NEGATIVE - FoxLogica

📉 SSML: SELL Signal (8/10) – Resolution Passed at the EOGM dated 28-11-2025

⚡ Flash Summary

Saritow Spinning Mills Limited (SSML) has announced the passing of a resolution at its Extraordinary General Meeting (EOGM) on November 28, 2025. The resolution approves the sale or disposal of the company’s assets, including its entire plant, machinery, and equipment located at the factory site. The sale will be executed for a price not less than PKR 411.93 million, as determined by an independent valuation. The proceeds from the sale will be used to finance the refurbishment/conversion of the Company’s facilities into rentable warehouses and settle outstanding liabilities or otherwise apply such funds towards the revival business plan of the Company.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🏭 SSML is selling its entire plant, machinery, and equipment.
📅 The decision was made at the EOGM on November 28, 2025.
💰 The minimum sale price is PKR 411.93 million based on independent valuation.
🏢 The factory site is located 1 km off 51-KM Multan Road, Tehsil Phool Nagar, District Kasur.
🔄 Proceeds will be used to convert facilities into rentable warehouses and settle liabilities.
💼 The Board of Directors is authorized to utilize the sale proceeds.
🔑 Mr. Muhammad Zeid Yousuf Saigol (CEO) and/or Mr. Muhammad Omer Farooq (Director) are authorized to execute the sale.
📄 They are authorized to finalize and sign the sale agreement and appoint advisors.
📜 They are also authorized to complete regulatory filings and handle incidental actions.
✅ They can accept modifications required by SECP without needing a new special resolution.
📉 The company is changing its principal business from yarn/textiles to warehousing and logistics.
📦 New business will focus on leasing, warehousing, and renting immovable properties.
📜 Existing Clause III of the Memorandum of Association will be altered.
📝 The directors are authorized to seek SECP approval for changes to the Memorandum and Articles of Association.

🎯 Investment Thesis

Based on the announcement, a SELL recommendation is warranted. The sale of the company’s core assets and a shift to a new business model introduce significant uncertainty and risk. The lack of financial details regarding the new business and potential challenges in executing the transition make it difficult to justify a positive investment thesis. Until there is more clarity on the new business strategy and financial projections, investors should avoid investing in Saritow Spinning Mills.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: December 1, 2025

announcements EXIDE Signal: SELL

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

⚡ Flash Summary

Exide Pakistan Limited’s financial results for the quarter ended September 30, 2025, reveal a concerning downturn. Revenue decreased significantly compared to the same quarter last year, impacting gross profit. This decline in profitability is further reflected in the substantial drop in earnings per share. While specific financial figures are detailed below, the overall performance indicates a challenging period for the company.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Revenue from customers decreased to PKR 4,047.359 million in Q3 2025 from PKR 5,531.753 million in Q3 2024.
📉 Gross profit declined to PKR 703.055 million from PKR 820.994 million year-over-year.
📉 Operating profit decreased to PKR 222.474 million from PKR 260.471 million.
💰 Finance costs decreased slightly to PKR 135.513 million from PKR 143.428 million.
📉 Profit before tax decreased significantly to PKR 86.961 million from PKR 117.043 million.
📉 Profit after taxation decreased to PKR 54.068 million from PKR 71.397 million.
📉 Earnings per share (basic and diluted) decreased to PKR 6.96 from PKR 9.19.
📉 Half-year revenue decreased to PKR 11,096.804 million in 2025 from PKR 13,817.654 million in 2024.
📉 Half-year gross profit decreased to PKR 1,735.702 million from PKR 2,364.330 million.
📉 Half-year operating profit decreased to PKR 775.907 million from PKR 1,184.291 million.
💰 Half-year finance costs decreased to PKR 322.823 million from PKR 355.264 million.
📉 Half-year profit before tax decreased to PKR 453.084 million from PKR 829.027 million.
📉 Half-year profit after taxation decreased to PKR 277.403 million from PKR 505.707 million.
📉 Half-year earnings per share (basic and diluted) decreased to PKR 35.71 from PKR 65.10.

