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>Following the Federal Constitutional Court judgment of January 27, 2026, PPL booked a tax reversal of provision for Super Tax amounting to Rs8.1bn in 4QFY26.</li><li>Further, ADNOC Offshore has started the FEED study, targeted for completion next year, which will determine additional financing needs.</li><li>We maintain our BUY stance on PPL.</li></ul>

Following the Federal Constitutional Court judgment of January 27, 2026, PPL booked a tax reversal of provision for Super Tax amounting to Rs8.1bn in 4QFY26.Further, ADNOC Offshore has started the FEED study, targeted for completion next year, which will determine additional financing needs.We maintain our BUY stance on PPL.

Pakistan Petroleum (PPL) - Annual Report Key Takeaways

<ul><li>Pakistan Petroleum Limited (PPL) reported a 93% YoY increase in earnings to Rs13.74/share in 4QFY26, taking FY26 earnings to Rs36.21/share, up 7% YoY. The result came in higher than our expectations due to a higher-than-expected sales and lower effective tax rate.</li><li>The company recorded net sales of Rs84.9bn during 4QFY26, up 64% YoY and 39% QoQ. This increase is attributable to the commencement of production from the Baragzai field coupled with volumetric support from Mamikhel South and higher crude oil prices during the quarter. FY26 revenues stood at Rs264.0bn, up 9% YoY.</li><li>We maintain our BUY stance on PPL. The company is currently trading at an FY27E PE of 5.4x. </li></ul>

Pakistan Petroleum Limited (PPL) reported a 93% YoY increase in earnings to Rs13.74/share in 4QFY26, taking FY26 earnings to Rs36.21/share, up 7% YoY. The result came in higher than our expectations due to a higher-than-expected sales and lower effective tax rate.The company recorded net sales of Rs84.9bn during 4QFY26, up 64% YoY and 39% QoQ. This increase is attributable to the commencement of production from the Baragzai field coupled with volumetric support from Mamikhel South and higher crude oil prices during the quarter. FY26 revenues stood at Rs264.0bn, up 9% YoY.We maintain our BUY stance on PPL. The company is currently trading at an FY27E PE of 5.4x. 

Pakistan Petroleum Limited (PPL): 4QFY26 EPS at Rs13.74, Up 93% YoY and 80% QoQ

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%

Thematic (Sector/Industry)

<ul><li>Pakistan’s listed E&P sector reported earnings of Rs214bn, up 2.5x YoY and 2.3x QoQ in 4QFY26.</li><li>Sector booked a tax reversal of Rs54.9bn in 4QFY26 vs. an ETR of 26% in 4QFY25 and 28% in 3QFY26.</li><li>Net sales for the sector grew 54% YoY to Rs307.4bn in 4QFY26.</li></ul>

Pakistan’s listed E&P sector reported earnings of Rs214bn, up 2.5x YoY and 2.3x QoQ in 4QFY26.Sector booked a tax reversal of Rs54.9bn in 4QFY26 vs. an ETR of 26% in 4QFY25 and 28% in 3QFY26.Net sales for the sector grew 54% YoY to Rs307.4bn in 4QFY26.

Pakistan Oil & Gas Exploration - E&P Sector Earnings Up 2.5x YoY and 2.3x QoQ in 4QFY26; Mainly Led by Super Tax Reversal

<ul><li>Pakistan Petroleum Limited (PPL) announced its 3QFY26 results, posting earnings of Rs20.7bn (EPS: Rs7.63), down 5% YoY but up 2% on a QoQ basis.</li><li>This takes 9MFY26 earnings to Rs61.2bn (EPS: Rs22.48), reflecting a 16% YoY decline.</li><li>The company reported net sales of Rs61.0bn, down 4% YoY. Despite a slight increase in production and a substantial rise in oil prices, revenue remained largely flat on a QoQ basis. We await the release of detailed accounts for further clarity on this.</li></ul>

Pakistan Petroleum Limited (PPL) announced its 3QFY26 results, posting earnings of Rs20.7bn (EPS: Rs7.63), down 5% YoY but up 2% on a QoQ basis.This takes 9MFY26 earnings to Rs61.2bn (EPS: Rs22.48), reflecting a 16% YoY decline.The company reported net sales of Rs61.0bn, down 4% YoY. Despite a slight increase in production and a substantial rise in oil prices, revenue remained largely flat on a QoQ basis. We await the release of detailed accounts for further clarity on this.

Pakistan Petroleum Limited (PPL): 3QFY26 EPS Down 5% YoY To Rs7.63/Share

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)

Pakistan Petroleum (PPL) - Annual Report Key Takeaways

Following the Federal Constitutional Court judgment of January 27, 2026, PPL booked a tax reversal of provision for Super Tax amounting to Rs8.1bn...

Topline Securities

Pakistan Petroleum Limited (PPL): 4QFY26 EPS at Rs13.74, Up 93% YoY and 80% QoQ

Pakistan Petroleum Limited (PPL) reported a 93% YoY increase in earnings to Rs13.74/share in 4QFY26, taking FY26 earnings to Rs36.21/share, up 7%...

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

Pakistan Oil & Gas Exploration - E&P Sector Earnings Up 2.5x YoY and 2.3x QoQ in 4QFY26; Mainly Led by Super Tax Reversal

Pakistan’s listed E&P sector reported earnings of Rs214bn, up 2.5x YoY and 2.3x QoQ in 4QFY26. Sector booked a tax reversal of Rs54.9bn in...

Topline Securities

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Pakistan Petroleum (PPL) - Annual Report Key Takeaways

Following the Federal Constitutional Court judgment of January 27, 2026, PPL booked a tax reversal of provision for Super Tax amounting to Rs8.1bn...

Topline Securities

Pakistan Petroleum Limited (PPL): 4QFY26 EPS at Rs13.74, Up 93% YoY and 80% QoQ

Pakistan Petroleum Limited (PPL) reported a 93% YoY increase in earnings to Rs13.74/share in 4QFY26, taking FY26 earnings to Rs36.21/share, up 7%...

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

Pakistan Oil & Gas Exploration - E&P Sector Earnings Up 2.5x YoY and 2.3x QoQ in 4QFY26; Mainly Led by Super Tax Reversal

Pakistan’s listed E&P sector reported earnings of Rs214bn, up 2.5x YoY and 2.3x QoQ in 4QFY26. Sector booked a tax reversal of Rs54.9bn in...

Topline Securities

Pakistan Petroleum Limited (PPL): 3QFY26 EPS Down 5% YoY To Rs7.63/Share

Pakistan Petroleum Limited (PPL) announced its 3QFY26 results, posting earnings of Rs20.7bn (EPS: Rs7.63), down 5% YoY but up 2% on a QoQ...

Topline Securities