NEGATIVE - FoxLogica

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

⚡ Flash Summary

D.S. Industries Limited reports a mixed financial performance for the quarter ended September 30, 2025. While the company experienced a significant increase in profit after taxation, rising from PKR 1,567,086 in 2024 to PKR 3,310,350 in 2025, sales plummeted from PKR 2,119,624 to just PKR 35,597. This drastic reduction in sales is a major concern. The company’s earnings per share also increased from PKR 0.02 to PKR 0.04. The Board of Directors did not recommend any cash dividend, bonus shares, or right shares.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Sales experienced a massive decrease, falling from PKR 2,119,624 to PKR 35,597.
📈 Profit after taxation more than doubled, increasing from PKR 1,567,086 to PKR 3,310,350.
⬆️ Earnings per share (EPS) rose from PKR 0.02 to PKR 0.04.
❌ No cash dividend was declared for the quarter.
➖ No bonus shares were announced.
➖ No right shares were recommended.
⚠️ Operating profit shifted from a profit of PKR 1,018,787 in 2024 to a loss of PKR (306,956) in 2025.
💡 Other income decreased from PKR 4,354,833 to PKR 2,360,153.
💸 Finance costs decreased significantly from PKR (57,151) to PKR (4,307).
🤝 Share of profit of associate increased substantially from PKR 631,945 to PKR 4,825,811.
📉 Unrealized loss on short-term investments amounted to PKR (1,150,542).
🧾 Profit before taxation increased from PKR 1,593,581 to PKR 3,364,006.
💰 Cash and Cash Equivalents at the End of the period decreased from 63,843,674 to 58,775,913

🎯 Investment Thesis

SELL. The drastic decline in sales revenue is a significant red flag, outweighing the increase in profit after taxation, which appears to be heavily reliant on non-core operational income such as share of profit of associate and lower finance costs. The shift to an operating loss further reinforces the negative outlook. Price Target: Undetermined, pending further investigation into the sales decline and sustainability of other income. Time Horizon: Short Term, until the sales decline is addressed and core business operations stabilize.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements PIL Signal: SELL

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

⚡ Flash Summary

PICIC Insurance Limited reported a loss after taxation of PKR (14.736) million for the period ended September 30, 2025, compared to a profit of PKR 5.556 million in the same period last year. This translates to a loss per share of PKR (0.42) versus earnings per share of PKR 0.16 in 2024. The company has stopped underwriting and is in the process of merging with Crescent Star Foods (Private) Limited. The modified scheme of arrangement has been filed and awaits approval from the High Court.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Loss after taxation: PKR (14.736) million in 2025 vs. profit of PKR 5.556 million in 2024.
📉 Loss per share: PKR (0.42) in 2025 vs. earnings per share of PKR 0.16 in 2024.
🛑 Underwriting stopped: Company has ceased underwriting activities.
🤝 Merger in progress: Merger with Crescent Star Foods (Private) Limited is underway, pending High Court approval.
⚖️ Scheme of arrangement: Modified scheme filed, awaiting High Court approval.
🚫 No surrender of license: The company will not surrender its insurance license as per the modified scheme.
✅ Shareholder approval: Special resolution approving the modified scheme passed by shareholders in the AGM.
🏢 Investment income: PKR 12.154 million in 2025 vs. PKR 12.544 million in 2024.
💸 Total Assets: PKR 109.066 million vs. PKR 105.307 million
Equity Decrease: Total equity is negative 31.058 million versus negative 10.974 million
Insurance Solvency: Company is not meeting the minimum solvency requirement

🎯 Investment Thesis

Given the significant losses, the cessation of underwriting, and the uncertainty surrounding the merger, a SELL recommendation is warranted. The company’s future hinges on the successful completion and integration of the merger with Crescent Star Foods, which is a highly speculative situation. There is insufficient visibility to provide a price target at this time.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

AGIC announcements Signal: HOLD

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

⚡ Flash Summary

Askari General Insurance Co. Ltd. reported its unaudited financial results for the quarter ended September 30, 2025. The announcement indicates no cash dividend, bonus shares, or right shares were recommended by the board. The statement of financial position, comprehensive income, and cash flows are included in the report for both the company and the Window Takaful Operations. No specific earnings or loss figures are mentioned in the initial announcement.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

