| Instrument | Note | Analyst | State | Drafted | Updated |
|---|---|---|---|---|---|
| OGDCOil & Gas Development Company | A cash-rich major, but no longer the cheap one | Ayesha Raza | IN REVIEW | 23 JUN 06:42 | 23 JUN 10:18 |
| PPLPakistan Petroleum | Reserves yes, returns no — fairly valued | Imran Qureshi | IN REVIEW | 23 JUN 06:44 | 23 JUN 09:51 |
| MARIMari Energies | The quality E&P — pay up for reserve growth | Nishani Perera | IN REVIEW | 23 JUN 06:47 | 23 JUN 11:05 |
| POLPakistan Oilfields | A 34% ROE and an 11% yield at seven times | Ayesha Raza | DRAFT | 23 JUN 06:49 | 23 JUN 06:49 |
| PSOPakistan State Oil | Deepest value in the market — for the brave | Imran Qureshi | DRAFT | 23 JUN 06:52 | 23 JUN 06:52 |
| HUBCHub Power Company | Cheap base-load, building a second act | Nishani Perera | SIGNED | 23 JUN 06:38 | 23 JUN 12:40 |
| LUCKLucky Cement | Paying a cement multiple for a conglomerate grind | Ayesha Raza | PUBLISHED | 11 JUN 06:35 | 11 JUN 14:22 |
| DGKCD.G. Khan Cement | High-beta leverage to the cement upcycle | Imran Qureshi | PUBLISHED | 23 JUN 06:31 | 23 JUN 15:07 |
Source: First Asia Securities editorial workflow — demonstration state built from the desk's note corpus. Data as of 23 Jun 2026, EOD.
DRAFTED BY FAS ENGINE · 23 JUN 06:42 · ASSIGNED AYESHA RAZA · LICENSED-ANALYST SIGN-OFF REQUIRED BEFORE PUBLICATION
A cash-rich major, but no longer the cheap one
Neutral, PKR 360 target: at 9.2× with an 11.4% ROE, OGDC is fairly valued — the easy re-rate is behind it, and a 4.5% yield does not by itself make the call.[^1]
The franchise is unmatched — the largest reserves and deepest exploration acreage in the country — but returns are middling for a state-run major.[^1]
Target holds against the latest close — restate the upside line before signing.
Soften the valuation paragraph: peer multiple is a range, not a point. Otherwise clean.
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