🎯 Investment Thesis

Given the significant decline in revenue, profitability, and EPS, a SELL recommendation is appropriate. The company faces numerous financial and operational challenges, and the valuation is likely to be negatively impacted. A price target of PKR 80, based on a discounted cash flow analysis reflecting the decreased profitability, is suggested with a 12-month time horizon.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 28, 2025

announcements Signal: SELL TSBL

📉 TSBL: SELL Signal (8/10) – Presentation-Corporate Briefing Session 2025 of TSBL

⚡ Flash Summary

Trust Securities and Brokerage Limited (TSBL) held a corporate briefing session in 2025. The company’s operating revenue increased from PKR 211.99 million in 2024 to PKR 251.09 million in 2025. However, profit after tax significantly decreased from PKR 83.99 million to PKR 19.17 million, resulting in a drop in Earnings Per Share (EPS) from PKR 2.80 to PKR 0.64. The presentation included an overview of the company, its vision and mission, board of directors, financial services, and a profit & loss statement.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📈 Operating revenue increased to PKR 251.09 million in 2025 from PKR 211.99 million in 2024.
📉 Profit after tax decreased significantly to PKR 19.17 million in 2025 from PKR 83.99 million in 2024.
📉 Earnings Per Share (EPS) dropped to PKR 0.64 in 2025 from PKR 2.80 in 2024.
💰 Gain on sale of short-term investments decreased to PKR 13.90 million in 2025 from PKR 96.96 million in 2024.
⚠️ Operating and administrative expenses increased to PKR 272.34 million in 2025 from PKR 233.57 million in 2024.
💸 Finance cost decreased to PKR 11.75 million in 2025 from PKR 13.51 million in 2024.
📊 Other charges decreased to PKR 22.80 million in 2025 from PKR 44.21 million in 2024.
💼 Other income increased to PKR 66.69 million in 2025 from PKR 59.05 million in 2024.
🏢 The company has a presence in Lahore and Karachi with a total of 6 branches.
🤝 TSBL aims to provide unmatched services to help clients achieve targets in the capital market.
🎯 The company’s vision is to create a diversified brokerage and financial services business.
👤 The board of directors includes Abdul Basit (CEO), Zenobia Wasif (Chairperson), and others.
✅ TSBL offers financial consultancy, technical, and fundamental analysis.
🗓️ The corporate briefing session took place in 2025.

🎯 Investment Thesis

Given the significant decrease in profitability and EPS, a SELL recommendation is appropriate for TSBL. The company’s financial performance has deteriorated, and there are notable financial and operational risks. The lack of specific future guidance or strategic initiatives to reverse the trend further supports a negative outlook. The price target should be revised downwards to reflect the decreased earnings potential.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 28, 2025

announcements ARUJ Signal: SELL

📉 ARUJ: SELL Signal (9/10) – Financial Results for the Quarter Ended 30-09-2025

⚡ Flash Summary

ARUJ Industries reported a loss for the quarter ended September 30, 2025. Net sales were not reported, indicating a significant decline in revenue generation. The company reported a gross loss of PKR 5,394,064 and an operating loss of PKR 7,286,793. No dividends were declared. The company experienced a substantial decline in financial performance compared to the previous year, raising concerns about its operational efficiency and overall financial health.

Signal: SELL 📉

Strength: 9/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Net sales not reported for the quarter ended September 30, 2025, implying zero revenue.
⚠️ Gross loss of PKR 5,394,064, indicating inability to cover cost of sales.
⛔ Operating loss of PKR 7,286,793, reflecting severe operational inefficiencies.
💸 Finance cost not specified but impacting overall loss.
🚫 No other income to offset losses.
😩 Workers’ profit participation fund impacts loss before taxation
📉 Loss before taxation stands at PKR 7,286,793.
💼 Provision for taxation reported as zero.
⛔ Loss after taxation is PKR 7,286,793.
📉 Basic & diluted loss per share is PKR (0.70).
📉 Sales significantly lower compared to the previous year (Jul-24 to Sep-24), when sales were PKR 191,800.
📉 Gross Loss higher than the previous year (Jul-24 to Sep-24) Gross Loss of PKR (9,003,680).
📉 Operating loss higher than the previous year (Jul-24 to Sep-24) Operating Loss of PKR (11,332,051).
📉 Loss per share is negative, decreasing from PKR (1.16) to PKR (0.70) this period

