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>Pakistan Petroleum (PPL) conducted its Corporate Briefing Session today, where the management discussed FY25 financial results and future outlook.</li><li>While the government is still negotiating the deferment of RLNG cargoes with Qatar, management expects the development to boost production by over 50 mmcfd as curtailment is lifted.</li><li>PPL’s cash collection ratio improved to 91% in FY25, compared to 81% in FY24. In 1QFY26, the collection ratio stood at 87%.</li></ul>

Pakistan Petroleum (PPL) conducted its Corporate Briefing Session today, where the management discussed FY25 financial results and future outlook.While the government is still negotiating the deferment of RLNG cargoes with Qatar, management expects the development to boost production by over 50 mmcfd as curtailment is lifted.PPL’s cash collection ratio improved to 91% in FY25, compared to 81% in FY24. In 1QFY26, the collection ratio stood at 87%.

Topline Flash Note: Pakistan Petroleum Limited (PPL) - Corporate Briefing Key Takeaways

<ul><li>Pakistan Petroleum Limited (PPL) announced its 1QFY26 result, posting earnings of Rs20.08bn (EPS: Rs7.38), down 15% YoY, primarily due to lower hydrocarbon production.</li><li>Net sales stood at Rs56.8bn during the quarter, down 14% YoY but up 10% QoQ. The QoQ increase is likely attributable to an increase in crude oil prices, which averaged US$71/bbl in 1QFY26 vs. US$69/bbl in 4QFY26. Additionally, PPL’s oil and gas volumes on a sequential basis are also up 6% and 7%, respectively.</li><li>Exploration expenses declined to Rs633mn in 1QFY26, down 58% YoY and 84% QoQ, reflecting the absence of dry well costs during the quarter.</li></ul>

Pakistan Petroleum Limited (PPL) announced its 1QFY26 result, posting earnings of Rs20.08bn (EPS: Rs7.38), down 15% YoY, primarily due to lower hydrocarbon production.Net sales stood at Rs56.8bn during the quarter, down 14% YoY but up 10% QoQ. The QoQ increase is likely attributable to an increase in crude oil prices, which averaged US$71/bbl in 1QFY26 vs. US$69/bbl in 4QFY26. Additionally, PPL’s oil and gas volumes on a sequential basis are also up 6% and 7%, respectively.Exploration expenses declined to Rs633mn in 1QFY26, down 58% YoY and 84% QoQ, reflecting the absence of dry well costs during the quarter.

Pakistan Petroleum (PPL): 1QFY26 EPS At Rs7.38, Down 15% YoY But Up 4% QoQ

<ul><li>Pakistan Petroleum Limited (PPL) announced its 1QFY26 result, posting earnings of Rs20.08bn (EPS: Rs7.38), down 15% YoY, primarily due to lower hydrocarbon production.</li><li>Net sales stood at Rs56.8bn during the quarter, down 14% YoY but up 10% QoQ.</li><li>Exploration expenses declined to Rs633mn in 1QFY26, down 58% YoY and 84% QoQ, reflecting the absence of dry well costs during the quarter.</li></ul>

Pakistan Petroleum Limited (PPL) announced its 1QFY26 result, posting earnings of Rs20.08bn (EPS: Rs7.38), down 15% YoY, primarily due to lower hydrocarbon production.Net sales stood at Rs56.8bn during the quarter, down 14% YoY but up 10% QoQ.Exploration expenses declined to Rs633mn in 1QFY26, down 58% YoY and 84% QoQ, reflecting the absence of dry well costs during the quarter.

Pakistan Petroleum (PPL): 1QFY26 EPS At Rs7.10, Down 15% YoY But Up 4% QoQ

<ul><li>Company has announced its 4QFY25 result, posting earnings of Rs19.3bn (EPS: Rs7.10), up by 8% YoY and down 11% QoQ, primarily due to lower hydrocarbon production and a decline in oil prices.</li><li>This brings FY25 profits to Rs92.0bn (EPS of 33.82), down by 19% YoY due to the reasons mentioned above.</li><li>Exploration costs stood at Rs4.1bn in 4QFY25, down by 43% YoY amid high base effect led by high dry well expense recorded in SPLY.</li></ul>

Company has announced its 4QFY25 result, posting earnings of Rs19.3bn (EPS: Rs7.10), up by 8% YoY and down 11% QoQ, primarily due to lower hydrocarbon production and a decline in oil prices.This brings FY25 profits to Rs92.0bn (EPS of 33.82), down by 19% YoY due to the reasons mentioned above.Exploration costs stood at Rs4.1bn in 4QFY25, down by 43% YoY amid high base effect led by high dry well expense recorded in SPLY.

Pakistan Petroleum Limited (PPL) – 4QFY25 EPS at Rs7.10, up 8% YoY and down 11% QoQ – In Line With Expectations

<ul><li>We reiterate our 'BUY' stance on Pakistan Petroleum Limited (PPL) with a Jun-2026 Target Price (TP) of Rs222/share, offering a potential total upside of 41%.</li><li>Despite a decline in earnings during FY25 and FY26, we maintain our BUY stance on PPL as stock has already lost 20% of its peak market cap, and Reko Diq feasibility will add 28% to the valuation.</li><li>Earnings are expected to decline 19% in FY26 due to a decline in oil and gas production by 8% and 14% respectively compared to FY25.</li></ul>

We reiterate our 'BUY' stance on Pakistan Petroleum Limited (PPL) with a Jun-2026 Target Price (TP) of Rs222/share, offering a potential total upside of 41%.Despite a decline in earnings during FY25 and FY26, we maintain our BUY stance on PPL as stock has already lost 20% of its peak market cap, and Reko Diq feasibility will add 28% to the valuation.Earnings are expected to decline 19% in FY26 due to a decline in oil and gas production by 8% and 14% respectively compared to FY25.

Pakistan Petroleum Limited (PPL) – Production to decline further amidst RLNG surplus; BUY maintained

Pakistan

Pakistan Petroleum Ltd. specializes in the exploration and production of crude oil and natural gas. The Company also sells liquefied petroleum gas and condensates.

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Pakistan Petroleum (PPL PA)

Topline Flash Note: Pakistan Petroleum Limited (PPL) - Corporate Briefing Key Takeaways

Pakistan Petroleum (PPL) conducted its Corporate Briefing Session today, where the management discussed FY25 financial results and future...

Topline Securities

Pakistan Petroleum (PPL): 1QFY26 EPS At Rs7.38, Down 15% YoY But Up 4% QoQ

Pakistan Petroleum Limited (PPL) announced its 1QFY26 result, posting earnings of Rs20.08bn (EPS: Rs7.38), down 15% YoY, primarily due to lower...

Topline Securities

Pakistan Petroleum (PPL): 1QFY26 EPS At Rs7.10, Down 15% YoY But Up 4% QoQ

Pakistan Petroleum Limited (PPL) announced its 1QFY26 result, posting earnings of Rs20.08bn (EPS: Rs7.38), down 15% YoY, primarily due to lower...

Topline Securities

Pakistan Petroleum Limited (PPL) – 4QFY25 EPS at Rs7.10, up 8% YoY and down 11% QoQ – In Line With Expectations

Company has announced its 4QFY25 result, posting earnings of Rs19.3bn (EPS: Rs7.10), up by 8% YoY and down 11% QoQ, primarily due to lower...

Topline Securities

Pakistan Petroleum Limited (PPL) – Production to decline further amidst RLNG surplus; BUY maintained

We reiterate our 'BUY' stance on Pakistan Petroleum Limited (PPL) with a Jun-2026 Target Price (TP) of Rs222/share, offering a potential total...

Topline Securities

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