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 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

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently nine pair trade opportunities across four markets and four sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently nine pair trade opportunities across four markets and four sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Oct)

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

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Intel keeping the tech tape green on the news it has also reached out to TSMC for partnership</li>
<li>Memory names seeing further profit taking while filing shows Toshiba has made a small sale of its Kioxia holdings.</li>
<li>Medtech and trucks the latest victims of tariff uncertainty after announcements overnight</li>
</ul>


Intel keeping the tech tape green on the news it has also reached out to TSMC for partnership
Memory names seeing further profit taking while filing shows Toshiba has made a small sale of its Kioxia holdings.
Medtech and trucks the latest victims of tariff uncertainty after announcements overnight


Japan Morning Connection: AI and Tech Strength Cooling Ahead of Potential Govt Shutdown and EoQ

<ul>
<li>Yields continue to rise as investors flee US assets and Trump's bill adds to fiscal imbalance.</li>
<li>Weakness for yesterdays big tech/AI outperformers to be reflected in Japan, although new lows unlikely.</li>
<li>Suzuki should see lower levels into its secondary pricing next week amid tepid longer-term investor backdrop.</li>
</ul>


Yields continue to rise as investors flee US assets and Trump's bill adds to fiscal imbalance.
Weakness for yesterdays big tech/AI outperformers to be reflected in Japan, although new lows unlikely.
Suzuki should see lower levels into its secondary pricing next week amid tepid longer-term investor backdrop.


Japan Morning Connection: Markets Tumble on China/US Standoff and Outlook for Capital Spending

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.

Price Gauge
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Isuzu Motors (7202 JP)

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

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Oct)

Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative...

Gaudenz Schneider

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

Japan Morning Connection: AI and Tech Strength Cooling Ahead of Potential Govt Shutdown and EoQ

Memory names took a leg lower, setting a poor tone for JP peers. Medtech names took a hit with potential tarriffs and price capping pressures.

Andrew Jackson

Japan Morning Connection: Markets Tumble on China/US Standoff and Outlook for Capital Spending

Investors fleeing US assets and Trump's bill adding to fiscal imbalance causing yields to rise further. New lows unlikely for big tech/AI, today's...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Oct)

​Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative...

Gaudenz Schneider

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

Japan Morning Connection: AI and Tech Strength Cooling Ahead of Potential Govt Shutdown and EoQ

Memory names took a leg lower, setting a poor tone for JP peers. Medtech names took a hit with potential tarriffs and price capping pressures.

Andrew Jackson

Japan Morning Connection: Markets Tumble on China/US Standoff and Outlook for Capital Spending

​Investors fleeing US assets and Trump's bill adding to fiscal imbalance causing yields to rise further. New lows unlikely for big tech/AI, today's...

Andrew Jackson

Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative...

Investors fleeing US assets and Trump's bill adding to fiscal imbalance causing yields to rise further. New lows unlikely for big tech/AI, today's...