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's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ.</li><li>In FY26, sector profitability increased 13% YoY to Rs143bn, driven by improved retention prices, stable gross margins, and lower finance costs.</li><li>Net sales for the cement sector increased 9% YoY and 3% QoQ to Rs179.3bn in 4QFY26.</li></ul>

Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ.In FY26, sector profitability increased 13% YoY to Rs143bn, driven by improved retention prices, stable gross margins, and lower finance costs.Net sales for the cement sector increased 9% YoY and 3% QoQ to Rs179.3bn in 4QFY26.

Pakistan Cements - Cement Sector Profits Rise 23% YoY in 4QFY26; Led by Improved Retention Prices and a Lower Effective Tax Rate

Macroeconomics

<ul><li>The United States of America (USA) has announced revised reciprocal tariffs on trading partners on Jul 31, 2025. This was as per the Aug 01, 2025 deadline announced by the US government for making negotiations with trade partners over tariffs.</li><li>To recap, Pakistan exports US$6bn goods to USA (18%) and is country’s largest trading partner.</li><li>Last night, revised tariffs were announced by the US government, wherein Pakistan will now face reciprocal tariffs of 19% compared to earlier rate of 29%, reducing the impact by around 10ppts. However, some of the peer countries who were at much higher bracket before are almost at par with Pakistan now.</li></ul>

The United States of America (USA) has announced revised reciprocal tariffs on trading partners on Jul 31, 2025. This was as per the Aug 01, 2025 deadline announced by the US government for making negotiations with trade partners over tariffs.To recap, Pakistan exports US$6bn goods to USA (18%) and is country’s largest trading partner.Last night, revised tariffs were announced by the US government, wherein Pakistan will now face reciprocal tariffs of 19% compared to earlier rate of 29%, reducing the impact by around 10ppts. However, some of the peer countries who were at much higher bracket before are almost at par with Pakistan now.

Pakistan Market - Pakistan To Face 19% Reciprocal US Tariffs; Better Than India, But Largely At Par With Vietnam And Bangladesh

China

China National Nuclear Power Co., Ltd. is a nuclear energy power producer. The Company invests in, constructs, manages and operates nuclear power plants throughout China.

China National Nuclear Power C (601985 CH)

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China National Nuclear Power C (601985 CH)

Pakistan Cements - Cement Sector Profits Rise 23% YoY in 4QFY26; Led by Improved Retention Prices and a Lower Effective Tax Rate

Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ. In FY26, sector profitability increased 13%...

Topline Securities

Pakistan Market - Pakistan To Face 19% Reciprocal US Tariffs; Better Than India, But Largely At Par With Vietnam And Bangladesh

The United States of America (USA) has announced revised reciprocal tariffs on trading partners on Jul 31, 2025. This was as per the Aug 01, 2025...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)