The Searle Company Limited (SEARL): Reiterate our ’BUY’ stance, with TP: PKR 140/sh – By Taurus Research
<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We reiterate our ‘BUY’ stance on SEARL with a Jun’26 target
price of PKR 140/sh., offering an upside of ~22% over the LDCP. Our investment
thesis is primarily based on: (i) deregulation of non-essential drugs i.e. 80%
share in the product mix; (ii) stabiliz ing and gradually improving
macroeconomic conditions; (iii) re duction in leverage coupled with lower
interest rates reducing finance costs; (iv) rising per capita expenditure on
healthcare, fueling consistent demand for pharmaceuticals products; (v) zero
import duty on APIs; and (vi) overall portfolio expansion.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">SEARL is currently trading at a FY26 forward P/E (x) of 21x
as compared t...
