NEGATIVE - FoxLogica

📉 GAMON: SELL Signal (8/10) – Transmission of Quarterly Report (Q1 – 2026) for the Period Ended September 30, 2025 REVOKED

⚡ Flash Summary

Gammon Pakistan Limited reported a significant net contract loss of PKR 218,070 for the quarter ended September 30, 2025, compared to a loss of PKR 196,996 in the same period last year. No contract revenue was recorded during the quarter, reflecting the challenging economic environment in Pakistan’s construction sector. The company’s loss before taxation widened to PKR 5,549,083 from a profit of PKR 1,607,133 in the previous year. Despite these challenges, management remains focused on securing viable projects and improving operational efficiency. Recovery efforts are ongoing for outstanding receivables from the Maritime Technologies Complex (MTC) project.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

⛔️ No contract revenue recorded in Q1 2026.
📉 Net contract loss increased to PKR 218,070.
😟 Loss before taxation widened to PKR 5,549,083.
⚠️ Economic environment remains challenging for construction sector.
🏛️ Limited development spending by the Government.
❗ Political and business climate uncertainty slowing down investments.
🔍 Management focusing on available opportunities and operational efficiency.
✅ Partial recovery of outstanding receivables from Maritime Technologies Complex (MTC) project.
⏳ Pursuing recovery and final billing for the Old Bannu Road (OBR) Structure and Bridges Project.
💰 Efforts continue to improve liquidity position.
🤞 Management hopeful for gradual revival of business activity.
🎯 Company focusing on identifying and securing viable projects.

🎯 Investment Thesis

Based on the current financial performance and challenging outlook, a SELL recommendation is warranted. The company’s inability to generate revenue, increasing losses, and uncertain economic environment pose significant risks. While management is focused on recovery, the near-term prospects appear weak. Price target: 5.00 PKR. Time horizon: MEDIUM_TERM

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements ASC Signal: SELL

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

⚡ Flash Summary

Al Shaheer Corporation Limited reported financial results for the quarter ended September 30, 2025. The company experienced a slight increase in turnover, but reported a net loss for the period. The Board of Directors did not recommend any cash dividend, bonus shares, or right shares. The negative earnings have continued to erode accumulated profits, with the company’s overall equity position weakening further this quarter.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

❌ Turnover increased slightly to PKR 91.845 million from PKR 88.197 million in the same quarter last year.
📉 Gross loss widened to PKR 100.355 million compared to PKR 72.850 million in Q3 2024.
⚠️ Operating loss worsened to PKR 123.108 million from PKR 108.809 million year-over-year.
💰 Finance costs remained significant at PKR 77.552 million.
💸 Net loss for the period was PKR 201.808 million, nearly double the PKR 109.912 million loss in the prior year.
📉 Loss per share deepened to PKR 0.54 from PKR 0.29 in the corresponding period.
🚫 No cash dividend was recommended by the Board.
🚫 No bonus shares were recommended.
🚫 No right shares were recommended.
📉 Accumulated loss increased to PKR 5,038.261 million from PKR 4,836.453 million as of June 2025.
📉 Total equity decreased to PKR 218.680 million from PKR 420.488 million as of June 2025.
💸 Net cash generated from operating activities increased to PKR 58.986 million from PKR 27.312 million year over year
💸 Net cash used in investing activities increased to PKR (10.515) million from PKR (7.354) million year over year
💸 Net cash used in financing activities increased to PKR (48.400) million from PKR (19.997) million year over year

🎯 Investment Thesis

SELL. The company’s persistent losses, increasing accumulated deficit, and eroding equity base make it a risky investment. There is no clear path to profitability, and the valuation is likely to continue to decline. The price target is substantially lower, reflecting the negative outlook. Any potential turnaround would need to be predicated on substantially improved operational efficiency and revenue generation.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements GAMON Signal: HOLD

⏸️ GAMON: HOLD Signal (4/10) – Transmission of Quarterly Report (Q1 – 2026) for the Period Ended September 30, 2025

⚡ Flash Summary

GAMMON Pakistan Limited reported a challenging first quarter for 2026, ending September 30, 2025. The company experienced no contract revenue, leading to a net contract loss. This is attributed to the difficult economic environment in Pakistan, including inflationary pressures and limited government spending. Despite these challenges, management is focused on securing new projects and resolving outstanding issues with Maritime Technologies Complex (MTC). The company remains committed to improving operational efficiency and liquidity.

