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>Pakistan listed Consumer sector is currently trading at FY26 PE of 11.3x which is at a discount to its historical average of 17.75x.</li>
<li>Segment wise, consumer staple (FMCG) is trading at FY26 PE of 14.3x vs. 10-year average of 23.27x, pharmaceutical is trading at FY26 PE of 12.3x vs. 10-year average PE of 20.69x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 9.3x.</li>
<li>Sector witnessed 5-year and 10-years sales/profit CAGR of 16%/20% and 14%/15% respectively while a D/Y of 6% in FY26.</li>
</ul>


Pakistan listed Consumer sector is currently trading at FY26 PE of 11.3x which is at a discount to its historical average of 17.75x.
Segment wise, consumer staple (FMCG) is trading at FY26 PE of 14.3x vs. 10-year average of 23.27x, pharmaceutical is trading at FY26 PE of 12.3x vs. 10-year average PE of 20.69x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 9.3x.
Sector witnessed 5-year and 10-years sales/profit CAGR of 16%/20% and 14%/15% respectively while a D/Y of 6% in FY26.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Abbott’s second quarter of 2026 results showed a 4.8% comparable sales growth, marking an acceleration from the previous two quarters, alongside adjusted earnings per share (EPS) of $1.31 which surpassed both the midpoint of company guidance and consensus estimates.</li><li>Management reaffirmed full-year guidance with expected comparable sales growth of 6.5% to 7.5% and raised the EPS range to $5.45–$5.60.</li><li>The company highlighted progress in its product pipeline, including enrollment completion in the TECTONIC coronary IVL trial, an FDA submission for the Amulet 360 device, and obtaining CE Mark for Libre Duo, a dual glucose-ketone sensor.</li></ul>

Abbott’s second quarter of 2026 results showed a 4.8% comparable sales growth, marking an acceleration from the previous two quarters, alongside adjusted earnings per share (EPS) of $1.31 which surpassed both the midpoint of company guidance and consensus estimates.Management reaffirmed full-year guidance with expected comparable sales growth of 6.5% to 7.5% and raised the EPS range to $5.45–$5.60.The company highlighted progress in its product pipeline, including enrollment completion in the TECTONIC coronary IVL trial, an FDA submission for the Amulet 360 device, and obtaining CE Mark for Libre Duo, a dual glucose-ketone sensor.

Abbott Lab’s 13% Cancer Diagnostics Growth Adds A Powerful Second Engine Beyond CGM!

<ul><li>Pakistan listed pharmaceutical sector recorded a profitability of Rs42.2bn up by 28% YoY in FY26.</li><li>During FY26, the profitability increased by 22% YoY (Ex-Searl), and despite this YoY growth during the year, the listed Pharma sector market cap (Ex-Searl and Liven Pharma) witnessed a meagre positive change of 0.4% YoY.</li><li>Annual gross margins of the sector reached an all time high to 42.8% in FY26 vs 38.9% in FY25.</li></ul>

Pakistan listed pharmaceutical sector recorded a profitability of Rs42.2bn up by 28% YoY in FY26.During FY26, the profitability increased by 22% YoY (Ex-Searl), and despite this YoY growth during the year, the listed Pharma sector market cap (Ex-Searl and Liven Pharma) witnessed a meagre positive change of 0.4% YoY.Annual gross margins of the sector reached an all time high to 42.8% in FY26 vs 38.9% in FY25.

Pakistan Pharmaceuticals – Listed Pharma Profits Up 28% YoY in FY26; All Time High Annual Gross Margins of 42.8%

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Abbott's strength lies in its highly diversified business model, spanning Medical Devices, Diagnostics, Nutrition, and Established Pharmaceuticals. This structure provides resilience against segment-specific downturns and exposure to a wide array of long-term healthcare growth trends.</li>
  <li>Leadership in high-growth markets, particularly with the FreeStyle Libre continuous glucose monitor and MitraClip for structural heart, positions the company to capitalize on the increasing prevalence of chronic diseases like diabetes and cardiovascular conditions.</li>
  <li>The company has a long and consistent history of returning capital to shareholders, evidenced by over 50 consecutive years of dividend increases, signaling strong free cash flow generation and management's confidence in the long-term outlook.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Abbott's strength lies in its highly diversified business model, spanning Medical Devices, Diagnostics, Nutrition, and Established Pharmaceuticals. This structure provides resilience against segment-specific downturns and exposure to a wide array of long-term healthcare growth trends.
  Leadership in high-growth markets, particularly with the FreeStyle Libre continuous glucose monitor and MitraClip for structural heart, positions the company to capitalize on the increasing prevalence of chronic diseases like diabetes and cardiovascular conditions.
  The company has a long and consistent history of returning capital to shareholders, evidenced by over 50 consecutive years of dividend increases, signaling strong free cash flow generation and management's confidence in the long-term outlook.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Abbott Laboratories (ABT US) - Aug 2026

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

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Abbott Laboratories (ABT US)

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at FY26 PE of 11.3x which is at a discount to its historical average of 17.75x. Segment wise,...

Topline Securities

Abbott Lab’s 13% Cancer Diagnostics Growth Adds A Powerful Second Engine Beyond CGM!

Abbott’s second quarter of 2026 results showed a 4.8% comparable sales growth, marking an acceleration from the previous two quarters, alongside...

Baptista Research

Pakistan Pharmaceuticals – Listed Pharma Profits Up 28% YoY in FY26; All Time High Annual Gross Margins of 42.8%

Pakistan listed pharmaceutical sector recorded a profitability of Rs42.2bn up by 28% YoY in FY26. During FY26, the profitability increased by 22%...

Topline Securities

Primer: Abbott Laboratories (ABT US) - Aug 2026

Abbott's strength lies in its highly diversified business model, spanning Medical Devices, Diagnostics, Nutrition, and Established...

αSK Primers

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

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