External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We reiterate our BUY stance on ENGROH as company is trading at discount of 39% at current price of Rs229 compared to SOTP value of Rs373/share.</li><li>Our liking for this scrip is based on (1) addition of thermal assets back to its continued operations as its divestment deal couldn’t materialized previously and (2) the completion of the deodar deal and turning of Enfrashare into profit.</li><li>We expect thermal assets including Engro Powergen Thar Limited (EPTL), Sindh Engro Coal Mining (SECMC) and Engro Power Qadirpur (EPQL) to add Rs16.91/share to the consolidated profits of the company in 2026.</li></ul>

We reiterate our BUY stance on ENGROH as company is trading at discount of 39% at current price of Rs229 compared to SOTP value of Rs373/share.Our liking for this scrip is based on (1) addition of thermal assets back to its continued operations as its divestment deal couldn’t materialized previously and (2) the completion of the deodar deal and turning of Enfrashare into profit.We expect thermal assets including Engro Powergen Thar Limited (EPTL), Sindh Engro Coal Mining (SECMC) and Engro Power Qadirpur (EPQL) to add Rs16.91/share to the consolidated profits of the company in 2026.

Engro Holdings (ENGROH) - Earnings Revised Up; Buy Stance Maintained

Engro Corporation

Engro Holdings (ENGROH) - Earnings Revised Up; Buy Stance Maintained