NEGATIVE - FoxLogica

📉 STYLERS: SELL Signal (7/10) – Transmission of Quarterly Report for the Period Ended 30-09-2025

⚡ Flash Summary

Stylers International Limited reported a decrease in revenue for the quarter ended September 30, 2025, with PKR 4.64 billion compared to PKR 4.88 billion in the same period last year, representing a 5.05% decline. The gross profit margin also decreased from 17.26% to 16.61%. Earnings per share (EPS) decreased from PKR 0.63 to PKR 0.47. The company cites lower sales volumes and an unfavorable product mix as primary drivers for the revenue decline, while higher depreciation and cost implications of minimum wages impacted the gross profit margin.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Revenue decreased by 5.05% YoY, from PKR 4.88 billion to PKR 4.64 billion.
📉 Gross profit margin declined from 17.26% to 16.61%.
😓 EPS dropped from PKR 0.63 to PKR 0.47.
⬆️ EBITDA increased to PKR 528 million from PKR 493 million YoY.
💸 Finance costs increased from PKR 68.029 million to PKR 103.757 million.
💼 Administrative expenses increased from PKR 119.010 million to PKR 139.758 million
⚠️ Income tax charge increased due to the transition to the Normal Tax Regime.
🏭 The company is focused on the Sunshine Expansion Project to improve production capacity.
🚢 Improved operational efficiency was achieved through a reduction in air freight costs.
✂️ Other income declined due to lower bank profit rates.
🏢 Diminishing Musharakah rental expenses increased following the addition of factory premises.
🇵🇰 Pakistan’s textile exports recorded a growth of 5.62% in the first quarter of FY2026.
👗 Export of readymade garments surged by 6.07% to USD 1,057.29 million from USD 996.78 million.

🎯 Investment Thesis

Given the decline in revenue, profit margins, and EPS, along with increased finance costs, a SELL recommendation is warranted. While the Sunshine Expansion Project could improve future profitability, the current financial performance indicates significant challenges. A price target will require further analysis and the time horizon is MEDIUM_TERM pending significant operational improvements.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements ASC Signal: HOLD

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

⚡ Flash Summary

Al Shaheer Foods reported its first quarter results for September 30, 2025, indicating a period of rebuilding and redefining. The company is engaged in the processing, packaging, and marketing of halal meat products. During September 2025, the SECP removed caution imposed on the operations of the company’s bank accounts, which will positively affect operations. The company reported a net revenue of PKR 91.845 million but incurred a net loss after tax of PKR 201.808 million, reflecting the challenges of operating at a limited scale with significant fixed overheads.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Net Revenue increased slightly to PKR 91.845 million from PKR 88.197 million year-over-year.
❌ Gross Loss significantly worsened to PKR (100.355) million from PKR (72.850) million year-over-year.
⚠️ Operating Loss increased to PKR (123.108) million from PKR (108.809) million year-over-year.
⛔ Net Loss After Tax ballooned to PKR (201.808) million from PKR (109.912) million year-over-year.
💸 Loss per Share deteriorated to PKR (0.54) from PKR (0.29) year-over-year.
🏦 SECP removed caution on bank accounts, expected to positively impact operations.
🥩 Revenue primarily from toll processing and raw meat sales.
🎯 Targeting 40%-50% capacity utilization within the next two years.
🤝 Collaborating with food service partners to ensure consistent demand.
🌍 Aiming to expand footprint across domestic and international markets.
🛠️ Restructured loan agreements with Habib Metro Bank and Bank Makramah Limited.
✅ Completed AGM for the years ended 2024 and 2025.

