BAFL) has announced the withholding of cash dividend payments due to the non-availability of Computerized National Identity Card (CNIC) and/or International Bank Account Number (IBAN) details for some shareholders. The announcement pertains to the third interim cash dividend of Rs. 2.5 per share (25%) for the 3rd Quarter/Nine months ended September 30, 2025. The share transfer books are closed from November 5, 2025, to November 6, 2025. Shareholders are requested to submit their CNIC and IBAN details to ensure timely dividend payments.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📢 BAFL is withholding cash dividend payments for shareholders without valid CNIC and/or IBAN details.
💰 The dividend is Rs. 2.5 per share, which translates to 25%.
🗓️ This dividend is for the 3rd Quarter/Nine months ended September 30, 2025.
🔒 Share transfer books are closed from November 5, 2025 to November 6, 2025.
🏦 The dividend will be directly credited into the bank accounts of entitled shareholders.
📜 This is in compliance with the Companies (Distribution of Dividends) Regulations, 2017.
✉️ BAFL has already sent letters to shareholders lacking the required information.
🔄 Shareholders are reminded to submit their CNIC and IBAN details as soon as possible.
💸 Withheld dividend amounts will be released electronically within 15 days of receiving the necessary information.
📝 Shareholders need to submit a legible copy of their CNIC along with the information.
🏢 Information should be submitted to CDC Participant (Broker)/Investor Account Services (if shares are held in electronic form).
📍 Alternatively, information can be sent to the Bank’s Share Registrar, F.D. Registrar Services (Pvt.) Ltd.

🎯 Investment Thesis

HOLD. The announcement has no real impact on Bank Alfalah’s financials. We maintain our HOLD recommendation, with a price target of 60 PKR and a time horizon of 12 months. We expect that the regulatory compliance will take 3 to 6 months to be complete. Our estimates remain unchanged.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: HOLD STPL

⏸️ STPL: HOLD Signal (4/10) – Financial Results for the Year Ended June 30, 2025

⚡ Flash Summary

Siddiqsons Tin Plate Limited (STPL) reported a net loss of PKR 255.12 million for the year ended June 30, 2025, a significant improvement compared to the PKR 2.058 billion loss in the previous year. Revenue decreased substantially from PKR 4.076 billion to PKR 2.023 billion. The company did not declare any cash dividend, bonus shares, or right shares for the year. The Annual General Meeting is scheduled for November 27, 2025.

Signal: HOLD ⏸️

Strength: 4/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

❌ STPL reported a net loss of PKR 255.12 million for the year ended June 30, 2025.
📉 This is an improvement compared to the PKR 2.058 billion loss in the previous year.
📉 Revenue decreased significantly from PKR 4.076 billion in 2024 to PKR 2.023 billion in 2025.
➗ Gross profit declined drastically to PKR 221.78 million from a gross loss of PKR 55.47 million.
🚫 No cash dividend was declared for the year ended June 30, 2025.
🚫 No bonus shares were announced.
🚫 No right shares were issued.
🗓️ The Annual General Meeting will be held on November 27, 2025.
🔒 Share transfer books will be closed from November 20, 2025, to November 27, 2025.
💸 Finance costs decreased from PKR 596.19 million to PKR 382.99 million.
⚠️ Accumulated losses stand at PKR 1.687 billion as of June 30, 2025.
📉 Loss per share improved from (PKR 8.98) to (PKR 1.11).

🎯 Investment Thesis

HOLD. While the reduced loss compared to the previous year is a positive development, the significant decline in revenue is concerning. The company needs to demonstrate a clear path to revenue growth and profitability before a more positive recommendation can be considered. The company should focus on restructuring its operations and improving its cashflows before a BUY rating can be considered. Without more in depth information on the company’s future plans, a HOLD rating seems most appropriate.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements LAKSON-FUNDS Signal: HOLD

⏸️ LAKSON-FUNDS: HOLD Signal (5/10) – Transmission of Quarterly Report of LMMF for the Period Ended September 2025

⚡ Flash Summary

The Lakson Money Market Fund (LMMF) reported a return of 9.69% for the quarter ended September 30, 2025, underperforming its benchmark return of 10.68% by 0.99%. Asset allocation was heavily concentrated in T-bills (77.5%), with significant allocations to cash (10.8%) and placements with banks & DFIs (10.1%). The fund’s size stood at PKR 29,343 million. Economic conditions in Pakistan showed early signs of stabilization, with inflation easing and foreign reserves improving.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

1. 📉 **Underperformance:** The fund’s return (9.69%) lagged behind the benchmark (10.68%) by 0.99% in 1QFY26.
2. 💰 **Asset Allocation:** Heavily weighted towards T-bills (77.5%), indicating a conservative strategy.
3. 🏦 **Cash Holdings:** Significant cash position at 10.8% suggests liquidity management.
4. 🏦 **DFI Exposure:** Placement with Banks & DFIs comprised 10.1% of the portfolio.
5. ⚖️ **WAM:** Weighted average maturity (WAM) of the portfolio stood at 42 days, indicative of a short-term focus.
6. 💲 **Fund Size:** The fund’s size reached PKR 29,343 million as of September 30, 2025.
7. ⬇️ **Inflation Decline:** Q1-FY26 average inflation was 4.2%, a significant decrease from 9.2% in the same period last year.
8. 🇵🇰 **External Deficit:** Current account deficit reached USD 624 million for the first two months of FY26, higher than the previous year’s USD 430 million.
9. ⬆️ **Export Growth:** Exports rose by 11% YoY to USD 6.7 billion, primarily driven by textiles and food.
10. ⬆️ **Remittance Growth:** Remittances grew by 7% to USD 6.35 billion, providing support to the external account.
11. ⬆️ **FX Reserves:** Foreign exchange reserves improved to USD 19.8 billion by the end of September, with SBP reserves at USD 14.4 billion.
12. ₨ **Rupee Appreciation:** The Pakistani Rupee appreciated by 0.9% FYTD, closing at PKR 281.3/USD.
13. 💡 **Circular Debt Resolution:** A circular debt resolution agreement was signed on September 24, 2025, paving the way for a PKR 1.225 trillion bank loan.
14. 🏦 **Policy Rate Maintained:** The Central Bank maintained the policy rate at 11% during the quarter.
15. ⬆️ **Sovereign Rating Upgrade:** S&P Global upgraded Pakistan’s sovereign credit rating to B- from CCC+ with a Stable Outlook.

