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.

Macroeconomics

<ul><li>Ministry of Finance (MoF) has released Economic Survey of Pakistan for FY26 and based on that and in line with numbers reported by National Accounts Committee (NAC), Pakistan has provisionally recorded real GDP growth of 3.7% during FY26 vs. 3.18% in FY25.</li><li>FY26 GDP growth at 4-year high: The GDP growth of 3.7% for FY26 is 4-year high and is also higher than last 5, 10 and 20-year average growth of 3.09%, 3.41% and 3.44%, respectively. While the initial target set by Govt. was 4.2%.</li><li>IMF and World Bank estimates FY26 GDP growth of Pakistan at 3.6% and 3.0%, respectively. We maintain our GDP estimates for FY26 in range of 3.5-4.0% for FY26E.</li></ul>

Ministry of Finance (MoF) has released Economic Survey of Pakistan for FY26 and based on that and in line with numbers reported by National Accounts Committee (NAC), Pakistan has provisionally recorded real GDP growth of 3.7% during FY26 vs. 3.18% in FY25.FY26 GDP growth at 4-year high: The GDP growth of 3.7% for FY26 is 4-year high and is also higher than last 5, 10 and 20-year average growth of 3.09%, 3.41% and 3.44%, respectively. While the initial target set by Govt. was 4.2%.IMF and World Bank estimates FY26 GDP growth of Pakistan at 3.6% and 3.0%, respectively. We maintain our GDP estimates for FY26 in range of 3.5-4.0% for FY26E.

Pakistan Economic Survey FY26: GDP Growth At 3.7%, Per Capita Income Crossed US$1,900 Mark

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,640/1,650 points and the support at 1,623 points (50-day EMA)/1,618 points (200-day EMA).</li><li>We recommend trading buy on KBANK, BEM and AGE.</li><li>Negative momentum may be generated by investors shifting to hold safe-haven assets due to concerns over an economic recession in major countries in the next 6-12 months.</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,640/1,650 points and the support at 1,623 points (50-day EMA)/1,618 points (200-day EMA).We recommend trading buy on KBANK, BEM and AGE.Negative momentum may be generated by investors shifting to hold safe-haven assets due to concerns over an economic recession in major countries in the next 6-12 months.

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,666/1,673 points and the support at 1,647 points (10-day EMA)/1,641 points.</li><li>We recommend trading buy on TIDLOR, CENTEL and KAMART.</li><li>Technically, the index may remain on an uptrend after it was able to surpass the 10-day EMA at 1,647 points.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,666/1,673 points and the support at 1,647 points (10-day EMA)/1,641 points.We recommend trading buy on TIDLOR, CENTEL and KAMART.Technically, the index may remain on an uptrend after it was able to surpass the 10-day EMA at 1,647 points.

Thailand

Information and Communication Networks Public Company Limited (ICN) operates as a telecommunication Company. The Company offers call control, consumer and business VoIP, broadband and radio access, IP transport, and networking solutions for information and communication technologies. ICN serves customers worldwide.

Information & Communication Networks (ICN TB)

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Information & Communication Networks (ICN TB)

Pakistan Economic Survey FY26: GDP Growth At 3.7%, Per Capita Income Crossed US$1,900 Mark

Ministry of Finance (MoF) has released Economic Survey of Pakistan for FY26 and based on that and in line with numbers reported by National...

Topline Securities

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,640/1,650 points and the support at 1,623 points (50-day EMA)/1,618...

Krungthai XSpring

Recommendation: Selective Speculation

The SET Index is expected to move sideways up, with the resistance at 1,666/1,673 points and the support at 1,647 points (10-day EMA)/1,641...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)