SELL - FoxLogica

📉 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 Despite these challenges, the company is focusing on modernization by replacing outdated technology and planning further automation.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🔄 Company replaced outdated ring spinning with Auto Coro spinning technology.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 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 Signal: SELL

📉 TPLT: SELL Signal (8/10) – Financial Results for the Year Ended June 30, 2025

⚡ Flash Summary

TPL Trakker Limited’s financial results for the year ended June 30, 2025, reveal a concerning downturn compared to the previous year. The company experienced a significant decrease in revenue, dropping from PKR 2.54 billion in 2024 to PKR 1.77 billion in 2025. This decline in revenue translated to a net loss of PKR 69.95 million in 2025, a stark contrast to the net profit of PKR 135.02 million reported in 2024. No cash dividend, bonus shares, or right shares were recommended by the board.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Revenue declined significantly by 30.26% from PKR 2.54 billion in 2024 to PKR 1.77 billion in 2025.
📉 The company recorded a net loss of PKR 69.95 million in 2025, compared to a net profit of PKR 135.02 million in 2024.
📉 Basic and diluted loss per share stood at PKR 0.37 in 2025, down from earnings per share of PKR 0.72 in 2024.
⚠️ Operating profit decreased substantially from PKR 627.51 million in 2024 to PKR 280.71 million in 2025.
⚠️ Finance costs were significant at PKR 337.24 million in 2025, slightly lower than PKR 515.04 million in 2024.
⚠️ The company reports no cash dividend, bonus shares, or right shares were recommended by the board.
⚠️ Total assets decreased from PKR 6.23 billion in 2024 to PKR 6.01 billion in 2025, indicating a contraction in the asset base.
⚠️ Stock-in-trade increased significantly from PKR 232.16 million to PKR 309.55 million.
⚠️ Trade debts decreased from PKR 565.13 million to PKR 329.04 million.
⚠️ Cash and bank balances decreased from PKR 159.55 million to PKR 125.83 million.
⚠️ Long-term financing decreased from PKR 223.45 million to PKR 17.06 million.
⚠️ Revenue reserves decreased from PKR 136.98 million to PKR 67.03 million.

🎯 Investment Thesis

Given the significant decline in financial performance, coupled with the shift to a net loss position and decreased cash flows, a SELL recommendation is warranted for TPL Trakker Limited. The company’s revenue downturn, operating profit reduction, and balance sheet contraction raise concerns about its ability to sustain operations and generate future value. Price Target: PKR 5.00, Time Horizon: Medium Term

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 21, 2025

announcements Signal: SELL

📉 TPLT: SELL Signal (8/10) – Financial Results for the Year Ended June 30, 2025

⚡ Flash Summary

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Revenue declined significantly by 30.26% from PKR 2.54 billion in 2024 to PKR 1.77 billion in 2025.
📉 The company recorded a net loss of PKR 69.95 million in 2025, compared to a net profit of PKR 135.02 million in 2024.
📉 Basic and diluted loss per share stood at PKR 0.37 in 2025, down from earnings per share of PKR 0.72 in 2024.
⚠️ Operating profit decreased substantially from PKR 627.51 million in 2024 to PKR 280.71 million in 2025.
⚠️ Finance costs were significant at PKR 337.24 million in 2025, slightly lower than PKR 515.04 million in 2024.
⚠️ The company reports no cash dividend, bonus shares, or right shares were recommended by the board.
⚠️ Total assets decreased from PKR 6.23 billion in 2024 to PKR 6.01 billion in 2025, indicating a contraction in the asset base.
⚠️ Stock-in-trade increased significantly from PKR 232.16 million to PKR 309.55 million.
⚠️ Trade debts decreased from PKR 565.13 million to PKR 329.04 million.
⚠️ Cash and bank balances decreased from PKR 159.55 million to PKR 125.83 million.
⚠️ Long-term financing decreased from PKR 223.45 million to PKR 17.06 million.
⚠️ Revenue reserves decreased from PKR 136.98 million to PKR 67.03 million.

🎯 Investment Thesis

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 21, 2025

announcements Signal: SELL

📉 SBL: SELL Signal (7/10) – Financial results for the quarter ended September 30, 2025

⚡ Flash Summary

Samba Bank Limited (SBL) reported its Q3 2025 financial results, revealing a decrease in profitability compared to the same quarter last year. Net profit after taxation declined to PKR 286.877 million from PKR 103.663 million. This decline was driven by a decrease in total income from PKR 2.206 billion to PKR 1.890 billion. The bank did not announce any cash dividend, bonus shares, or right shares.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Profit after taxation decreased significantly to PKR 286.877 million in Q3 2025 compared to PKR 103.663 million in Q3 2024.
📉 Total income declined from PKR 2.206 billion to PKR 1.890 billion year-over-year.
⚠️ Net mark-up/return/interest income decreased to PKR 1.361 billion from PKR 1.779 billion.
⚠️ Non-mark-up/interest income increased to PKR 527.780 million from PKR 426.897 million.
📊 Operating expenses decreased slightly to PKR 1.358 billion from PKR 1.383 billion.
🚫 No cash dividend was announced for the quarter ended September 30, 2025.
🚫 No bonus shares were announced for the quarter.
🚫 No right shares were announced for the quarter.
💸 Basic and diluted earnings per share decreased to PKR 0.28 from PKR 0.30.
🏦 Total assets increased to PKR 231.978 billion as of September 30, 2025, compared to PKR 182.485 billion as of December 31, 2024.
liabilities also increased from PKR 165.260 billion to PKR 213.709 billion.

🎯 Investment Thesis

Based on the Q3 2025 results, a SELL recommendation is warranted for Samba Bank. The decline in profitability, reduced EPS, and increased liabilities present significant concerns. The price target is PKR 7.00, with a time horizon of 6 months, reflecting the expectation of continued underperformance compared to its peers.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

announcements NBP Signal: SELL

📉 NBP: SELL Signal (6/10) – Material Information

⚡ Flash Summary

National Bank of Pakistan (NBP) disclosed a transaction executed on October 16, 2025, where it sold 434,900 shares of First Dawood Properties Ltd. The sale was executed at a rate of PKR 9.03 per share, totaling PKR 3,927,386. Following this transaction, NBP’s holding in First Dawood Properties Ltd stands at 13.13%. This announcement is in compliance with the Pakistan Stock Exchange (PSX) regulations regarding disclosure of interest by substantial shareholders.

Signal: SELL 📉

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📢 NBP sold 434,900 shares of First Dawood Properties Ltd.
🗓️ The transaction occurred on October 16, 2025.
💸 The sale price was PKR 9.03 per share.
💰 Total transaction amount: PKR 3,927,386.
📉 NBP’s holding in First Dawood Properties Ltd is now 13.13%.
📜 The disclosure is under PSX regulations.
🏢 NBP is identified as a substantial shareholder.
🏦 Transaction executed by National Bank of Pakistan.
📄 Form of shares: CDC
🤝 Transaction executed with First Dawood Properties Ltd.

🎯 Investment Thesis

Based on the information provided, a SELL recommendation is warranted. NBP’s decision to reduce its stake in First Dawood Properties Ltd suggests a potentially less favorable outlook for the company. A price target cannot be determined without a full valuation model, but investors should monitor First Dawood Properties Ltd’s performance and consider the implications of NBP’s reduced holding. Time horizon: MEDIUM_TERM.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

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