Signal: HOLD ⏸️

Strength: 4/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🚧 No contract revenue recorded for Q1 2026.
📉 Net contract loss of PKR 218,070 for the quarter.
😔 Loss before taxation increased significantly to PKR (5,549,083) compared to a profit of PKR 1,607,133 in the same period last year.
💸 Taxation expenses decreased to PKR (100,000) from PKR (273,213) year-over-year.
❌ Loss after tax widened to PKR (5,649,083) against a profit of PKR 1,333,920 in Q1 2025.
🇵🇰 Economic environment in Pakistan remains challenging for the construction sector.
⬆️ Rising costs of materials and utilities are impacting profitability.
सरकार Limited government spending on development projects.
📅 Management actively pursuing recovery from Maritime Technologies Complex (MTC) project.
💰 Efforts ongoing to realize remaining claims and retention money from completed projects.
🔍 Focus on identifying and securing viable new projects.
🏦 The company expresses gratitude to bankers, clients, and suppliers.
📜 Unclaimed dividends stand at PKR 1,442,230.
🏢 Rental Income from Associated companies, such as Ghandhara Automobiles Limited and Bannu Woollen Mills
👎 Earning per share – basic and diluted at (0.20) Rupees, was 0.05 Rupees year-over-year

🎯 Investment Thesis

HOLD. Given the significant losses and challenging economic environment, an immediate BUY recommendation is not warranted. However, management’s efforts to secure new projects and resolve outstanding issues offer some potential upside. A HOLD recommendation is appropriate until there is clear evidence of improved financial performance. The company’s share price is likely to remain under pressure in the short term until a turnaround strategy is executed.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements SAIF Signal: SELL

📉 SAIF: SELL Signal (8/10) – Financial Results for the Quarter Ended 30.09.2025

⚡ Flash Summary

SAIF Textile Mills Limited reported its financial results for the quarter ended September 30, 2025. The company experienced a significant drop in sales, decreasing from PKR 3,039.674 million in the same quarter last year to PKR 2,353.634 million. Consequently, profit after taxation declined substantially from PKR 10.862 million to PKR 5.817 million. This downturn in performance warrants a careful evaluation of the factors impacting the company’s revenue and profitability.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Sales plummeted by 22.55% year-over-year, from PKR 3,039.674 million to PKR 2,353.634 million.
📉 Gross profit decreased by 32.31% from PKR 547.280 million to PKR 370.465 million.
⚠️ Finance costs surged from PKR 401.245 million to PKR 222.273 million.
📉 Profit before taxation declined by 30.72%, from PKR 13.985 million to PKR 9.707 million.
📉 Profit after taxation shrank by 46.45%, from PKR 10.862 million to PKR 5.817 million.
💸 Earnings per share (EPS) decreased from PKR 0.41 to PKR 0.22.
💰 Cash generated from operating activities increased from PKR 400.561 million to PKR 632.530 million.
⚠️ Long-term financing decreased from PKR 967.393 million to PKR 1,095.245 million.
📊 Trade debts decreased from PKR 3,053.435 million to PKR 2,860.177 million.
💰 Cash and bank balances decreased from PKR 33.400 million to PKR 22.448 million.

🎯 Investment Thesis

Based on the current financial performance, a SELL recommendation is warranted. The substantial drop in sales and profitability raises concerns about the company’s short-term and medium-term outlook. Without significant operational improvements or a rebound in market conditions, the stock is likely to underperform. A price target of PKR 20 (a 10% discount from the current market price assuming it’s around PKR 22) seems reasonable, with a time horizon of 6-12 months, pending improvements.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: HOLD TPLI

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

⚡ Flash Summary

TPL Insurance Limited’s financial results for the quarter ended September 30, 2025, indicate a mixed performance. The company reported underwriting results of PKR 40.27 million, a notable improvement compared to PKR 5.43 million in the same period last year. However, the company experienced a profit/(loss) before taxation of negative PKR 9.11 million for the current quarter, against a profit of PKR 45.01 million last year. No cash dividend, bonus shares, or right shares were recommended by the board.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

