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 Oil Marketing Companies (OMCs) recorded sales of 1.22mn tons in Jul 2025, up 2% YoY while down 22% MoM. Excluding Furnace Oil (FO) sales in Jul 2025 were 1.21mn tons, reflecting an 8% YoY rise while a 16% MoM fall.</li><li>The YoY growth is primarily driven by a gradual economic recovery and reduced smuggling from Iran. The sharp MoM decline is attributed to higher petrol and diesel prices and higher flooding/rains in northern region during Jul 2025.</li><li>Petrol prices rose by Rs13.72/litre, while diesel saw an increase of Rs21.76/litre, both driven by the uptick in international crude oil prices amid geopolitical tensions.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.22mn tons in Jul 2025, up 2% YoY while down 22% MoM. Excluding Furnace Oil (FO) sales in Jul 2025 were 1.21mn tons, reflecting an 8% YoY rise while a 16% MoM fall.The YoY growth is primarily driven by a gradual economic recovery and reduced smuggling from Iran. The sharp MoM decline is attributed to higher petrol and diesel prices and higher flooding/rains in northern region during Jul 2025.Petrol prices rose by Rs13.72/litre, while diesel saw an increase of Rs21.76/litre, both driven by the uptick in international crude oil prices amid geopolitical tensions.

Pakistan Oil Marketing - Ex-FO OMC Sales Up 8% YoY But Down 16% MoM In Jul 2025

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded a significant increase in sales in May 2025, with a 10% year-on-year (YoY) and 5% month-on-month (MoM) rise, driven by lower fuel prices, seasonal demand, and improved economic activity.</li><li>For the 11 months of fiscal year 2025 (11MFY25), total sales reached 14.76 million tons, marking a 7% increase YoY, with notable growth in sales of Motor Spirit and High-Speed Diesel.</li><li>Attock Petroleum and Pakistan State Oil experienced mixed results, with Attock Petroleum seeing a decrease in YoY sales but an increase MoM, while Pakistan State Oil's overall market share slightly declined.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded a significant increase in sales in May 2025, with a 10% year-on-year (YoY) and 5% month-on-month (MoM) rise, driven by lower fuel prices, seasonal demand, and improved economic activity.For the 11 months of fiscal year 2025 (11MFY25), total sales reached 14.76 million tons, marking a 7% increase YoY, with notable growth in sales of Motor Spirit and High-Speed Diesel.Attock Petroleum and Pakistan State Oil experienced mixed results, with Attock Petroleum seeing a decrease in YoY sales but an increase MoM, while Pakistan State Oil's overall market share slightly declined.

Pakistan Oil Marketing - OMC sales up 10% YoY and 5% MoM in May 2025; 11MFY25 sales up 7% YoY

Equity Bottom-Up

National Bank of Pakistan / Equity Bottom-Up

<ul><li>We reinitiate our coverage on National Bank of Pakistan (NBP) with a BUY rating and June 2027 target price of Rs238/share, implying a capital gain of ~32% and total return of ~46% (incl. dividend yield).</li><li>NBP trades at a 2026E P/E of 5.2x and P/BV of 0.7x, presenting a compelling re-rating opportunity as legacy headwinds dissipate.</li><li>Asset Quality expected to improve further: NPLs declined to Rs223bn in Dec-25 from a high of Rs269bn in Dec-24, with the infection ratio improving to 13.8% from 16.1%.</li></ul>

We reinitiate our coverage on National Bank of Pakistan (NBP) with a BUY rating and June 2027 target price of Rs238/share, implying a capital gain of ~32% and total return of ~46% (incl. dividend yield).NBP trades at a 2026E P/E of 5.2x and P/BV of 0.7x, presenting a compelling re-rating opportunity as legacy headwinds dissipate.Asset Quality expected to improve further: NPLs declined to Rs223bn in Dec-25 from a high of Rs269bn in Dec-24, with the infection ratio improving to 13.8% from 16.1%.

