NEGATIVE - FoxLogica

⏸️ ELCM: HOLD Signal (6/10) – CORPORATE BRIEFING PRESENTATION

⚡ Flash Summary

Elahi Cotton Mills Limited’s corporate briefing for the year ended June 30, 2025, reveals a mixed financial performance. While sales revenue increased from Rs 960.658 million in 2024 to Rs 996.624 million in 2025, the company experienced a significant shift from profit to loss after tax. Specifically, the company made a profit of Rs 10.592 million in 2025 compared to a loss of Rs (25.739) million in 2024. This decline in profitability is further reflected in the EPS, which decreased from 8.15 Rs/Share to (19.80) Rs/Share.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

⬆️ Sales Revenue increased to Rs 996.624 million in 2025 from Rs 960.658 million in 2024.
📉 Operating Profit shifted to Rs 22.610 million in 2025 from a loss of (Rs 14.917) million in 2024.
📉 Profit/Loss After Tax declined to Rs 10.592 million in 2025 from (Rs 25.739) million in 2024.
📉 EPS/LPS decreased to (Rs 19.80) /Share in 2025 from Rs 8.15/Share in 2024.
📊 Paid-up Capital remained constant at Rs 13.000 million.
📉 Return on Equity decreased to 81.5% in 2025 from (198.1)% in 2024.
⬆️ Gross Profit increased significantly to Rs 41.638 million from Rs 2.734 million.
⬇️ Administration & Distribution expenses decreased slightly to Rs 16.565 million from Rs 16.829 million.
☀️ The company is installing solar systems to reduce energy costs and improve profitability.
⚠️ The textile industry is facing slowdowns and increased costs, negatively impacting profit margins.

🎯 Investment Thesis

Given the mixed financial performance and external challenges, a HOLD recommendation is appropriate. While sales increased, the sharp decline in profitability raises concerns. The company needs to demonstrate sustainable profitability improvements before a BUY recommendation can be considered. A price target cannot be provided without additional financial information. The time horizon is MEDIUM_TERM (1-2 years).

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements FFLM Signal: HOLD

⏸️ FFLM: HOLD Signal (5/10) – BRIEFING SESSION JUNE 2025

⚡ Flash Summary

First Fidelity Leasing Modaraba (FFLM) announced a corporate briefing session for the financial year 2024-2025 scheduled for November 27, 2025. The announcement, dated November 18, 2025, was made in compliance with PSX notices. A review of historical data shows fluctuating revenue, with a recent dip in 2025, and a net loss. Investors should review the briefing for insights on strategy for future performance and risk management.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📅 FFLM will hold a corporate briefing session for FY 2024-2025 on November 27, 2025.
📜 The announcement complies with PSX notices No. PSX/N-92 and PSX/N-249.
📉 Revenue decreased to PKR 13.264 million in 2025 from PKR 24.40 million in 2020.
💔 Operating loss before taxation and management fee was PKR 1.467 million in 2025, a significant downturn from a profit of PKR -4.06 million in 2020.
🏚️ Fixed assets decreased to PKR 251.906 million in 2025 from PKR 284.4 million in 2020.
💸 Total assets decreased to PKR 335.440 million in 2025 from PKR 377.98 million in 2020.
📉 Certificate holders’ equity decreased to PKR 297.628 million in 2025 from PKR 335.35 million in 2020.
📉 Earning Loss per certificate decreased to PKR -0.06 in 2025 from PKR -0.18 in 2020.
📊 Break-up value per certificate decreased to PKR 12.70 in 2025 from PKR 12.73 in 2020.
💼 The Modaraba is managed by Fidelity Capital Management (Pvt) Ltd.
🏢 The Modaraba’s registered office is in Gulberg II, Lahore.
🗓️ FFLM commenced operations on December 5, 1991.
📃 The Modaraba is engaged in ijarah, musharika, and morabaha financing.
🔒 Business growth faces challenges due to policy uncertainty and political instability.
🌱 Management aims to utilize resources in core activities like Ijarah and Morabaha.

