NEGATIVE - FoxLogica

📉 IML: SELL Signal (7/10) – IML | Imperial Limited Financial Results for the Year Ended 30-06-2025

⚡ Flash Summary

Imperial Limited’s financial results for the year ended June 30, 2025, reveal a mixed performance. Revenue decreased from PKR 381.53 million to PKR 319.89 million. The company reported a profit of PKR 26.66 million, a sharp decrease from PKR 78.96 million in the previous year. Basic and diluted earnings per share also declined significantly, from PKR 0.80 to PKR 0.27.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Revenue decreased by 16.16% from PKR 381.53 million to PKR 319.89 million.
📉 Gross profit also declined to PKR 319.89 million, matching revenue, down from PKR 381.53 million.
⚠️ Administrative expenses decreased from PKR 204.33 million to PKR 184.25 million.
⚠️ Profit from operations decreased from PKR 150.39 million to PKR 142 million.
⚠️ Profit for the year significantly dropped from PKR 78.96 million to PKR 26.66 million.
📉 Earnings per share (basic and diluted) decreased from PKR 0.80 to PKR 0.27.
⚠️ Total equity increased slightly from PKR 10.339 billion to PKR 10.383 billion.
⚠️ Non-current liabilities increased from PKR 1.852 billion to PKR 1.919 billion.
⚠️ Current liabilities decreased from PKR 2.477 billion to PKR 2.389 billion.
⚠️ Total assets decreased slightly from PKR 12.816 billion to PKR 12.772 billion.
⚠️ Net cash used in operating activities improved significantly from (PKR 65.70) million to PKR 194.36 million.
⚠️ Net cash generated from investing activities decreased sharply from (PKR 917.31) million to (PKR 197.55) million.
⚠️ Cash and cash equivalents decreased slightly from PKR 195.01 million to PKR 191.82 million.

🎯 Investment Thesis

Based on the financial results, a SELL recommendation is warranted. The significant decline in revenue and profit, along with a decrease in EPS, indicates a deteriorating financial performance. Although the company has managed to reduce some expenses, the overall trend is concerning. A price target reflecting the diminished earnings potential and increased risk is justified. The time horizon for this recommendation is medium-term, as the turnaround potential is uncertain.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements DFSM Signal: SELL

📉 DFSM: SELL Signal (8/10) – Extracts from the Resolutions Passed in the AGM Held on October 27,2025

⚡ Flash Summary

Dewan Farooque Spinning Mills Limited’s AGM held on October 27, 2025, addressed key issues including approval of the previous meeting’s minutes and the audited financial statements for the year ended June 30, 2025. The company’s net revenue has significantly decreased, resulting in a gross loss. Despite these challenges, the company is focusing on modernization by replacing outdated technology and planning further automation. Auditors expressed concerns about the company’s ability to continue as a going concern due to default in repayment of restructured liabilities.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

✅ Minutes of the preceding General Meeting held on November 28, 2024, were confirmed.
✅ Annual Audited Financial Statements for the year ended June 30, 2025, were approved.
✅ M/s. Feroze Sharif Tariq & Co. re-appointed as Statutory Auditors.
✅ CEO authorized to negotiate auditor remuneration.
📉 Net revenue decreased to Rs. 219.249 million from Rs. 446.380 million YoY.
❗ Gross loss of Rs. 239.680 million, compared to a profit of Rs. 441.078 million last year.
📉 Operating expenses decreased to Rs. 34.460 million from Rs. 41.495 million YoY.
🔄 Company replaced outdated ring spinning with Auto Coro spinning technology.
🏭 Aiming for enhanced efficiency and productivity.
⚙️ Planning further automation to strengthen market position.
🚧 Working capital constraints persist.
🤝 Production of yarn on contract basis continues.
⚠️ Auditors expressed concerns about the company’s ability to continue as a going concern.
💰 Markup outstanding is Rs. 208.531 million pending restructuring.
✅ Management expects favorable outcome on legal matters.

