Join us for an in-depth look at Engro Holdings Limited (ENGROH), Pakistan's diversified conglomerate. In our latest episode, we unpack the H1 2025 financial results, revealing a reported consolidated Profit After Tax (PAT) of PKR 73.3 billion (EPS PKR 29.54). We clarify the impact of a significant one-off accounting gain of PKR 53.8 billion (owners' share PKR 26.6 billion or PKR 22.07 per share) from the thermal asset reversal, showcasing the underlying normalized recurring PAT of PKR 9.0 billion (EPS PKR 7.47).Discover Engro's strategic pivot to digital infrastructure through its landmark acquisition of ~10,600 Deodar telecom towers in June 2025. This makes ENGROH Pakistan's largest independent tower operator with approximately 15,000 sites, positioning it for high-growth. Understand why the interim dividend has been temporarily suspended to fund this transformative growth initiative, with payouts expected to resume post-2026/2027.We'll also cover the mixed performance of key segments like fertilizers (PAT PKR 8.5 billion, urea volumes down 20% YoY) and polymers (recording a loss of PKR 3.2 billion), alongside stable contributions from energy and terminals. We discuss the company's strong management (Chairman Hussain Dawood, CEO Abdul Samad Dawood) and robust governance practices, including transparent disclosures and a PACRA AA+ rating. The outlook is contextualized within Pakistan's stabilizing yet risky macroeconomic environment, with GDP growth projected around 2.7-3.6% and easing inflation.Analyst consensus widely recommends a BUY for ENGROH, with intrinsic value estimates generally ranging from PKR 249 to PKR 269 per share, suggesting significant upside potential from the current market price.Investment

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