🎯 Investment Thesis

Based on the current financials, a HOLD recommendation is appropriate. While the company is taking steps to manage resources, the financials indicate significant challenges. The corporate briefing session may provide further insights. The price target is a hold, with a price target equal to the current market value, but no upside at this time until financials improve.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements GEMPAPL Signal: HOLD

⏸️ GEMPAPL: HOLD Signal (5/10) – Corporate Briefing Session

⚡ Flash Summary

Pak Agro Packaging Ltd reported its corporate briefing session on November 24, 2025. The company experienced a slight increase in sales revenue by 2.99%, reaching PKR 858.693 million. However, gross profit decreased by 10.85% to PKR 119.556 million, leading to a decline in the gross profit margin from 16.08% to 13.92%. This decrease in profitability is attributed to unstable exchange rates and a reduction in sales volume due to decreased customer purchasing power and increased competition.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📈 Sales revenue increased slightly by 2.99% to PKR 858.693 million.
📉 Gross profit decreased significantly by 10.85% to PKR 119.556 million.
⚠️ Gross profit margin declined from 16.08% to 13.92%.
📦 Sales quantity remained relatively stable, increasing slightly by 0.2% to 1,506 MTs.
📉 Operating profit decreased by 14.45% to PKR 93.117 million.
📉 Profit before tax decreased by 24.57% to PKR 60.792 million.
📉 Profit after tax decreased by 18.57% to PKR 31.934 million.
📉 Earnings per share (EPS) decreased by 18.57% to PKR 1.59.
⬆️ Equity increased by 7.92% to PKR 443.937 million.
⬆️ Net fixed assets increased by 2.48% to PKR 468.966 million.
⬇️ Current assets decreased by 4.06% to PKR 197.916 million.
⬆️ Net working capital increased significantly by 82.77% to PKR 65.921 million.
🌐 Unstable exchange rates continue to pose a challenge.
📉 Decrease in sales volume due to reduced customer purchasing power and increased competition.

🎯 Investment Thesis

Given the declining profitability and challenging market conditions, a HOLD recommendation is appropriate for GEMPAPL. While the company has shown some growth in sales and equity, the significant decrease in profits and EPS raises concerns. Further monitoring of the company’s performance is necessary to assess its ability to improve profitability and manage risks effectively. The price target should remain unchanged until there are clear signs of improvement in financial performance. The time horizon is medium-term (6-12 months).

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements APL Signal: SELL

📉 APL: SELL Signal (7/10) – Presentation – Corporate Briefing Session 2025

⚡ Flash Summary

Attock Petroleum Limited (APL) reported a decrease in net sales revenue by 10% to Rs. 474 billion for the year ended June 30, 2025, compared to Rs. 526 billion in 2024. Sales volume also fell by 3% due to lower demand for Furnace Fuel Oil and Bitumen, impacting gross profit which declined by 15%. The company’s profit after tax decreased by 25% to Rs. 10 billion. Market share decreased from 10.2% to 9% and EPS fell by 25% to Rs. 83.53.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Net sales revenue decreased by 10% from Rs. 526 billion to Rs. 474 billion.
📉 Sales volume fell by 3% due to reduced demand for Furnace Fuel Oil and Bitumen.
📉 Gross profit declined by 15% due to lower sales volume.
📉 Profit after tax decreased by 25% to Rs. 10 billion.
📉 APL’s sales volume decreased by 3% from 1.605 million tons to 1.551 million tons.
📉 Average selling price decreased by 8% from Rs. 316,585 to Rs. 292,172 per M.Ton.
📉 Gross sales revenue decreased by 10% from Rs. 538,095 million to Rs. 482,429 million.
📉 Gross profit decreased by 15% from Rs. 22,042 million to Rs. 18,829 million.
📉 Net profit decreased by 25% from Rs. 13,822 million to Rs. 10,393 million.
📉 Earnings per share decreased by 25% from Rs. 111.09 to Rs. 83.53.
📊 Market share decreased from 10.2% to 9%.
⛽ Industry sales volume increased by 6% from 15.758 million tons to 16.696 million tons.