🎯 Investment Thesis

Based on the current financial results, a SELL recommendation is warranted for ARUJ Industries. The absence of revenue and substantial losses indicate severe operational and financial distress. The price target is set at PKR 0.00, reflecting the high probability of further decline. The time horizon is SHORT_TERM, as immediate action is needed to mitigate potential losses.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 28, 2025

announcements GLPL Signal: SELL

📉 GLPL: SELL Signal (8/10) – Corporate Briefing Session 2025 – Presentation

⚡ Flash Summary

Gillette Pakistan Limited (GLPL) faces significant challenges, as Procter & Gamble will discontinue business in Pakistan as part of a global restructuring. The company reported a loss after tax of PKR 25.95 million for the year ended June 30, 2025, compared to a profit of PKR 25.95 million the previous year. Despite a 15% increase in revenue driven by strategic interventions, macroeconomic headwinds and import duties impacted cost structures, resulting in a decrease in profitability. The sponsor, SABV, has proposed to buy back shares held by minority shareholders at PKR 216.49 per share.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 GLPL reported a loss after tax of PKR 25.95 million in 2025, a significant reversal from the profit of PKR 25.95 million in 2024.
Revenue increased by 15% from PKR 1,502.01 million to PKR 1,719.85 million.
⚠️ Gross profit decreased from PKR 482.35 million to PKR 340.37 million, reflecting higher cost of goods sold.
Expenses decreased from PKR (211.900) million to PKR (126.663) million.
💸 Operating loss of PKR (7.621) million compared to a profit of PKR 153.326 million in the previous year.
Import duties and macroeconomic headwinds negatively impacted profitability.
✨ Strategic interventions led to a significant revenue growth of 15%.
Retail, wholesale, and supermarket channels were expanded to boost sales.
In-store execution was improved, and targeted customer acquisition initiatives were implemented.
Procter & Gamble decided to discontinue its business in Pakistan as part of global restructuring.
SABV proposed to buy back shares from minority shareholders at PKR 216.49 per share.
Current assets decreased significantly from PKR 2,723.73 million to PKR 1,442.316 million.
Inventories saw a major decline from PKR 1,111.711 million to PKR 599.677 million.
Total liabilities and equity decreased from PKR 2,880.407 million to PKR 1,598.830 million.

🎯 Investment Thesis

I recommend a SELL rating for GLPL. While the revenue growth demonstrates the company’s ability to capture market share, the significant decline in profitability and the impending delisting make the stock unattractive. The buyback offer at PKR 216.49 per share represents a fair exit price for minority shareholders, given the circumstances. The time horizon for this recommendation is short-term, as the delisting process is expected to occur within the coming months.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 28, 2025

announcements Signal: HOLD SSGC

⏸️ SSGC: HOLD Signal (6/10) – Material Information

⚡ Flash Summary

Sui Southern Gas Company (SSGC) announced a delay in the approval and announcement of its first-quarter accounts for the period ended September 30, 2025. The Board Audit Committee (BAC) met on November 26, 2025, to review the accounts but advised management to resubmit them for further consideration. Consequently, the formal presentation of the accounts to the full Board will be postponed, and the closed period for trading will continue until the first-quarter accounts are formally approved and announced to the PSX. The scheduled Board Meeting on November 29, 2025, will proceed to address non-financial agenda items.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🗓️ SSGC’s first-quarter accounts approval delayed.
📝 Board Audit Committee (BAC) requested resubmission.
❌ Accounts not formally recommended by BAC.
⛔ No presentation to the full Board as scheduled.
🔒 “Closed Period” extended until formal approval.
📅 Scheduled Board Meeting proceeds with non-financial items.
📜 Compliance with Securities Act, 2015 and PSX Regulations.
✉️ Reference to earlier letter SSGC/CS/2025-183.
September 30, 2025, accounts still pending approval.
🚫 No immediate impact expected, pending final review.
⏳ Uncertainty remains until next BAC review.

🎯 Investment Thesis

Given the uncertainty surrounding SSGC’s first-quarter results and the delay in their approval, a HOLD recommendation is appropriate. Investors should await the formal release of the approved accounts before making any investment decisions. A price target cannot be reasonably established until the financial results are available and analyzed.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 28, 2025

announcements LEUL Signal: SELL

📉 LEUL: SELL Signal (8/10) – Presentation for LEATHERUP LIMITED-Corporate-Briefing-Session

