External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Air Link Communication / Equity Bottom-Up

<ul><li>Air Link Communication (AIRLINK) announced its FY26 financial results today, where the company reported consolidated earnings of Rs6.2bn (EPS of Rs15.75), up 31% YoY. 4QFY26 EPS stood at Rs6.53, up 36% YoY and 4x QoQ.</li><li>Net sales clocked in at Rs21.4bn, taking full year revenue to Rs89.77bn, down 14% YoY, owing to a decline in mobile phone sales during the year. On a sequential basis, revenue growth was driven by the commencement of Hisense sales in 4QFY26.</li><li>We maintain our BUY stance on AIRLINK. The company is currently trading at an FY26A PE of 7.9x.</li></ul>

Air Link Communication (AIRLINK) announced its FY26 financial results today, where the company reported consolidated earnings of Rs6.2bn (EPS of Rs15.75), up 31% YoY. 4QFY26 EPS stood at Rs6.53, up 36% YoY and 4x QoQ.Net sales clocked in at Rs21.4bn, taking full year revenue to Rs89.77bn, down 14% YoY, owing to a decline in mobile phone sales during the year. On a sequential basis, revenue growth was driven by the commencement of Hisense sales in 4QFY26.We maintain our BUY stance on AIRLINK. The company is currently trading at an FY26A PE of 7.9x.

Air Link Communication (AIRLINK) - 4QFY26 EPS at Rs6.53, up 36% YoY and 4x QoQ

<ul><li>Air Link Communication (AIRLINK) announced its 3QFY26 result today, where the company reported consolidated earnings of Rs595mn (EPS of Rs1. 50), up 11% YoY but down 60% QoQ.</li><li>This takes 9MFY26 consolidated earnings to Rs3,647mn (EPS: Rs9.23), up 28% YoY.</li><li>The result came in lower than industry expectations due to lower-than-expected sales and gross margins.</li></ul>

Air Link Communication (AIRLINK) announced its 3QFY26 result today, where the company reported consolidated earnings of Rs595mn (EPS of Rs1. 50), up 11% YoY but down 60% QoQ.This takes 9MFY26 consolidated earnings to Rs3,647mn (EPS: Rs9.23), up 28% YoY.The result came in lower than industry expectations due to lower-than-expected sales and gross margins.

Air Link Communication (AIRLINK): 3QFY26 EPS at Rs1.50, Down 60% QoQ But Up 11% YoY

<ul><li>Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results.</li><li>In 1QFY26, the company reported consolidated earnings of Rs1,583mn (EPS of Rs4.01), up 88% YoY and down 16% QoQ.</li><li>Net sales clocked in at Rs24bn, up 11% YoY and 30% QoQ. The QoQ growth in sales is primarily due to higher sales volumes during the quarter, following subdued sales in 4QFY25 due to supply chain disruptions amid regional conflicts.</li></ul>

Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results.In 1QFY26, the company reported consolidated earnings of Rs1,583mn (EPS of Rs4.01), up 88% YoY and down 16% QoQ.Net sales clocked in at Rs24bn, up 11% YoY and 30% QoQ. The QoQ growth in sales is primarily due to higher sales volumes during the quarter, following subdued sales in 4QFY25 due to supply chain disruptions amid regional conflicts.

Topline Flash Note: Airlink Communication - AIRLINK - Corporate Briefing Key Takeaways

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.93mn units in Jun 2026, down 12% YoY and 4% MoM.</li><li>Cumulatively, local manufacturing/assembly declined by 8% YoY with 13.10mn units in 6M2026, compared to 14.24mn units in 6M2025.</li><li>Mobile phone imports during the month surged 6x YoY and more than doubled MoM, likely due to pre-budget buying and the launch of AIRLINK’s Apple mono store.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.93mn units in Jun 2026, down 12% YoY and 4% MoM.Cumulatively, local manufacturing/assembly declined by 8% YoY with 13.10mn units in 6M2026, compared to 14.24mn units in 6M2025.Mobile phone imports during the month surged 6x YoY and more than doubled MoM, likely due to pre-budget buying and the launch of AIRLINK’s Apple mono store.

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 12% YoY in Jun-26

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.</li><li>Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.</li><li>The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

Pakistan

Airlink Communication Ltd. is one of the largest manufacturers, distributors, and retailers of smartphones in Pakistan.

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Air Link Communication (AIRLINK PK)

Air Link Communication (AIRLINK) - 4QFY26 EPS at Rs6.53, up 36% YoY and 4x QoQ

Air Link Communication (AIRLINK) announced its FY26 financial results today, where the company reported consolidated earnings of Rs6.2bn (EPS of...

Topline Securities

Air Link Communication (AIRLINK): 3QFY26 EPS at Rs1.50, Down 60% QoQ But Up 11% YoY

Air Link Communication (AIRLINK) announced its 3QFY26 result today, where the company reported consolidated earnings of Rs595mn (EPS of Rs1. 50),...

Topline Securities

Topline Flash Note: Airlink Communication - AIRLINK - Corporate Briefing Key Takeaways

Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results. In 1QFY26, the company...

Topline Securities

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 12% YoY in Jun-26

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.93mn...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn...

Topline Securities

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