🎯 Investment Thesis

Based on the financial performance and risk assessment, a SELL recommendation is appropriate for APL. The company’s declining revenue, profitability, and EPS, coupled with operational and market risks, make it an unattractive investment. A price target of Rs. 400 with a time horizon of 12 months is justified, reflecting the reduced financial performance and potential downside risks. The recent drop in EPS shows the decrease in the earnings.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements ORM Signal: SELL

📉 ORM: SELL Signal (7/10) – Presentation of Corporate Briefing Session (CBS) 2025

⚡ Flash Summary

Orient Rental Modaraba (ORM) presented its Corporate Briefing Session (CBS) for 2025, showcasing its operations as a multi-purpose, perpetual Modaraba spun off from Orient Energy Systems (OES). ORM focuses on providing Shari’ah-compliant, riba-free income through equipment rental solutions. Key services include rental power generation (100 kVA to 1770 kVA), plant operations, facility management, and construction equipment rental. Financial data indicates fluctuating profitability, with net profit at Rs 29 million for the quarter ended September 2025, significantly lower than previous years.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

Established in 1996, OES is a prominent Pakistani engineering company with over 2,000 MW installed. 🏭
ORM is managed by Eman Management (Private) Limited since December 16, 2015. 🗓️
ORM offers Shari’ah-compliant business model, providing riba-free income. ⚖️
Key services: rental of gas and diesel generators, aftersales support, and O&M. 🛠️
Rental power generation ranges from 100 kVA to 1770 kVA. ⚡
ORM has a credit rating of A- (long term) and A2 (short term) by PACRA. 信用评级
ORM possesses 149+ diesel & gas generators with a total capacity of 118 MW. ⛽
ORM has 100+ O&M and Facility Management Industrial and Corporate contracts. 🏢
ORM has over 1,500 manpower strength across Pakistan. 👨‍💼
ORM operates 30+ service vehicles all over Pakistan. 🚚
Total Assets: Rs 2,656 million (SEP 2025 Qtr) vs Rs 2,657 million (JUNE 2025). 💰
Net Profit: Rs 29 million (SEP 2025 Qtr) vs Rs 214 million (JUNE 2025). 📉
EPS: Rs 0.39 (SEP 2025 Qtr) vs Rs 2.85 (JUNE 2025). 😟
Return on Asset: 1.10% (SEP 2025 Qtr) vs 9% (JUNE 2025). 📉
Return on Equity: 1.95% (SEP 2025 Qtr) vs 15% (JUNE 2025). 📉

🎯 Investment Thesis

Based on the current financial performance, a SELL recommendation is warranted for ORM. The significant decline in net profit and EPS indicates potential operational inefficiencies or market challenges. The price target should be revised downwards to reflect the reduced earnings potential. It would be more helpful if the company explained reasons behind the abrupt reduction in Revenue, Gross Profit and Net Profit. Without knowing the reasons, one would rather SELL.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements PGLC Signal: HOLD

⏸️ PGLC: HOLD Signal (5/10) – PRESENTATION – CORPORATE BREIFING SESSION

⚡ Flash Summary

Pak-Gulf Leasing Company Limited (PGLC) held a corporate briefing session for FY 2025. The company reported a decrease in asset base by 25.85% year-over-year, net asset by 13.12%, and revenue by 20.93%. Profit after tax also declined by 6.59%. However, the company declared a dividend of 39.5%, a significant increase from 0% in the previous year.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

💰 Asset Base decreased to Rs. 1,446,326,140, a 25.85% YoY decline.
📉 Net Asset reduced to Rs. 790,961,800, showing a 13.12% YoY decrease.
📉 Revenue dropped to Rs. 222,464,272, a 20.93% YoY reduction.
📉 Profit After Tax fell to Rs. 73,604,310, a 6.59% YoY decrease.
📉 Earning per Share (EPS) decreased to Rs. 1.49, down by 6.3% YoY.
📈 Dividend increased to 39.5%, up from 0% in the previous year.
⭐ Company maintains a credit rating of “A-” (Long Term) and “A-2” (Short Term).
🏢 PGLC is engaged in leasing and vehicle financing.
🏦 The company’s bankers include Bank Al-Habib Limited, Allied Bank Limited, and others.
📜 PGLC was incorporated on December 27, 1994.
📅 Business commencement date was September 16, 1996.
💼 The company operates as a public listed company and a deposit-taking leasing company (NBFC).
🎯 Future plans include increasing financing exposures and recovering dues through out-of-court settlements.