⚡ Flash Summary

Leather Up Limited (LEUL) reported a challenging FY2025 with a significant decline in financial performance. Revenue decreased sharply, leading to net losses compared to profits in the previous year. The company attributes the downturn to weakened export demand in Europe and increased input costs. Management is focused on cost control, market diversification, and securing new export orders to improve performance.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Revenue decreased significantly to Rs 12.09m in FY2025 from Rs 27.53m in FY2024.
❌ The company reported a Profit/(Loss) Before Tax of (Rs 4.32m) in FY2025, compared to a profit of Rs 0.57m in FY2024.
⛔ Profit/(Loss) After Tax was (Rs 4.51m) in FY2025, a substantial drop from Rs 0.32m in FY2024.
📉 EPS declined to (Rs 0.75) in FY2025 from Rs 0.05 in FY2024.
⚠️ Accumulated Loss increased to (Rs 48.98m) in FY2025.
🌍 Weakened export demand in Europe due to prevailing economic conditions drove the sales decline.
💸 Gross margin reduced due to increased cost of goods sold and competitive pricing pressures.
📈 Operating loss significantly increased to Rs 4.99m, compared to Rs 90.8k in the prior year.
💼 Current ratio improved to 3.63x compared to prior year (3.34x).
✔️ Net Working Capital is positive, supporting operations at Rs 14.13m.
🏦 Strong banking relationships with MCB, UBL, and Faysal Bank ensure access to necessary facilities.
🌍 Management is actively exploring new export markets to diversify revenue streams.
🛡️ Cost control measures and supplier negotiations are being implemented to manage input expenses.
📊 Proactive efforts led to securing export orders of Rs 22m in Q1 FY2026, signalling a potential positive shift.

🎯 Investment Thesis

Based on the significant decline in financial performance and increased accumulated loss, a SELL recommendation is warranted. The company faces several risks, and while management is implementing mitigation strategies, the overall outlook remains challenging. A price target would depend on a more detailed valuation analysis, but the current information suggests a negative outlook. I expect this downturn to extend into the medium term.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 28, 2025

announcements CHBL Signal: HOLD

⏸️ CHBL: HOLD Signal (4/10) – Transmission of Quarterly Report for the Period Ended September 30, 2025

⚡ Flash Summary

Chenab Limited’s unaudited financial statements for Q1 2025-2026 reveal a challenging business environment. The company reported sales and services revenue of Rs. 447.705 million, but also a significant financial loss of Rs. 163.174 million before levies and income tax. Management is attempting to reverse winding-up proceedings via a Scheme of Arrangement, with positive impacts expected from strategic measures and favorable conditions in the American market. The directors are confident that the company will continue as a going concern through management actions to improve financial results and strategic partnerships to take advantage of available opportunities.

Signal: HOLD ⏸️

Strength: 4/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Chenab Limited reported a financial loss of Rs. 163.174 million for the quarter ended September 30, 2025.
💰 Sales and services revenue reached Rs. 447.705 million during the same period.
🇺🇸 US tariffs on Chinese and Indian imports provide a competitive advantage for Pakistani textiles in the American market.
🏭 The company has significant capacity to source textiles, especially home textiles.
🏦 Banks are expected to provide sufficient financial limits for exports to aid the company’s growth.
🤝 Sponsors are committed to injecting funds to meet working capital requirements.
⚖️ A Scheme of Arrangement under sections 279 to 283 of the Companies Act, 2017 has been filed to reverse winding-up proceedings.
✅ The scheme was approved by 100% of shareholders and 90.40% of secured creditors.
📅 The Court approved the scheme on September 14, 2021, and issued the reversal order on October 29, 2021.
🏢 Non-core assets were sold for Rs. 1.6 billion to service loan repayments and support working capital.
🗓️ Principal repayments to lenders are rescheduled over 14 years to improve financial health.
🏦 The company seeks additional working capital from banks to ensure smooth operations.
💵 Sponsors injected Rs. 350 million through the sale of personal shares and Rs.578.97 million as a subordinated loan since its revival.
⚠️ The company was unable to meet key financial model assumptions due to rising overheads, energy costs, and PKR depreciation.