🎯 Investment Thesis

SELL. The company’s significant revenue decline, gross losses, and the auditor’s concerns about its ability to continue as a going concern make it a risky investment. While the company is attempting to modernize its operations, the working capital constraints and existing financial challenges present substantial obstacles. The legal matters add another layer of uncertainty. Price target is significantly lower than the current market price, reflecting the elevated risks and negative financial outlook. Time horizon: Short to medium term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements DSFL Signal: SELL

📉 DSFL: SELL Signal (8/10) – Extracts from the Resolutions passed in the AGM Held on October 28,2025

⚡ Flash Summary

Dewan Salman Fibre Limited (DSFL) held its Annual General Meeting on October 28, 2025, where the minutes of the previous meeting were confirmed, and the audited financial statements for the year ended June 30, 2025, were approved. The company’s statutory auditors, Feroze Sharif Tariq & Co., were re-appointed for the ensuing year. The meeting minutes revealed that the company’s operations remained closed during the year, resulting in nil turnover and a gross loss of Rs 283.045 million, primarily due to depreciation and fixed expenses. Auditors have expressed an adverse opinion on the financial statements due to the company’s use of the going concern assumption.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

🗓️ AGM held on October 28, 2025.
✅ Minutes of the preceding General Meeting held on September 26, 2025, were confirmed.
💰 Annual Audited Financial Statements for the year ended June 30, 2025, were approved.
🏢 Feroze Sharif Tariq & Co. re-appointed as Statutory Auditors.
🤝 CEO authorized to negotiate auditor remuneration.
🏭 Operations remained closed during the year ended June 30, 2025.
📉 Turnover was nil for the year ended June 30, 2025.
💔 Gross loss of Rs 283.045 million reported (vs. Rs 411.875 million in 2024).
⚠️ Auditors expressed an adverse opinion on financial statements.
🏦 Company is in negotiation with banks for restructuring proposals.
🌐 Import meets the shortfall of polyester fibre and acrylic fibre.
🚧 Restructuring proposals are under discussion with financial institutions but have not yet yielded positive outcomes.
📜 Auditors referred to Note 6.2 regarding non-valuation of leasehold land.
🚫 No provision for markup due to pending restructuring.
📊 Management confident restructuring with waiver of markup will be accepted.

🎯 Investment Thesis

Based on the information available, a SELL recommendation is warranted. The company’s operational shutdown, significant losses, and the auditor’s adverse opinion indicate a high risk of further financial deterioration. The reliance on restructuring proposals, without guaranteed success, adds further uncertainty. Price target is close to zero. The time horizon is short term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements Signal: SELL UCAPM

📉 UCAPM: SELL Signal (7/10) – UCAPM | Unicap Modaraba Disclosure of Change in Interest by Shareholder

⚡ Flash Summary

Map Out Management Company (Private) Limited, a shareholder of Unicap Modaraba, executed multiple transactions to sell shares on October 24, 2025. They sold 70,000 shares at a rate of 7.95, 96,168 shares at a rate of 8.03, and 55,932 shares at a rate of 8.06, all electronically. These transactions will be presented in a subsequent board meeting for consideration, complying with PSX regulations. This indicates a change in the shareholding structure of the company.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Map Out Management Co. Pvt. Ltd. sold shares in Unicap Modaraba.
🗓️ The transactions occurred on October 24, 2025.
💼 Map Out Management Co. Pvt. Ltd. is identified as a shareholder.
💸 70,000 shares were sold at a rate of 7.95 per share.
💸 96,168 shares were sold at a rate of 8.03 per share.
💸 55,932 shares were sold at a rate of 8.06 per share.
💻 All transactions were executed electronically.
📝 Transactions will be presented in a subsequent board meeting.
📜 Compliance with clause No. 5.6.4 of PSX Regulations is confirmed.
ℹ️ The information was received from Map Out Management Company (Private) Limited.