🎯 Investment Thesis

HOLD. While the increased dividend is a positive sign, the overall financial performance indicates significant challenges. Given the declines in revenue, asset base, and profitability, it’s prudent to maintain a HOLD stance until the company demonstrates a turnaround. There are no financials to establish a proper price target.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements Signal: SELL STML

📉 STML: SELL Signal (8/10) – Presentation of Annual Corporate Briefing FY 2025

⚡ Flash Summary

Shams Textile Mills Limited (STML) reported a significant decrease in yarn production and sales for FY 2025, with a 32% and 38% decline, respectively. The company faced a net loss of PKR 137.194 million, a stark contrast to previous years’ profits. Key profitability ratios, such as gross profit margin and operating profit margin, also declined significantly. The company’s equity and reserves have also seen a dip compared to previous year. High energy costs, unreliable cotton supply, and economic pressures contributed to these challenges.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Yarn production decreased by 32% from 193,592 bags in 2024 to 131,820 bags in 2025.
📉 Yarn sales declined by 38% from 202,660 bags in 2024 to 125,869 bags in 2025.
💰 Net loss of PKR 137.194 million in 2025 compared to a net loss of PKR 33.895 million in 2024.
📉 Gross profit margin decreased from 3.91% in 2024 to 2.24% in 2025.
📉 Operating profit margin declined from 0.77% in 2024 to 0.20% in 2025.
📉 Return on average equity dropped from -3.73% in 2024 to -17.92% in 2025.
💸 Finance costs increased from PKR 90.503 million in 2024 to PKR 105.650 million in 2025.
📉 Loss per share significantly decreased from PKR -3.92 in 2024 to PKR -15.88 in 2025.
📉 Break-up value per share decreased from PKR 107.8 in 2024 to PKR 90.3 in 2025.
🏭 High energy costs are affecting production.
⚠️ Unreliable local cotton supply and dependence on expensive imports.
🌍 Economic pressures, including inflation and fluctuations in the rupee.
🏢 Strong global competition and changes in export demand or geopolitical conditions.
📜 Regulatory changes and financial risks, including credit and liquidity.

🎯 Investment Thesis

Given the substantial losses, declining revenue, and various operational and financial risks, a SELL recommendation is appropriate for STML. The company’s financial health is concerning, and a turnaround is uncertain in the current economic environment. Price target to be determined after further sector comparison.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements MZNPETF Signal: HOLD

⏸️ MZNPETF: HOLD Signal (5/10) – FMR of Meezan Pakistan Exchange Traded Fund for the month of October 2025

⚡ Flash Summary

The Meezan Pakistan Exchange Traded Fund (MP-ETF) reported net assets of Rs. 0.74 billion as of October 31, 2025. The fund’s NAV experienced a decrease of 7.79% during the month. MP-ETF aims to replicate the performance of the Meezan Pakistan Index, focusing on Shariah-compliant equities with high market capitalization and traded value. The fund’s investment policy centers around selecting liquid stocks aligned with the KMI-30 index. The top equity holdings include The Hub Power Company Limited (17.91%) and Lucky Cement Limited (15.91%).

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

💰 Net assets stood at Rs. 0.74 billion as of October 31, 2025.
📉 NAV decreased by 7.79% during October 2025.
🎯 Aims to track Meezan Pakistan Index.
✅ Shariah-compliant Exchange Traded Fund.
🏢 Managed by Al Meezan Investments.
📊 Focuses on equities with high market capitalization and traded value.
📜 Follows KMI-30 index for stock selection.
🥇 Top holding: The Hub Power Company Limited (17.91%).
🥈 Second holding: Lucky Cement Limited (15.91%).
⚡️ Power Generation & Distribution sector: 17.91% allocation.
🛢️ Oil & Gas Exploration: 22.40% allocation.
🏦 Investment Banks/Cos/Securities Cos.: 13.97% allocation.
🧱 Cement sector: 24.73% allocation.
⚠️ Expense Ratio: 2.34% MTD and 1.51% YTD.

