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>KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.</li><li>Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.</li><li>The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.</li></ul>

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

<ul><li>Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 14,050 units in Aug 2025, reflecting a 62% YoY and 27% MoM rise.</li><li>Despite floods the industry has recorded MoM growth, driven primarily by higher sales of Pak Suzuki Motor Company (PSMC).</li><li>YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment.</li></ul>

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 14,050 units in Aug 2025, reflecting a 62% YoY and 27% MoM rise.Despite floods the industry has recorded MoM growth, driven primarily by higher sales of Pak Suzuki Motor Company (PSMC).YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment.

Pakistan Automobiles: Car Sales In Aug 2025 Up 62% YoY And 27% MoM To 14,050 Units

<ul><li>Pakistan car sales in June 2025 reached 21,773 units, marking a 64% YoY and 47% MoM increase.</li><li>Pak Suzuki Motor Company experienced a significant MoM growth, primarily due to increased Alto sales ahead of a GST increase.</li><li>The overall positive trend in auto sales is expected to continue into FY26, driven by lower interest rates and new model launches.</li></ul>

Pakistan car sales in June 2025 reached 21,773 units, marking a 64% YoY and 47% MoM increase.Pak Suzuki Motor Company experienced a significant MoM growth, primarily due to increased Alto sales ahead of a GST increase.The overall positive trend in auto sales is expected to continue into FY26, driven by lower interest rates and new model launches.

Pakistan Automobiles: Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high

<ul><li>We have revised up our earnings estimates for Indus Motors (INDU) and Honda Cars (HCAR) after incorporating recent volumetric sales and gross margins trend.</li><li>Passenger Car Sales reported by PAMA is up 43% YoY in FY25, thanks to the availability of more options to consumers, lower interest rates and stable inflation.</li><li>We have also revised up our earnings estimates for Honda Atlas Cars (HCAR), our earnings estimates are up ~26% for MY26-MY28 EPS at Rs28.5, Rs29.71, and Rs34.7 per share.</li></ul>

We have revised up our earnings estimates for Indus Motors (INDU) and Honda Cars (HCAR) after incorporating recent volumetric sales and gross margins trend.Passenger Car Sales reported by PAMA is up 43% YoY in FY25, thanks to the availability of more options to consumers, lower interest rates and stable inflation.We have also revised up our earnings estimates for Honda Atlas Cars (HCAR), our earnings estimates are up ~26% for MY26-MY28 EPS at Rs28.5, Rs29.71, and Rs34.7 per share.

Pakistan Autos: Indus Motor (INDU) And Honda Atlas (HCAR); Earnings Revised up 25-38%

<ul><li>Car sales in Pakistan for May 2025 reached 14,762 units, marking a 35% year-on-year and 39% month-on-month increase.</li><li>Sazgar Engineering (SAZEW) experienced the highest month-on-month growth of 67% and an 18% year-on-year rise.</li><li>Indus Motor Company (INDU) achieved a 2.4x year-on-year and 48% month-on-month increase, with sales reaching the highest monthly figure in nearly 3 years.</li></ul>

Car sales in Pakistan for May 2025 reached 14,762 units, marking a 35% year-on-year and 39% month-on-month increase.Sazgar Engineering (SAZEW) experienced the highest month-on-month growth of 67% and an 18% year-on-year rise.Indus Motor Company (INDU) achieved a 2.4x year-on-year and 48% month-on-month increase, with sales reaching the highest monthly figure in nearly 3 years.

Pakistan Automobiles: Car sales in 11MFY25 up 39% YoY; 2/3 wheelers record ~ 3 year high

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 Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24. Despite the decline in interest rates, the...

Topline Securities

Pakistan Automobiles: Car Sales In Aug 2025 Up 62% YoY And 27% MoM To 14,050 Units

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 14,050 units in Aug 2025, reflecting a 62% YoY and 27% MoM rise. Despite floods...

Topline Securities

Pakistan Automobiles: Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high

Pakistan car sales in June 2025 reached 21,773 units, marking a 64% YoY and 47% MoM increase. Pak Suzuki Motor Company experienced a significant...

Topline Securities

Pakistan Autos: Indus Motor (INDU) And Honda Atlas (HCAR); Earnings Revised up 25-38%

We have revised up our earnings estimates for Indus Motors (INDU) and Honda Cars (HCAR) after incorporating recent volumetric sales and gross...

Topline Securities

Pakistan Automobiles: Car sales in 11MFY25 up 39% YoY; 2/3 wheelers record ~ 3 year high

Car sales in Pakistan for May 2025 reached 14,762 units, marking a 35% year-on-year and 39% month-on-month increase. Sazgar Engineering (SAZEW)...

Topline Securities

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