🎯 Investment Thesis

Given the sale of shares by a major shareholder, the recommendation is SELL. While the company confirms regulatory compliance, the rationale behind this sale needs further investigation. Price target and time horizon are highly dependent on the findings of further investigations.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements KCL Signal: SELL

📉 KCL: SELL Signal (8/10) – Transmission of Annual Report for the Year Ended June 30th 2025

⚡ Flash Summary

Karam Ceramics Limited’s report for the year ended June 30, 2025, reveals a challenging financial situation. The company experienced a significant decline in sales revenue, accompanied by substantial losses. Key financial metrics, such as EPS, have deteriorated, raising concerns about the company’s operational efficiency and long-term sustainability. The independent auditor has expressed a qualified opinion and highlighted material uncertainty regarding the company’s ability to continue as a going concern.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Sales revenue decreased significantly to Rs. 584.21 million in 2025 from Rs. 1348.465 million in 2024.
❗ The company incurred a Gross Loss of Rs. 531.85 million.
⚠️ Loss before taxation stood at Rs. -623.376 million in 2025, compared to a loss of Rs. -474 million in 2024.
⛔ Loss after taxation widened to Rs. -728.226 million in 2025 from Rs. -432.08 million in 2024.
📉 Earning per Share (EPS) declined to Rs. -50.05 in 2025 from Rs. -29.70 in 2024.
🤔 Negative operating cash flows of Rs. -196.24 million indicate liquidity concerns.
‼ The auditor expresses a qualified opinion due to undisclosed contingent liabilities.
🚩 Material uncertainty exists regarding the company’s ability to continue as a going concern.
🏭 The company is engaged in the manufacture and sale of wall tiles.
🚧 New management plans to inject further capital and improve operational efficiency.
🏦 The company relies on subordinated loans from directors.
🗳️ Election of directors is scheduled for November 26, 2025.

🎯 Investment Thesis

Given the company’s dire financial situation, negative profitability, and auditor’s concerns about going concern, a SELL recommendation is warranted. A turnaround is highly speculative and requires substantial operational and financial improvements. A price target is difficult to assign due to the uncertainty, but the current conditions suggest continued downward pressure. The time horizon is short-term, as the company’s ability to survive is in question.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements Signal: HOLD

⏸️ TPLT: HOLD Signal (5/10) – Transmission of Annual Report for the Year Ended 30 June, 2025

⚡ Flash Summary

TPL Trakker Limited’s annual report for the year ended June 30, 2025, reveals a mixed performance. Consolidated revenue declined by 43% year-over-year to PKR 1.832 billion due to the conclusion of the Safe Transport Environment (STE) project and a change in Trakker Middle East’s classification. However, standalone operations showed improved profitability driven by enhanced cost controls and operational efficiencies. The company is strategically focusing on IoT and telematics for future growth despite challenges from high input costs and regulatory constraints in the automotive sector.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Consolidated revenue decreased by 43% YoY due to the STE project ending and changes in Trakker Middle East (TME).
👍 Standalone operations improved profitability through better cost management.
🌐 Strategic focus on IoT and telematics to drive future growth.
🚗 Automotive sector recovery provides tailwinds with stabilizing interest rates.
🌍 Trakker Middle East (TME) formed a strategic partnership with Gargash Group, strengthening its regional position.
📊 Unconsolidated profit before tax showed a significant decline from 189.99 million to a loss of (14.367) million
💹 Debt-to-equity ratio is at 39.02%.
🏛️ Pakistan’s automotive sector saw significant recovery during the year.
🛡️ Key challenges include high input costs, localization constraints, and evolving import and energy policies.
🤝 Pursuing strategic alliance for digital mapping and location-based services (LBS).

🎯 Investment Thesis

HOLD. Given the significant revenue drop and mixed financial signals (standalone profitability vs. overall net loss), a HOLD rating is warranted. The company is shifting its strategic focus and needs more time to demonstrate revenue generation from IoT and telematics. The success of partnership is necessary.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements AVN Signal: SELL

📉 AVN: SELL Signal (6/10) – Disclosure of Interest by a Director CEO, or Executive of a listed company and their Spouses and the Substantial Shareholders u/c 5.6.1.(d) of PSX Regulations

⚡ Flash Summary

On November 6, 2025, Avanceon Limited (AVN) disclosed a transaction by its Chief Financial Officer, Ahsan Khalil, who sold 8,309 shares at a price of PKR 44.86 per share. The transaction was executed on November 5, 2025, and reported to the Pakistan Stock Exchange (PSX). Following the transaction, the cumulative number of shares held is 435,008, representing 0.10% of the total shares. This sale may reflect a portfolio adjustment by the CFO or a response to personal financial considerations.

