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

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 15,558 units in Aug 2026, up by 11% YoY but declined 21% MoM.</li><li>The MoM decline in total sales is primarily due to uncertainty surrounding the new auto policy and uncertain regional atmosphere affecting supply chain, in our view.</li><li>We expect the positive momentum in auto sales to continue 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 15,558 units in Aug 2026, up by 11% YoY but declined 21% MoM.The MoM decline in total sales is primarily due to uncertainty surrounding the new auto policy and uncertain regional atmosphere affecting supply chain, in our view.We expect the positive momentum in auto sales to continue 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 Grew by 11% YoY but Declined 21% MoM to 15,558 Units in Aug 2026

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 19,818 units in Jul 2026, up by 79% YoY while down 13% MoM.</li><li>The YoY rise was driven by new market entrants, new product launches and surge in auto financing.</li><li>Meanwhile, the MoM decline was primarily due to uncertainty surrounding the new auto policy.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 19,818 units in Jul 2026, up by 79% YoY while down 13% MoM.The YoY rise was driven by new market entrants, new product launches and surge in auto financing.Meanwhile, the MoM decline was primarily due to uncertainty surrounding the new auto policy.

Pakistan Automobiles: Car Sales Rose 79% YoY But Down 13% MoM to 19,818 Units in Jul 2026

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.

<ul><li>Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly stretched in the near term.</li><li>We have also lowered our 2026 Thailand vehicle production forecast by 2%, from 1.49mn units to 1.46mn units, implying flat YoY growth.</li><li>We therefore downgrade the auto sector to Neutral.</li></ul>

Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly stretched in the near term.We have also lowered our 2026 Thailand vehicle production forecast by 2%, from 1.49mn units to 1.46mn units, implying flat YoY growth.We therefore downgrade the auto sector to Neutral.

Automotive: Time to Downgrade to Neutral as Future Risks Mount – Neutral

Equity Bottom-Up

<ul>
<li>We expect AH's 2Q26E core profit to recover strongly to Bt171mn (+51% YoY, -45% QoQ).</li>
<li>Although the industry backdrop remains challenging, AH's diversified business portfolio, together with our view that it remains the least exposed to geopolitical tensions in the Middle East among auto parts companies, should provide greater resilience against industry risks.</li>
<li>We maintain our Outperform rating and unchanged fair value of Bt17.00.</li>
</ul>


We expect AH's 2Q26E core profit to recover strongly to Bt171mn (+51% YoY, -45% QoQ).
Although the industry backdrop remains challenging, AH's diversified business portfolio, together with our view that it remains the least exposed to geopolitical tensions in the Middle East among auto parts companies, should provide greater resilience against industry risks.
We maintain our Outperform rating and unchanged fair value of Bt17.00.


AAPICO HITECH Plc. (AH): 2Q26E Earnings Expected to Rebound on a Low Base

Japan

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

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Isuzu Motors (7202 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

Pakistan Automobiles: Car Sales Grew by 11% YoY but Declined 21% MoM to 15,558 Units in Aug 2026

Pakistan car sales (as reported by PAMA) clocked in at 15,558 units in Aug 2026, up by 11% YoY but declined 21% MoM. The MoM decline in total...

Topline Securities

Pakistan Automobiles: Car Sales Rose 79% YoY But Down 13% MoM to 19,818 Units in Jul 2026

Pakistan car sales (as reported by PAMA) clocked in at 19,818 units in Jul 2026, up by 79% YoY while down 13% MoM. The YoY rise was driven by new...

Topline Securities

Automotive: Time to Downgrade to Neutral as Future Risks Mount – Neutral

Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly...

Krungthai XSpring

AAPICO HITECH Plc. (AH): 2Q26E Earnings Expected to Rebound on a Low Base

We expect AH's 2Q26E core profit to recover strongly to Bt171mn (+51% YoY, -45% QoQ). Although the industry backdrop remains challenging, AH's...

Krungthai XSpring

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