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 listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x.</li><li>Segment wise, consumer staple (FMCG) is trading at 2025 PE of 14.9x vs. 10-year average of 23.29x, pharmaceutical is trading at 2025 PE of 13.6x vs. 10-year average PE of 17.71x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 13.08x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 20%/25% and 14%/15% respectively while a D/Y of 6% in 2025.</li></ul>

Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x.Segment wise, consumer staple (FMCG) is trading at 2025 PE of 14.9x vs. 10-year average of 23.29x, pharmaceutical is trading at 2025 PE of 13.6x vs. 10-year average PE of 17.71x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 13.08x.Sector witnessed 5-year and 10-years sales/profit CAGR of 20%/25% and 14%/15% respectively while a D/Y of 6% in 2025.

Cross Asset Strategy

<ul><li>KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.</li><li>The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.</li><li>The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.</li></ul>

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

<ul><li>Topline Auto Universe is expected to post profitability of Rs14.7bn in 2QFY26, compared to Rs10.9bn in 2QFY25, reflecting a 35% YoY increase, primarily driven by higher passenger car sales.</li><li>On a QoQ basis, profitability is also projected to rise 19% supported by better economic activity, introduction of new variants, and lower interest rates, despite the typical December effect.</li><li>Net sales are anticipated to increase 63% YoY and 26% QoQ to Rs161.5bn in 2QFY26, mainly due to higher volumes and a relatively stable Pak Rupee.</li></ul>

Topline Auto Universe is expected to post profitability of Rs14.7bn in 2QFY26, compared to Rs10.9bn in 2QFY25, reflecting a 35% YoY increase, primarily driven by higher passenger car sales.On a QoQ basis, profitability is also projected to rise 19% supported by better economic activity, introduction of new variants, and lower interest rates, despite the typical December effect.Net sales are anticipated to increase 63% YoY and 26% QoQ to Rs161.5bn in 2QFY26, mainly due to higher volumes and a relatively stable Pak Rupee.

Pakistan Autos: Topline Auto Universe Profitability to Record 35% YoY and 19% QoQ Growth; Volumes Up 45% YoY and 36% QoQ

<ul><li>Pakistan Car sales (as reported by PAMA) clocked in at 13,280 units in Dec 2025, reflecting a 35% YoY rise and 14% MoM decline. This took 1HFY26 sales to 88,322 units, a 46% YoY rise from 60,676 units in 1HFY25.</li><li>The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.</li><li>However, MoM sales were down primarily due to the end-of-year effect, with buyers delaying deliveries and new purchases in anticipation of new year registrations.</li></ul>

Pakistan Car sales (as reported by PAMA) clocked in at 13,280 units in Dec 2025, reflecting a 35% YoY rise and 14% MoM decline. This took 1HFY26 sales to 88,322 units, a 46% YoY rise from 60,676 units in 1HFY25.The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.However, MoM sales were down primarily due to the end-of-year effect, with buyers delaying deliveries and new purchases in anticipation of new year registrations.

Pakistan Automobiles: Car Sales In Dec 2025 Up 35% YoY And Down 14% MoM To 13,280 Units

<ul><li>Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 15,442 units in Nov 2025, reflecting a 52% YoY rise and 11% MoM downside.</li><li>The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.</li><li>However, MoM sales were down due to seasonality, wherein generally, before the year end delivery of vehicles is deferred to first month of next year for latest model registration.</li></ul>

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 15,442 units in Nov 2025, reflecting a 52% YoY rise and 11% MoM downside.The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.However, MoM sales were down due to seasonality, wherein generally, before the year end delivery of vehicles is deferred to first month of next year for latest model registration.

Pakistan Automobiles: Car Sales In Nov 2025 Up 52% YoY And Down -11% MoM To 15,442 Units

Pakistan

Indus Motor Company Limited was created through a joint venture agreement between the House of Habib, the Toyota Motor Corporation and the Toyota Tsusho Corporation, in order to assemble, manufacture and market Toyota vehicles.  The company is also the sole distributor of Toyota vehicles in Pakistan.

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Indus Motor Company (INDU PA)

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x. Segment wise,...

Topline Securities

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25. The banking sector’s earnings declined by 3% YoY...

Topline Securities

Pakistan Autos: Topline Auto Universe Profitability to Record 35% YoY and 19% QoQ Growth; Volumes Up 45% YoY and 36% QoQ

Topline Auto Universe is expected to post profitability of Rs14.7bn in 2QFY26, compared to Rs10.9bn in 2QFY25, reflecting a 35% YoY increase,...

Topline Securities

Pakistan Automobiles: Car Sales In Dec 2025 Up 35% YoY And Down 14% MoM To 13,280 Units

Pakistan Car sales (as reported by PAMA) clocked in at 13,280 units in Dec 2025, reflecting a 35% YoY rise and 14% MoM decline. This took 1HFY26...

Topline Securities

Pakistan Automobiles: Car Sales In Nov 2025 Up 52% YoY And Down -11% MoM To 15,442 Units

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 15,442 units in Nov 2025, reflecting a 52% YoY rise and 11% MoM downside. The...

Topline Securities

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