All research notes
Where Did the RDA Money Go? Follow the $13.906 Billion
SBP reports $13.906bn in cumulative RDA receipts, but $3.009bn was the outstanding month-end position in August 2026. Follow the flow to see where that balance sits.
ETF Price, iNAV and NAV: Three Numbers, Three Different Jobs
A PSX ETF can show a traded market price, an intraday indicative NAV and an official daily NAV. The numbers are related, but each answers a different question.
Risk Warning, Suspension and Delisting Are Not the Same on PSX
A PSX Risk Warning, trading suspension and delisting are different actions. Regulation 5.11 shows what changes, what can come next, and why the exact notice matters.
The Earnings Announcement Is the Headline. The Annual Report Is the Evidence.
A results notice gives the headline quickly. The annual report adds the audited statements and accompanying reports needed to test how the result was produced.
Buying a REIT Unit Is Not Buying an Apartment: What Naya Nazimabad Investors Actually Own
Naya Nazimabad Apartment REIT opens public subscription on 7–8 September. The key distinction is what a REIT unit legally and economically represents, and why that differs from owning a specific apartment.
The KSE-100 Gained Just 0.5% in August. Five Things Changed Underneath.
The KSE-100 ended August only about 0.5% above its July close, but reserves, company filings, market access, capital-market rails and the regulatory pipeline all changed underneath.
Pakgen Is No Longer Mainly a Power Producer. What Does a Share Own Now?
Pakgen's power business has ended, nearly half its shares were cancelled, and its balance sheet is now dominated by investments and assets awaiting sale.
SLM Replaces Imported Tyres. So Why Does the Dollar Still Matter?
SLM shows why replacing imported finished tyres does not eliminate foreign-exchange exposure when major manufacturing inputs remain imported or globally priced.
Pakistan's Factories Grew. But Which Industries Actually Drove It?
Pakistan’s large-scale manufacturing grew 4.98% in FY2025–26, but weighted sector contributions and a weak June show why the headline needs decomposition.
One Quarter Can Make a Cyclical Company Look Much Better Than It Really Is
PRL's March 2026 quarter contributed about 82% of its nine-month profit, showing why one strong cyclical quarter should not automatically be treated as a normal earnings run-rate.
You Bought a "Good Company." So Why Did the Stock Fall?
A strong business can still produce a weak stock return when expectations, earnings quality, valuation or broader market conditions change.
Attock Cement’s Sales Rose 33%, but Profit Nearly Doubled: The FY26 Earnings Bridge
ACPL’s FY26 revenue grew 33.1%, but profit after tax rose 97.3%; the earnings bridge shows stronger gross conversion, operating offsets and a sharply lower finance-cost burden.