Signal: SELL 📉

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

👨‍💼 Ahsan Khalil, the Chief Financial Officer of Avanceon Limited, sold shares.
📉 8,309 shares were sold in the transaction.
💰 The sale price was PKR 44.86 per share.
📅 The transaction occurred on November 5, 2025.
📝 The disclosure was made on November 6, 2025.
🏢 The transaction was reported to the Pakistan Stock Exchange (PSX).
📊 The cumulative number of shares now held is 435,008.
⚖️ This represents 0.10% of the total shares.
📜 The disclosure is in compliance with clause 5.6.4 of the PSX Regulations.
💼 The transaction type was a direct sell (CDC).
🔍 The sale could be due to personal financial planning or portfolio diversification by the CFO.

🎯 Investment Thesis

Given the sale of shares by a key executive, Ahsan Khalil, and the potential negative sentiment it may create, a HOLD rating is recommended for Avanceon Limited (AVN) in the short term. Further analysis is needed to determine the reasons behind the sale and its long-term impact. A price target of PKR 42.00 is set, based on potential near-term price volatility. The time horizon for this recommendation is 3-6 months, pending further developments and analysis of AVN’s financial performance.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements FPJM Signal: SELL

📉 FPJM: SELL Signal (8/10) – FINANCIALS RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2025

⚡ Flash Summary

First Punjab Modaraba’s financial results for the period ended September 30, 2025, reveal a challenging period with a net loss of PKR 126.47 million, a stark contrast to the profit of PKR 20.19 million in the same period last year. The company’s operating loss before management company’s fee was PKR 123.75 million. This downturn is primarily attributed to increased finance costs and provisions for musharakah arrangements. Despite the loss, the company received PKR 2 billion in subordinated funds, significantly bolstering its equity position.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: LONG_TERM

📌 Key Takeaways

📉 **Net Loss:** The company reported a net loss of PKR 126.47 million for the nine months ended September 30, 2025, compared to a profit of PKR 20.19 million in the same period last year.
💸 **Revenue Decline:** Income from ijarah rentals decreased to PKR 23.44 million from PKR 51.38 million year-over-year.
📈 **Finance Cost Increase:** Finance costs surged to PKR 254.20 million from PKR 277.44 million YoY.
💰 **Operating Loss:** Operating loss before management company’s fee was PKR 123.75 million.
⚠️ **Provisioning Impact:** Provision for musharakah arrangement increased to PKR 4.19 million.
⬆️ **Subordinated Funds:** Received PKR 2 billion in subordinated funds, up from PKR 500 million last year.
🔻 **EPS Decline:** (Loss)/Earnings per Certificate is (3.72) compared to 0.59 last year.
🏦 **Cash Position:** Cash and bank balances increased significantly to PKR 240.34 million from PKR 23.08 million, influenced by subordinated funds.
⬇️ **Total Income Decrease**: Total Income decreased to PKR 193.99 million from PKR 342.53 million YoY.
📉 **Certificate Holders’ Equity**: Certificate Holders’ Equity stands at PKR 1.58 billion compared to PKR 208.00 million December 31, 2024.
🔻 **Non-current assets decrease:** Non-current assets decreased to PKR 820.97 million from PKR 982.23 million as of December 31, 2024.

