Sardar Ali Wattoo

13/06/2026

📌 FY26‑27 Budget: What It Means for Capital Markets
The new budget lands with a constructive read for equities. Policy tilts back toward growth after years of stabilization. The big positives: no transaction tax, CGT/dividend taxes unchanged, and a clean earnings upgrade from super‑tax rationalization.
Macro anchors: Rs18.8trn outlay (+20%), Rs15.3trn FBR target (+17.6%), 4% GDP growth, 3.6% deficit, 2% primary surplus. But debt servicing crosses Rs8trn — over 40% of the budget.
Why PSX cheered: tax stability, salaried relief, and KSE‑100 still at ~8x forward earnings with a 6.3% yield.
Earnings kicker: super tax abolished up to Rs500mn; top rate cut to 8% above that. EPS uplift 2.7–3.9% across cement, steel, pharma, autos. Banks, E&Ps, fertilizer excluded.
Winners: cement, construction, real estate, steel, textiles, IT, pharma, refineries, local autos.
Neutrals: power, E&Ps, OMCs.
Laggards: banks, fertilizer.

Construction leads: Rs1trn PSDP, lower duties, Section 7E abolished, and Apna Ghar channeling Rs3.2trn toward 500k homes. Exporters/IT gain from lower taxes, ERF at 4.5%, and the 0.25% IT tax regime extended to 2029.
The catch: the 17.6% revenue jump rests on untested enforcement — Faceless Centre, algorithmic settlement, bank‑data matching. Ex*****on will decide whether a mini‑budget emerges. *****onRisk
Positioning: Overweight construction, exporters, IT; underweight banks, fertilizer. Watch the revenue run‑rate — the swing factor for FY26‑27.
Sardar-Ali Wattoo Integrated Equities Limited, Pakistan Stock Exchange - PSX SECP Arif Habib Limited The Pakistan Credit Rating Agency Limited [PACRA] Central Depository Company of Pakistan Limited National Clearing Company of Pak Ltd. (NCCPL) State Bank of Pakistan (SBP) Ministry of Finance - Pakistan

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25/05/2026

Eid al Azha Mubarak to you and your loved ones.

12/05/2026

Service Long March IPO 📅 Registration Window for Book Building
13–15 May 2026
🏦 Book Building (Bidding) Dates 18–19 May 2026

💰 Valuation: Floor & Ceiling
Floor Price: PKR 14.25 per share
Ceiling Price: PKR 19.95 per share
Implied P/E: 8.3x (floor) — 11.6x (ceiling)

SLM is a joint venture between Service Group — Pakistan's largest industrial conglomerate — and Chaoyang Long March of China 🤝🇵🇰🇨🇳

Service Group holds 49.35%
Chaoyang Long March holds 42.57%

📊 SLM FY2026 estimated revenue: ~PKR 67 billion (vs PKR 50 billion in FY2025) 📈

🛞 1.6 million TBR tyre capacity per year
🏆 43% domestic market share
🌍 ~5% global export share

📉 Floor P/E: 8.3x
📈 Ceiling P/E: 11.6x
For context:
Service Global: 11.55x P/E
Servis Industries: ~74x P/E
SLM at 8.3x is structurally deeply discounted 💡

🏆 Pakistan's No.1 TBR Tyre Brand
🏅 Leading Exporter
🏆 PM Excellence Award 2026

🕌 Shariah compliant — certified by Al-Hilal Shariah Advisors

🎯 Tax-exempt under SEZ framework until FY2032 — fiscal advantage

💰 Floor: PKR 14.25
💰 Ceiling: PKR 19.95
📦 Total raise: PKR 5.55 billion at floor

⚙️ TBR capacity expanding from 1.6m → 2m tyres by July 2026

🇵🇰 43% domestic market share — Pakistan’s only local TBR tyre manufacturer.
🔥 Zero domestic competition

🌍 Export revenue: PKR 18.91 billion
🇺🇸 10th largest TBR exporter to USA
🇧🇷 7th largest to Brazil

📦 Distribution: 30+ cities, 100+ dealers
☀️ Renewable energy: 12 MW solar + 7.5 MW wind (in process)

🔧 IPO funds the new PCR (Passenger Car Radial) tyre facility
🗓️ Operational: January 2028

🚗 PCR capacity: 2 million tyres/year
🇵🇰 Pakistan’s PCR market: 8.65 million units/year
📉 Import gap: 3.85 million tyres
SLM is positioned to capture this unmet demand

🏗️ Total PCR project cost: PKR 22.56 billion
IPO covers 24.6% — rest via long-term loans + internal cash

📈 Revenue CAGR FY2023–FY2026E: 61.2%
💵 FY2026E Net Profit: PKR 13.14 billion
📊 ROE: 37.4%

📈 Projected earnings CAGR FY2025–FY2028: 33.58%
A high-growth, high-margin business 🔥

📦 IPO Structure:
389.73 million shares (5% of post-IPO capital)
Book Building: 292.3 million shares
Retail/Public Offer: 97.4 million shares
Fully underwritten by Dawood Equities, Bank Alfalah, IISPL, AHL
Integrated Equities Limited Sardar Ali Wattoo
Arif Habib Limited See less

05/05/2026

🌟 Alhamdulillah — Sitara Petroleum IPO 7X Oversubsribed -Success! 🚀🔥

💼 3rd Largest Private Sector IPO

📈 7x Oversubscribed

💰 PKR 4.8 Billion Equity Raised

⏱️ Book Filled in Just 8 Minutes — Record Time!

