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.

Equity Bottom-Up

<ul><li>The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.</li><li>Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.</li><li>EPCL reported a challenging period as the business remains under pressure due to lower core delta (at decade-low levels) led by decline in China demand, and rising energy costs.</li></ul>

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.EPCL reported a challenging period as the business remains under pressure due to lower core delta (at decade-low levels) led by decline in China demand, and rising energy costs.

Topline Flash Note: Meezan Bank (MEBL): Corporate Briefing Key Takeaways

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>SCGP reported steady growth in 2Q21, which was in line with our expectation, and the momentum should continue in 2H21E.</li><li>The firm's earnings are expected to achieve a 31% CAGR in the next two years, driven by production capacity expansion and M&A deals to support growth in the client base, including large producers of consumer goods.</li><li>Our Buy rating is reaffirmed, with the target price of Bt69.50/share (DCF, WACC 6.9%, LT growth 2%).</li></ul>

SCGP reported steady growth in 2Q21, which was in line with our expectation, and the momentum should continue in 2H21E.The firm's earnings are expected to achieve a 31% CAGR in the next two years, driven by production capacity expansion and M&A deals to support growth in the client base, including large producers of consumer goods.Our Buy rating is reaffirmed, with the target price of Bt69.50/share (DCF, WACC 6.9%, LT growth 2%).

Steady Growth in 2Q21; Two-Year Growth at a 31% CAGR

Event-Driven

<ul><li>We have a positive view on SCPG's decision to acquire a 75% stake in the Intan Group to expand to the food and beverage packaging business in Indonesia.</li><li>Two-year core profit growth is expected to achieve a 23% CAGR, driven by potential capacity expansion and acquisition deals to support growth in the client base, which includes large producers of consumer goods.</li><li>We maintain our Buy rating, with the target price of Bt59.30/share (DCF, WACC at 6.9% and LT growth at 2%).</li></ul>

We have a positive view on SCPG's decision to acquire a 75% stake in the Intan Group to expand to the food and beverage packaging business in Indonesia.Two-year core profit growth is expected to achieve a 23% CAGR, driven by potential capacity expansion and acquisition deals to support growth in the client base, which includes large producers of consumer goods.We maintain our Buy rating, with the target price of Bt59.30/share (DCF, WACC at 6.9% and LT growth at 2%).

Acquisition of Stake in Intan Group in Indonesia

Netherlands

Koninklijke Vopak NV is an independent tank terminal operator. The Company provides conditioned storage facilities for bulk liquids such as oil products, gaseous chemicals, petrochemicals, biofuels and vegetable oils.

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Koninklijke Vopak Nv (VPK NA)

Topline Flash Note: Meezan Bank (MEBL): Corporate Briefing Key Takeaways

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore...

Topline Securities

Steady Growth in 2Q21; Two-Year Growth at a 31% CAGR

SCGP reported steady growth in 2Q21, which was in line with our expectation, and the momentum should continue in 2H21E. The firm's earnings are...

Krungthai XSpring

Acquisition of Stake in Intan Group in Indonesia

We have a positive view on SCPG's decision to acquire a 75% stake in the Intan Group to expand to the food and beverage packaging business in...

Krungthai XSpring

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52-week Range

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