External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Indus Motor (INDU) conducted its 9MFY26 analyst briefing today, where management discussed financial performance and future outlook.</li><li>The company posted gross margins of 15.5% in 3QFY26, up from 13.1% in 2QFY26. As per the management, the improvement was mainly supported by a stronger Corolla/Yaris sales mix and cost optimization measures.</li><li>Despite increasing competition from Chinese automakers, management highlighted that the company has still managed to gain around 1% market share.</li></ul>

Indus Motor (INDU) conducted its 9MFY26 analyst briefing today, where management discussed financial performance and future outlook.The company posted gross margins of 15.5% in 3QFY26, up from 13.1% in 2QFY26. As per the management, the improvement was mainly supported by a stronger Corolla/Yaris sales mix and cost optimization measures.Despite increasing competition from Chinese automakers, management highlighted that the company has still managed to gain around 1% market share.

Topline Flash Note: Indus Motor Company (INDU) – Corporate Briefing Key Takeaways

<ul><li>We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent development on BYD front, higher receivables recovery pattern, and dividend expectations from Thar coal-based power plant.</li><li>Our DCF based valuation suggest Dec 2026 target price of Rs244/share for the company which offers capital gain of 12% and dividend yield of 9.6%, translating into total return of 22%.</li><li>According to the company’s corporate briefing session, more than 2,000 units have been sold in less than six months, which indicates growing market response in line with the global success of BYD.</li></ul>

We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent development on BYD front, higher receivables recovery pattern, and dividend expectations from Thar coal-based power plant.Our DCF based valuation suggest Dec 2026 target price of Rs244/share for the company which offers capital gain of 12% and dividend yield of 9.6%, translating into total return of 22%.According to the company’s corporate briefing session, more than 2,000 units have been sold in less than six months, which indicates growing market response in line with the global success of BYD.

Hub Power Company (HUBC): PCD Of Two CPEC Plants To Sustain Dividend; Target Price Revised To Rs244/Sh; BYD To Gradually Ramp 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

<ul><li>Hub Power Company (HUBC) held its corporate briefing today to discuss FY25 financial result and future outlook.</li><li>The company is confident that its two Thar-based plants, TEL and ThalNova, will declare their maiden dividend in 2H2025.</li><li>We have a BUY recommendation on the company as it is trading at FY26/27 PE of 4.2/3.0 and dividend yield of 10%/11%.</li></ul>

Hub Power Company (HUBC) held its corporate briefing today to discuss FY25 financial result and future outlook.The company is confident that its two Thar-based plants, TEL and ThalNova, will declare their maiden dividend in 2H2025.We have a BUY recommendation on the company as it is trading at FY26/27 PE of 4.2/3.0 and dividend yield of 10%/11%.

Topline Flash Note: Hub Power Company (HUBC): Corporate Briefing Key Takeaways

Sazgar Engineering Works Limited / Equity Bottom-Up

Sazgar Engineering Works Limited (SAZEW PK)

<ul><li>Sazgar Engineering Works Limited (SAZEW) has announced the official launch of its Plug-in Hybrid Electric Vehicle (PHEV) lineup of its existing H6 model and two more variants namely Tank 500 and Cannon Alpha.</li><li>In a notice to exchange today, the company has confirmed the commencement of pre-bookings for ‘HAVAL H6 Hi4 1.5L AT AWD Turbo PHEV’, with vehicle roll out from Aug 2025. The company has set price of Haval H6 PHEV at Rs12.895mn, which is 9.7% higher than its HEV version price of Rs11.75mn.</li><li>The H6 is already an established and growing model in Pakistan, and the upcoming PHEV variant will further boost its appeal and sales momentum, in our view.</li></ul>

Sazgar Engineering Works Limited (SAZEW) has announced the official launch of its Plug-in Hybrid Electric Vehicle (PHEV) lineup of its existing H6 model and two more variants namely Tank 500 and Cannon Alpha.In a notice to exchange today, the company has confirmed the commencement of pre-bookings for ‘HAVAL H6 Hi4 1.5L AT AWD Turbo PHEV’, with vehicle roll out from Aug 2025. The company has set price of Haval H6 PHEV at Rs12.895mn, which is 9.7% higher than its HEV version price of Rs11.75mn.The H6 is already an established and growing model in Pakistan, and the upcoming PHEV variant will further boost its appeal and sales momentum, in our view.

Topline Flash Note: Sazgar Engineering Works Limited (SAZEW): Sazgar Launches PHEV Lineup, H6 PHEV Pre Booking Started

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

Topline Flash Note: Indus Motor Company (INDU) – Corporate Briefing Key Takeaways

Indus Motor (INDU) conducted its 9MFY26 analyst briefing today, where management discussed financial performance and future outlook. The company...

Topline Securities

Hub Power Company (HUBC): PCD Of Two CPEC Plants To Sustain Dividend; Target Price Revised To Rs244/Sh; BYD To Gradually Ramp Up

We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent...

Topline Securities

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

Topline Flash Note: Hub Power Company (HUBC): Corporate Briefing Key Takeaways

Hub Power Company (HUBC) held its corporate briefing today to discuss FY25 financial result and future outlook. The company is confident that its...

Topline Securities

Topline Flash Note: Sazgar Engineering Works Limited (SAZEW): Sazgar Launches PHEV Lineup, H6 PHEV Pre Booking Started

Sazgar Engineering Works Limited (SAZEW) has announced the official launch of its Plug-in Hybrid Electric Vehicle (PHEV) lineup of its existing H6...

Topline Securities

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