🎯 Investment Thesis

HOLD. While the fund offers stability and low volatility suitable for risk-averse investors, its underperformance relative to the benchmark suggests there may be better opportunities for return within the money market fund category. The fund’s heavy concentration in T-bills provides security but may limit upside potential. The economic outlook for Pakistan suggests gradual stabilization, which could benefit the fund in the medium term, but investors should monitor performance closely.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements LAKSON-FUNDS Signal: HOLD

⏸️ LAKSON-FUNDS: HOLD Signal (5/10) – Transmission of Quarterly Report of LMMF for the Period Ended September 2025

⚡ Flash Summary

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

1. 📉 **Underperformance:** The fund’s return (9.69%) lagged behind the benchmark (10.68%) by 0.99% in 1QFY26.
2. 💰 **Asset Allocation:** Heavily weighted towards T-bills (77.5%), indicating a conservative strategy.
3. 🏦 **Cash Holdings:** Significant cash position at 10.8% suggests liquidity management.
4. 🏦 **DFI Exposure:** Placement with Banks & DFIs comprised 10.1% of the portfolio.
5. ⚖️ **WAM:** Weighted average maturity (WAM) of the portfolio stood at 42 days, indicative of a short-term focus.
6. 💲 **Fund Size:** The fund’s size reached PKR 29,343 million as of September 30, 2025.
7. ⬇️ **Inflation Decline:** Q1-FY26 average inflation was 4.2%, a significant decrease from 9.2% in the same period last year.
8. 🇵🇰 **External Deficit:** Current account deficit reached USD 624 million for the first two months of FY26, higher than the previous year’s USD 430 million.
9. ⬆️ **Export Growth:** Exports rose by 11% YoY to USD 6.7 billion, primarily driven by textiles and food.
10. ⬆️ **Remittance Growth:** Remittances grew by 7% to USD 6.35 billion, providing support to the external account.
11. ⬆️ **FX Reserves:** Foreign exchange reserves improved to USD 19.8 billion by the end of September, with SBP reserves at USD 14.4 billion.
12. ₨ **Rupee Appreciation:** The Pakistani Rupee appreciated by 0.9% FYTD, closing at PKR 281.3/USD.
13. 💡 **Circular Debt Resolution:** A circular debt resolution agreement was signed on September 24, 2025, paving the way for a PKR 1.225 trillion bank loan.
14. 🏦 **Policy Rate Maintained:** The Central Bank maintained the policy rate at 11% during the quarter.
15. ⬆️ **Sovereign Rating Upgrade:** S&P Global upgraded Pakistan’s sovereign credit rating to B- from CCC+ with a Stable Outlook.

🎯 Investment Thesis

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: SELL STPL

📉 STPL: SELL Signal (8/10) – Financial Results for the Year Ended June 30, 2025 REVOKED

⚡ Flash Summary

Siddiqsons Tin Plate Limited (STPL) reported financial results for the year ended June 30, 2025, revealing a concerning net loss of PKR 255.12 million, a sharp decline from the PKR 2,058.50 million loss in the previous year. The company did not recommend any cash dividend, bonus shares, or right shares. Revenue decreased significantly from PKR 4,075.58 million to PKR 2,023.04 million year-over-year. The annual general meeting is scheduled for November 27, 2025.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

❌ STPL reports a net loss of PKR 255.12 million for FY2025, improving from a PKR 2,058.50 million loss in FY2024.
📉 Revenue declined drastically from PKR 4,075.58 million to PKR 2,023.04 million year-over-year.
⛔ No cash dividend, bonus shares, or right shares were recommended by the Board.
🗓️ The Annual General Meeting will be held on November 27, 2025.
📉 Gross profit decreased from a loss of PKR 55.47 million to a profit of PKR 221.78 million.
⚠️ Loss per share significantly decreased from (8.98) to (1.11).
📉 Total assets increased slightly from PKR 4,438.52 million to PKR 4,451.33 million.
🔻Trade debts increased substantially from PKR 38.16 million to PKR 194.01 million, potentially indicating collection issues.
💸 Operating cash flows improved from negative PKR 995.88 million to positive PKR 117.64 million.
📉 Long-term finances decreased from PKR 142.20 million to PKR 45.62 million.
💰 Shareholder equity decreased from PKR 1,162.58 million to PKR 907.46 million due to accumulated losses.
👍🏼 Trade and other payables increased from PKR 1,019.15 million to PKR 1,081.93 million.
📉 Cash and cash equivalents declined from negative PKR 500.09 million to negative PKR 573.13 million.

🎯 Investment Thesis

Based on the declining revenue, continued losses, and weak financial position, a SELL recommendation is appropriate. STPL faces significant challenges, and the lack of dividends further diminishes its appeal. A price target of PKR 1.00 is set, with a time horizon of 6 months, reflecting the potential for continued losses and limited recovery prospects.

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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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