Pakistan Power: Power dividends mirror earnings decline; companies eye recovery through EV pivot - By AKD Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We expect earnings for AKD power universe to decline by 46%/40%YoY during 4QFY25/FY25, respectively.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">4QFY25 marks BYD&rsquo;s official entry into the domestic auto market. Meanwhile, NPL&rsquo;s board approved a PkR2.0bn equity investment in NexGen Auto (Pvt) Ltd, an EV venture with China&rsquo;s Chery Automobile.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Amidst lower earnings and a declining topline, we expect both HUBC and NPL to report final cash payouts of PkR3.0/3.0 per share, respectively</span></li></ul>