PPL
Pakistan PetroleumLAST · PKR
52W RANGE
Source: PSX, First Asia Securities Research. Data as of 22 Jun 2026, EOD.
- Market cap
- 665bn
- P/E (ttm)
- 8.4×
- EPS (ttm)
- 28.99
- Dividend yield
- 3.1%
- Return on equity
- 10.9%
- Beta
- 0.70
- Free float
- 25%
- 52W high
- 284.60
- 52W low
- 151.30
- 1D change
- +0.29%
- YTD return
- +4.4%
Second-largest E&P player and operator of the legacy Sui gas field, with a growing exploration footprint in frontier basins.
FAS DESK · FIRST ASIA SECURITIES RESEARCH · 23 JUN 2026 · EOD
Reserves yes, returns no — fairly valued
- 01
Neutral, PKR 260 target: at 8.4× with an 11% ROE and a 3.1% yield, PPL screens fair — the deep discount thesis the multiple once carried has closed.
- 02
Sui is maturing and frontier exploration backfills only slowly; the volume trajectory is flat-to-soft.
- 03
As across the sector, circular-debt receivables cap cash returns; settlement is the upside, not the base case.
- 04
At ~8.6× our FY26E EPS the target is PKR 260 — modest upside; we prefer to wait for a cheaper entry or a settlement.
| Metric | FY25A | FY26E | FY27E |
|---|---|---|---|
| Net profitPKR bn | 79.0 | 83.0 | 87.0 |
| EPSPKR | 28.9 | 30.3 | 31.8 |
| DPSPKR | 7.5 | 7.9 | 8.3 |
| P/E× | 8.4× | 8.0× | 7.6× |
| EPS growth% | — | +5.0% | +5.0% |
A = REPORTED · E = FAS ESTIMATE
Receivables build; dry wells; Sui declines.
6.6× stressed EPS
Fairly valued; reserves hold.
8.6× FY26E
Settlement plus exploration success.
10.0× FY26E
Cheaper than OGDC — a better buy?
The discount to OGDC signals value.
Both are now fairly valued; comparable reserves, comparable middling returns.
Reserve growth or a settlement that lifts cash ROE.
Can exploration replace Sui?
Frontier basins are slow and risky.
A multi-block portfolio spreads risk but only slowly offsets Sui's decline.
A run of dry wells across the acreage.
Is the yield enough?
3.1% is thin for an E&P.
It is — the income case is weak and caps the rating at Neutral.
A step-up in payout on a receivables settlement.
| Assumption | Value | Basis |
|---|---|---|
| FY26E EPS | PKR 30.4 | FY25 base +5% |
| Target multiple | ~8.6× FY26E | in line with the current 8.4× |
| Dividend yield | 3.1% | thin for the sector |
| 12-month target | PKR 260 | ≈8.6 × 30.4, rounded |
- 01Circular-debt escalationWATCH · Receivables on quarterly accounts
- 02Sui decline / reservesWATCH · Reserve-replacement ratio
- 03Oil price & PKRWATCH · Arab Light, PKR/USD
- 04Exploration / dry-well riskWATCH · Frontier well results
— GENERATED BY FIRST ASIA SECURITIES · NOT INVESTMENT ADVICE
| Symbol | Last | Chg % | P/E | M. Cap | 1Y |
|---|---|---|---|---|---|
| OGDCOil & Gas Development Company | 334.25 | +0.90% | 9.2× | 1.44tn | |
| MARIMari Energies | 658.67 | +0.03% | 11.5× | 788bn | |
| PPLPakistan Petroleum— THIS PAGE | 242.63 | +0.29% | 8.4× | 665bn | |
| POLPakistan Oilfields | 687.08 | −0.96% | 7.2× | 195bn |
Source: PSX, First Asia Securities Research. Data as of 22 Jun 2026, EOD.