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SELL - FoxLogica

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

📉 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

📉 DBCI: SELL Signal (8/10) – DBCI | Dadabhoy Cement Industries Limited Financial Results for the Quarter Ended 30 September 2025

⚡ Flash Summary

Dadabhoy Cement Industries Limited reported a loss for the quarter ended September 30, 2025. The company’s operating loss was PKR 5.509 million, compared to a loss of PKR 4.583 million in the same quarter last year. This resulted in a loss after taxation of PKR 3.122 million, a significant decrease from a profit of PKR 680 thousand in the prior year. The company did not declare any cash dividend, bonus certificates, or right certificates for the period.

Signal: SELL 📉
Strength: 8/10
Sentiment: NEGATIVE
Time Horizon: SHORT_TERM

📌 Key Takeaways

  • 📉 Operating loss increased to PKR 5.509 million in Q3 2025 from PKR 4.583 million in Q3 2024.
  • 🔻 Loss before taxation was PKR 3.122 million in Q3 2025, compared to a profit of PKR 680 thousand in Q3 2024.
  • ⛔ No cash dividend declared for the quarter ended September 30, 2025.
  • 🚫 No bonus certificates issued for the quarter.
  • ❌ No right certificates issued for the quarter.
  • 💸 Loss per share (basic and diluted) was PKR 0.03 in Q3 2025, compared to earnings per share of PKR 0.01 in Q3 2024.
  • Other income decreased significantly from PKR 5.262 million to PKR 2.386 million y-o-y
  • 💸 Administrative expenses increased from PKR 4.583 million to PKR 5.509 million y-o-y
  • ❌ No other entitlement/corporate action was recommended.

🎯 Investment Thesis

SELL: Dadabhoy Cement Industries Limited is facing significant financial challenges. The increasing operating loss and the shift to a net loss position raise concerns about the company’s ability to generate profits in the near term. The absence of dividend payments further diminishes the investment appeal. Price target: PKR 5. Time horizon: Short term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

📉 DBSL: SELL Signal (8/10) – DBSL | Dadabhoy Sack Limited Financial Results for the Quarter Ended 30 September 2025

⚡ Flash Summary

Dadabhoy Sack Limited (DBSL) reported financial results for the quarter ended September 30, 2025. The company did not recommend any cash or stock dividends, bonus certificates, right certificates, or disclose any price-sensitive information. DBSL reported no sales or cost of goods sold this quarter, resulting in a gross loss. The company experienced an administrative expense leading to a loss before taxation of PKR 679,464.

Signal: SELL 📉
Strength: 8/10
Sentiment: NEGATIVE
Time Horizon: LONG_TERM

📌 Key Takeaways

  • ❌ No Cash Dividend declared for the quarter ended September 30, 2025.
  • 💰 No Bonus Certificates were issued.
  • 🚫 No Right Certificates were issued.
  • 📉 No Other Entitlement/Corporate Action was recommended.
  • 🤫 No Price-Sensitive Information disclosed in the announcement.
  • 📉 Sales remained at zero for the quarter ended September 30, 2025.
  • 🏭 Cost of goods sold stood at zero for the same period.
  • 📉 Gross Loss reported due to zero sales.
  • 💸 Administrative Expenses amounted to PKR 679,464.
  • 📉 Loss Before Taxation totaled PKR 679,464.
  • 📉 Loss After Taxation was PKR 679,464.
  • 📉 Total Comprehensive Loss for the period was PKR 679,464.
  • 📉 Loss per share (basic and diluted) amounted to PKR (0.17).
  • 📉 Compared to the quarter ended September 30, 2024, where the loss per share was PKR (0.24).

🎯 Investment Thesis

Given the absence of revenue, consistent losses, and significant operational challenges, a SELL recommendation is warranted. The lack of sales and ongoing expenses make it difficult to justify any investment. The company needs to address fundamental issues before becoming a viable investment opportunity. There is no price target until operations resume.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

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

⚡ Flash Summary

Chakwal Spinning Mills Limited reports a net loss of Rs. 28.147 million for the quarter ended September 30, 2025, compared to a loss of Rs. 29.060 million in the same period last year. The company’s operations remain suspended amid challenges in the textile sector. Management is exploring opportunities in emerging sectors, with a strategic shift towards Information Technology (IT) and Cloud Services. The board has proposed a name change to Quantum Data Technologies Limited, pending shareholder approval at an Extraordinary General Meeting (EOGM) on November 21, 2025.

