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 2.33mn 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 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.</li><li>The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 55% MoM In Sep-25

<ul><li>KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.</li><li>Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.</li><li>The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.</li></ul>

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

<ul><li>The Pakistan cement sector is currently trading at an EV/ton of US$55.6, while on FY25 EV/EBITDA basis, it is valued at 6.3x.</li><li>Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$41.2 and EV/EBITDA of 4.8x.</li><li>Maple Leaf Cement (MLCF) is trading at EV/ton of US$42.0 and FY25 EV/EBITDA of 4.0x, whereas Kohat Cement (KOHC) is valued at EV/ton of US$46.1 and FY25 EV/EBITDA of 4.3x.</li></ul>

The Pakistan cement sector is currently trading at an EV/ton of US$55.6, while on FY25 EV/EBITDA basis, it is valued at 6.3x.Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$41.2 and EV/EBITDA of 4.8x.Maple Leaf Cement (MLCF) is trading at EV/ton of US$42.0 and FY25 EV/EBITDA of 4.0x, whereas Kohat Cement (KOHC) is valued at EV/ton of US$46.1 and FY25 EV/EBITDA of 4.3x.

<ul><li>Pakistan's listed cement sector reported earnings of Rs30.91bn, up by 60% YoY and down by 8% QoQ.</li><li>Sales for the cement sector remained flattish on QoQ basis and increased by 5% YoY to Rs167.8bn in 4QFY25. Sector revenue decreased on a QoQ basis due to 6% decline QoQ in domestic dispatches.</li><li>Export dispatches were up by 33% YoY and down by 55% QoQ to 2.7mn tons in 4QFY25.</li></ul>

Pakistan's listed cement sector reported earnings of Rs30.91bn, up by 60% YoY and down by 8% QoQ.Sales for the cement sector remained flattish on QoQ basis and increased by 5% YoY to Rs167.8bn in 4QFY25. Sector revenue decreased on a QoQ basis due to 6% decline QoQ in domestic dispatches.Export dispatches were up by 33% YoY and down by 55% QoQ to 2.7mn tons in 4QFY25.

Pakistan Cement: Sector Profits Rise 60% YoY in 4QFY25; Led by Improved Retention Prices and Lower Finance Cost

Pakistan

Lucky Cement Limited manufactures and sells cement.  The Company's cement brands include Lucky Gold Brand, Lucky Brand, Lucky Star Brand. Lucky Cement's main plant site is located at the District Lucky Marwat in the North West Frontier province of Pakistan.

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Lucky Cement (LUCK PA)

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 55% MoM In Sep-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units...

Topline Securities

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24. Despite the decline in interest rates, the...

Topline Securities

Pakistan Listed Cement Comp Sheet

The Pakistan cement sector is currently trading at an EV/ton of US$55.6, while on FY25 EV/EBITDA basis, it is valued at 6.3x. Within our coverage,...

Topline Securities

Pakistan Cement: Sector Profits Rise 60% YoY in 4QFY25; Led by Improved Retention Prices and Lower Finance Cost

Pakistan's listed cement sector reported earnings of Rs30.91bn, up by 60% YoY and down by 8% QoQ. Sales for the cement sector remained flattish on...

Topline Securities

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