External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Hub Power Company (HUBC) announced its 1QFY26 result wherein company reported earnings of Rs11.6bn (EPS of Rs9.0), down 39% YoY mainly due to termination of base plant. The same is up by 2% QoQ. The result is in line with our expectations.</li><li>HUBC declared a Rs5/share dividend for 1QFY26, above our expectation of Rs3/share.</li><li>Gross profit of the company clocked in at 44% in 1QFY26 vs. 56% in SPLY due to the termination of the base plant and revision in Narowal plant PPA.</li></ul>

Hub Power Company (HUBC) announced its 1QFY26 result wherein company reported earnings of Rs11.6bn (EPS of Rs9.0), down 39% YoY mainly due to termination of base plant. The same is up by 2% QoQ. The result is in line with our expectations.HUBC declared a Rs5/share dividend for 1QFY26, above our expectation of Rs3/share.Gross profit of the company clocked in at 44% in 1QFY26 vs. 56% in SPLY due to the termination of the base plant and revision in Narowal plant PPA.

Hub Power Company (HUBC): 1QFY26 EPS at Rs9.0, Down 39% YoY and 2% QoQ - In Line With Expectations

<ul><li>We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent development on BYD front, higher receivables recovery pattern, and dividend expectations from Thar coal-based power plant.</li><li>Our DCF based valuation suggest Dec 2026 target price of Rs244/share for the company which offers capital gain of 12% and dividend yield of 9.6%, translating into total return of 22%.</li><li>According to the company’s corporate briefing session, more than 2,000 units have been sold in less than six months, which indicates growing market response in line with the global success of BYD.</li></ul>

We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent development on BYD front, higher receivables recovery pattern, and dividend expectations from Thar coal-based power plant.Our DCF based valuation suggest Dec 2026 target price of Rs244/share for the company which offers capital gain of 12% and dividend yield of 9.6%, translating into total return of 22%.According to the company’s corporate briefing session, more than 2,000 units have been sold in less than six months, which indicates growing market response in line with the global success of BYD.

Hub Power Company (HUBC): PCD Of Two CPEC Plants To Sustain Dividend; Target Price Revised To Rs244/Sh; BYD To Gradually Ramp Up

<ul><li>We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results and outlook.</li><li>Management stated that due to the government’s focus on this area and timely release of the planned subsidies, the Company’s recoveries have improved, particularly for its coal-fired power plants.</li><li>The Company said that different options have been explored for its base plant at Hub, which has a huge industrial land of ~1,100 acres.</li></ul>

We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results and outlook.Management stated that due to the government’s focus on this area and timely release of the planned subsidies, the Company’s recoveries have improved, particularly for its coal-fired power plants.The Company said that different options have been explored for its base plant at Hub, which has a huge industrial land of ~1,100 acres.

Hub Power Company (HUBC): Management Meeting Takeaways; Various Options Explored For Base Plant; BYD To Provide Growth

<ul><li>Hub Power Company (HUBC) held its corporate briefing today to discuss FY25 financial result and future outlook.</li><li>The company is confident that its two Thar-based plants, TEL and ThalNova, will declare their maiden dividend in 2H2025.</li><li>We have a BUY recommendation on the company as it is trading at FY26/27 PE of 4.2/3.0 and dividend yield of 10%/11%.</li></ul>

Hub Power Company (HUBC) held its corporate briefing today to discuss FY25 financial result and future outlook.The company is confident that its two Thar-based plants, TEL and ThalNova, will declare their maiden dividend in 2H2025.We have a BUY recommendation on the company as it is trading at FY26/27 PE of 4.2/3.0 and dividend yield of 10%/11%.

Topline Flash Note: Hub Power Company (HUBC): Corporate Briefing Key Takeaways

<ul><li>Hub Power Company (HUBC) announced its 4QFY25 result wherein company reported earnings of Rs11.8bn (EPS of Rs9.16), 42% YoY mainly due to termination of base plant. The same is up by 8% QoQ.</li><li>This brings FY25 profits to Rs46.1bn (EPS 35.6) a 34% decline from due to mentioned reason above.</li><li>HUBC declared a Rs10/share dividend for 4QFY25, above industry expectations, taking FY25 dividend to Rs15/share.</li></ul>

Hub Power Company (HUBC) announced its 4QFY25 result wherein company reported earnings of Rs11.8bn (EPS of Rs9.16), 42% YoY mainly due to termination of base plant. The same is up by 8% QoQ.This brings FY25 profits to Rs46.1bn (EPS 35.6) a 34% decline from due to mentioned reason above.HUBC declared a Rs10/share dividend for 4QFY25, above industry expectations, taking FY25 dividend to Rs15/share.

Hub Power Company (HUBC): 4QFY25 EPS At Rs9.16, Down 42% YoY And Up 8% QoQ - In Line With Expectations

Pakistan

The Hub Power Company Limited owns, operates and maintains an oil fired power station in Pakistan.  The Company delivers electricity for distribution to industrial, commerce, agricultural, and domestic customers.  Hub's clients include The Water and Power Development Authority.

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Hub Power Company (HUBC PA)

Hub Power Company (HUBC): 1QFY26 EPS at Rs9.0, Down 39% YoY and 2% QoQ - In Line With Expectations

Hub Power Company (HUBC) announced its 1QFY26 result wherein company reported earnings of Rs11.6bn (EPS of Rs9.0), down 39% YoY mainly due to...

Topline Securities

Hub Power Company (HUBC): PCD Of Two CPEC Plants To Sustain Dividend; Target Price Revised To Rs244/Sh; BYD To Gradually Ramp Up

We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent...

Topline Securities

Hub Power Company (HUBC): Management Meeting Takeaways; Various Options Explored For Base Plant; BYD To Provide Growth

We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results...

Topline Securities

Topline Flash Note: Hub Power Company (HUBC): Corporate Briefing Key Takeaways

Hub Power Company (HUBC) held its corporate briefing today to discuss FY25 financial result and future outlook. The company is confident that its...

Topline Securities

Hub Power Company (HUBC): 4QFY25 EPS At Rs9.16, Down 42% YoY And Up 8% QoQ - In Line With Expectations

Hub Power Company (HUBC) announced its 4QFY25 result wherein company reported earnings of Rs11.8bn (EPS of Rs9.16), 42% YoY mainly due to...

Topline Securities

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