<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We are initiating coverage on Loads Limited (LOADS)
with a Dec-25 fair value estimate of PKR 29.17 per share,
derived using a discounted cashflow model. At its
current price, the stock offers a compelling 55% upside
potential. It is currently trading at a FY26 P/E of 4.7x. BUY.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Our investment thesis is driven by several compelling
factors:</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">SBP, driven by declining inflation, is expected to boost
auto sales, especially in the sub-1000cc segment. LOADS,
as a key parts supplier to OEMs in this category, is wellpositioned to benefit disproportionately from th...
