1 AICL Adamjee Insurance Company 0.2 0.05 24% 0.40 60.0% +9% 6 Rs 14.4bn STRONG BUY 2 BERG Berger Paints Pakistan 0.6 0.10 19% 0.39 37.3% -14% 9 Rs 4.8bn STRONG BUY 3 PRL Pakistan Refinery Limited 0.9 0.14 17% 0.68 19.7% +44% 8 Rs 34.2bn STRONG BUY 4 AGL Agritech Limited 0.1 0.04 38% 0.62 60.0% +69% 6 Rs 1.2bn STRONG BUY 5 KAPCO Kot Addu Power Company 1.2 0.33 29% 0.79 56.7% +58% 7 Rs 14.5bn STRONG BUY 6 SITC Sitara Chemical Industries 1.3 0.20 17% 0.68 25.0% -5% 9 Rs 5.7bn STRONG BUY 7 NML Nishat Mills Limited 1.6 0.30 20% 0.48 37.7% +210% 8 Rs 160.4bn STRONG BUY 8 NETSOL NetSol Technologies 7.1 2.27 35% 0.21 5.6% +30% 7 Rs 444.4bn STRONG BUY 9 BOP The Bank of Punjab 0.4 0.10 29% 0.83 60.0% -12% 4 Rs 38.6bn STRONG BUY 10 PSO Pakistan State Oil Company 2.0 0.66 37% 0.96 21.7% +105% 7 Rs 514.2bn STRONG BUY 11 NPL Nishat Power Limited 0.8 0.26 36% 1.45 60.0% +89% 9 Rs 2.0bn STRONG BUY 12 FML Feroze1888 Mills 1.9 0.37 21% 0.43 27.3% +95% 8 Rs 29.9bn BUY 13 MARI Mari Petroleum Company 0.1 0.02 25% 0.20 60.0% -11% 9 Rs 82.5bn BUY 14 THALL Thal Limited 1.8 0.27 16% 0.43 23.6% +110% 8 Rs 28.8bn BUY 15 NRL National Refinery Limited 1.4 0.20 16% 1.47 15.1% -22% 8 Rs 13.8bn BUY 16 HBL Habib Bank Limited 1.2 0.25 23% 0.71 60.0% -7% 5 Rs 1.32tn BUY 17 SYS Systems Limited 4.3 1.33 35% 0.39 6.1% +36% 8 Rs 2.13tn BUY 18 GATM Gul Ahmed Textile Mills 1.0 0.19 20% 0.66 48.2% +33% 9 Rs 17.4bn BUY 19 GHGL Ghani Glass Limited 2.9 0.67 25% 0.41 9.2% +2% 8 Rs 68.6bn BUY 20 FCEPL FrieslandCampina Engro Pakistan 0.3 0.16 56% 0.87 60.0% +62% 8 Rs 20.8bn BUY 21 PNSC Pakistan National Shipping Corp 1.1 0.29 28% 0.26 60.0% -43% 7 Rs 30.6bn BUY 22 AVN Avanceon Limited 1.1 0.26 26% 0.45 11.8% +57% 8 Rs 22.2bn BUY 23 FFL Fauji Foods Limited 1.1 0.38 37% 0.52 50.8% +33% 5 Rs 11.0bn BUY 24 AGTL Al-Ghazi Tractors Limited 5.2 0.67 13% 0.33 10.7% -35% 8 Rs 26.1bn BUY 25 FEROZ Ferozsons Laboratories 2.1 0.53 28% 0.40 11.0% +45% 8 Rs 17.4bn BUY 26 SRVI Service Industries Limited 1.5 0.12 9% 0.52 22.9% +63% 8 Rs 2.4bn BUY 27 ILP Interloop Limited 1.2 0.15 14% 0.62 26.6% +21% 8 Rs 23.6bn BUY 28 KEL K-Electric Limited 1.7 0.49 31% 0.92 42.3% +65% 8 Rs 16.1bn BUY 29 MLCF Maple Leaf Cement Factory 0.2 0.08 54% 1.97 60.0% -6% 8 Rs 300m BUY 30 HTL Hi-Tech Lubricants 1.7 0.53 36% 1.13 19.1% +47% 6 Rs 11.5bn BUY 31 PIOC Pioneer Cement Limited 0.5 0.11 21% 0.34 60.0% +59% 8 Rs 32.8bn BUY 32 IGIHL IGI Holdings Limited 0.5 0.10 25% 1.08 60.0% -5% 7 Rs 5.1bn HOLD 33 EFERT Engro Fertilizers Limited 0.7 1.04 172% 1.43 60.0% +20% 8 Rs 257.1bn HOLD 34 FFC Fauji Fertilizer Company 0.2 0.12 73% 0.66 60.0% -30% 