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 car sales (as reported by PAMA) clocked in at 15,104 units in Sep 2026, declined by 12% YoY and 3% MoM.</li><li>The decline in total sales is attributable to delayed clarity on the HEV/PHEV sales tax policy, restricting invoicing by companies.</li><li>We expect a positive momentum in auto sales in FY27, with double digit growth supported by the launch of new variants and the entry of new brands in the market.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 15,104 units in Sep 2026, declined by 12% YoY and 3% MoM.The decline in total sales is attributable to delayed clarity on the HEV/PHEV sales tax policy, restricting invoicing by companies.We expect a positive momentum in auto sales in FY27, with double digit growth supported by the launch of new variants and the entry of new brands in the market.

Pakistan Automobiles: Car Sales Declined by 12% YoY and 3% MoM to 15,104 Units in Sep 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last September in the release of its new Mid-Term Management Plan, Toyota Group member <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> announced a plan to cut cross-holdings to zero. <a href="https://www.smartkarma.com/entities/jtekt-corp" target="_blank" data-smartkarma-citation="entities:12197:1" rel="noopener">JTEKT Corp (6473 JP)</a> followed suit.</li>
<li>It started with a selldown of <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>, then <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>, now <a href="https://www.smartkarma.com/insights/big-aisin-7259-offering-sets-stage-for-first-toyota-group-full-unwind" target="_blank" rel="noopener">Aisin</a>. Last FY, Toyota Group cos reduced crossholdings by ¥870bn. This year will be more.</li>
<li>Attached below is a general breakdown of Toyota Group cross-holdings, discussion of cross-holding policies, and analysis of what is next, and what is not.</li>
</ul>


Last September in the release of its new Mid-Term Management Plan, Toyota Group member Aisin (7259 JP) announced a plan to cut cross-holdings to zero. JTEKT Corp (6473 JP) followed suit.
It started with a selldown of Denso Corp (6902 JP), then Toyota Industries (6201 JP), now Aisin. Last FY, Toyota Group cos reduced crossholdings by ¥870bn. This year will be more.
Attached below is a general breakdown of Toyota Group cross-holdings, discussion of cross-holding policies, and analysis of what is next, and what is not.


Toyota Group Cross-Holding Structure Primer - Holdings, Unwind Progress, Buyback Policies, Etc

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Hino Motors, a core member of the Toyota Group, is a leading Japanese manufacturer of commercial vehicles, but its market position and financial stability have been significantly impacted by a widespread engine emissions and fuel economy data scandal.</li>
  <li>The company is undergoing significant operational and governance reforms to address the misconduct and is strategically focused on future technologies, including electric and fuel-cell vehicles, through its partnership in Commercial Japan Partnership Technologies (CJPT) with Toyota and Isuzu.</li>
  <li>Financial performance has been volatile, with a significant net loss in FY2025 due to scandal-related provisions, followed by a sharp recovery in profitability in FY2026 driven by cost reduction efforts, though sales volumes remain under pressure.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Hino Motors, a core member of the Toyota Group, is a leading Japanese manufacturer of commercial vehicles, but its market position and financial stability have been significantly impacted by a widespread engine emissions and fuel economy data scandal.
  The company is undergoing significant operational and governance reforms to address the misconduct and is strategically focused on future technologies, including electric and fuel-cell vehicles, through its partnership in Commercial Japan Partnership Technologies (CJPT) with Toyota and Isuzu.
  Financial performance has been volatile, with a significant net loss in FY2025 due to scandal-related provisions, followed by a sharp recovery in profitability in FY2026 driven by cost reduction efforts, though sales volumes remain under pressure.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hino Motors Ltd (7205 JP) - Aug 2026

<ul>
<li>I was bearish <a href="https://www.smartkarma.com/entities/hino-motors-ltd" target="_blank" data-smartkarma-citation="entities:2144:1" rel="noopener">Hino Motors Ltd (7205 JP)</a> / <a href="https://www.smartkarma.com/entities/archion-corporation" target="_blank" data-smartkarma-citation="entities:47577:1" rel="noopener">Archion (543A JP)</a> against <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu Motors (7202 JP)</a> last year at this time. That trade did well. I am bullish now. </li>
<li>Isuzu released Q1 results a bit more than a week ago. They were salutary. Archion released Q1 yesterday. Also salutary. Historical comparisons are a bit tough, but outlook is good.</li>
<li>When looking at Q1 seasonality vs Hino history, and Q1 revenue results vs last year, either Q1 was a very special outlier or the guidance is quite conservative.</li>
</ul>


I was bearish Hino Motors Ltd (7205 JP) / Archion (543A JP) against Isuzu Motors (7202 JP) last year at this time. That trade did well. I am bullish now. 
Isuzu released Q1 results a bit more than a week ago. They were salutary. Archion released Q1 yesterday. Also salutary. Historical comparisons are a bit tough, but outlook is good.
When looking at Q1 seasonality vs Hino history, and Q1 revenue results vs last year, either Q1 was a very special outlier or the guidance is quite conservative.


ARCHION (543A) - Q1 Results Positive, Seasonality VERY Positive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Japan

HINO MOTORS, LTD. develops, manufactures and markets diesel buses and trucks. The Company also produces heavy duty trucks, special purpose vehicles, and diesel engines for industrial and marine applications.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hino Motors Ltd (7205 JP)

Pakistan Automobiles: Car Sales Declined by 12% YoY and 3% MoM to 15,104 Units in Sep 2026

Pakistan car sales (as reported by PAMA) clocked in at 15,104 units in Sep 2026, declined by 12% YoY and 3% MoM. The decline in total sales is...

Topline Securities

Toyota Group Cross-Holding Structure Primer - Holdings, Unwind Progress, Buyback Policies, Etc

8mos past the first large Toyota Group selldown in Denso (i.e. past lockup). Others have followed since. Toyota Inds and Toyota R.E. have ¥600bn to...

Travis Lundy

Primer: Hino Motors Ltd (7205 JP) - Aug 2026

Hino Motors, a core member of the Toyota Group, is a leading Japanese manufacturer of commercial vehicles, but its market position and financial...

αSK Primers

ARCHION (543A) - Q1 Results Positive, Seasonality VERY Positive

Archion reported Q1 results. They were quite salutary (even without the one-off non-cash gains). Sales were particularly good, but it is early days...

Travis Lundy

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)