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.

Equity Bottom-Up

<ul><li>We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results and outlook.</li><li>Management stated that due to the government’s focus on this area and timely release of the planned subsidies, the Company’s recoveries have improved, particularly for its coal-fired power plants.</li><li>The Company said that different options have been explored for its base plant at Hub, which has a huge industrial land of ~1,100 acres.</li></ul>

We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results and outlook.Management stated that due to the government’s focus on this area and timely release of the planned subsidies, the Company’s recoveries have improved, particularly for its coal-fired power plants.The Company said that different options have been explored for its base plant at Hub, which has a huge industrial land of ~1,100 acres.

Hub Power Company (HUBC): Management Meeting Takeaways; Various Options Explored For Base Plant; BYD To Provide Growth

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>EV charging stations totaled 83,226 nationwide (September 2025), rising 0.8% month-on-month, but the pace remains inadequate to achieve NREL’s 2030 goal of 1M Level 2 and 182k DC Fast chargers.</li>
<li>California leads with 24% of stations and 26% of ports, while Tesla dominates DC Fast charging (54% share). ChargePoint maintains overall leadership with 33% of total ports across its network.</li>
<li>Ultrafast charging is the emerging trend, with 600kW–1.6MW systems from ChargePoint, BYD, CATL, and Zeekr offering range gains up to 300km in five minutes and setting a new global benchmark.</li>
</ul>


EV charging stations totaled 83,226 nationwide (September 2025), rising 0.8% month-on-month, but the pace remains inadequate to achieve NREL’s 2030 goal of 1M Level 2 and 182k DC Fast chargers.
California leads with 24% of stations and 26% of ports, while Tesla dominates DC Fast charging (54% share). ChargePoint maintains overall leadership with 33% of total ports across its network.
Ultrafast charging is the emerging trend, with 600kW–1.6MW systems from ChargePoint, BYD, CATL, and Zeekr offering range gains up to 300km in five minutes and setting a new global benchmark.


US EV Charging Infrastructure Tracker - September 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 26th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in CSPC Pharma, HSBC, Wuxi Apptec, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 26th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in CSPC Pharma, HSBC, Wuxi Apptec, China Mobile.


HK Short Interest Weekly: CSPC Pharma, HSBC, Wuxi Apptec, China Mobile

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET rebounded for three consecutive days, supported by gains in DELTA and AOT, which helped lift the index.</li><li>The index climbed closer to the 1,300-point level once again and it is likely to stay above it.</li><li>Hence, we recommend selective speculation, expecting the index to reclaim the 1,300-point level and establish a base for further upside potential.</li></ul>

The SET rebounded for three consecutive days, supported by gains in DELTA and AOT, which helped lift the index.The index climbed closer to the 1,300-point level once again and it is likely to stay above it.Hence, we recommend selective speculation, expecting the index to reclaim the 1,300-point level and establish a base for further upside potential.

Krungthai XSpring Technical Eng. October 6, 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 22nd August 2025, SOE-backed <strong><a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a></strong> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.</li>
<li>Dongfeng has now released the <a href="https://www1.hkexnews.hk/app/sehk/2025/107757/documents/sehk25100202720.pdf" target="_blank" rel="noopener">application proof for VOYAH</a>, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.</li>
<li>The market is implying a price-to-<strong>trailing</strong>-sales of 1.5x for VOYAH versus the basket average of 2.1x.</li>
</ul>


On the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.
Dongfeng has now released the application proof for VOYAH, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.
The market is implying a price-to-trailing-sales of 1.5x for VOYAH versus the basket average of 2.1x.


Dongfeng (489 HK): On VOYAH's Updated Financials

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

Hub Power Company (HUBC): Management Meeting Takeaways; Various Options Explored For Base Plant; BYD To Provide Growth

We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results...

Topline Securities

US EV Charging Infrastructure Tracker - September 2025

EV charging stations in the US are increasing, but not fast enough to reach NREL's 2030 goals. California leads in stations and ports, while Tesla...

GSBR Research

HK Short Interest Weekly: CSPC Pharma, HSBC, Wuxi Apptec, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 26th and highlight short interest changes in CSPC Pharma, HSBC, Wuxi...

Ke Yan, CFA, FRM

Krungthai XSpring Technical Eng. October 6, 2025

The SET rebounded for three consecutive days, supported by gains in DELTA and AOT, which helped lift the index. The index climbed closer to the...

Krungthai XSpring

Dongfeng (489 HK): On VOYAH's Updated Financials

There's been a lot of enthusiasm washing over HK spin-offs lately: Zijin Mining (2899 HK), MINISO (9896 HK), and now Dongfeng. I think Dongfeng is...

David Blennerhassett

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Hub Power Company (HUBC): Management Meeting Takeaways; Various Options Explored For Base Plant; BYD To Provide Growth

We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results...

Topline Securities

US EV Charging Infrastructure Tracker - September 2025

​EV charging stations in the US are increasing, but not fast enough to reach NREL's 2030 goals. California leads in stations and ports, while Tesla...

GSBR Research

HK Short Interest Weekly: CSPC Pharma, HSBC, Wuxi Apptec, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 26th and highlight short interest changes in CSPC Pharma, HSBC, Wuxi...

Ke Yan, CFA, FRM

Krungthai XSpring Technical Eng. October 6, 2025

The SET rebounded for three consecutive days, supported by gains in DELTA and AOT, which helped lift the index. The index climbed closer to the...

Krungthai XSpring

Dongfeng (489 HK): On VOYAH's Updated Financials

There's been a lot of enthusiasm washing over HK spin-offs lately: Zijin Mining (2899 HK), MINISO (9896 HK), and now Dongfeng. I think Dongfeng is...

David Blennerhassett

EV charging stations in the US are increasing, but not fast enough to reach NREL's 2030 goals. California leads in stations and ports, while Tesla...