🎯 Investment Thesis

Given the current financial performance, a **SELL** recommendation is warranted. The company is currently loss-making with significant challenges in revenue generation and expense management. Although the infusion of subordinated funds provides some stability, it does not address the core issues of profitability. The price target rationale will be more relevant once profitability and appropriate valuations are feasible. A **LONG_TERM** time horizon is more applicable, contingent on a successful turnaround strategy.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 22, 2025

announcements EPQL Signal: HOLD

⏸️ EPQL: HOLD Signal (6/10) – Financial Results for the nine months ended September 30, 2025

⚡ Flash Summary

Engro Powergen Qadirpur Limited (EPQL) announced its unaudited financial results for the nine months ended September 30, 2025. The company declared an interim cash dividend of Rs. 0.50 per share, which is in addition to the already paid interim cash dividend of Rs. 10 per share. Revenue has decreased compared to the same period last year, resulting in a decline in profit after taxation. Book closure dates for share transfers are set for November 04-05, 2025.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

💰 Interim cash dividend announced at Rs. 0.50 per share (5.00%) for the nine months ended September 30, 2025.
💵 Additional interim cash dividend of Rs. 10 per share (100%) already paid.
📅 Book closure for share transfers: November 04-05, 2025.
📉 Revenue decreased from Rs. 10,408.87 million in 2024 to Rs. 8,644.84 million in 2025 for the nine-month period.
📉 Profit after taxation decreased significantly from Rs. 2,874.78 million in 2024 to Rs. 851.07 million in 2025.
⚠️ Earnings per share (EPS) dropped from Rs. 8.88 in 2024 to Rs. 2.63 in 2025.
📉 Gross profit declined from Rs. 2,498.60 million to Rs. 1,111.16 million year-over-year.
✅ The company’s website to communicate quarterly reports is: https://www.engroenergy.com/epql/.
❌ No bonus shares or right shares were announced.
🏦 Balances with banks increased from Rs. 28.47 million to Rs. 212.26 million.

🎯 Investment Thesis

HOLD. Given the significant decrease in revenue and profit after tax, a more cautious approach is warranted. The company is still distributing dividends, but the lower earnings raise concerns about long-term sustainability. Further analysis is needed to assess the factors driving the decline in performance and the potential for recovery. Price target will be revised downwards based on current earnings, with a time horizon of 12 months.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 22, 2025

announcements KAPCO Signal: HOLD

⏸️ KAPCO: HOLD Signal (5/10) – Corporate Briefing Presentation

⚡ Flash Summary

KAPCO’s recent corporate briefing highlights a period of mixed performance and future strategic shifts. The company reported a gross loss of Rs. 438.157 million for 2024-2025 compared to no revenue reported in 2023-2024 in gross loss. Operating profit declined significantly from Rs. 9.319 billion to Rs. 3.243 billion. KAPCO is focusing on diversification, investing approximately Rs. 41 billion in mutual funds and pursuing acquisitions in the cement sector. These strategic moves aim to offset declining power generation revenues and secure future growth.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🏭 KAPCO’s timeline shows extension of PPA till Oct-22 and generation license extended for 3 years in April 2025.
📉 Gross loss of Rs. 438.157 million in 2024-2025 versus no revenue reported for Cost of Sales in 2023-2024.
⚠️ Operating Profit declined significantly from Rs. 9.319 billion to Rs. 3.243 billion.
💰 Profit for the year decreased from Rs. 4.313 billion to Rs. 2.536 billion.
📉 Earning Per Share (Basic & Diluted) decreased from Rs. 4.90 to Rs. 2.88.
🤝 Hybrid Take or Pay terms in TPPA include ROE firmed up to 25% load factor.
📦 LSFO inventory maintained at 7 days at full load.
💸 Total dividend payments since 1996 are Rs. 168 Billion (Rs. 191.04/share).
🧾 Total dividend payment since listing in 2005 amounts to Rs. 132 Billion (Rs. 150.35/share).
🏢 GT-3 & GT-4 sold for Rs. 800 million with dismantling expected by February 2026.
🌱 Investment of approximately Rs. 41 billion in Mutual Funds for diversification.
cement sector: Joint bid with Fauji Foundation to acquire 84.06% stake in Attock Cement.
☀️ Pending NEPRA approval for K-Electric solar projects bids.

🎯 Investment Thesis

Given KAPCO’s declining profitability and the uncertainty surrounding its diversification efforts, a HOLD rating is recommended. The company’s strategic shift into new sectors introduces new risks and potential rewards, making it difficult to predict future performance. A price target of Rs 30 is set based on a conservative earnings multiple, with a time horizon of 12-18 months pending clarity on the success of diversification initiatives.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 22, 2025

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