Signal: SELL 📉
Strength: 8/10
Sentiment: NEGATIVE
Time Horizon: SHORT_TERM

📌 Key Takeaways

  • ⚠️ Chakwal Spinning Mills reports a net loss of Rs. 28.147 million for Q1 2025.
  • 📉 Loss is slightly lower compared to Rs. 29.060 million in Q1 2024.
  • 🏭 Operations remain suspended due to challenges in the textile sector.
  • 🔄 Company is shifting focus to Information Technology (IT) and Cloud Services.
  • ✨ Board proposes changing the company name to Quantum Data Technologies Limited.
  • 📅 EOGM to approve the name change is scheduled for November 21, 2025.
  • 📜 Proposal includes a detailed business plan for entering the IT and Cloud Services domain.
  • 💰 Investment requirements and operational milestones are part of the new business plan.
  • ✅ Management believes the new roadmap will lead to success in the future.
  • 🤝 Directors acknowledge the support of shareholders and employees.
  • 🏢 Registered office is located in Lahore, Pakistan.
  • ✂️ Cost of sales decreased from Rs. 27.971 million to Rs. 25.527 million.
  • Expenses decreased from Rs. 1.848 million to Rs. 2.619 million.

🎯 Investment Thesis

SELL. Chakwal Spinning Mills faces significant challenges in its existing textile operations. The proposed shift to IT and Cloud Services is highly speculative and carries substantial execution risk. Given the lack of current revenue and profitability, combined with the uncertain outlook, a SELL recommendation is warranted. Price target: Rs. 0.00. Time horizon: Short Term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

📉 ADMM: SELL Signal (8/10) – Transmission of Quarterly Report for the period ended September 30, 2025

⚡ Flash Summary

Artistic Denim Mills Limited (ADMM) reported a significant downturn in its financial performance for the quarter ended September 30, 2025. The company experienced a notable decrease in net sales, falling from Rs. 5.257 billion in 2024 to Rs. 4.298 billion in 2025, primarily due to economic slowdown and pricing pressures. Consequently, the company reported a net loss after tax of Rs. 149.596 million, a stark contrast to the Rs. 5.095 million profit in the same period last year. This resulted in a loss per share of Rs. 1.78, compared to an earnings per share of Rs. 0.06 in the previous year.

Signal: SELL 📉
Strength: 8/10
Sentiment: NEGATIVE
Time Horizon: SHORT_TERM

📌 Key Takeaways

  • 📉 Net sales decreased by approximately 18.25%, from Rs. 5.257 billion to Rs. 4.298 billion.
  • 📉 Gross profit declined significantly from Rs. 391.784 million to Rs. 267.391 million, a decrease of roughly 31.76%.
  • 📈 Finance costs increased from Rs. 157.365 million to Rs. 195.971 million, up by approximately 24.53%.
  • 🔴 The company reported a net loss of Rs. 149.596 million, compared to a net profit of Rs. 5.095 million in the prior year.
  • 📉 Loss per share stood at Rs. 1.78, versus earnings per share of Rs. 0.06 in the corresponding period last year.
  • ⚠️ The decline in sales is attributed to overall economic slowdown, pricing pressures, and stagnant exchange rates.
  • ⚠️ Gross profitability was impacted by increased production costs, particularly rising energy prices.
  • 🏭 The company is investing in renewable energy initiatives to mitigate the impact of escalating energy costs.
  • 🌍 Global macroeconomic outlook anticipates moderate GDP growth of 3.1% but warns of climate vulnerabilities and trade protectionism.
  • ⚠️ A 19% tariff on textile imports from Pakistan by the U.S. could compress export margins.
  • 💰 Trade and other payables decreased significantly by Rs. 662.931 million, impacting cash flow.
  • 💸 Net cash used in operating activities was Rs. (85.954) million compared to cash generated of Rs. 139.733 million last year.
  • 🏦 Outstanding counter guarantees with conventional banks increased slightly to Rs. 1.027 billion.