National Bank Of Pakistan (NBP) – From Pension Drag To Capital Strength, Initiate With BUY

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.2mn tons in Mar 2025, up 5% YoY and 7% MoM. The MoM rise was due to a low base effect, while the YoY increase was supported by lower petrol and diesel prices compared to last year.</li><li>This takes total sales for 9MFY25 to 11.77mn tons, reflecting a 4% YoY increase compared to 11.34mn tons in 9MFY24.</li><li>Excluding Furnace Oil (FO), sales in Mar 2025 were 1.16mn tons, reflecting a 5% YoY and 7% MoM rise. For 9MFY25, Ex-FO sales totaled 11.25mn tons, a 7% YoY rise.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.2mn tons in Mar 2025, up 5% YoY and 7% MoM. The MoM rise was due to a low base effect, while the YoY increase was supported by lower petrol and diesel prices compared to last year.This takes total sales for 9MFY25 to 11.77mn tons, reflecting a 4% YoY increase compared to 11.34mn tons in 9MFY24.Excluding Furnace Oil (FO), sales in Mar 2025 were 1.16mn tons, reflecting a 5% YoY and 7% MoM rise. For 9MFY25, Ex-FO sales totaled 11.25mn tons, a 7% YoY rise.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Oil Marketing - OMC sales up 5% YoY and 7% MoM in Mar 2025; 9MFY25 sales up 4% YoY

<ul><li>Pakistan's Oil Marketing Companies (OMCs) sales reached 1.21mn tons in Aug 2024. This represents a 14% YoY decrease, due to monsoon season, and a 2% MoM rise, due full working month unlike July which was affected due to Moharram Holidays.</li><li>Total sales for 2MFY25 totaled at 2.4mn tons, a 12% YoY decline compared to 2.8mn tons in 2MFY24.</li><li>Excluding furnace oil (Ex-FO) sales in Aug 2024 were 1.2mn tons, reflecting a 11% YoY decrease but a 3% MoM rise. For 2MFY25, ex-FO sales totaled 2.3mn tons, a 9% YoY decline.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan's Oil Marketing Companies (OMCs) sales reached 1.21mn tons in Aug 2024. This represents a 14% YoY decrease, due to monsoon season, and a 2% MoM rise, due full working month unlike July which was affected due to Moharram Holidays.Total sales for 2MFY25 totaled at 2.4mn tons, a 12% YoY decline compared to 2.8mn tons in 2MFY24.Excluding furnace oil (Ex-FO) sales in Aug 2024 were 1.2mn tons, reflecting a 11% YoY decrease but a 3% MoM rise. For 2MFY25, ex-FO sales totaled 2.3mn tons, a 9% YoY decline.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Oil Marketing - Amidst monsoon, oil sales declined 14% YoY; 2MFY25 sales down 12% YoY

Pakistan

Hascol Petroleum Limited buys stores and sells petroleum products. The Company's products consist of fuel oil, speed diesel, gasoline, jet fuel and lubricants.

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Hascol Petroleum Ltd (HPL PA)

Pakistan Oil Marketing - Ex-FO OMC Sales Up 8% YoY But Down 16% MoM In Jul 2025

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.22mn tons in Jul 2025, up 2% YoY while down 22% MoM. Excluding Furnace Oil (FO)...

Topline Securities

Pakistan Oil Marketing - OMC sales up 10% YoY and 5% MoM in May 2025; 11MFY25 sales up 7% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded a significant increase in sales in May 2025, with a 10% year-on-year (YoY) and 5%...

Topline Securities

National Bank Of Pakistan (NBP) – From Pension Drag To Capital Strength, Initiate With BUY

We reinitiate our coverage on National Bank of Pakistan (NBP) with a BUY rating and June 2027 target price of Rs238/share, implying a capital gain...

Topline Securities

Pakistan Oil Marketing - OMC sales up 5% YoY and 7% MoM in Mar 2025; 9MFY25 sales up 4% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.2mn tons in Mar 2025, up 5% YoY and 7% MoM. The MoM rise was due to a low base...

Topline Securities

Pakistan Oil Marketing - Amidst monsoon, oil sales declined 14% YoY; 2MFY25 sales down 12% YoY

Pakistan's Oil Marketing Companies (OMCs) sales reached 1.21mn tons in Aug 2024. This represents a 14% YoY decrease, due to monsoon season, and...

Topline Securities

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