External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.</li><li>The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to rise, with the resistance at 1,384/1,395 points (10-day/25-day EMA) and the support at 1,366/1,360 points, after a large green candlestick occurred for the first time yesterday (low: 1,354.98 points; high: 1,376.94 points).</li><li>The ECB is anticipated to keep the policy interest rate steady at 4.5% (with the deposit facility rate at 4.0%).</li><li>The consensus is forecasting +2% QoQ (vs. 3Q23: +4.9% QoQ), while the Atlanta Fed expects +2.4% QoQ.</li></ul>

Technically, the SET Index is expected to rise, with the resistance at 1,384/1,395 points (10-day/25-day EMA) and the support at 1,366/1,360 points, after a large green candlestick occurred for the first time yesterday (low: 1,354.98 points; high: 1,376.94 points).The ECB is anticipated to keep the policy interest rate steady at 4.5% (with the deposit facility rate at 4.0%).The consensus is forecasting +2% QoQ (vs. 3Q23: +4.9% QoQ), while the Atlanta Fed expects +2.4% QoQ.

Keep a Close Watch on US GDP & ECB Meeting

United States

T-Mobile US, Inc. is one of four national wireless carriers in the US. The company was created as the combination of T-Mobile USA and MetroPCS.

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T Mobile Us Inc (TMUS US)

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units...

Topline Securities

Keep a Close Watch on US GDP & ECB Meeting

Technically, the SET Index is expected to rise, with the resistance at 1,384/1,395 points (10-day/25-day EMA) and the support at 1,366/1,360...

Krungthai XSpring

Price Gauge

52-week Range

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P/E

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