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 (as reported by PAMA) clocked in at 22,015 units in Apr 2026, up by 107% YoY and 42% MoM. This took 10MFY26 cumulative sales to 166,044 units, up 49% YoY.</li><li>This rise was majorly driven by a rise in sales seen in Pak Suzuki Motor Company (PSMC) and Sazgar Engineering (SAZEW).</li><li>The impressive 107% YoY growth was driven by new market entrants, new product launches, relatively lower inflation in previous months, and surge in auto financing. To recall, auto financing reached 42-month high in Mar 2026 up 34% YoY and 3% MoM.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 22,015 units in Apr 2026, up by 107% YoY and 42% MoM. This took 10MFY26 cumulative sales to 166,044 units, up 49% YoY.This rise was majorly driven by a rise in sales seen in Pak Suzuki Motor Company (PSMC) and Sazgar Engineering (SAZEW).The impressive 107% YoY growth was driven by new market entrants, new product launches, relatively lower inflation in previous months, and surge in auto financing. To recall, auto financing reached 42-month high in Mar 2026 up 34% YoY and 3% MoM.

Pakistan Automobiles: Car Sales Rose 107% YoY and 42% MoM to 22,015 Units in Apr 2026

<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

Equity Bottom-Up

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 17,121 units in Feb 2026 a 42% YoY but down 26% MoM. This took 8MFY26 cumulative sales to 128,498 units, up 43% YoY from 89,770 units in 8MFY25.</li><li>The sharp MoM decline is primarily attributed to a high base effect, as January sales typically surge due to new-year vehicle registrations, coupled with fewer working days in February. Meanwhile, the strong YoY growth was supported by new market entrants, lower interest rates, easing inflation, and improving macroeconomic sentiment.</li><li>We expect positive momentum in auto sales to continue in 2026, supported by lower interest rates and new hybrid and plug-in hybrid models. Additionally, easing inflation and improved economic activity should further strengthen demand in the coming months.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 17,121 units in Feb 2026 a 42% YoY but down 26% MoM. This took 8MFY26 cumulative sales to 128,498 units, up 43% YoY from 89,770 units in 8MFY25.The sharp MoM decline is primarily attributed to a high base effect, as January sales typically surge due to new-year vehicle registrations, coupled with fewer working days in February. Meanwhile, the strong YoY growth was supported by new market entrants, lower interest rates, easing inflation, and improving macroeconomic sentiment.We expect positive momentum in auto sales to continue in 2026, supported by lower interest rates and new hybrid and plug-in hybrid models. Additionally, easing inflation and improved economic activity should further strengthen demand in the coming months.

Pakistan Automobiles: Car Sales Rose 42% YoY But Down 26% MoM To 17,121 Units In Feb 2026

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 Rose 107% YoY and 42% MoM to 22,015 Units in Apr 2026

Pakistan car sales (as reported by PAMA) clocked in at 22,015 units in Apr 2026, up by 107% YoY and 42% MoM. This took 10MFY26 cumulative sales to...

Topline Securities

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

Pakistan Automobiles: Car Sales Rose 42% YoY But Down 26% MoM To 17,121 Units In Feb 2026

Pakistan car sales (as reported by PAMA) clocked in at 17,121 units in Feb 2026 a 42% YoY but down 26% MoM. This took 8MFY26 cumulative sales to...

Topline Securities

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