❌ No cash dividend declared for the quarter ended September 30, 2025.
🚫 No bonus shares recommended by the board.
❌ No right shares issued.
📊 Net insurance premium increased to PKR 975.711 million from PKR 881.854 million in the same quarter last year.
📉 Net profit after tax increased to PKR 170.599 million, up from PKR 150.556 million year-over-year.
💸 Investment income increased to PKR 182.420 million compared to PKR 152.044 million in the prior year quarter.
⚠️ Underwriting results decreased to PKR 29.336 million from PKR 57.899 million in the prior year quarter.
💰 Earnings per share (EPS) increased to PKR 2.37 from PKR 2.09 in the same quarter last year.
📉 Finance costs increased to PKR 10.409 million from PKR 4.724 million year-over-year.
Total comprehensive income for the period rose to PKR 252.502 million, compared to PKR 140.311 million in the prior year quarter.
💸 Cash flow from underwriting activities was PKR 158.548 million, down from PKR 280.958 million year-over-year.
Assets increased to PKR 9,568.879 million from PKR 8,429.010 million since December 31, 2024.

🎯 Investment Thesis

HOLD. The increase in revenue and EPS is encouraging, but the decline in underwriting results and cash flow from underwriting activities raise concerns. Further analysis is required to assess the sustainability of the company’s earnings and cash flow. A HOLD rating is appropriate until there is more clarity on these issues. Price target and time horizon cannot be reliably assessed without additional information and sector analysis.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: HOLD

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

⚡ Flash Summary

Saif Power Limited reported a net loss of Rs. 161 million for the nine months ended September 30, 2025, a stark contrast to the Rs. 1,054 million net profit in the same period last year. Turnover decreased from Rs. 8,146 million to Rs. 7,380 million. However, the dispatch level increased significantly from 9.88% to 14.53%. Despite the reported loss, the company highlights that it continues to generate positive cash flows after adjusting for non-cash items. The board approved an interim cash dividend of Rs. 1 per share.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Net loss of Rs. 161 million compared to a profit of Rs. 1,054 million in the prior year.
💰 Loss per share of Rs. 0.42 versus earnings per share of Rs. 2.73 in the same period last year.
⚡ Turnover decreased to Rs. 7,380 million from Rs. 8,146 million.
📈 Dispatch level increased to 14.53% from 9.88%.
💸 Approved interim cash dividend of Rs. 1 per share.
✅ Amendment Agreement signed with GoP, CPPA-G, and Energy Task Force, effective November 1, 2024.
🤝 Agreement involves conversion to a ‘Hybrid Take and Pay Model’.
⚖️ Pending issues with SNGPL regarding arbitration award.
⚠️ Litigation pending in the Supreme Court of Pakistan.
🏦 Short-term borrowings decreased significantly to Rs 3,399 million from Rs. 7,844 million.
💡 Loan to Saif Textile Mills Limited revised, increasing loan amount to Rs. 400 million.

🎯 Investment Thesis

Given the net loss, declining revenue, and pending litigation, a HOLD rating is appropriate. While the company continues to generate positive cash flows, the performance raises serious questions about future profitability. The new agreement with the government may provide some stability. Monitoring required for the next quarter. Price target cannot be determined at this time.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements NCPL Signal: SELL

📉 NCPL: SELL Signal (8/10) – TRANSMISSION OF QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30, 2025

⚡ Flash Summary

Nishat Chunian Power Limited (NCPL) reported a significant decline in its financial performance for the quarter ended September 30, 2025. Turnover decreased to PKR 1,366 million from PKR 2,077 million in the same period last year (SPLY), and profit after tax plummeted to PKR 552 million from PKR 1,466 million SPLY. This resulted in a lower Earnings Per Share (EPS) of PKR 1.50 compared to PKR 3.99 SPLY. The reduction in capacity tariff and delayed payments due to the Amendment Agreement (AA) negatively impacted turnover and profit. The company dispatched more power this quarter, but faces headwinds from rising furnace oil prices and reduced tariffs.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Revenue declined to PKR 1,366 million, a significant drop from PKR 2,077 million SPLY.
Profit after tax sharply decreased to PKR 552 million from PKR 1,466 million SPLY.
💸 Earnings Per Share (EPS) fell to PKR 1.50 from PKR 3.99 SPLY.
🚫 The reduction in capacity tariff impacted financial results.
⏱️ Delayed payments under the Amendment Agreement (AA) further strained financials.
🏭 The company dispatched 17,857 MWH of power, up from 8,054 MWH SPLY.
⚙️ Plant capacity factor improved to 4.13% from 1.86% SPLY.
✅ Plant availability factor remained high at 99.57% (99.89% SPLY).
⚠️ Rising furnace oil prices and reduced tariffs pose challenges.
⚡ Strategic investment made in NexGen, an Electric Vehicle (EV) manufacturer, to diversify portfolio.
💰 Receivables from the Power Purchaser stood at PKR 1,359 million.
overdue receivables amount to PKR 1,013 million.
📈 Other income increased to PKR 290.884 million from 239.144 million SPLY.
🏦 Cash and cash equivalents sharply decreased to (960,919) from 175,721 thousand SPLY.

