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 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