NEGATIVE - FoxLogica

⏸️ PRL: HOLD Signal (6/10) – Presentation on Corporate Briefing Session

⚡ Flash Summary

Pakistan Refinery Limited (PRL) reported a loss after tax of Rs. 4.66 billion for the year ended June 30, 2025, a significant downturn compared to a profit of Rs. 4.06 billion in the previous year. This decline is attributed primarily to depressed refining margins, which resulted in a decrease in gross profits by Rs. 13 billion. Revenue saw a slight increase to Rs. 310.35 billion from Rs. 305.54 billion. The company achieved record annual production for HSD and MS, despite facing financial headwinds. The company successfully completed the Front End Engineering Design (FEED) for Refinery Expansion and Upgrade Project (REUP) and is currently evaluating EPC-F bids.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 PRL reported a loss after tax of Rs. 4.66 billion for FY25, compared to a profit of Rs. 4.06 billion in FY24.
💰 Gross profit decreased significantly by Rs. 13 billion due to depressed refining margins.
⬆️ Revenue increased slightly to Rs. 310.35 billion from Rs. 305.54 billion year-over-year.
⛽ Highest ever annual production of HSD: 796,261 MT (6.16 million barrels).
⛽ Highest ever average daily production of HSD: 2,243 MT (17,356 barrels).
📅 Highest ever monthly sales during November-2024: 84,370 MT (0.65 million barrels) for HSD.
⛽ Highest ever annual production of MS: 295,553 MT (2.64 million barrels).
⛽ Highest ever average daily production of MS: 833 MT (7,447 barrels).
✅ Successfully completed Front End Engineering Design (FEED) of REUP in Q2 2024-25.
🚧 Evaluating EPC-F bids from prospective contractors for the Refinery Expansion and Upgrade Project (REUP).
⚠️ Loss / earnings per share decreased to (Rs. 7.40) from Rs. 6.45.
⬇️ Net Equity decreased from Rs. 29.6 billion to Rs. 26.6 billion, a 10.1% decrease.
⬆️ Total crude intake increased to 1,706,356 MT from 1,481,625 MT.
✅ During Q1 2025 (ended September 30, 2025) the company generated profit of Rs. 1.016 billion compared to loss of Rs. 2.35 billion in the same quarter last year.

🎯 Investment Thesis

Based on the current financial performance, I recommend a HOLD rating. While the company has made progress on operational efficiency and refinery upgrades, the near-term outlook is uncertain due to continued pressure on refining margins. A price target cannot be given due to high volatitlity.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements GATI Signal: SELL

📉 GATI: SELL Signal (8/10) – Corporate Briefing 2025

⚡ Flash Summary

Gatron (Industries) Limited reported a significant decrease in revenue for FY2025, dropping by 22.6% to PKR 26.328 billion. This decline is primarily attributed to a drop in yarn sales volume and lower prices, influenced by reduced raw material costs and continued dumping from Chinese suppliers. The company faced challenges due to delayed and ineffective implementation of Anti-Dumping Duties, operating at significantly reduced capacity despite major investments in expansion. Gatron’s financial performance has been adversely impacted, necessitating cost-saving measures and exploration of alternative energy sources to mitigate increasing power costs.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Revenue decreased by 22.6% to PKR 26.328 billion due to lower yarn sales volume and prices.
🇨🇳 Continued dumping from China impacted domestic sales volume and margins.
🛡️ Delayed Anti-Dumping Duties implementation worsened the situation.
🏭 Operated at reduced capacity despite major investments.
⛽ Increasing power costs remain a major concern.
⚡ Exploring alternative energy sources (solar, wind) on a fast-track basis.
💰 Cost-saving projects initiated to reduce manufacturing costs.
📊 Regulatory Duty on PFY reduced from 5% to 2.5%, posing operational challenges.
🏭 Plant capacity increased to 99,000 metric tons in 2025.
🌱 Sustainability initiatives include a reduction in CO2 emission by 1,435 tons.
💧 8.3 Million Gallons Water Consumption from Recycled Water.

🎯 Investment Thesis

Based on the analysis, a SELL recommendation is appropriate for Gatron (Industries) Limited. The significant decrease in revenue, profitability, and operational inefficiencies pose substantial challenges. The stock price is likely to decrease given these negative financial trends. A price target of PKR 75 is set with a time horizon of 6-12 months, reflecting the potential downside risks and limited growth prospects.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: HOLD SPEL

⏸️ SPEL: HOLD Signal (5/10) – Financial Results for the Quarter Ended 30 September 2025

⚡ Flash Summary

SPEL Limited’s financial results for the quarter ended September 30, 2025, reveal a mixed performance. While the company reported a slight increase in sales, its profit after taxation decreased compared to the same quarter last year. The company declared NIL interim cash dividend per share, NIL bonus shares and NIL right shares. The results also show changes in current assets and liabilities, impacting cash flow from operations.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

❌ Sales increased slightly from Rs. 2,309.08 million in 2024 to Rs. 2,352.44 million in 2025.
🔻 Profit after taxation decreased from Rs. 284.92 million to Rs. 261.61 million.
📉 Basic and diluted earnings per share (EPS) decreased from Rs. 1.50 to Rs. 1.38.
💰 No interim cash dividend declared for the period ended September 30, 2025.
🚫 No bonus shares will be issued for every shares held.
❌ The board has recomended NOT to issue any right shares
⚠️ Operating profit increased slightly from Rs. 455.30 million to Rs. 456.65 million.
📊 Administrative expenses increased from Rs. 96.75 million to Rs. 128.47 million.
💸 Selling and distribution expenses increased from Rs. 17.79 million to Rs. 22.35 million.
📉 Finance costs decreased from Rs. 36.40 million to Rs. 16.51 million.
📉 Cash generated from operations decreased significantly.
❗ Trade debts decreased from Rs. 1,302 million to Rs. 990 million

🎯 Investment Thesis

HOLD. Given the decrease in profitability and no dividend declaration, a HOLD recommendation is appropriate. The company needs to demonstrate improved financial performance and dividend-paying ability to warrant a more positive investment stance. Price target: Dependent on future earnings growth.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: HOLD WTL

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

⚡ Flash Summary

WorldCall Telecom Limited reported results for the nine months ended September 30, 2025. The company experienced an increase in revenue, from PKR 3.673 billion in 2024 to PKR 4.335 billion in 2025. Despite this growth, the company continues to report a loss after tax, although the loss decreased from PKR 1.090 billion to PKR 0.674 billion. Key initiatives for the company include network transformation and digital expansion, including a focus on fiber network strengthening and digital connectivity.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: LONG_TERM

📌 Key Takeaways

📈 Revenue increased to PKR 4.335 billion, up from PKR 3.673 billion year-over-year.
📉 Loss after tax decreased to PKR 674 million, compared to PKR 1.090 billion in the previous year.
🌐 Focus on network transformation and digital expansion.
📡 Implementing structured transformation plan to strengthen fiber network.
🏘️ FTTH rollout across key urban clusters to improve user experience and ARPU.
🤝 Collaboration with SWITCH Fiber to enhance last-mile access and regional reach.
🤝 Pursuing cross-sector partnerships to introduce bundled digital services.
🏢 Establishing a Center of Excellence (CoE) to support data enablement and scalable technology deployment.
🤝 GlobalTech deploying enhanced AI and Big Data solutions to clients, supported by a cost-optimized operations center in Pakistan.
🏫 Launched the Giggle Academy initiative in partnership with WMG to bridge the digital divide by providing free access to modern learning tools.
🚀 Started deployment of 200K connection project for low-cost broadband connectivity in underserved areas.
🏦 Finalized Go To Market (GTM) plans for CADNZ product (Customer Relationship Management solution tailored for the banking and financial sector).
💻 Started client engagement for technology solutions focused on existing solutions with integration of AI and Big Data domains.

🎯 Investment Thesis

Given the continued operating losses, I recommend a HOLD position on WorldCall Telecom. A HOLD position is recommended while the company continues to implement and execute on plans for increased revenues and profitability. The price target is \$0.01. This will be reassessed in one year with significant improvement in the company fundamentals.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: SELL TPLP

📉 TPLP: 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/c 5.6.1.(d) of PSX Regulations

⚡ Flash Summary

On October 23, 2025, TPL Properties Limited (TPLP) disclosed the share transactions executed by its Director, Muhammad Ali Jameel. As of October 16, 2025, Mr. Jameel sold 500,000 shares at a rate of PKR 12.10 per share via the ready market using Central Depository System (CDS). Following this transaction, his cumulative shareholding stands at 37,867,431 shares, representing 6.75% of the company. The company has confirmed that this transaction will be presented in the subsequent Board meeting for review and compliance.

Signal: SELL 📉

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📝 Director Muhammad Ali Jameel sold 500,000 shares of TPLP.
📅 The transaction occurred on October 16, 2025.
💰 The shares were sold at a rate of PKR 12.10 per share.
📉 The transaction was executed through the ready market.
💽 The form of shares was CDS (Central Depository System).
📊 After the sale, Muhammad Ali Jameel’s cumulative shareholding is 37,867,431 shares.
⚖️ His new shareholding represents 6.75% of the company.
📜 The disclosure is in compliance with PSX Regulations 5.6.4.
🏢 The transaction will be presented in the subsequent Board meeting.
🔍 The Board meeting will review the transaction for compliance.
🗓️ The disclosure date is October 23, 2025.
🏢 TPL Properties Limited is the listed company.
📍 The company is based in Karachi, Pakistan.
👨‍💼 Shayan Mufti is the Company Secretary.

🎯 Investment Thesis

Given the sale of shares by a director and the potential negative market reaction, a HOLD recommendation is appropriate. Further monitoring of the company’s performance and any additional disclosures is warranted before making a stronger investment decision. If the share price declines significantly due to the sale, a BUY opportunity may emerge. If there is further insider selling, consider a SELL. More detailed financials are needed to determine an accurate price target.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements OCTOPUS Signal: SELL

📉 OCTOPUS: SELL Signal (8/10) – Financial Results for the Quarter Ended 30 September 2025

⚡ Flash Summary

Octopus Digital Group’s financial results for the quarter ended September 30, 2025, reveal a mixed performance. The consolidated statement of profit or loss shows a significant decrease in revenue, with a corresponding drop in gross profit. This decline has led to a substantial loss for the period, contrasting sharply with the profit reported in the same quarter last year. The company did not declare any cash dividend or bonus shares.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

⚠️ Revenue decreased from PKR 217.961 million to PKR 212.287 million YoY.
📉 Gross profit declined from PKR 120.821 million to PKR 89.742 million YoY.
❌ The company reported a loss from operations of PKR 15.907 million, compared to a profit of PKR 5.310 million in the prior year quarter.
💰 Finance costs increased from PKR 1.221 million to PKR 2.006 million YoY.
❗ Loss before income tax was PKR 17.913 million, versus a profit of PKR 4.088 million last year.
📉 The company experienced a net loss after tax of PKR 25.326 million, compared to a profit of PKR 1.474 million last year.
📉 Basic and diluted earnings per share (EPS) both decreased from PKR 0.01 to negative PKR 0.16.
⛔ No cash dividend was declared for the quarter.
⛔ No bonus shares were announced.
📊 Un-appropriated profit increased slightly to PKR 1,351.030 million from PKR 1,346.008 million as of December 31, 2024.
✅ Total equity increased from PKR 3,003.771 million to PKR 3,423.368 million since December 31, 2024.
💵 Cash and cash equivalents increased from PKR 21.527 million to PKR 30.942 million during the nine-month period.

🎯 Investment Thesis

Based on the declining financial performance and negative profitability, a SELL recommendation is appropriate. The company faces significant challenges in revenue generation and cost management, making it a risky investment. Price target is significantly reduced, with a short-term horizon of 6 months, reflecting the urgency of addressing the current issues.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements FNBM Signal: SELL

📉 FNBM: SELL Signal (7/10) – Corporate Briefing Session-Presentation

⚡ Flash Summary

First National Bank Modaraba (FNBM) reported a challenging financial year ending June 30, 2025, with a net loss of PKR 3.960 million, contrasting sharply with a profit of PKR 34.759 million in the previous year. This decline is reflected in a negative earnings per certificate of PKR -0.16 compared to PKR 1.39 in 2024. The company’s return on assets also turned negative, falling to -0.96% from 9.81% year-over-year. Management is focused on a business revival plan involving balance sheet restructuring and NPL recovery to restore profitability and comply with regulatory equity requirements.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: LONG_TERM

📌 Key Takeaways

📉 FNBM reported a net loss of PKR 3.960 million for the year ended June 30, 2025.
📉 This contrasts with a net profit of PKR 34.759 million in the previous year (June 30, 2024).
📉 Earnings per certificate decreased significantly to PKR -0.16 (FY25) from PKR 1.39 (FY24).
📉 Return on Assets (ROA) fell to -0.96% in FY25 compared to 9.81% in FY24.
🏦 The balance sheet size increased to PKR 425.422 million from PKR 402.506 million year-over-year.
😔 Total equity remains negative at PKR -25.528 million in FY25, slightly worse than PKR -20.845 million in FY24.
💰 Total operating and other income decreased substantially to PKR 49.139 million from PKR 115.936 million year-over-year.
❗ Operating and financial expenses slightly decreased to PKR 50.591 million.
💼 Management is actively pursuing a business revival plan, including balance sheet restructuring.
🤝 Recovery of Non-Performing Loans (NPLs) is a key priority for the Modaraba.
✅ The company aims to comply with regulatory equity requirements through NPL recovery and favorable settlements.
🌱 The company plans to re-enter the market with renewed focus on permissible Islamic modes of financing.
🏛️ The winding-up petition against the Modaraba is expected to be withdrawn upon approval and implementation of the revival plan.
🔄 The resumption of trading of certificates in the PSX is anticipated following regulatory compliance.

🎯 Investment Thesis

Based on the current financial performance and associated risks, a SELL recommendation is warranted. The company faces significant challenges in restoring profitability and complying with regulatory requirements. Until there is clear evidence of successful implementation of the revival plan and a return to profitability, the investment carries substantial risk. Price target is $0. We need to see NPL get paid back before any consideration can be given.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: SELL TRSM

📉 TRSM: SELL Signal (7/10) – Financial Results for the Quarter ended September 30, 2025.

⚡ Flash Summary

Trust Modaraba’s financial results for the quarter ended September 30, 2025, reveal a decline in profitability compared to the same period last year. The company reported a profit after taxation of PKR 3.78 million, a significant decrease from PKR 6.29 million in September 2024. This drop in earnings is reflected in the decreased earnings per certificate, which fell from PKR 0.211 to PKR 0.127. While revenue streams such as profit on musharakah finances remain robust, other income sources have contracted, impacting overall financial performance.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Profit after taxation decreased to PKR 3.78 million in Sep 2025 from PKR 6.29 million in Sep 2024.
⚠️ Earnings per certificate dropped to PKR 0.127 in Sep 2025 from PKR 0.211 in Sep 2024.
⬆️ Income from ijarah decreased to PKR 1.12 million in Sep 2025 from PKR 2.61 million in Sep 2024.
⬆️ Profit on murabaha finances decreased to PKR 0.70 million in Sep 2025 from PKR 1.05 million in Sep 2024.
📊 Profit on musharakah finances slightly increased to PKR 12.81 million in Sep 2025 from PKR 12.69 million in Sep 2024.
💰 Gain on sale of short term investments decreased to PKR 1.77 million in Sep 2025 from PKR 0.49 million in Sep 2024.
💼 Other income decreased to PKR 0.42 million in Sep 2025 from PKR 3.62 million in Sep 2024.
📈 Unrealized gain on revaluation of financial assets increased to PKR 0.99 million in Sep 2025 from PKR -1.28 million in Sep 2024.
расходов Operating expenses increased to PKR 11.71 million in Sep 2025 from PKR 10.87 million in Sep 2024.
💸 Modaraba Management Company’s fee decreased to PKR 0.61 million in Sep 2025 from PKR 0.85 million in Sep 2024.
🏢 Total assets increased to PKR 402.52 million in Sep 2025 from PKR 401.96 million in June 2025.
🏦 Cash and bank balances decreased to PKR 8.85 million in Sep 2025 from PKR 9.06 million in June 2025.
Liabilities Current liabilities slightly decreased to PKR 31.39 million in Sep 2025 from PKR 33.74 million in June 2025.
✅ Total equity increased to PKR 352.53 million in Sep 2025 from PKR 348.75 million in June 2025.
❌ No cash dividend, bonus shares, or right shares were recommended for certificate holders.