🏆 40% Max Cap Ever Achieved

Proud to share this milestone

Grateful to everyone who contributed to this achievement and to the market for its trust and confidence.

Integrated Equities Limited Arif Habib Limited Pakistan Stock Exchange - PSX SECP State Bank of Pakistan (SBP) National Clearing Company of Pak Ltd. (NCCPL) The Institute of Chartered Accountants of Pakistan (ICAP) Central Depository Company of Pakistan Limited

02/05/2026

The IPO of is now live — with Book Building on 4–5 May .
Registration remains open until 3:00 PM on 5th May, with a minimum investment of PKR 2 million .
Sitara Petroleum, part of the , operates out of Sahiwal and has no link to the Faisalabad‑based Sitara Group or Sitara Peroxide .
In FY2025, GO Group generated PKR 765 billion in revenue — with PKR 122 billion contributed by Sitara Petroleum alone .
GO Petroleum crossed PKR 600 billion, backed by as a strategic partner.
The group’s diversification — GO Foods and Sitara Properties — continues to scale rapidly .
Why this IPO stands out
The company is .
Floor price: PKR 13.50; Ceiling: PKR 18.90 .
P/E < 4x at floor price; TTM P/E ~5.5x at ceiling — roughly half the broader market valuation .
Operational Strength
54 GO-branded stations, with aggressive expansion into the network.
Aramco stations deliver 3–6x higher daily sales .
IPO proceeds will fund 47 new stations and expand the 320‑tanker fleet .
GO Aramco now commands 17% market share, outpacing all competitors .
Sitara’s tanker business grows in lockstep with Aramco’s retail expansion — an integrated, self‑reinforcing model .
Financial Discipline
Strong cash flows: most customers pay on the spot.
Receivables remain minimal, backed by long‑term corporate arrangements .
Bottom Line
A rapidly scaling business, diversified revenue streams, operational efficiency, and a valuation significantly below the market — this IPO offers a compelling case for investors .

20/03/2026

Wishing you and your loved ones a very Happy Eid Mubarak.
Integrated Equities Limited Sardar Ali Wattoo

28/01/2026

Integrated Equities Limited successfully advises on Strategic Acquisition of 100% Equity Stake in through the of FFC's Own Shares.

IEL acted as the exclusive Consultant to the Issue (CTI) for FFC in the acquisition of 100% shares in FFBL Power Company Limited (FPCL) through a share-swap transaction with Fauji Foundation.

: Issuance of 15,914,566 FFC ordinary shares to Fauji Foundation in exchange for 214,687,500 FPCL (FFBL Power Company Limited) shares under Section 83(1)(b) of the Companies Act, 2017.

: Shareholder approval obtained at EGM on December 08, 2025. SECP approval granted via letter dated January 05, 2026.

: Fauji Foundation now holds 637,778,197 shares representing 44.32% of FFC's expanded capital of 1,439,023,262 shares.

Transaction completed on 28 January 2026 with intimation to shareholders and Pakistan Stock Exchange - PSX, Central Depository Company of Pakistan Limited and.

🎯 provided comprehensive advisory services, including structuring, regulatory compliance, and transaction ex*****on support.

03/10/2025

29/09/2025

Save & Invest with - the Stockbroker of your choice! Data speaks here!
PSX stocks have beaten all other investments USD, Real Estate, and even Gold in all time scales: 1 year, 5 years, 10 years, 25 years. Even Rs. 100 saved daily will build wealth for your family needs and old-age savings.
Integrated Equities Limited Pakistan Stock Exchange - PSX SECP Central Depository Company of Pakistan Limited The Pakistan Credit Rating Agency Limited [PACRA] FFC Engro Fertilizers Ltd Meezan Bank Limited Askari Bank Faysal Bank Limited Mari Energies Limited Lahore University of Management Sciences Lahore School of Economics University of the Punjab Hailey College of Commerce, University of the Punjab Integrated Equities Limited Wild Poppy

12/06/2025

Integrated Equities Limited Limited is the and for on Board of . / Subscription Plan:
DATES: From TILL , 2025 (9:00 AM TO 5:00 PM) AND ON JUNE 19, 2025 (9:00 AM TO 3:00 PM)
DATES:
From (9:00 AM TO 5:00 PM) TO , 2025 (9:00 AM TO 5:00 PM)
are invited to Reguster and Subscribe in this .
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