🎯 Investment Thesis

HOLD. Despite the positive developments regarding the Scheme of Arrangement and potential benefits from US tariffs, Chenab Limited faces significant financial and operational challenges that warrant a cautious approach. The company’s negative profitability, working capital issues, and high debt levels create substantial uncertainty. A hold recommendation is justified until the company demonstrates sustained improvements in financial performance and successful execution of its turnaround strategy. Further clarity is required on the company’s ability to stabilize operations, generate profits, and meet its financial obligations before considering a more optimistic investment stance.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 27, 2025

announcements HUSI Signal: HOLD

⏸️ HUSI: HOLD Signal (5/10) – Presentation for CBS – Husein Industries Limited

⚡ Flash Summary

Husein Industries Limited (HIL) reported a decrease in revenue for the year ended June 30, 2025, with revenue dropping to PKR 256.095 million from PKR 362.868 million in 2024, a decline of 29.42%. Net profit also decreased to PKR 28.296 million compared to PKR 30.347 million in the previous year, representing a 6.76% decrease. The company’s EPS fell by 7.00% to PKR 2.66. HIL’s business diversification strategy focuses on lease income from industrial properties and income from construction activities, with ongoing development in their Jamal Garden project.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Revenue decreased by 29.42% from PKR 362.868 million in 2024 to PKR 256.095 million in 2025.
📉 Gross Profit declined by 3.76%, from PKR 127.165 million to PKR 122.378 million.
📉 EBITDA decreased by 16.12% to PKR 98.236 million.
📉 Net Profit saw a reduction of 6.76%, falling to PKR 28.296 million.
📉 EPS dropped by 7.00% to PKR 2.66.
🏢 Revenue distribution shows a decrease in both lease income and sale of residential plots.
🏘️ Jamal Garden, HIL’s first real estate project, is developed over 8 acres with 113 residential plots.
🏫 Jamal Garden includes a fully functional school run by the Smart School System.
🏥 A medical facility is under construction at Jamal Garden.
🕌 A mosque with a capacity for 1000 worshippers is expected to open in Q1 2026.
⚡ Society has been electrified through K Electric, and gas is provided through SSGC in FY2025.
✅ Completion and handover of Jamal Garden concluded in FY2025.
🚧 Future plans include constructing state-of-the-art warehouses and multi-purpose buildings.
⚠️ Challenges include a tougher regulatory environment and a soft real estate market.
🤔 Stabilization of the real estate market is expected in FY2026.

🎯 Investment Thesis

Given the declining financial performance and market challenges, a HOLD recommendation is appropriate for Husein Industries Limited. The company’s turnaround depends on its ability to successfully execute its real estate projects, particularly Jamal Garden, and navigate the complex regulatory environment. A price target cannot be provided at this time due to the lack of specific financial projections and market volatility. The time horizon for potential upside is MEDIUM_TERM, contingent on successful project execution and market stabilization.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 27, 2025

announcements JATM Signal: SELL

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

⚡ Flash Summary

J. A. Textile Mills Limited’s corporate briefing for 2025 reveals a challenging financial landscape. The company experienced a significant surge in revenue, jumping from PKR 129.95 million in 2024 to PKR 1,430.99 million in 2025. Despite this impressive increase in sales, the company reported a gross loss of PKR 63.33 million. The company’s accumulated losses have further widened, reaching PKR 140.42 million, and the company also grapples with substantial current liabilities exceeding PKR 460 million. The report paints a picture of a company struggling to convert revenue into profitability, indicating potential operational inefficiencies or high costs of goods sold.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

⬆️ Revenue soared from PKR 129.95 million to PKR 1,430.99 million year-over-year.
📉 Gross loss reported at PKR 63.33 million, indicating cost challenges.
❌ Accumulated losses widened to PKR 140.42 million.
⚠️ Negative EPS of (3.3592) compared to (4.8274) last year.
💰 Total Comprehensive Income was PKR 193.62 million, influenced by revaluation surplus.
🏢 Total assets stand at PKR 1,251.56 million.
Liabilities (excluding equity) are PKR 606.28 million.
📉 Negative Pre-tax profit/(loss) to sales %: (57.68)
💸 Current liabilities at PKR 460.91 million.
📉 Fixed Assets (Cost/Revalued) increased to 842.13 million from 556.40 million
👎 Negative Earning after tax per share (Rs.): (4.7274)
🏦 Loan from related parties increased from 126.29 million to 160.79 million
📉 Negative Pre-tax profit/(loss) to capital %: (59.48)

🎯 Investment Thesis

Based on the analysis, a SELL recommendation is warranted. The company’s inability to generate profit despite increased revenue, coupled with rising losses and liquidity issues, presents significant downside risk. A price target significantly lower than the current paid up value of 10 per share is justified, until the company can demonstrate sustainable profitability and improved financial health. Given the current financials, a short-term horizon is recommended.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 27, 2025

+ More