Cricket is not Cricket without Shahid Afridi

· As per the latest industry reserve figures from the PPIS for Dec’25, rising by 6%/4% for oil and gas, respectively.  · We reiterate our ‘BUY’ stance on OGDC, PPL, MARI and POL, with Dec’26 target prices of PkR522/412/935/850 per share, respectively. Industry reserves see modest upgrade in Dec'25: As per the latest reserve figures published by PPIS for Dec'25, the industry's balance recoverable reserves improved on both fronts, with oil balance recoverable rising to 253mn bbls (+6%YoY) from 238mn bbls and gas balance recoverable increasing to 18,854 bcf (+4%YoY) from 18,142bcf. The aforementioned increase during the period is behest of the accelerated exploration and appraisal activity, leading to estimate reserve replacement ratio of 1.2x/1.5x for oil and gas, respectively (assuming latest production levels). Critically, oil reserve depletion improved to 81% (vs. 82% in Dec'24), the first improvement in several years, while gas depletion stabilized at 72%, indicati...

Investment steps lack transparency A Ministry of Finance report has accepted that the absence of structured transparency in the Special Investment Facilitation Council's (SIFC) initiatives could undermine policy predictability and weaken the confidence of investors. In its 240-page Prime Minister's Economic Governance Reforms Agenda, the finance ministry committed to bringing transparency in the SIFC affairs, showed the report released last week. The ministry prepared the report as part of an action plan of the International Monetary Fund's (IMF) Governance and Corruption Diagnostic Assessment. "The absence of structured transparency around strategic investment initiatives, including those facilitated through the SIFC, creates informational asymmetries that can undermine policy predictability, elevate perceived governance risks and weaken investor confidence," read the report. The report meets a condition of the $7 billion IMF loan package, which binds Pakistan t...