🎯 Investment Thesis

Based on the declining profitability and negative trends observed in various income streams, a SELL recommendation is warranted for Trust Modaraba. The reduced earnings per certificate and liquidity concerns raise questions about the company’s near-term financial health. A price target of PKR 2.50 is set, reflecting a conservative valuation based on the current EPS and prevailing market conditions. The time horizon for this recommendation is SHORT_TERM, as the negative trends are expected to persist in the coming quarters.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements KHYT Signal: SELL

📉 KHYT: SELL Signal (8/10) – Financial Results for the Quarter Ended 2025-09-30

⚡ Flash Summary

KHYT reported results for the quarter ended September 30, 2025. The company experienced no sales for the quarter, consistent with the prior year. Administrative and financial expenses resulted in an operating loss of (6,660,067) Rupees, compared to an operating loss of (6,158,284) Rupees in the same quarter last year. The total comprehensive loss for the quarter was (4,676,717) Rupees, compared to a loss of (3,955,884) Rupees in the prior year, with a basic and diluted EPS of (3.81) compared to (3.22) last year.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 No sales were reported for the quarter ended September 30, 2025, mirroring the previous year.
💰 Administrative expenses totaled 6,660,067 Rupees, up from 6,157,996 Rupees last year.
💸 Financial expenses (bank charges) amounted to 288 Rupees.
Operating loss widened to (6,660,067) Rupees from (6,158,284) Rupees year-over-year.
🏦 Other operating income (rent) decreased to 1,983,350 Rupees from 2,202,400 Rupees.
❗ Loss before taxation increased to (4,676,717) Rupees from (3,955,884) Rupees.
📉 Total comprehensive loss was (4,676,717) Rupees, compared to (3,955,884) Rupees in the prior year.
📉 Basic and diluted EPS was (3.81) Rupees, down from (3.22) Rupees last year.
🏢 Property, plant, and equipment decreased slightly to 1,279,060,574 Rupees from 1,280,756,896 Rupees.
💵 Cash and bank balances decreased to 16,552,916 Rupees from 19,683,311 Rupees.
🧾 Accumulated loss increased to (11,236,826) Rupees from (6,560,109) Rupees.
⚠️ Short term loan from director decreased to 5,409,718 Rupees from 5,559,718 Rupees.

🎯 Investment Thesis

Given the absence of sales, increasing losses, and negative EPS, a SELL recommendation is warranted. The company’s financial situation is deteriorating, and there is no clear indication of a turnaround. Until the company can demonstrate revenue generation and improved profitability, the stock is considered a high-risk investment. Price Target: Significantly below current levels reflecting the eroding equity and going concern risks.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

AGHA announcements Signal: SELL

📉 AGHA: SELL Signal (7/10) – Financial Results for the Quarter Ended September 30, 2025

⚡ Flash Summary

AGHA Steel Industries Limited reported a challenging first quarter ending September 30, 2025. The company experienced a significant decrease in turnover compared to the same period last year, leading to a substantial net loss. This loss was further compounded by high finance costs and other expenses. There was no dividend declared for the quarter. Investors should monitor the company’s ability to manage costs and improve revenue generation in the coming quarters.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Turnover decreased to PKR 2,162.185 million from PKR 2,845.189 million year-over-year.
❌ No cash dividend, bonus shares, or right shares were recommended by the board.
Loss after taxation was PKR (1,168.632) million compared to PKR (1,814.850) million in the prior year.
💸 Finance costs remained high at PKR (730.819) million, although lower than last year’s PKR (1,139.667) million.
Operating loss was PKR (1,241.388) million, a slight improvement from PKR (1,635.657) million last year.
📉 Basic and diluted loss per share was PKR (1.93), improved from PKR (3.00) last year.
📊 Total assets decreased slightly from PKR 55,707.652 million to PKR 55,112.670 million.
📉 Total shareholders’ equity decreased from PKR 20,975.391 million to PKR 19,806.759 million.
⚠️ Accumulated loss increased to PKR (4,188.712) million from PKR (3,180.709) million.
💰 Cash and cash equivalents decreased from PKR 48.462 million to PKR 26.097 million.
❌ Net cash used in investing activities was PKR (48.569) million.
📉 Net decrease in cash and cash equivalents was PKR (22.365) million.
📉 The company’s performance continues to be impacted by high finance costs and declining revenues.

🎯 Investment Thesis

Given the declining revenue, high finance costs, increasing accumulated losses, and negative cash flows, a SELL recommendation is warranted for Agha Steel. The price target is significantly lower than the current market price, reflecting the company’s poor financial performance and uncertain outlook. The time horizon is medium-term (6-12 months) until the company can demonstrate sustained improvement in its financial performance.

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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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