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>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