🎯 Investment Thesis

HOLD. The company is in a turnaround phase with potential upside from increased capacity utilization and strategic initiatives. However, significant financial risks and ongoing losses warrant caution. A price target is not provided, as the current situation is too speculative. The time horizon is medium-term, contingent on successful execution of the revival plan.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements SIBL Signal: HOLD

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

⚡ Flash Summary

Security Investment Bank Limited (SIBL) reported a profit of Rs. 27 million for the quarter ended September 30, 2025, a decrease compared to the operating profit before taxes of Rs. 69 million in the corresponding period last year. The company’s EPS also decreased to Rs. 0.448 from Rs. 0.917 in the same period. While the overall economic outlook shows improvement with expected growth, challenges remain due to high debt, inflation, and political instability. The KSE100 index increased to 165,493 points, indicating positive market sentiment during the quarter. The board expresses gratitude to the Pakistan Stock Exchange and Securities and Exchange Commission of Pakistan for their support.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

Economic growth is projected to reach 2.8% in 2025 and 3.3% in 2026. 📈
Inflation has dropped to single digits due to easing food and energy prices. 📉
Food supply chain disruptions from floods may push inflation up. 🌊
Global trade tariffs continue to influence monetary policy. 🌍
Economic conditions in Pakistan remain challenging with high debt and political risks. ⚠️
KSE100 index rose to 165,493 points in September 2025 from 124,379 in June 2025. 📈
SIBL posted a profit of Rs. 27 million for the quarter ended September 30, 2025. 💰
Gain on revaluation of assets was Rs. 18 million. 🏢
Operating profit before taxes was Rs. 69 million in the corresponding period. 📊
EPS decreased to Rs. 0.448 from Rs. 0.917 in the corresponding period. 📉
Company posted Income on financing and placements of 40.7 million compared to 27.1 million in the same period last year. ⬆️
The company reduced short term financing from 504 million to 509 million showing better liquidity. ⬆️

🎯 Investment Thesis

Given the mixed performance and economic challenges, a HOLD recommendation is appropriate. While the company shows improvement in operating cash flow, declining profitability and EPS raise concerns. A price target cannot be accurately determined without further financial modeling and sector benchmarking. The time horizon is MEDIUM_TERM, pending more clarity on economic conditions and SIBL’s ability to improve profitability.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements Signal: HOLD THALL

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

⚡ Flash Summary

Thal Limited’s unconsolidated results for the quarter ended September 30, 2025, show a significant increase in sales revenue but a sharp decline in profit. Unconsolidated sales revenue surged by 65% to Rs. 9.5 billion compared to the previous year, driven by growth in both the Engineering and Building Materials segments. However, profit after taxes decreased by 45% to Rs. 182 million, indicating challenges in maintaining profitability despite strong revenue growth. The company is focused on diversification, localization, and cost optimization to improve future performance.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📈 Unconsolidated revenue increased by 65% YoY, reaching Rs. 9.5 billion.
📉 Unconsolidated profit after tax decreased by 45% YoY to Rs. 182 million.
🏭 Engineering segment sales grew over 70% YoY to Rs. 5.2 billion.
🧱 Building Material & Allied Products segment turnover increased by 54% YoY to Rs. 4.3 billion.
⬆️ Jute business sales increased by 76% YoY due to export focus.
⚠️ Jute business margins were adversely impacted by rising raw material and freight costs.
🌱 Packaging division sales grew by 42% YoY but faced competitive pressures.
🤝 TBPPL (Thal Boshoku Pakistan) sales increased to Rs. 774 million from Rs. 649 million in the previous year’s first quarter.
⛏️ SECMC continues to deliver full operational availability, supplying coal to 1,320 MW of power capacity.
⚡ ThalNova achieved commercial operations date (COD) in February 2023.
🌾 Investment in Thal Grainfoods for a high-quality storage facility for major grains is underway.

🎯 Investment Thesis

A Hold recommendation is warranted. While Thal Limited demonstrates robust revenue growth, the substantial decline in profitability necessitates a cautious approach. The company’s strategic initiatives, including diversification and localization, need to materialize into improved earnings to justify a more bullish outlook. Without that, the stock presents more risk than it does upside. A price target cannot be set without a future increase in earnings.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements SEPL Signal: HOLD