🎯 Investment Thesis

Given the poor financial performance, declining sales, and increased losses, a SELL recommendation is warranted for Artistic Denim Mills Limited (ADMM). The company faces significant headwinds, including rising costs, pricing pressures, and regulatory risks. The company’s investment in renewable energy initiatives may offer some long-term benefits, it is insufficient to offset the current challenges. The price target should be adjusted downward to reflect these negative factors. Time horizon: SHORT_TERM.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

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

⚡ Flash Summary

Ghazi Fabrics International Limited (GFIL) reported unaudited financial results for the quarter ended September 30, 2025. The company’s net sales were PKR 1,069,640, a sharp decline compared to PKR 540,824,921 in the same quarter last year. The company has reported a Loss after taxation of PKR (70,616,971), a decline from the PKR (119,115,024) loss in the same period last year. The company did not declare any cash dividend, bonus shares, or right shares for the period.

Signal: SELL 📉
Strength: 8/10
Sentiment: NEGATIVE
Time Horizon: SHORT_TERM

📌 Key Takeaways

  • 📉 Net sales plummeted to PKR 1,069,640 from PKR 540,824,921 YoY.
  • ⚠️ Gross loss reported at PKR (52,355,194), compared to a gross loss of PKR (86,598,796) last year.
  • ❌ Operating loss significantly decreased to PKR (69,851,068) from PKR (114,983,872).
  • 💸 Finance costs decreased to PKR 282,702 from PKR 1,035,686 YoY.
  • 🔻 Loss before taxation decreased to PKR (70,133,770) from PKR (112,412,277).
  • 📉 Loss after taxation improved to PKR (70,616,971) from PKR (119,115,024).
  • 📉 Basic loss per share decreased to PKR (2.16) from PKR (3.65).
  • 🚫 No cash dividend declared for the period.
  • 🚫 No bonus shares declared for the period.
  • 🚫 No right shares declared for the period.
  • 📉 Selling and distribution expenses decreased to PKR 334,950 from PKR 3,134,123.
  • 🏢 Administrative expenses decreased to PKR 16,438,799 from PKR 23,248,026.

🎯 Investment Thesis

Based on the current financial performance, a SELL recommendation is warranted. The steep decline in revenue and continued losses raise concerns about the company’s long-term viability. A price target cannot be accurately given based on the data provided; further analysis of the company’s assets, liabilities, and future earnings potential is needed. Time horizon: Short Term

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

📉 DWTM: SELL Signal (9/10) – Transmission of Quarterly Report for the Period Ended September 30,2025

⚡ Flash Summary

Dewan Textile Mills Limited reported unaudited condensed interim financial statements for the first quarter ended September 30, 2025. The company’s net revenue remained nil due to the closure of operations since December 2015. The financials reflect a net loss after taxation of Rs. 27.920 million and negative reserves of Rs. 6,000.936 million, resulting in a negative equity of Rs. 2,893.572 million. Management is pursuing restructuring of liabilities and is hopeful that restructuring proposals will be accepted.

Signal: SELL 📉
Strength: 9/10
Sentiment: NEGATIVE
Time Horizon: SHORT_TERM

📌 Key Takeaways

  • ❌ Revenue remained nil for the quarter due to continued suspension of manufacturing operations since December 2015.
  • 📉 Net loss after taxation was Rs. 27.920 million for the quarter ended September 30, 2025.
  • ⚠️ The company’s negative reserves amounted to Rs. 6,000.936 million.
  • ⛔️ Negative equity stood at Rs. 2,893.572 million.
  • Expired short-term borrowing facilities have not been renewed, exacerbating liquidity problems.
  • ⚖️ Lenders have initiated litigation for repayment of liabilities.
  • 🏛 The company is pursuing restructuring of its liabilities with lenders.
  • 🤞 Management is hopeful that restructuring proposals will be accepted by financial institutions.
  • 🏭 The company’s manufacturing operations have been suspended since December 2015 due to adverse industry conditions and working capital constraints.
  • 🤔 The company’s ability to continue as a going concern is under significant doubt.
  • 💹 Finance costs decreased slightly from (6,875,797) to (7,237,108)
  • ✅ Other income increased from 6,450,000 to 7,350,000

🎯 Investment Thesis

Given the severe financial distress and operational shutdown, a SELL recommendation is warranted. There is a high risk of further value erosion. The company’s turnaround is highly uncertain and contingent on factors outside of its control. No meaningful price target can be established given the current situation.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

📉 FIMM: SELL Signal (7/10) – Transmission of Quarterly Report for 1st Quarter Ended September 30, 2025

⚡ Flash Summary

First Imrooz Modaraba reported a net loss of Rs. 2.18 million for the quarter ended September 30, 2025, compared to a profit of Rs. 29.16 million in the same period last year. This decline is primarily attributed to a decrease in sales and gross profit, impacted by the trade war between China and the USA, leading to inventory buildup in China and discounted product offerings. Sales decreased from Rs. 308.11 million to Rs. 252.40 million, while gross profit fell from Rs. 74.68 million to Rs. 50.11 million. The management is focused on controlling costs and increasing sales in the coming quarters to improve results.

