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 Car sales in Pakistan (as reported by PAMA) clocked in at 17,174 units in Sep 2025, reflecting a 67% YoY and 22% MoM rise.</li><li>YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment.</li><li>This took 1QFY26 sales to 42,267 units a 53% YoY rise from 27,585 units in 1QFY25.</li></ul>

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 17,174 units in Sep 2025, reflecting a 67% YoY and 22% MoM rise.YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment.This took 1QFY26 sales to 42,267 units a 53% YoY rise from 27,585 units in 1QFY25.

Pakistan Automobiles: Car Sales In Sep 2025 Up 67% YoY And 22% MoM To 17,174 Units

Highly Differentiated Ideas and Insights, Made in Japan

Made in Japan

Highly Differentiated Ideas and Insights

The mission of MIJ is to become your field guide to Business and Investing in Japan. My goal is to make businesses in Japan more accessible to everyone by breaking down cultural barriers and provide differentiated ideas and insights.

<ul><li>It’s been no secret that Japan has not been the most technologically forward society in the world…</li><li>As a consumer, it was only a few years ago you’d be carrying hard cash to pay for most things as many shops wouldn’t let you pay with your card.</li><li>If you’re an employee, the chances are that your office is still using a fax in one capacity or another. </li></ul>

It’s been no secret that Japan has not been the most technologically forward society in the world…As a consumer, it was only a few years ago you’d be carrying hard cash to pay for most things as many shops wouldn’t let you pay with your card.If you’re an employee, the chances are that your office is still using a fax in one capacity or another. 

Equity Bottom-Up

<ul><li>Well okay I’m not a fan of EBITDA and it’s more like 6x EBIT but I thought it’ll grab your attention (…sorry!) and its another microcap, I’ve been writing about a few of them but hope to share more write-ups on larger, liquid businesses too.</li><li>I’m sharing my quick-ish thoughts on a business I’ve looked at since I’ve been asked about this one a few times.</li><li>I do not own it currently, but thought this might be helpful to those researching. I can see why it’s interesting/mispriced but I’ll also share some nuances worth considering.</li></ul>

Well okay I’m not a fan of EBITDA and it’s more like 6x EBIT but I thought it’ll grab your attention (…sorry!) and its another microcap, I’ve been writing about a few of them but hope to share more write-ups on larger, liquid businesses too.I’m sharing my quick-ish thoughts on a business I’ve looked at since I’ve been asked about this one a few times.I do not own it currently, but thought this might be helpful to those researching. I can see why it’s interesting/mispriced but I’ll also share some nuances worth considering.

A SaaS company trading at 4.8x EBITDA and ready to re-accelerate...?

Japan

Atled Corp. develops and markets work flow software packages. The Company offers solutions for efficiency, automation, and internal control for office works such as processing approval documents. Atled conducts its business in Japan.

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Atled Corp (3969 JP)

Pakistan Automobiles: Car Sales In Sep 2025 Up 67% YoY And 22% MoM To 17,174 Units

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 17,174 units in Sep 2025, reflecting a 67% YoY and 22% MoM rise. YoY growth is...

Topline Securities

Why I think Japanese SaaS is undervalued

It’s been no secret that Japan has not been the most technologically forward society in the world…As a consumer, it was only a few years ago you’d...

Made in Japan

A SaaS company trading at 4.8x EBITDA and ready to re-accelerate...?

Well okay I’m not a fan of EBITDA and it’s more like 6x EBIT but I thought it’ll grab your attention (…sorry!) and its another microcap...

Made in Japan

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