Chase Securities, a Karachi-based brokerage, has put forward one of the boldest equity calls on the Pakistan Stock Exchange this year: Pakistan Telecommunication Company Ltd (PTCL) could realistically work its way back to an equity value of around $5.0 billion over the next three to five years – provided its acquisition of Telenor Pakistan is completed and integration is executed with discipline.
In its November 2025 report, titled “PTCL (PTC): From Price Wars to Pricing Power”, Chase initiates coverage with a twelve-month target price of Rs62 per share, implying about 58% upside from the Rs39.2 level at the time of publication and valuing the company at roughly Rs316 billion (just over $1.1 billion) on a one-year view. But the report’s central argument goes beyond that one-year price target: it contends that, as ARPU and margins normalise in a more consolidated market, PTCL’s equity could reasonably move back towards $5.0 billion, a level it last approached in the mid-2000s.
PTCL’s market capitalisation peaked close to $7.7 billion in 2005, followed by a long slide to about $0.7 billion today – only around 7% of the valuation implied when Etisalat bought its strategic stake in 2006. In that sense, Chase is arguing less that PTCL must discover a brand-new growth story, and more that it has a credible path to reclaim a portion of the equity value it has lost over the past two decades. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