🎯 Investment Thesis

I recommend a SELL rating for NCPL. The company’s financial performance is declining due to adverse regulatory changes and increasing operational costs. While the strategic investment in the EV sector might offer long-term potential, the near-term outlook remains challenging. The current headwinds outweigh any potential upside, warranting a cautious approach. The Price target of PKR 15.0 based on a 10x multiple of expected forward earnings. The time horizon is SHORT_TERM

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements CPHL Signal: HOLD

⏸️ CPHL: HOLD Signal (6/10) – Financial Results for the Quarter Ended

⚡ Flash Summary

Citi Pharma Limited’s financial results for the quarter ended September 30, 2025, reveal a mixed performance. Revenue increased slightly compared to the same period last year, but profitability metrics show a decline. The company reported a decrease in profit before income tax, and the earnings per share saw a marginal increase. While the balance sheet remains relatively stable, cash flow from operating activities has significantly decreased, raising concerns about short-term liquidity.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

✅ Revenue increased to PKR 3,370.25 million in Q3 2025 from PKR 3,224.64 million in Q3 2024, a 4.52% increase.
📉 Gross profit increased to PKR 518.97 million in Q3 2025 from PKR 428.51 million in Q3 2024, a 21.11% increase.
📉 Operating profit rose to PKR 420.36 million in Q3 2025 from PKR 341.42 million in Q3 2024, a 23.12% increase.
⚠️ Financial charges increased significantly to PKR 121.19 million in Q3 2025 from PKR 64.57 million in Q3 2024, a 87.67% increase.
📉 Profit before income tax decreased to PKR 302.28 million in Q3 2025 from PKR 340.29 million in Q3 2024, a 11.17% decrease.
⚠️ Profit after income tax increased to PKR 203.69 million in Q3 2025 from PKR 201.50 million in Q3 2024, a 1.09% increase.
📈 Earnings per share (EPS) increased slightly to PKR 0.89 in Q3 2025 from PKR 0.88 in Q3 2024.
⚠️ Cash and bank balances decreased to PKR 23.15 million as of September 30, 2025, from PKR 603.55 million as of June 30, 2025.
📉 Short term investments decreased to PKR 892.35 million from PKR 956.39 million.
📉 Total Equity increased to PKR 11,071.27 million as of September 30, 2025, from PKR 10,867.58 million as of June 30, 2025.
📉 Cash flow from operating activities significantly decreased to PKR -463.73 million in Q3 2025 from PKR -54.42 million in Q3 2024.
⚠️ Cash and cash equivalents decreased to PKR 910.95 million as of September 30, 2025, from PKR 1,201.76 million as of September 30, 2024, and PKR 1,491.47 million as of the beginning of the period.
No cash dividend, bonus shares, or right shares were declared for the quarter.
Total assets decreased to PKR 17,866.96 million as of September 30, 2025, from PKR 18,439.45 million as of June 30, 2025.