🎯 Investment Thesis

Given the recent NAV decrease and the fund’s tracking difference, a HOLD recommendation is appropriate. The fund’s performance should be closely monitored, with a focus on improving its tracking accuracy and managing expenses. A price target cannot be accurately assessed without further information. Time horizon: Medium Term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements SERT Signal: HOLD

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

⚡ Flash Summary

Service Industries Textiles Ltd (SERT) reported net revenue of Rs. 1.371 Billion for the year ended June 30, 2025, compared to Rs. 1.341 Billion in the previous year. The company achieved a gross profit of Rs. 5.593 Million, a significant improvement from a gross loss of Rs. 35.239 Million in the prior year. However, the company still incurred a net loss after taxation of Rs. 72.900 Million, although this is less than the net loss of Rs. 100.644 Million in the previous year. The primary challenge cited is the dumping of imported yarn in the local market under the Export Facilitation Scheme, which has squeezed local industry margins.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📈 Revenue increased slightly from Rs. 1.341 Billion to Rs. 1.371 Billion.
✅ Gross profit turned positive at Rs. 5.593 Million compared to a Rs. 35.239 Million loss last year.
📉 Net loss improved from Rs. 100.644 Million to Rs. 72.900 Million.
⚠️ Operating loss is still significant at Rs. 49.271 Million.
🏭 The company’s plant consists of 20,160 spindles.
☀️ Investment in solar energy aims to reduce operating costs.
🚫 No external long-term or short-term debt.
⚡️ The company has an electricity self-generation facility.
🌍 Cautiously optimistic outlook for 2025-2026 due to global trade recovery.
🌾 Cotton production expected to miss targets due to climate change and other factors.
⚙️ Textile sector faces elevated risks due to energy challenges.
🚫 Dumping of imported yarn under EFS is a major concern.
📉 Loss per share improved from (7.30) to (5.29).

🎯 Investment Thesis

HOLD. While the company shows signs of improvement in gross profit, it is still operating at a net loss. The investment in solar energy is a positive step, but it will take time to realize the benefits. The risk factors, particularly the dumping of imported yarn, are significant concerns. A HOLD recommendation is appropriate until the company can demonstrate consistent profitability and mitigate these risks.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements FEM Signal: HOLD

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

⚡ Flash Summary

First Equity Modaraba (FEM) reported a loss for the year ended June 30, 2025, reducing to Rs. (8.28) million from a loss of Rs. (19.44) million the previous year. This translates to a loss per certificate of Rs. (0.16) compared to Rs. (0.37) last year. The consolidated loss for the year stands at Rs (232.2) million compared to a loss of Rs (414.095) million previously. Despite the loss, the company anticipates continued momentum in the coming financial year, building on the stock market’s strong performance. Break-up value per certificate is Rs. 11.69 compared to Rs. 10.71 last year.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Loss for the year reduced to Rs. (8.28) million compared to Rs. (19.44) million last year.
📉 Loss per certificate improved to Rs. (0.16) versus Rs. (0.37) last year.
🏢 Consolidated loss is Rs. (232.2) million, an improvement from Rs. (414.095) million.
📈 Break-up value per certificate increased to Rs. 11.69 from Rs. 10.71.
🚫 No profit distribution announced due to sustained losses.
🗓️ Book closure for regulatory compliance: December 04-10, 2025.
⚠️ Auditors qualified opinion due to non-compliance with IFRS on fair value adjustments, impacting profit by Rs 54.37 million.
🏛️ The Modaraba believes adjusting costs to fair value would inappropriately distribute unrealized capital gains.
💪 Management anticipates continued momentum based on strong capital market performance.
🧶 The textile sector deteriorated, leading to potential asset sales of subsidiary Equity Textile Ltd (ETL).
⚠️ Withdrawal of tax exemptions for Modarabas impacts the sector.
⚖️ Monitoring Federal Shariat Court verdict for Shariah compliance.
🧑‍🤝‍🧑 Four board meetings held during the year.
⭐ Acknowledgment of Qaiser Ahmed Magoon’s contribution as independent director.

🎯 Investment Thesis

HOLD. The Modaraba shows some improvements but continues to make losses. Need to assess Equity Textile value and any asset sales. Given the risks and a hold rating reflects the uncertainty.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

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