๐งต The Illusion of Liquidity: Float Squeezes, the Math of #LSEVL
You don't need a short squeeze to go parabolic. You just need a "Float Squeeze."
Insiders are quietly locking up a billions-heavy vault on the PSX, and retail is completely missing it.
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As part of their official demerger and listing scheme, LSEVL was legally bound by the SECP and the courts to classify these stakes as Available for Sale. The regulator does not want former regional broker networks maintaining permanent, concentrated control over national market .
Dear Sir, we are actually on the exact same page!
I think there was a slight misreading of the thread.
The Rs 28B is the total Enterprise Value (EV). At a Rs 70 cap, LSEVLโs stake fetches Rs 2.8B gross.
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@r_radar1 It is literally just one upper lock away from being fully priced!
Meanwhile, the ~Rs 2.5B net cash from the CDC stake alone covers almost #LSEVL's entire market cap. For PSX, the upside is capped. For LSEVL, it's a fundamental repricing event.
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๐งต ๐จBREAKING: The CDC IPO is Here.
The conversation just turned into reality.
The Central Depository Company (CDC) is officially marching toward an IPO / Offer for Sale (OFS).
๐ Material information attached in the first comment.
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@r_radar1 100% accurate! #PSX is the biggest shareholder. But here is the secret: Asymmetry.
PSX is already a Rs 40 Billion market cap giant. I mapped out the fair value for PSX, and even if you slap a massive premium on it, its ceiling is around Rs 43-44B.
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There is a conflict of interest, but it is not what is forcing the CDC sale LSEVL is the legacy holding company of the old LHR Exchange. When the regional exchanges (LHR, KHI,ISB) merged to create the unified PSX, legacy infrastructure assets like CDC and NCCPL were parked inside
@NaqiSaad22681 As part of their official demerger and listing scheme, LSEVL was legally bound by the SECP and the courts to classify these stakes as Available for Sale."The regulator does not want former regional broker networks maintaining permanent, concentrated control over national market .
@NaqiSaad22681 There is a conflict of interest, but it is not what is forcing the CDC sale
LSEVL is the legacy holding company of the old LHR Exchange. When the regional exchanges (LHR, KHI,ISB) merged to create the unified PSX, legacy infrastructure assets like CDC and NCCPL were parked inside
If capital-market activity, investor participation, and industry growth have benefited PSX so significantly during FY26...
Then investors should at least ask whether other financial infrastructure businesses have also experienced operating growth over the same period.
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That's what makes the comparison interesting.
๐๏ธ CDC valuation โ based on FY25 earnings
๐๏ธ PSX valuation โ based on FY26 performance + live market expectations
Very different reference points.
One important point most investors are missing:
The CDC valuation at the OFS is based on FY25 closing numbers.
Meanwhile, the PSX valuation is being compared using latest 9M FY26 financials and live market prices.
That's not an apples-to-apples comparison.
๐งต Pakistan's Two Financial Infrastructure Monopolies: A Simple Comparison ๐
Most investors compare banks with banks.
Very few compare monopolies with monopolies.
Let's look at the numbers.
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๐งต ๐จBREAKING: The CDC IPO is Here.
The conversation just turned into reality.
The Central Depository Company (CDC) is officially marching toward an IPO / Offer for Sale (OFS).
๐ Material information attached in the first comment.
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Since their declared book value is around Rs 800 Million, the capital gain is Rs 2B.
Deduct the 12.5% CGT (~Rs 250M), and we get exactly the ~Rs 2.5 Billion net cash injection I mentioned!
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