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’s listed cement sector reported earnings of Rs36.2bn, reflecting a 7% YoY and 4% QoQ rise in 3QFY26, driven by higher dispatches and prices. This takes 9MFY26, earnings to Rs108bn up by 17% YoY.</li><li>Net sales for the cement sector increased by 14% on a YoY basis but declined by 4% QoQ to Rs190bn in 3QFY26. Cumulatively, the sales surged by 9% YoY to Rs575bn in 9MFY26.</li><li>Domestic dispatches surged by 4% YoY to 10.1mn tons, whereas the export volumes increased by 35% YoY to 2.3mn tons in 3QFY26. The YoY growth was primarily driven by surge in sea-borne exports from South based mills, which offset the loss of Afghan market. Note, that the QoQ decline was driven by a drop in domestic dispatches amid Ramadan and Eid holidays.</li></ul>

Pakistan’s listed cement sector reported earnings of Rs36.2bn, reflecting a 7% YoY and 4% QoQ rise in 3QFY26, driven by higher dispatches and prices. This takes 9MFY26, earnings to Rs108bn up by 17% YoY.Net sales for the cement sector increased by 14% on a YoY basis but declined by 4% QoQ to Rs190bn in 3QFY26. Cumulatively, the sales surged by 9% YoY to Rs575bn in 9MFY26.Domestic dispatches surged by 4% YoY to 10.1mn tons, whereas the export volumes increased by 35% YoY to 2.3mn tons in 3QFY26. The YoY growth was primarily driven by surge in sea-borne exports from South based mills, which offset the loss of Afghan market. Note, that the QoQ decline was driven by a drop in domestic dispatches amid Ramadan and Eid holidays.

Pakistan Cements - Sector Profits Increased By 7% YoY in 3QFY26; Led By Higher Dispatches And Price Growth

<ul><li>Pakistan's listed cement sector reported earnings of Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in sector’s other income.</li><li>Net Sales for the cement sector remained flattish on YoY basis and increased by 7% QoQ to Rs192.1bn in 2QFY26. The QoQ growth was driven by a 13% increase in domestic dispatches.</li><li>Export dispatches declined by 23% YoY and 21% QoQ to 2.04mn tons in 2QFY26. The YoY drop was primarily driven by lower sea-borne exports, along with halted exports from the northern region amid ongoing political instability at the Afghan border.</li></ul>

Pakistan's listed cement sector reported earnings of Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in sector’s other income.Net Sales for the cement sector remained flattish on YoY basis and increased by 7% QoQ to Rs192.1bn in 2QFY26. The QoQ growth was driven by a 13% increase in domestic dispatches.Export dispatches declined by 23% YoY and 21% QoQ to 2.04mn tons in 2QFY26. The YoY drop was primarily driven by lower sea-borne exports, along with halted exports from the northern region amid ongoing political instability at the Afghan border.

Pakistan Cements - Sector Profits Remain Flattish On YoY Basis In 2QFY26; Led By Decrease In Retention Prices

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.</li><li>Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.</li><li>The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.</li><li>The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.</li><li>Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones Up 7% MoM in Nov-25

<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

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)

Pakistan Cements - Sector Profits Increased By 7% YoY in 3QFY26; Led By Higher Dispatches And Price Growth

Pakistan’s listed cement sector reported earnings of Rs36.2bn, reflecting a 7% YoY and 4% QoQ rise in 3QFY26, driven by higher dispatches and...

Topline Securities

Pakistan Cements - Sector Profits Remain Flattish On YoY Basis In 2QFY26; Led By Decrease In Retention Prices

Pakistan's listed cement sector reported earnings of Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones Up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn...

Topline Securities

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

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