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 15,104 units in Sep 2026, declined by 12% YoY and 3% MoM.</li><li>The decline in total sales is attributable to delayed clarity on the HEV/PHEV sales tax policy, restricting invoicing by companies.</li><li>We expect a positive momentum in auto sales in FY27, with double digit growth supported by the launch of new variants and the entry of new brands in the market.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 15,104 units in Sep 2026, declined by 12% YoY and 3% MoM.The decline in total sales is attributable to delayed clarity on the HEV/PHEV sales tax policy, restricting invoicing by companies.We expect a positive momentum in auto sales in FY27, with double digit growth supported by the launch of new variants and the entry of new brands in the market.

Pakistan Automobiles: Car Sales Declined by 12% YoY and 3% MoM to 15,104 Units in Sep 2026

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.

Equity Bottom-Up

<ul><li>We downgrade our rating to Neutral from Outperform. Following an +8% rally since mid-August, the share price offers just 8% upside to our unchanged 12-month fair value of Bt9.90 (9.3% required return). Our tactical view also tightens to Limited upside risk (from Neutral).</li><li>Earnings are expected to accelerate and peak in 4Q26E on positive seasonality. We forecast a 17% EPS CAGR (2026–28E), in line with the industry average.</li><li>We came away with a neutral view following MASTER'S presentation yesterday. MASTER remains focused on rebuilding its international client base, managing operating expenses to protect margin, and accelerating joint venture (JV) synergies.</li></ul>

We downgrade our rating to Neutral from Outperform. Following an +8% rally since mid-August, the share price offers just 8% upside to our unchanged 12-month fair value of Bt9.90 (9.3% required return). Our tactical view also tightens to Limited upside risk (from Neutral).Earnings are expected to accelerate and peak in 4Q26E on positive seasonality. We forecast a 17% EPS CAGR (2026–28E), in line with the industry average.We came away with a neutral view following MASTER'S presentation yesterday. MASTER remains focused on rebuilding its international client base, managing operating expenses to protect margin, and accelerating joint venture (JV) synergies.

MASTER STYLE Plc. (MASTER): Back On Track; Earnings Set to Accelerate in 2H26E - Neutral (12M FWD Fair Value (Bt9.90)

<ul>
<li>We maintain our Outperform rating with a 12-month fair value (FV) of 9.90, based on a 9.3% required return. We also maintain our Neutral tactical view.</li>
<li>Earnings should accelerate gradually, peaking in 4Q26E on seasonality. We forecast a 21% EPS CAGR for 2026-28E, broadly in line with peers.</li>
<li>2Q26 net profit of Bt65mn (+23% YoY, +6% QoQ) met expectations.</li>
</ul>


We maintain our Outperform rating with a 12-month fair value (FV) of 9.90, based on a 9.3% required return. We also maintain our Neutral tactical view.
Earnings should accelerate gradually, peaking in 4Q26E on seasonality. We forecast a 21% EPS CAGR for 2026-28E, broadly in line with peers.
2Q26 net profit of Bt65mn (+23% YoY, +6% QoQ) met expectations.


MASTER STYLE Plc. (MASTER): 2Q26 NP In Line; Earnings Recovery Ahead in 2H26E

<ul><li>We upgrade our rating to Outperform (from Neutral) with a new 12-month fair value (12M FV) of Bt9.90, offering 7% upside.</li><li>Our 12M FV increase to Bt9.90 (from Bt8.40) is driven by a lower required return of 9.3% (from 10.6%), reflecting revised macro assumptions to run ERP estimate.</li><li>We believe quarterly earnings troughed in 1Q26 and will steadily accelerate to a seasonal peak in 4Q26E.</li></ul>

We upgrade our rating to Outperform (from Neutral) with a new 12-month fair value (12M FV) of Bt9.90, offering 7% upside.Our 12M FV increase to Bt9.90 (from Bt8.40) is driven by a lower required return of 9.3% (from 10.6%), reflecting revised macro assumptions to run ERP estimate.We believe quarterly earnings troughed in 1Q26 and will steadily accelerate to a seasonal peak in 4Q26E.

MASTER STYLE Plc. (MASTER): Expect 2Q26E Earnings to Recover, With Further Acceleration Ahead - Outperform (12M FWD Fair Value Bt9.90)

<ul><li>We are downgrading our rating to Neutral (from Outperform) due to limited valuation upside.</li><li>We expect a gradual earnings recovery in 2026E.</li><li>MASTER aims to hold 2026E revenue flat YoY, reflecting macroeconomic pressures, including rising energy costs that are dampening consumer discretionary spending, and intense price competition which is limiting customer acquisition.</li></ul>

We are downgrading our rating to Neutral (from Outperform) due to limited valuation upside.We expect a gradual earnings recovery in 2026E.MASTER aims to hold 2026E revenue flat YoY, reflecting macroeconomic pressures, including rising energy costs that are dampening consumer discretionary spending, and intense price competition which is limiting customer acquisition.

MASTER Style Plc. (MASTER): Recovery Horizon Extended To 2H26E - Neutral (12M Fwd Fair Value Bt8.40)

Thailand

Master Style Public Company Limited operates Masterpiece Hospital, a cosmetic surgery hospital in Thailand. The company provides a full range of surgical services, including rhinoplasty, breast surgery, liposuction, and hair transplants, along with skin and laser treatments. Masterpiece Hospital is located in Bangkok, Thailand, and the company was registered on July 24, 2013.

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Master Style (MASTER TB)

Pakistan Automobiles: Car Sales Declined by 12% YoY and 3% MoM to 15,104 Units in Sep 2026

Pakistan car sales (as reported by PAMA) clocked in at 15,104 units in Sep 2026, declined by 12% YoY and 3% MoM. The decline in total sales is...

Topline Securities

MASTER STYLE Plc. (MASTER): Back On Track; Earnings Set to Accelerate in 2H26E - Neutral (12M FWD Fair Value (Bt9.90)

We downgrade our rating to Neutral from Outperform. Following an +8% rally since mid-August, the share price offers just 8% upside to our...

Krungthai XSpring

MASTER STYLE Plc. (MASTER): 2Q26 NP In Line; Earnings Recovery Ahead in 2H26E

We maintain our Outperform rating with a 12-month fair value (FV) of 9.90, based on a 9.3% required return. We also maintain our Neutral tactical...

Krungthai XSpring

MASTER STYLE Plc. (MASTER): Expect 2Q26E Earnings to Recover, With Further Acceleration Ahead - Outperform (12M FWD Fair Value Bt9.90)

We upgrade our rating to Outperform (from Neutral) with a new 12-month fair value (12M FV) of Bt9.90, offering 7% upside. Our 12M FV increase to...

Krungthai XSpring

MASTER Style Plc. (MASTER): Recovery Horizon Extended To 2H26E - Neutral (12M Fwd Fair Value Bt8.40)

We are downgrading our rating to Neutral (from Outperform) due to limited valuation upside. We expect a gradual earnings recovery in 2026E.

Krungthai XSpring

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