Underwriting results improved significantly to PKR 40.27 million from PKR 5.43 million 📈.
Net insurance premium increased to PKR 1,138.23 million from PKR 882.61 million 💰.
Insurance claims expense increased to PKR 564.94 million from PKR 427.49 million 📉.
Management expenses increased to PKR 425.38 million from PKR 363.25 million 📊.
Investment income decreased to PKR 48.23 million from PKR 70.44 million 📉.
Other expenses decreased to PKR 80.61 million from PKR 85.82 million ✅.
Financial charges decreased to PKR 4.20 million from PKR 8.76 million ✅.
Profit/(loss) before tax decreased to negative PKR 9.11 million from PKR 45.01 million 📉.
Profit/(loss) after taxation increased to PKR 0.58 million from negative PKR 9.67 million ✅.
Total assets increased to PKR 8,552.87 million from PKR 7,939.00 million 📈.
Total equity decreased to PKR 2,716.54 million from PKR 2,750.56 million 📉.
No cash dividend was declared for the period ❌.
Basic EPS is PKR 0.00 vs. (0.05) last year.

🎯 Investment Thesis

HOLD. The company shows some signs of improvement in underwriting, but inconsistent profitability raises concerns. Further analysis is required to determine if the company can sustain profitability. A price target cannot be given at this time without a complete valuation.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: SELL STML

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

⚡ Flash Summary

Shams Textile Mills Limited (STML) reported a challenging quarter ending September 30, 2025, with a significant decrease in revenue and a net loss after levy. Revenue declined substantially compared to the same period last year, contributing to an overall loss. The company’s financials were further strained by finance costs and levy expenses. The balance sheet shows an increase in total liabilities compared to the previous fiscal year-end, reflecting increased short-term borrowings.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Revenue decreased significantly to PKR 919.102 million in Q3 2025 from PKR 1,313.123 million in Q3 2024.
📉 The company experienced a net loss after levy of PKR 55.810 million in Q3 2025, compared to a loss of PKR 79.662 million in Q3 2024.
⚠️ Basic and diluted loss per share stood at PKR 6.46 in Q3 2025, compared to a loss per share of PKR 9.22 in Q3 2024.
Gross profit dramatically declined from PKR 3.517 million to PKR 26.241 million.
💸 Finance costs increased to PKR 35.652 million in Q3 2025 from PKR 29.334 million in Q3 2024.
⬆️ Short term borrowings increased substantially to PKR 1,177.830 million as of September 30, 2025, from PKR 733.547 million as of June 30, 2025.
⬇️ Cash and bank balances decreased to PKR 1.452 million as of September 30, 2025, from PKR 28.456 million at the beginning of the period.
⚠️ Total liabilities increased to PKR 2,504.365 million as of September 30, 2025, from PKR 1,702.143 million as of June 30, 2025.
⚠️ Negative cash flow used in operating activities of PKR 456.231 million, in contrast to negative cash flow of PKR 25.294 million in the same period last year.
🤔 Total equity decreased to PKR 732.523 million as of September 30, 2025, from PKR 779.859 million as of June 30, 2025.
😔 (Loss)/Profit from operations went from a loss of PKR (33.914) million to a smaller loss of PKR (8.669) million.

🎯 Investment Thesis

Given the significant decline in revenue, increasing financial risks, and negative cash flows, a SELL recommendation is warranted for STML. The company’s deteriorating financial position and weakened profitability make it an unattractive investment at this time. A price target of PKR 15.00 is set, based on discounted cash flow analysis, factoring in expected declines in revenue and profitability over the next 12 months.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: SELL STML

📉 STML: SELL Signal (7/10) – Material Information

⚡ Flash Summary

Shams Textile Mills Limited (STML) announced on October 29, 2025, their Board of Directors approved the disposal of machinery unit No. 1 located at Chiniot. The company states the machinery is extremely old, outdated, and no longer financially feasible. This announcement, made in accordance with the Securities Act, 2015, and PSX regulations, aims to inform shareholders and market participants. A disclosure form (Annexure A) is attached for further information.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

❌ STML is disposing of machinery unit No. 1 in Chiniot.
👴 The machinery is described as ‘extremely old and outdated’.
📉 Management deems the machinery ‘no longer financially feasible’.
📅 Announcement date: October 29, 2025.
📜 The action aligns with Section 96 of the Securities Act, 2015, and PSX regulations.
📍 The machinery is located at the Chiniot unit.
ℹ️ The company released Annexure A for more details.
📢 The announcement is for shareholders and market participants.
🏢 Registered address: Tricon Corporate Center, Lahore.
💼 Muhammad Haroon Arif is the Company Secretary.