5 Rs 44.1bn HOLD 35 GHNI Ghandhara Industries 8.5 1.11 13% 0.58 13.3% +34% 8 Rs 28.8bn HOLD 36 PTC Pakistan Telecommunication Company 15.9 6.24 43% 0.17 3.7% +2% 6 Rs 2.87tn HOLD 37 TPLP TPL Properties Limited 0.4 0.12 31% 0.21 60.0% +10% 6 Rs 70.0bn HOLD 38 UBL United Bank Limited 0.5 0.12 25% 0.51 60.0% -26% 5 Rs 638.7bn HOLD 39 ISL International Steels Limited 8.4 0.66 8% 0.71 16.7% +3% 7 Rs 57.5bn HOLD 40 APL Attock Petroleum Limited 2.4 0.57 26% 1.27 16.2% +9% 7 Rs 54.6bn HOLD 41 ABOT Abbott Laboratories Pakistan 0.4 0.04 12% 0.57 60.0% -26% 7 Rs 4.3bn HOLD 42 PKGS Packages Limited 3.3 0.23 7% 0.64 7.6% +35% 7 Rs 13.7bn HOLD 43 FABL Faysal Bank Limited 1.3 0.28 22% 0.62 60.0% -2% 5 Rs 122.0bn HOLD 44 ATLH Atlas Honda Limited 1.3 0.33 29% 0.71 25.8% -5% 8 Rs 3.0bn HOLD 45 OGDC Oil & Gas Development Company 1.7 0.25 14% 0.16 60.0% +43% 8 Rs 278.2bn HOLD 46 MTL Millat Tractors Limited 4.9 0.64 14% 0.57 9.4% -28% 7 Rs 51.1bn HOLD 47 NCL Nishat Chunian Limited 0.2 0.04 17% 1.03 60.0% +57% 7 Rs 505m HOLD 48 UNITY Unity Foods Limited 4.7 1.56 37% 0.70 8.0% +42% 8 Rs 62.9bn HOLD 49 LUCK Lucky Cement Limited 0.6 0.17 28% 0.65 60.0% +23% 8 Rs 213.3bn HOLD 50 KTML Kohinoor Textile Mills 1.6 0.27 18% 0.79 31.3% +51% 8 Rs 10.2bn HOLD 51 SNBL Soneri Bank Limited 1.5 0.22 15% 0.67 60.0% +16% 5 Rs 17.1bn HOLD 52 BWCL Bestway Cement Limited 1.3 0.22 17% 0.53 60.0% +40% 9 Rs 112.1bn HOLD 53 CHCC Cherat Cement Company 0.1 0.02 18% 0.34 60.0% -4% 7 Rs 9.0bn HOLD 54 ASTL Amreli Steels Limited 1.8 0.11 6% 0.96 7.7% +15% 8 Rs 1.7bn HOLD 55 ITTEFAQ Ittefaq Iron Industries 1.6 0.20 13% 1.35 14.6% -10% 8 Rs 2.1bn HOLD 56 AGP AGP Limited 0.4 0.05 14% 0.32 60.0% -42% 7 Rs 4.4bn HOLD 57 HINOON Highnoon Laboratories 0.5 0.13 27% 0.27 56.4% -36% 8 Rs 12.7bn HOLD 58 ENGRO Engro Corporation 0.9 0.23 27% 0.53 56.5% +46% 9 Rs 249.0bn HOLD 59 ATRL Attock Refinery Limited 1.9 0.14 8% 0.84 9.1% +82% 8 Rs 24.8bn HOLD 60 SHEL Shell Pakistan Limited 6.4 1.74 29% 0.77 8.4% -5% 9 Rs 77.6bn HOLD 61 JDWS JDW Sugar Mills 0.7 0.06 10% 1.21 31.7% +21% 9 Rs 420m HOLD 62 EFUG EFU General Insurance 0.3 0.05 20% 0.70 60.0% +44% 7 Rs 14.6bn HOLD 63 KOHC Kohat Cement Company 0.4 0.11 26% 0.61 60.0% +42% 9 Rs 16.1bn HOLD 64 BNWM Bannu Woollen Mills 2.3 0.26 12% 0.72 12.4% +63% 7 Rs 9.2bn HOLD 65 GLAXO GlaxoSmithKline Pakistan 0.5 0.13 32% 0.50 60.0% +14% 8 Rs 17.4bn HOLD 66 CNERGY Cnergyico PK Limited 0.6 0.15 27% 1.61 23.5% -2% 7 Rs 3.4bn HOLD 67 JSBL JS Bank Limited 1.2 0.23 22% 0.65 60.0% -24% 5 Rs 36.5bn REDUCE 68 SEARL The Searle Company 0.5 0.09 23% 0.41 60.0% -21% 8 Rs 7.6bn REDUCE 69 MCB