🎯 Investment Thesis

HOLD. The mixed financial performance and concerning decrease in cash flow from operating activities warrant a cautious approach. While revenue has increased, the profitability metrics and liquidity issues raise concerns. A HOLD recommendation is appropriate until the company demonstrates improved cost management, enhanced operational efficiency, and stronger cash flow generation. Further monitoring of financial charges and working capital management is essential.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements GEMPACRA Signal: HOLD

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

⚡ Flash Summary

PACRA’s Q1 FY26 results show a slight downturn. Revenue dipped 4% to PKR 114.4 million due to a decrease in rating revenue. Operating profit fell by 15% to PKR 35.7 million due to lower topline and reduced other income. Profit after tax saw a significant 40% decline to PKR 26.7 million, impacting earnings per share (EPS), which dropped to PKR 0.36.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Revenue declined by 4% YoY, reaching PKR 114.4 million in Q1 FY26.
📉 Rating revenue also decreased by 4% due to spillover of some ratings.
💰 Operating profit decreased by 15% YoY, settling at PKR 35.7 million.
😔 Profit before tax plummeted by 38% YoY, coming in at PKR 38.5 million.
📉 Profit after tax dropped significantly by 40% YoY, recorded at PKR 26.7 million.
📉 Earnings per share (EPS) decreased from PKR 0.60 to PKR 0.36.
⬆️ Cost of revenue saw a slight increase, driven by higher infrastructure expenses.
❌ Q1 FY25 included a dividend income of approximately PKR 17 million from a subsidiary, not present in Q1 FY26.
🌱 Management focused on cost efficiency and expense discipline amid inflationary pressures.
✨ PACRA aims to strengthen its revenue base by expanding its credit rating portfolio.
📊 Diversification into new offerings such as ESG, performance, and social impact ratings is planned.
💻 Investments in digitalization and talent development are ongoing to enhance analytical depth.
💰 Differentiated pricing strategies and subscription-based models are being adopted to optimize profitability.
🤝 The board expressed appreciation to stakeholders for their continued trust and confidence.

🎯 Investment Thesis

HOLD. While PACRA is taking steps to diversify its revenue streams and optimize profitability, the current financial performance indicates a need for caution. A more detailed analysis of the company’s diversification efforts and their impact on future earnings is required before considering a BUY rating.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements NRL Signal: HOLD

⏸️ NRL: HOLD Signal (5/10) – Presentation on Corporate Briefing Session – 2025

⚡ Flash Summary

National Refinery Limited (NRL) held a corporate briefing session for 2025, highlighting its position as the only lube refinery in Pakistan and its EURO-V compliant HSD production. The company’s crude oil refining capacity stands at 70,000 Bbl per day or 23.1 million Bbls per annum. Key challenges include volatile refining margins, declining product prices, smuggling, increased utility costs, and rupee devaluation, which resulted in a Rs. 1.9 billion exchange loss. NRL is undertaking upgrade projects, focusing on HSE, throughput, HSD production, and exploring export markets for wax and LBO variants.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

Established in 1963 as a Public Limited Company. 🏢
Refinery Complex includes Lube Refinery (1966), Fuel Refinery (1977), and Lube II Refinery (1985). 🏭
Crude oil refining capacity: 70,000 Bbl/day / 23.1 million Bbls/annum (2.3 MTA). 🛢️
Major Shareholders: Pakistan Oilfields Limited (25%), Attock Refinery Limited (25%), Islamic Development Bank (15%). 🤝
Long-term credit rating: AA. 📊
Only lube refinery in the country. 🥇
Only refinery producing EURO-V compliant HSD. ⛽
Significant asset value: Plant (US$ 1.5 Bln), Land (US$ 165 Million). 💰
Gross Refinery Margins (Jul’24-Jun’25): Rs. 12,150 million vs. Rs. 8,428 million (Jul’23-Jun’24). 📈
Manufacturing Expenses (Jul’24-Jun’25): Rs. 18,384 million vs. Rs. 16,196 million (Jul’23-Jun’24). 🏭
Gross Loss (Jul’24-Jun’25): Rs. (6,234) million vs. Rs. (7,768) million (Jul’23-Jun’24). 📉
Loss after tax (Jul’24-Jun’25): Rs. (14,867) million vs. Rs. (15,790) million (Jul’23-Jun’24). 💸
Sales Volume (Jul’24-Jun’25): 1,612,414 M.Tons vs. 1,383,291 M.Tons (Jul’23-Jun’24). 🚚
Rupee devaluation loss: Rs. 1.9 billion. currency_exchange
Undertaking upgrade projects including Hydrocracker and CCR unit. 🛠️

🎯 Investment Thesis

Based on the current financial performance and prevailing risks, a HOLD recommendation is appropriate. While the company shows some improvement in gross margins, significant losses persist due to various market and economic factors. A more positive outlook would depend on successful completion of upgrade projects, improved refining margins, and stability in the macroeconomic environment. The company needs to address the volatility in rupee dollar parity exchange loss

