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>Engro Connect reported revenue of Rs19bn up by 3.8x YoY in 1Q2026, driven by an increase in site count to 15,331. While, profitability stood at Rs2.1bn up by 3.5x YoY. As per the management, profitability includes certain statutory adjustments related to long-term leases, with the impact of unwinding reflected in earnings.</li><li>Management also highlighted that it expects gradual growth in 5G usage rather than a rapid uptick, given the limited availability of 5G enabled handsets.</li><li>EFERT’s sales rose by 27% YoY to Rs38bn, while profitability increased by 14% YoY to Rs3.3bn in 1Q2026, mainly driven by higher urea and DAP offtake amid improved farmer economics and better water availability during the cropping season. To note, urea volumes increased from 260KT in 1Q2025 to 279KT in 1Q2026. The company expects pressure in May due to elevated input costs, particularly on account of rising DAP prices.</li></ul>

Engro Connect reported revenue of Rs19bn up by 3.8x YoY in 1Q2026, driven by an increase in site count to 15,331. While, profitability stood at Rs2.1bn up by 3.5x YoY. As per the management, profitability includes certain statutory adjustments related to long-term leases, with the impact of unwinding reflected in earnings.Management also highlighted that it expects gradual growth in 5G usage rather than a rapid uptick, given the limited availability of 5G enabled handsets.EFERT’s sales rose by 27% YoY to Rs38bn, while profitability increased by 14% YoY to Rs3.3bn in 1Q2026, mainly driven by higher urea and DAP offtake amid improved farmer economics and better water availability during the cropping season. To note, urea volumes increased from 260KT in 1Q2025 to 279KT in 1Q2026. The company expects pressure in May due to elevated input costs, particularly on account of rising DAP prices.

Topline Flash Note: Engro Holdings (ENGROH) –Corporate Briefing Key Takeaways

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>FuelCell Energy, Inc. (FuelCell Energy) recently reported its financial results for the third quarter of fiscal year 2025.</li><li>The company demonstrated significant revenue growth, reporting $46.7 million, a 97% increase compared to the previous year.</li><li>This increase was primarily driven by strong product revenues, notably from the delivery of replacement modules to Gyeonggi Green Energy Company (GGE) in South Korea and sales to Ameresco.</li></ul>

FuelCell Energy, Inc. (FuelCell Energy) recently reported its financial results for the third quarter of fiscal year 2025.The company demonstrated significant revenue growth, reporting $46.7 million, a 97% increase compared to the previous year.This increase was primarily driven by strong product revenues, notably from the delivery of replacement modules to Gyeonggi Green Energy Company (GGE) in South Korea and sales to Ameresco.

FuelCell Energy’s Data Center Push – Will Reliable Fuel Cells Become the Backbone of AI Infrastructure?

<ul><li>The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.</li><li>Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.</li><li>EFERT sales declined by 29% YoY to Rs80.6bn in 1H2025, due to lower offtakes. To highlight, urea volumes decreased by 22.5% YoY to 2,351K tons.</li></ul>

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.EFERT sales declined by 29% YoY to Rs80.6bn in 1H2025, due to lower offtakes. To highlight, urea volumes decreased by 22.5% YoY to 2,351K tons.

Topline Flash Note: Engro Holdings (ENGROH): Corporate Briefing Key Takeaways

<ul><li>The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.</li><li>Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.</li><li>EPCL reported a challenging period as the business remains under pressure due to lower core delta (at decade-low levels) led by decline in China demand, and rising energy costs.</li></ul>

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.EPCL reported a challenging period as the business remains under pressure due to lower core delta (at decade-low levels) led by decline in China demand, and rising energy costs.

Topline Flash Note: Meezan Bank (MEBL): Corporate Briefing Key Takeaways

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Calumet Specialty Products Par / Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 3.1% W/W versus the S&amp;P 500 Index (down 2.6%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down 2.4%).</li><li>Energy Technology (12.4% of the index) was down 5.3%, while Industrial Climate and Ag Technology (47.7% of the index) was down 2.4%, ClimateTech Mining was down 2.6%, and Advanced Transportation Solutions (21.5% of the index) was down 3.7%.</li><li>Top 10 Performers: LTBR, NHHH, BNET, FTEK, SX, FCEL, VVPR, EGT, DNMR, TMC</li></ul>

The WTR Sustainable Index was down 3.1% W/W versus the S&amp;P 500 Index (down 2.6%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down 2.4%).Energy Technology (12.4% of the index) was down 5.3%, while Industrial Climate and Ag Technology (47.7% of the index) was down 2.4%, ClimateTech Mining was down 2.6%, and Advanced Transportation Solutions (21.5% of the index) was down 3.7%.Top 10 Performers: LTBR, NHHH, BNET, FTEK, SX, FCEL, VVPR, EGT, DNMR, TMC

Sustainable Investing Surveyor Focus on Calumet (CLMT)

United States

FuelCell Energy, Inc. develops and commercializes fuel cell power plants for electric power generation. The Company also has contracts to develop its fuel cells for use of alternative fuels and for marine transportation applications. FuelCell has research and development contracts with government and industry.

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FuelCell Energy (FCEL US)

Topline Flash Note: Engro Holdings (ENGROH) –Corporate Briefing Key Takeaways

Engro Connect reported revenue of Rs19bn up by 3.8x YoY in 1Q2026, driven by an increase in site count to 15,331. While, profitability stood at...

Topline Securities

FuelCell Energy’s Data Center Push – Will Reliable Fuel Cells Become the Backbone of AI Infrastructure?

FuelCell Energy, Inc. (FuelCell Energy) recently reported its financial results for the third quarter of fiscal year 2025. The company...

Baptista Research

Topline Flash Note: Engro Holdings (ENGROH): Corporate Briefing Key Takeaways

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore...

Topline Securities

Topline Flash Note: Meezan Bank (MEBL): Corporate Briefing Key Takeaways

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore...

Topline Securities

Sustainable Investing Surveyor Focus on Calumet (CLMT)

The WTR Sustainable Index was down 3.1% W/W versus the S&P 500 Index (down 2.6%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down...

Water Tower Research

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