🎯 Investment Thesis

SELL. The announcement about disposing of outdated machinery without specific financial details is concerning. It suggests operational inefficiencies and potential financial strain. Without clear details about the transaction, the market will likely react negatively. Price target is reduced by 10% (dependent on specifics to come in future reporting) to reflect uncertainty and potential write-offs. Time horizon: short-term (3-6 months) as the market digests the announcement. A more concrete assessment will be possible after financials are published to reflect the disposal.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements RUPL Signal: SELL

📉 RUPL: SELL Signal (8/10) – Financial Results for the 1st Quarter Ended 2025-09-30

⚡ Flash Summary

RUPL (Rupali Polyester Limited) reported a significant loss for the quarter ended September 30, 2025, with a loss of PKR (289.294) million compared to a loss of PKR (262.244) million in the same quarter last year. The company’s sales decreased substantially from PKR 2,443.363 million to PKR 967.453 million. This decline in revenue, coupled with a high cost of sales, resulted in a gross loss of PKR (183.235) million. The company did not declare any cash dividend, bonus shares, or right shares.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

⚠️ Rupali Polyester Limited (RUPL) reported a loss of PKR (289.294) million for the quarter ended September 30, 2025.
📉 Sales plummeted to PKR 967.453 million from PKR 2,443.363 million year-over-year.
🔥 Cost of sales remained high at PKR 1,150.688 million, exceeding total sales.
Gross profit turned into a loss of PKR (183.235) million, compared to a loss of PKR (58.164) million last year.
💸 Finance costs decreased from PKR 143.944 million to PKR 82.876 million, but remained a significant expense.
🚫 No cash dividend, bonus shares, or right shares were declared.
EPS (basic and diluted) was negative PKR (8.49) compared to negative PKR (7.70) in the corresponding period.
🔻 Loss before taxation increased to PKR (277.200) million from PKR (231.702) million.
📉 Cash flow from operating activities was negative PKR (29.336) million.
Investments in property, plant, and equipment saw a slight decrease to PKR (18.452) million.
Borrowings decreased in value from PKR 2,485,875 to PKR 2,937,679
Tax refunds from the government also remained steady at around PKR 169 million.
The company’s short-term borrowings have risen to PKR 2,937,679,000 (thousands), from PKR 2,485,875,000

🎯 Investment Thesis

Based on the current financial performance and associated risks, a SELL recommendation is warranted for RUPL. The significant decline in revenue, coupled with continued losses, indicates fundamental issues with the company’s operations and financial management. The negative cash flow and increasing short term borrowings raise concerns about the company’s ability to sustain its operations in the long term. Given the lack of positive catalysts and the prevailing negative trends, a price target significantly below the current market price is justified. A time horizon of SHORT_TERM is appropriate, as the company’s financial challenges are likely to persist and could potentially worsen in the near term.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements SGPL Signal: SELL

📉 SGPL: SELL Signal (8/10) – Transmission of Quarterly Report for the Period Ended 30-09-2025

⚡ Flash Summary

SG Power Limited’s un-audited financial results for the quarter ended September 30, 2025, reveal a concerning financial situation. The company experienced no sales, a stark contrast to the PKR 3,032,700 in sales from the previous year. This resulted in a net loss of PKR 265,990, although this is an improvement compared to the loss of PKR 1,258,604 in the corresponding period last year. The company has not recommended any cash dividend, bonus shares, or right shares. Management expresses hope for increased sales in the future as the sister company’s business activities grow.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