Signal: SELL 📉
Strength: 7/10
Sentiment: NEGATIVE
Time Horizon: SHORT_TERM

📌 Key Takeaways

  • 📉 Net loss of Rs. 2.18 million compared to a profit of Rs. 29.16 million YoY.
  • 📉 Sales decreased from Rs. 308.11 million to Rs. 252.40 million YoY.
  • 📉 Gross profit declined from Rs. 74.68 million to Rs. 50.11 million YoY.
  • 🇨🇳 Trade war between China and USA impacting sales due to inventory buildup.
  • 📉 Loss per certificate (basic & diluted) is Rs. (0.73) compared to earnings of Rs. 9.72 last year.
  • ⚠️ Modaraba has a substantial stock of products needing to be sold at a discount.
  • ⬆️ Operating expenses increased from Rs. 26.19 million to Rs. 33.0 million YoY.
  • ⬇️ Other income decreased from Rs. 0.94 million to Rs. 0.13 million YoY.
  • 🏢 Management focusing on cost control and increasing sales.
  • 🏦 Multiple banking facilities utilized, including Diminishing Musharaka and Musawamah.
  • ⚖️ Contingency related to Sindh Workers Welfare Fund (SWWF) under appeal.
  • 🧾 Post-dated cheques issued to Collector of Customs amount to Rs. 74.920 million.
  • 🤝 Related party transactions include expenses and rent with Group Companies.
  • 🗓️ Financial information approved for issue on October 28, 2025.

🎯 Investment Thesis

Recommendation: SELL. Rationale: The significant decline in financial performance, including a net loss, decreased sales and gross profit, and challenges in managing inventory, makes First Imrooz Modaraba unattractive for investment. The ongoing trade war and its impact on sales necessitate a conservative approach. Price Target: Rs. 8/- Time Horizon: Short-term (6 months) due to potential for future improvement if management’s cost-control and sales-increase efforts are successful.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

📉 HMIM: SELL Signal (8/10) – TRANSMISSION OF QUARTERLY REPORT FOR THE PERIOD ENDED 30.09.2025

⚡ Flash Summary

Haji Mohammad Ismail Mills Limited reported no sales or manufacturing activity for the first quarter ended September 30, 2025, mirroring the same period last year. The company incurred a pre-tax loss of Rs. 1,284,433 and a loss per share of Rs. (0.11). Management acknowledges the adverse market factors impacting the company’s financial position and is currently defending a winding-up petition filed by the SECP in the High Court of Sindh. They are seeking opportunities for corporate restructuring or merger.

Signal: SELL 📉
Strength: 8/10
Sentiment: NEGATIVE
Time Horizon: SHORT_TERM

📌 Key Takeaways

  • ❌ No sales or manufacturing activity reported for Q1 2025.
  • 📉 Pre-tax loss of Rs. 1,284,433.
  • 📉 Loss per share of Rs. (0.11).
  • ⚠️ Adverse market conditions continue to negatively impact the company.
  • 🏛️ Winding-up petition filed by SECP is still sub judice; management is defending the case.
  • 💼 Management seeking corporate restructuring or merger opportunities.
  • 👍 Political stability and reduced markup rates cited as potential improvements.
  • 🚧 Electricity, gas, and petroleum prices remain hurdles to economic growth.
  • 💰 Investments available for sale increased significantly from Rs. 332,325 to Rs. 2,395,050 since June 30, 2025.
  • 💸 Cash and bank balances decreased from Rs. 3,540,846 to Rs. 2,487,228 since June 30, 2025.
  • ⚖️ Contingency exists related to a notice from the National Bank of Pakistan regarding a loan written off in 2003; case is still pending resolution.
  • ✅ The company has taken steps to comply with corporate governance regulations.

🎯 Investment Thesis

Given the company’s current state, a SELL recommendation is warranted. The lack of revenue, continued losses, legal challenges, and reliance on uncertain future events make this a high-risk investment with a low probability of success. Investors should seek opportunities elsewhere until there is concrete evidence of a successful turnaround.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

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