MCB Bank Limited 0.7 0.12 19% 1.14 60.0% -4% 5 Rs 244.3bn REDUCE 70 BAFL Bank Alfalah Limited 0.4 0.09 23% 0.67 60.0% +14% 6 Rs 95.4bn REDUCE 71 TGL Tariq Glass Industries 1.9 0.27 15% 0.47 15.0% -8% 9 Rs 10.9bn REDUCE 72 NCPL Nishat Chunian Power 0.8 0.16 21% 0.93 60.0% +20% 6 Rs 2.5bn REDUCE 73 AIRLINK Air Link Communication 0.8 0.18 25% 0.32 20.1% +24% 8 Rs 20.3bn REDUCE 74 PAEL Pak Elektron Limited 6.6 0.49 8% 0.69 1.6% +77% 9 Rs 7.2bn REDUCE 75 PAKT Pakistan Tobacco Company — 0.23 -25% 3.60 60.0% +4% 7 Rs 1.3bn REDUCE 76 INDU Indus Motor Company 1.5 0.54 40% 0.83 20.6% -35% 8 Rs 67.6bn REDUCE 77 EPCL Engro Polymer & Chemicals 0.3 0.04 15% 0.79 60.0% -50% 9 Rs 12.4bn REDUCE 78 TRG TRG Pakistan Limited 0.7 0.06 9% 0.54 13.5% +19% 3 Rs 16.4bn REDUCE 79 SNGP Sui Northern Gas Pipelines 0.1 0.02 31% 1.32 60.0% -7% 8 Rs 2.3bn REDUCE 80 MEBL Meezan Bank Limited 1.0 0.16 18% 0.63 60.0% +11% 6 Rs 458.5bn REDUCE 81 PPL Pakistan Petroleum Limited 0.5 0.04 8% 0.22 60.0% +27% 8 Rs 56.4bn REDUCE 82 POL Pakistan Oilfields Limited 2.3 0.37 16% 0.26 59.6% +69% 8 Rs 80.0bn REDUCE 83 BAHL Bank AL Habib Limited 0.2 0.04 22% 0.64 60.0% -18% 5 Rs 73.4bn REDUCE 84 GWLC Gharibwal Cement Limited 0.2 0.02 16% 0.60 60.0% +10% 8 Rs 2.4bn REDUCE 85 ACPL Attock Cement Pakistan 1.2 0.19 16% 0.38 58.1% +19% 8 Rs 24.3bn REDUCE 86 FCCL Fauji Cement Company 1.2 0.22 19% 0.42 60.0% +6% 9 Rs 33.2bn REDUCE 87 HCAR Honda Atlas Cars Pakistan 9.1 1.11 13% 0.37 4.6% -11% 8 Rs 159.1bn AVOID 88 NBP National Bank of Pakistan 1.9 0.24 14% 0.76 60.0% -17% 5 Rs 129.5bn AVOID 89 FATIMA Fatima Fertilizer Company 2.4 0.91 39% 0.65 32.4% +69% 8 Rs 115.6bn AVOID 90 SSGC Sui Southern Gas Company 0.8 0.12 17% 1.47 25.6% +41% 8 Rs 3.0bn AVOID 91 AKBL Askari Bank Limited 1.7 0.30 19% 0.93 60.0% -10% 5 Rs 77.2bn AVOID 92 LOTCHEM Lucky Core Industries Chemical 2.3 0.22 9% 0.68 54.9% -7% 7 Rs 31.6bn AVOID 93 NATF National Foods Limited 0.2 0.10 50% 1.41 60.0% -58% 8 Rs 1.8bn AVOID 94 MUGHAL Mughal Iron & Steel Industries 6.2 0.28 5% 0.82 3.8% -47% 8 Rs 3.7bn AVOID 95 PSMC Pak Suzuki Motor Company 13.7 4.71 35% 0.80 6.9% -33% 8 Rs 67.0bn AVOID 96 ICI ICI Pakistan Limited 3.3 0.55 17% 0.62 16.8% +6% 7 Rs 218.0bn AVOID 97 HUBC The Hub Power Company 3.3 0.87 26% 1.04 28.7% +17% 7 Rs 152.8bn AVOID 98 NESTLE Nestle Pakistan Limited 0.2 0.05 25% 0.64 60.0% -51% 8 Rs 14.3bn AVOID 99 ARPL Archroma Pakistan Limited 3.5 0.35 10% 0.79 25.4% -13% 6 Rs 10.3bn AVOID 100 DGKC D.G. Khan Cement Company 3.4 0.71 21% 0.50 31.9% +40% 7 Rs 548.4bn AVOID 101 PSEL Pakistan Services Limited 6.6 0.59 9% 0.64 4.1% -0% 7 Rs 9.7bn AVOID