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Fundamental Research is at the core of value proposition offered to clients by Fortune Securities Limited. Fortune Research excels through the quality of its staff and its product commitment. Analysts provide insightful, objective and decisive research that is designed to enable clients make informed investment decisions. Information is disseminated to clients through electronic and printed research reports, conference calls, presentations and road shows.

All of our financial analysts are candidates in the CFA Program and we adhere to the CFA Code of Ethics and Standards of Professional Conduct. We vigorously control the quality of our research and encourage all of our analysts to adopt the latest techniques to maintain a leading edge in the industry.

Our equity research analysts cover numerous stocks in detail from a wide number of sectors which include Banking, Energy, Telecommunication, Media, Cement, Fertilizer, Oil Marketing, Oil Exploration and Production and Textile. 

Typical equity research report spans from 10-40 pages containing:

  • Investment highlights
  • Investment risks
  • SWOT analysis
  • Forecast of financial statements
  • Company profile
  • Financial statement analysis
  • Industry analysis

Result Previews and Reviews with updates of material changes

Fortune Teller – Our weekly product focuses on the upcoming events in the fortnight while analyzing any material news or event of the prior fortnight.

Valuation and Business Models

  • DCF Analysis
  • Dividend Discount Models
  • Sector and Company Analysis
  • Relative Analysis based on PE, PB, EV/EBITDA and other multiples

We do not limit ourselves to any predefined product and are open to individual requests from our clients catering to research queries customizing it to their needs.

Wajid Rizvi

Head of Research

Wajid Rizvi is a Senior Research Analyst at Fortune Securities Limited and possesses over 7 years of experience in a combination of both buy-side and sell-side equity research. He is currently covering Oil & Gas and Cements at Fortune. Prior to joining Fortune in December 2016, he was affiliated with Habib Bank Limited, the largest commercial bank in Pakistan, where he worked as a Research Analyst in its Treasury department providing research coverage on variety of sectors in Pakistani equities whilst assisting with research support to other desks including money market, bonds, derivatives and foreign exchange. He has also worked as an analyst at Global Securities Pakistan and at IGI Finex Securities Limited covering Cement, Fertilizer, Power and Food sector. He holds a bachelors degree in Business Administration from Institute of Business Administration Karachi and currently plans to write CFA Level 2 in June 2019.


Following is the achieve of recently published research reports: