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>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.</li><li>The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.</li><li>Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones Up 7% MoM in Nov-25

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.</li><li>According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.</li><li>Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.</li><li>The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

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.

Technical Analysis

<ul><li>Asian markets saw gains on expectations of Fed interest rate cuts, leading to a decline in US bond yields.</li><li>Although the index retraced, it managed to hold above the previous gap, maintaining a W-shaped pattern.</li><li>The index is tending to move upward, but volume remains light, which could mean that the ascent will be rocky.</li></ul>

Asian markets saw gains on expectations of Fed interest rate cuts, leading to a decline in US bond yields.Although the index retraced, it managed to hold above the previous gap, maintaining a W-shaped pattern.The index is tending to move upward, but volume remains light, which could mean that the ascent will be rocky.

Recommendation: Buy On Weakness, Sell On Strength

Cross Asset Strategy

<ul><li>Technically, the SET Index is likely to weaken to test the support at 1,357/1,352 points where a rebound can be expected (a buy signal will occur when a V-shaped pattern is formed), with the resistance at 1,370/1,375 points.</li><li>China: The 14th National People's Congress (NPC) in Beijing commences today and extends for a week.</li><li>KTX expects Thai headline inflation in February to remain negative for a fifth month, increasing the likelihood of expedited stimulus</li></ul>

Technically, the SET Index is likely to weaken to test the support at 1,357/1,352 points where a rebound can be expected (a buy signal will occur when a V-shaped pattern is formed), with the resistance at 1,370/1,375 points.China: The 14th National People's Congress (NPC) in Beijing commences today and extends for a week.KTX expects Thai headline inflation in February to remain negative for a fifth month, increasing the likelihood of expedited stimulus

Keep a Close Watch on Global Services Figures in February and Thai Inflation

Thailand

Interlink Telecom Public Company Limited operates as a telecommunications network service provider, offering nationwide fiber optic networks and data center services such as co-location, cloud computing, and disaster recovery. The company also has a segment for medical equipment services. Interlink Telecom was founded on January 3, 2007, and is headquartered in Bangkok, Thailand.

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

Interlink Telecom (ITEL TB)

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones Up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn...

Topline Securities

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units...

Topline Securities

Recommendation: Buy On Weakness, Sell On Strength

Asian markets saw gains on expectations of Fed interest rate cuts, leading to a decline in US bond yields. Although the index retraced, it managed...

Krungthai XSpring

Keep a Close Watch on Global Services Figures in February and Thai Inflation

Technically, the SET Index is likely to weaken to test the support at 1,357/1,352 points where a rebound can be expected (a buy signal will occur...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)