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>Lucky Cement plans to expand solar capacity at its Karachi plant by 15MW, which will take its total installed solar capacity to 89.3MW upon completion.</li><li>International operations remain a key growth area, with around 15.6MTPA of cement capacity in Pakistan and 5MTPA outside Pakistan, including Congo and Iraq.</li><li>We maintain our BUY call with a FY27F PE of 5.8x.</li></ul>

Lucky Cement plans to expand solar capacity at its Karachi plant by 15MW, which will take its total installed solar capacity to 89.3MW upon completion.International operations remain a key growth area, with around 15.6MTPA of cement capacity in Pakistan and 5MTPA outside Pakistan, including Congo and Iraq.We maintain our BUY call with a FY27F PE of 5.8x.

Topline Flash Note: Lucky Cement (LUCK) - AGM Key Takeaways

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Tourism Holdings’ (THL) post-year-end trading update suggests a positive end to FY26, reversing the near-term trading concerns outlined in its profit warning on 29 May 2026.</li><li>The quality of the guidance upgrade for FY26 can be questioned given the largest apparent driver is lower interest costs, yet investors should not discount that underlying trading has improved, with robust forward bookings, particularly in North America.</li><li>The M&amp;A backdrop adds complexity to management’s messaging, though the simple read-through is positive for bid value but doesn’t remove deal execution risk, which remains a key feature given the current share price discount to the non-binding offers provided to date.</li></ul>

Tourism Holdings’ (THL) post-year-end trading update suggests a positive end to FY26, reversing the near-term trading concerns outlined in its profit warning on 29 May 2026.The quality of the guidance upgrade for FY26 can be questioned given the largest apparent driver is lower interest costs, yet investors should not discount that underlying trading has improved, with robust forward bookings, particularly in North America.The M&amp;A backdrop adds complexity to management’s messaging, though the simple read-through is positive for bid value but doesn’t remove deal execution risk, which remains a key feature given the current share price discount to the non-binding offers provided to date.

Tourism Holdings Earnings Complete Round Trip

United States

LCI Industries manufactures recreational vehicles and equipment. The Company offers toolboxes, truck caps, running boards, side-outs, mattresses, alignment systems, shock absorber, power stabilizer jacks, baggage doors, and sliders. LCI Industries markets its products worldwide.

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LCI Industries (LCII US)

Topline Flash Note: Lucky Cement (LUCK) - AGM Key Takeaways

Lucky Cement plans to expand solar capacity at its Karachi plant by 15MW, which will take its total installed solar capacity to 89.3MW upon...

Topline Securities

Tourism Holdings Earnings Complete Round Trip

Tourism Holdings’ (THL) post-year-end trading update suggests a positive end to FY26, reversing the near-term trading concerns outlined in its...

Forsyth Barr

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