Stocks · 4 Min Read

EQUITY RESEARCH NOTE: ZAREA LIMITED (PSX: ZAL)

Not one business. Three : FAST GROWTH. MIXED QUALITY.

By Muhammad Moazzam · October 9, 2026

Rating: STRONG BUY / ACCUMULATE Current Market Price (CMP): PKR 38.90 Base Target Price: PKR 63.50 (+63.2% Upside) Intermediate Target: PKR 46.00 (+18.2% Upside) Stop-Loss / Invalidation: PKR 36.00 (-7.5% Downside) Risk-to-Reward Ratio: 1 :

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