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) held its corporate briefing today to discuss FY26 financial result and outlook.</li><li>On dividends from subsidiaries, management said subsidiaries are declaring healthy dividends, which will be recorded in 2H, when received.</li><li>We maintain our buy stance on HUBC.</li></ul>

Hub Power Company (HUBC) held its corporate briefing today to discuss FY26 financial result and outlook.On dividends from subsidiaries, management said subsidiaries are declaring healthy dividends, which will be recorded in 2H, when received.We maintain our buy stance on HUBC.

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

<ul><li>Hub Power Company (HUBC) announced its 4QFY26 results, wherein the company reported earnings of Rs16.6bn (EPS of Rs12.77), up 39% YoY, primarily driven by higher profit contribution from associates and JVs, along with lower taxation.</li><li>Profit contribution from associates and JVs increased by 19% YoY and 18% QoQ.</li><li>We maintain our Buy stance on HUBC.</li></ul>

Hub Power Company (HUBC) announced its 4QFY26 results, wherein the company reported earnings of Rs16.6bn (EPS of Rs12.77), up 39% YoY, primarily driven by higher profit contribution from associates and JVs, along with lower taxation.Profit contribution from associates and JVs increased by 19% YoY and 18% QoQ.We maintain our Buy stance on HUBC.

Hub Power Company (HUBC) – 4QFY26 EPS at Rs12.77, Up 39% YoY – Earning Higher Than Industry Expectations

Cross Asset Strategy

<ul><li>KSE-100 index companies posted earnings of Rs609bn in 4QFY26, up 34% YoY and 20% QoQ.</li><li>The E&P sector witnessed significant boost in profitability, surging 2.6x YoY and 2.3x QoQ to Rs214.2bn, mainly driven by a huge tax reversal following the FCC’s decision on super tax.</li><li>This takes the FY26 dividends to Rs904.4bn, up 11% with a payout ratio of around 45%.</li></ul>

KSE-100 index companies posted earnings of Rs609bn in 4QFY26, up 34% YoY and 20% QoQ.The E&P sector witnessed significant boost in profitability, surging 2.6x YoY and 2.3x QoQ to Rs214.2bn, mainly driven by a huge tax reversal following the FCC’s decision on super tax.This takes the FY26 dividends to Rs904.4bn, up 11% with a payout ratio of around 45%.

Pakistan Strategy - Corporate Profitability Up 34% in 4QFY26; FY26 Earnings Up 23%; Dividends Up 11%

<ul><li>Hub Power Company (HUBC) held its corporate briefing today to discuss 1HFY26 financial result and future outlook.</li><li>The company’s two Thar-based plants, Thar Energy Limited (TEL) and ThalNova, have declared dividends. HUBC has received Rs4.9bn from ThalNova in 2QFY26 and Rs 0.7bn from TEL. Management highlighted that the major dividend from TEL will be recorded in 3QFY26.</li><li>Overdue receivables currently stand at Rs68bn for CPHGC, Rs8bn for TEL, Rs7bn for ThalNova, Rs6bn for Laraib, and Rs1.4bn for Narowal.</li></ul>

Hub Power Company (HUBC) held its corporate briefing today to discuss 1HFY26 financial result and future outlook.The company’s two Thar-based plants, Thar Energy Limited (TEL) and ThalNova, have declared dividends. HUBC has received Rs4.9bn from ThalNova in 2QFY26 and Rs 0.7bn from TEL. Management highlighted that the major dividend from TEL will be recorded in 3QFY26.Overdue receivables currently stand at Rs68bn for CPHGC, Rs8bn for TEL, Rs7bn for ThalNova, Rs6bn for Laraib, and Rs1.4bn for Narowal.

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

<ul><li>Hub Power Company (HUBC) announced its 2QFY26 result wherein company reported earnings of Rs10.6bn (EPS of Rs8.19), up 152% YoY, primarily driven by amendments to the PPA implemented in 2QFY25.</li><li>The result came lower than expectations due to higher-than-expected ETR.</li><li>The effective tax rate surged to 23.8% in 2QFY26, compared to 38.7% in 2QFY25 and 19.3% in 1QFY26. This takes 1HFY26 ETR to 21.6% vs 19.7 in SPLY.</li></ul>

Hub Power Company (HUBC) announced its 2QFY26 result wherein company reported earnings of Rs10.6bn (EPS of Rs8.19), up 152% YoY, primarily driven by amendments to the PPA implemented in 2QFY25.The result came lower than expectations due to higher-than-expected ETR.The effective tax rate surged to 23.8% in 2QFY26, compared to 38.7% in 2QFY25 and 19.3% in 1QFY26. This takes 1HFY26 ETR to 21.6% vs 19.7 in SPLY.

Hub Power Company (HUBC): 2QFY26 EPS at Rs8.19, Up 152% YoY But Down 9% QoQ – Lower Than Industry 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)

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

Hub Power Company (HUBC) held its corporate briefing today to discuss FY26 financial result and outlook. On dividends from subsidiaries,...

Topline Securities

Hub Power Company (HUBC) – 4QFY26 EPS at Rs12.77, Up 39% YoY – Earning Higher Than Industry Expectations

Hub Power Company (HUBC) announced its 4QFY26 results, wherein the company reported earnings of Rs16.6bn (EPS of Rs12.77), up 39% YoY, primarily...

Topline Securities

Pakistan Strategy - Corporate Profitability Up 34% in 4QFY26; FY26 Earnings Up 23%; Dividends Up 11%

KSE-100 index companies posted earnings of Rs609bn in 4QFY26, up 34% YoY and 20% QoQ. The E&P sector witnessed significant boost in...

Topline Securities

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

Hub Power Company (HUBC) held its corporate briefing today to discuss 1HFY26 financial result and future outlook. The company’s two Thar-based...

Topline Securities

Hub Power Company (HUBC): 2QFY26 EPS at Rs8.19, Up 152% YoY But Down 9% QoQ – Lower Than Industry Expectations

Hub Power Company (HUBC) announced its 2QFY26 result wherein company reported earnings of Rs10.6bn (EPS of Rs8.19), up 152% YoY, primarily driven...

Topline Securities

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