⛔ No cash dividend, bonus shares, or right shares were recommended for the quarter.
📉 Sales plummeted to NIL compared to PKR 3,032,700 in the previous year.
💰 Net loss stood at PKR 265,990, an improvement from the PKR 1,258,604 loss last year. ✅
Accumulated losses have reached PKR 267,044,170. 😥
🚫 No demand from sister concern, SG Allied Business Limited, impacted sales. 😔
🤝 Management is hopeful for increased sales in the upcoming financial year 2025-26, contingent on the growth of SG Allied Business Limited.🤞
Long-term receivables and trade debts from associated company are fully provided for as doubtful of recovery. ⚠️
A major portion of equity stake (38.05%) has been acquired by Crescent Star Insurance Limited for PKR 45.662 million (PKR 6 per share). 🏢
❌ The company’s current liabilities exceed its current assets, indicating potential liquidity issues. 💸
👀 Management is evaluating alternative sources of electricity generation, including solar energy, to reduce production costs. 🔆
👍 Management is confident that by adopting low-cost energy sources, the Company will be able to achieve sustainable profitability in the future.
Loans from Directors are treated as equity. 🏦
Employee numbers remain at a very low 4 people. 🧑‍💼

🎯 Investment Thesis

Based on the analysis, a SELL recommendation is warranted for SG Power Limited. The lack of revenue, mounting accumulated losses, negative working capital, and reliance on a single customer create a high-risk investment profile. While management is exploring alternative energy sources, the near-term outlook remains bleak. The recent equity acquisition by Crescent Star Insurance Limited, while potentially a positive sign, does not outweigh the fundamental financial weaknesses. Investors should seek opportunities with more stable and diversified revenue streams. High risk due to related party transactions.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements CSIL Signal: HOLD

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

⚡ Flash Summary

Crescent Star Insurance Ltd. (CSIL) reported a significant downturn in its unaudited condensed interim unconsolidated financial results for the nine months ended September 30, 2025. Net premium plummeted by 62% to Rs. 72.722 million compared to Rs. 192.436 million in the corresponding period of 2024, primarily due to the cessation of guarantee business. Consequently, profit after tax declined sharply by 92% to Rs. 10.324 million, with EPS also decreasing by 92% to Rs. 0.10. The company is focusing on rebuilding its client base after the restoration of its Guarantee Business.

Signal: HOLD ⏸️

Strength: 4/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 **Net Premium Decline:** Net premium decreased by 62% from Rs. 192.436 million to Rs. 72.722 million.
📉 **Investment Income Drop:** Investment income fell by 46% from Rs. 28.305 million to Rs. 15.420 million.
📉 **Profitability Crisis:** Profit after tax plunged by 92% from Rs. 125.049 million to Rs. 10.324 million.
📉 **EPS Reduction:** Earnings per share (EPS) declined by 92% from Rs. 1.16 to Rs. 0.10.
🛑 **Guarantee Business Impact:** Operations severely affected by SECP’s cessation of Guarantee Business.
⚖️ **Legal Victory:** Islamabad High Court declared SECP’s action illegal, restoring CSIL’s Guarantee Business rights.
🚧 **Rebuilding Efforts:** Management is committed to rebuilding client base and market share in the Guarantee segment.
🏦 **Discriminatory Practices:** Banks maintain approved insurance panels, hindering growth of smaller insurers.
🤝 **Merger Progress:** Merger of Crescent Star Foods with PICIC Insurance remains under Sindh High Court consideration.
💪 **Investment Recovery:** Continuing progress in recovering investment in Dost Steels Limited (DSL).
🌱 **Positive Outlook:** Anticipate positive outcome from the merger and investment in DSL.
📊 **Gross Written Premium**: Decreased by 7.26% from Rs. 63.092 million to Rs. 58.512 million
📉 **Profit Before Tax**: Declined by 88.26% from Rs. 135.867 million to Rs. 15.957 million

🎯 Investment Thesis

The stock is a HOLD. The legal victory regarding the Guarantee Business is a positive, but the significant disruption to operations warrants caution. A price target cannot be accurately established until the company demonstrates a successful turnaround. The primary rationale is that while there is potential upside, the near-term headwinds and risks outweigh the potential benefits. Further observation and data are needed.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

+ More