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

⚡ Flash Summary

Security Papers Limited (SEPL) reported a decrease in net sales and profitability for the quarter ended September 30, 2025. Net sales decreased to Rs 1,843 million from Rs 2,059 million in the same quarter last year, while profit after tax decreased by 25% to Rs 288 million. Earnings per share (EPS) also decreased from Rs 6.51 to Rs 4.87. The company attributes the decline to changes in operating conditions, unprecedented rains, and decreased customer demand. Despite these challenges, management is focused on workplace improvement, strategic planning, and cost optimization to address future challenges.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Net sales decreased to Rs 1,843 million compared to Rs 2,059 million in the same quarter last year.
🏭 Paper production volume decreased by 151 tons to 906 tons due to operational changes and weather disruptions.
💰 Gross profit declined by Rs 102 million, from Rs 576 million to Rs 474 million.
💸 Other income decreased from Rs 245 million to Rs 179 million, reflecting lower monetary policy rates.
⚠️ Profit before tax (PBT) decreased by 26% to Rs 478 million.
📉 Profit after tax (PAT) decreased by 25% to Rs 288 million.
💲 Earnings per share (EPS) decreased from Rs 6.51 to Rs 4.87.
🌱 Management is focusing on workplace improvement and strategic planning.
🏦 Customer demand is expected to see necessary stock adjustments due to new bank note series.
🛠️ Technical testing and modifications are expected to impact operations in preparation for upcoming BMR (Balancing, Modernization and Replacement).
🛡️ Net cash used in operating activities increased from (Rs. 336.595 million to Rs. 600.887 million.
💵 Short term investments increased from 517.674 million to 197.643 million.
🧾 Commitments against letter of credit decreased from Rs. 2,836,619 to Rs. 2,320,878.
⚖️ Legal matters and the determination of SPL’s status as a PSC is sub-judice in the statutory appeal against the SECP’s order dated February 7, 2025.

🎯 Investment Thesis

HOLD. The company is facing short-term headwinds, as evidenced by the decrease in revenue, production volume, and profitability for the quarter ended September 30, 2025. The company has several risks and is involved in several legal cases. While the management’s strategic initiatives are intended to enhance long-term sustainability, the short-term outlook is negative. Therefore, I recommend a HOLD.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements ATRL Signal: SELL

📉 ATRL: SELL Signal (8/10) – Corporate Briefing Presentation

⚡ Flash Summary

Attock Refinery Limited (ATRL) reported a decrease in financial performance for the year ended June 30, 2025. Net sales decreased to Rs 301,330 million from Rs 382,917 million in the prior year, and net profit declined significantly to Rs 11,972 million from Rs 25,244 million. This resulted in a lower earnings per share (EPS) of Rs 112.30 compared to Rs 236.76 in 2024. The company highlighted key business risks, including reductions in crude receipts and adverse fluctuations in international prices.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Net Sales decreased from Rs 382,917 million to Rs 301,330 million.
📉 Net Profit declined from Rs 25,244 million to Rs 11,972 million.
📉 Earnings per share (EPS) dropped from Rs 236.76 to Rs 112.30.
🏭 Production decreased from 1,804 M. Ton ‘000 to 1,629 M. Ton ‘000.
⚠️ Trade debts significantly decreased from Rs 37,036 million to Rs 15,505 million.
⬆️ Short-term investments increased from Rs 34,999 million to Rs 48,654 million.
⬇️ Trade and other payable decreased from Rs 69,403 million to Rs 52,811 million, reflecting lower crude oil prices.
❗ Cost of sales decreased from Rs 354,126 million to Rs 291,592 million, aligning with reduced crude oil prices and lower capacity utilization.
💸 Other operating expenses decreased slightly from Rs 4,444 million to Rs 3,287 million.
📈 Finance cost increased from zero to Rs 526 million due to exchange losses and lease interest.
💸 Taxation decreased from Rs 15,069 million to Rs 7,079 million, reflecting lower profits.
Market share in petroleum products consumption decreased from 37% to 40%.
✅ Signed an agreement for Front End Engineering Design (FEED) for Refinery Upgradation Project.
Export of LSFO was 137,880 Tons.
⚠️ Key business risks include reduction in crude receipt and smuggling/unwarranted imports.

