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 reiterate our BUY stance on ENGROH as company is trading at discount of 39% at current price of Rs229 compared to SOTP value of Rs373/share.</li><li>Our liking for this scrip is based on (1) addition of thermal assets back to its continued operations as its divestment deal couldn’t materialized previously and (2) the completion of the deodar deal and turning of Enfrashare into profit.</li><li>We expect thermal assets including Engro Powergen Thar Limited (EPTL), Sindh Engro Coal Mining (SECMC) and Engro Power Qadirpur (EPQL) to add Rs16.91/share to the consolidated profits of the company in 2026.</li></ul>

We reiterate our BUY stance on ENGROH as company is trading at discount of 39% at current price of Rs229 compared to SOTP value of Rs373/share.Our liking for this scrip is based on (1) addition of thermal assets back to its continued operations as its divestment deal couldn’t materialized previously and (2) the completion of the deodar deal and turning of Enfrashare into profit.We expect thermal assets including Engro Powergen Thar Limited (EPTL), Sindh Engro Coal Mining (SECMC) and Engro Power Qadirpur (EPQL) to add Rs16.91/share to the consolidated profits of the company in 2026.

Engro Holdings (ENGROH) - Earnings Revised Up; Buy Stance Maintained

Singapore

EnGro is a leading provider of superior building materials, including high slag Portland blast furnace cement, specialty cement, and high-performance ready-mix concrete. The company also has interests in specialty polymers and venture capital investments. Headquartered in Singapore, it was founded in 1973.

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EnGro (EGCL SP)

Engro Holdings (ENGROH) - Earnings Revised Up; Buy Stance Maintained

We reiterate our BUY stance on ENGROH as company is trading at discount of 39% at current price of Rs229 compared to SOTP value of...

Topline Securities

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