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.


<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%

<ul><li>Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x.</li><li>Segment wise, consumer staple (FMCG) is trading at 2025 PE of 14.9x vs. 10-year average of 23.29x, pharmaceutical is trading at 2025 PE of 13.6x vs. 10-year average PE of 17.71x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 13.08x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 20%/25% and 14%/15% respectively while a D/Y of 6% in 2025.</li></ul>

Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x.Segment wise, consumer staple (FMCG) is trading at 2025 PE of 14.9x vs. 10-year average of 23.29x, pharmaceutical is trading at 2025 PE of 13.6x vs. 10-year average PE of 17.71x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 13.08x.Sector witnessed 5-year and 10-years sales/profit CAGR of 20%/25% and 14%/15% respectively while a D/Y of 6% in 2025.

Cross Asset Strategy

<ul><li>KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.</li><li>The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.</li><li>The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.</li></ul>

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

<ul><li>Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x.</li><li>Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.</li></ul>

Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x.Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x.Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.

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

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

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x. Segment wise,...

Topline Securities

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25. The banking sector’s earnings declined by 3% YoY...

Topline Securities

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x. Segment wise,...

Topline Securities

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