🎯 Investment Thesis

Based on the significant decline in financial performance and identified business risks, a SELL recommendation is warranted for Attock Refinery. The company’s profitability has been severely impacted, and there are challenges related to crude availability and market conditions. A price target will require a more in-depth valuation analysis, considering these factors. The time horizon is medium-term, as the company needs time to address the challenges and potentially recover its financial performance.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements JVDC Signal: HOLD

⏸️ JVDC: HOLD Signal (6/10) – Transmission of Quarterly Report for the 1st quarter ended 30-09-2025

⚡ Flash Summary

Javedan Corporation Limited’s Q1 2025 report reveals a mixed performance. Revenue decreased significantly to PKR 1.698 billion compared to PKR 3.130 billion in the same period last year. Profit after tax also declined to PKR 724 million from PKR 909 million year over year. The decrease in revenue is attributed to sales and profit of PKR 1,698 million compared to PKR 3,130 million, respectively, year over year.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Revenue decreased to PKR 1.698 billion in Q1 2025 from PKR 3.130 billion in Q1 2024.
📉 Profit after tax declined to PKR 724 million from PKR 909 million year-over-year.
😓 EPS decreased to Rs. 1.90 per share compared to Rs. 2.39 per share in the corresponding period.
🏢 Naya Nazimabad Business Enclave continues to contribute to revenue.
🤝 Strategic partnership with Meezan Bank to provide housing finance.
⬆️ Administrative costs increased to PKR 235 million from PKR 144 million year-over-year.
💰 Other income increased to PKR 41 million.
💪 Strong performance and growing membership of Naya Nazimabad Gymkhana.
💼 Consolidated sales for the period stood at PKR 1.806 billion.
🏦 Consolidated profit after tax was PKR 713 million.
🏘️ Focus on lifestyle and commercial segments with continued demand for commercial properties.
🤝 Government’s Tax Credit on Housing Finance and stable interest rates are positive factors.
✅ Expectation of steady revenue growth and long-term value creation for shareholders.
💲 Investments in long term projects and subsidiaries remain consistent with previous reports.

🎯 Investment Thesis

HOLD. The company faces challenges in revenue and profit growth but has positive developments such as the Naya Nazimabad project and strategic partnerships. I would recommend holding the stock for now. We would need more information to determine an appropriate price target. Therefore, wait for the annual report to make a proper informed decision. The time horizon for reassessment is medium term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements SERT Signal: SELL

📉 SERT: SELL Signal (7/10) – Transmission of Quarterly Report for the Period Ended

⚡ Flash Summary

Service Industries Textiles Limited reported a net loss of Rs. 9.829 million for the quarter ended September 30, 2025, a significant increase from the Rs. 1.672 million loss in the same period last year. Revenue decreased to Rs. 335.153 million from Rs. 371.757 million. The company cites high energy costs due to the withdrawal of regionally competitive energy tariffs and challenges in cotton production as contributing factors to the loss. Efforts to mitigate high energy costs include solar energy investments, with plans for further expansion.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

❌ Net loss significantly increased to Rs. 9.829 million, compared to Rs. 1.672 million last year.
📉 Revenue declined from Rs. 371.757 million to Rs. 335.153 million.
⚡️ High energy costs due to tariff withdrawals impacted profitability.
☀️ Solar energy investments are underway to offset energy costs.
🌱 Challenges in cotton production continue to affect the spinning sector.
⚠️ Accumulated loss increased to Rs. 387.166 million.
📉 Loss per share increased to (0.71) from (0.12).
🏦 Short term borrowings decreased to Rs 20.043 million from Rs 21.543 million.
🏭 Cost of sales decreased slightly to Rs. 325.491 million from Rs. 355.802 million.
🤝 Company plans to continue efforts to mitigate adverse impacts and remains hopeful for improving macro and microeconomic conditions.

🎯 Investment Thesis

Based on the reported quarterly results, a SELL recommendation is warranted. The company’s increased losses, declining revenue, and operational challenges make it a risky investment. While solar energy investments are a positive step, they are unlikely to offset the immediate financial strain. Price movement downwards to PKR 10 with a time horizon of 6 months

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements GEMPAPL Signal: HOLD

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

⚡ Flash Summary

Pak Agro Packaging Limited’s financial results for the quarter ended September 30, 2025, show a mixed performance. Revenue increased slightly compared to the same quarter last year, but profitability declined due to higher operating and financial expenses. The company maintains a strong equity base, but short-term borrowings remain high. Overall, the results suggest a need for improved cost management and operational efficiency.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📈 Revenue increased to PKR 229.47 million in Q3 2025 from PKR 221.56 million in Q3 2024.
📉 Gross profit decreased to PKR 25.16 million from PKR 29.75 million year-over-year.
💸 Operating expenses slightly increased to PKR 7.64 million from PKR 7.36 million year-over-year.
📉 Profit from operations decreased to PKR 17.51 million from PKR 22.39 million year-over-year.
💸 Financial expenses decreased to PKR 4.05 million from PKR 6.18 million year-over-year.
📉 Profit before taxation decreased to PKR 12.25 million from PKR 14.66 million year-over-year.
📉 Net profit decreased to PKR 8.70 million from PKR 10.41 million year-over-year.
📉 Basic and diluted EPS decreased to PKR 0.43 from PKR 0.52 year-over-year.
🏦 Short-term bank borrowings decreased to PKR 74.47 million from PKR 109.62 million year-over-year.
✅ Total equity increased to PKR 452.59 million in Q3 2025.
💰 Cash and bank balances increased to PKR 18.88 million from PKR 3.17 million year-over-year.
⚠️ Accrued and other liabilities decreased to PKR 27.58 million from PKR 35.82 million year-over-year.
🏭 Property, plant, and equipment increased to PKR 464.09 million from PKR 444.46 million year-over-year.

🎯 Investment Thesis

HOLD. While GEMPAPL shows some revenue growth, the declining profitability and high debt levels raise concerns. A ‘Hold’ rating is appropriate until the company demonstrates consistent improvement in cost management, operational efficiency, and earnings. Further analysis is warranted before considering a ‘Buy’ or ‘Sell’ recommendation. The current financials do not justify a higher valuation. A wait-and-see approach is recommended.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements GEMPAPL Signal: HOLD

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

⚡ Flash Summary

Pak Agro Packaging Limited’s report for the quarter ended September 30, 2025, indicates a marginal 3.6% increase in sales revenue compared to the same quarter last year, primarily driven by fishing net sales offsetting reduced agricultural sector demand due to recent floods and economic difficulties faced by farmers. Gross profit margin significantly decreased to 10.96% from 13.4% due to rising raw material costs that couldn’t be fully passed onto customers. Profit after tax declined to Rs 8.70 million from Rs 10.4 million, resulting in a slightly lower EPS of 0.43 paisa compared to 0.52 paisa last year. The company remains hopeful for improved sales in the coming quarters to meet its annual revenue target.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

1. 📉 Sales revenue increased by a modest 3.6% year-over-year, reaching Rs 229.47 million.
2. 🎣 Fishing net sales partially offset the decrease in agricultural sector sales.
3. 😔 Profitability remained below targets due to market challenges.
4. 🌾 Economic difficulties faced by farmers are impacting demand.
5. 🏭 Increased competition from smaller companies affects market share.
6. 💹 Stability in the value of the Pakistani Rupee provided some relief in raw material pricing.
7. ⚠️ Gross profit margin declined to 10.96% from 13.4% in the comparable quarter.
8. ⬆️ Total current assets increased by 13.1%, improving operational capacity.
9. 📉 Profit before tax (PBT) decreased to Rs 12.25 million from Rs 14.6 million.
10. 📉 Profit after tax (PAT) decreased to Rs 8.70 million from Rs 10.4 million.
11. 📉 Earnings per share (EPS) fell slightly to 43 paisa from 52 paisa.
12. 💰 All IPO funds were fully utilized by the end of September 2022.
13. ⬆️ Capital expenditure increased to Rs 1.846 million compared to Rs 2.611 million.
14. 🏦 Short term bank borrowings decreased to Rs 74.472 million from Rs 109.623 million.
15. ⚖️ Contingencies and commitments, as well as management quality, are not disclosed in this report.

🎯 Investment Thesis

HOLD. The company faces significant headwinds due to external economic factors and sector-specific challenges, leading to reduced profitability. While efforts to diversify into fishing nets are positive, they haven’t fully offset the core business issues. The decrease in EPS and declining gross profit margin raise concerns. A price target revision would require evidence of sustained revenue growth, improved cost management, and a recovery in the agricultural sector. Time horizon: Medium-term (6-12 months) to assess the effectiveness of strategic adjustments and market recovery.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

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