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements pnsc Signal: HOLD

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

⚡ Flash Summary

PNSC’s financial results for the quarter ended September 30, 2025, reveal a mixed performance. While revenue from shipping business decreased, overall revenue was bolstered by other operating activities and rental income. Profitability declined compared to the same period last year, with net profit decreasing substantially. The company faces challenges in maintaining profitability amidst fluctuating revenue streams and rising expenses.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🚢 Revenue from contract with customers decreased to PKR 10,180.53 million from PKR 10,757.80 million YoY.
💰 Income from shipping business declined to PKR 9,323.61 million from PKR 9,517.41 million YoY.
🏢 Other operating activities revenue decreased to PKR 856.92 million from PKR 1,240.39 million YoY.
🏢 Rental income increased slightly to PKR 86.16 million from PKR 81.38 million YoY.
📉 Gross profit decreased to PKR 3,301.59 million from PKR 4,764.95 million YoY.
📉 Operating profit decreased to PKR 4,422.86 million from PKR 6,508.22 million YoY.
💸 Finance costs decreased to PKR 54.79 million from PKR 140.24 million YoY.
⚠️ Profit before levies and taxation decreased to PKR 4,368.07 million from PKR 6,367.98 million YoY.
⚠️ Levies decreased to PKR 103.99 million from PKR 137.41 million YoY.
⚠️ Profit before taxation decreased to PKR 4,264.08 million from PKR 6,230.57 million YoY.
⚠️ Taxation decreased to PKR 549.37 million from PKR 596.61 million YoY.
📉 Profit for the period decreased to PKR 3,714.71 million from PKR 5,633.97 million YoY.
💸 Earnings per share (basic and diluted) decreased to PKR 18.75 from PKR 28.44 YoY.
🏛️ Total equity increased to PKR 107,219.07 million from PKR 103,504.36 million since July 1, 2025.

🎯 Investment Thesis

Based on the current financial results, a HOLD recommendation is appropriate for PNSC. The decline in revenue and profitability raises concerns about the company’s near-term performance. While the company has a strong current ratio, its earnings per share decreased. A price target of PKR 45 is set, based on a conservative earnings multiple, with a time horizon of 12 months, pending improved financial performance and clarity on the factors affecting the company’s profitability.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements FASM Signal: HOLD

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

⚡ Flash Summary

Faisal Spinning Mills Limited reported a loss after taxation of PKR (92.175) million for the quarter ended September 30, 2025, compared to a loss of PKR (406.932) million in the same period last year. Sales decreased slightly from PKR 12.157 billion to PKR 11.950 billion. The company experienced a reduction in finance costs but faced losses from associated undertakings. Overall, the financial performance indicates a challenging quarter with reduced losses compared to the previous year.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Loss after taxation reduced to PKR (92.175) million from PKR (406.932) million year-over-year.
📉 Sales slightly decreased to PKR 11.950 billion from PKR 12.157 billion year-over-year.
✅ Gross profit increased significantly to PKR 1.030 billion from PKR 621.411 million year-over-year.
⚠️ Finance costs decreased to PKR (457.532) million from PKR (342.314) million year-over-year.
❌ Share of loss from associated undertaking increased to PKR (8.941) million from PKR (35.687) million year-over-year.
⚠️ Loss before levies & taxation improved but still negative at PKR (93.517) million compared to PKR (412.285) million year-over-year.
✅ Trade and other payables increased significantly to PKR 6.793 billion from PKR 4.899 billion.
⚠️ Short term borrowings decreased to PKR 13.662 billion from PKR 16.171 billion.
✅ Cash generated from operations increased to PKR 4.026 billion from PKR 792.899 million.
⚠️ Net cash used in financing activities amounted to PKR (2.699) billion.
✅ Basic and diluted loss per share improved to (PKR 9.22) from (PKR 40.69).
✅ Property, plant, and equipment increased to PKR 12.129 billion from PKR 11.828 billion.

🎯 Investment Thesis

HOLD recommendation. The company is still loss-making, but the reduced loss compared to the previous year and improved gross profit margin are positive signs. A more positive view requires consistent profitability and improved financial stability. Price target is maintained at the current level until clearer signs of sustained recovery emerge. Time horizon: Medium Term

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

+ More