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Stock analysis: PNSC’s bold expansion story

PNSC’s earnings have jumped from PKR 11 to PKR 103 per share, driven by strong freight rates, cost discipline, and massive cash reserves

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Shahbaz Ashraf

Business Consultant

Seasoned Investment Professional | CFA | 17+ Years of Experience in Equity Research, Valuation & Advisory Seasoned investment professional with over 17 years of experience in equity research, financial analysis, valuations, and investment advisory—primarily focused on financial services firms, including equity brokerages, asset management companies, and family offices. Skilled in financial modeling, portfolio management, and evaluating multi-asset investment opportunities. Known for delivering data-driven insights and actionable strategies tailored to both institutional and private clients. Holds a BBA and MBA in Finance from the Institute of Business Management (IoBM), Karachi, and is a Chartered Financial Analyst (CFA).

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PNSC’s earnings have jumped from PKR 11 to PKR 103 per share, driven by strong freight rates, cost discipline, and massive cash reserves.

Ahead, profits may soften as the company rolls out a major fleet expansion of over 10 new vessels funded through both equity and debt. Higher interest costs and lower cash balances will pressure near-term earnings.

But the real story is medium-term: new vessels earn 3-4x higher ROA, setting up a powerful earnings cycle. Despite short-term bumps, PNSC appears to be an attractive value play.

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