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 15,558 units in Aug 2026, up by 11% YoY but declined 21% MoM.</li><li>The MoM decline in total sales is primarily due to uncertainty surrounding the new auto policy and uncertain regional atmosphere affecting supply chain, in our view.</li><li>We expect the positive momentum in auto sales to continue 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 15,558 units in Aug 2026, up by 11% YoY but declined 21% MoM.The MoM decline in total sales is primarily due to uncertainty surrounding the new auto policy and uncertain regional atmosphere affecting supply chain, in our view.We expect the positive momentum in auto sales to continue 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 Grew by 11% YoY but Declined 21% MoM to 15,558 Units in Aug 2026

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<ul>
  <li>
<a href="https://smartkarma.com/entities/master-style-pcl">Master Style </a>is a prominent player in Thailand's rapidly growing aesthetic surgery market, benefiting from the country's status as a top medical tourism destination.</li>
  <li>The company demonstrated strong growth in revenue and profitability in 2024, but financials for 2025 show a contraction, indicating potential volatility and competitive pressures.</li>
  <li>Future growth is contingent on attracting more international patients, who typically have a higher spend per case, and effectively managing costs in an increasingly competitive domestic market.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Master Style is a prominent player in Thailand's rapidly growing aesthetic surgery market, benefiting from the country's status as a top medical tourism destination.
  The company demonstrated strong growth in revenue and profitability in 2024, but financials for 2025 show a contraction, indicating potential volatility and competitive pressures.
  Future growth is contingent on attracting more international patients, who typically have a higher spend per case, and effectively managing costs in an increasingly competitive domestic market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Master Style  (MASTER TB) - May 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.

<ul><li>We switch to Outperform (from Buy), as upside to the revised fair value (FV) has narrowed to around +7%.</li><li>2025 was a tough year for MASTER, as persistent headwinds drove our 2025E net profit forecast down 60% YoY, with only a modest ~6% recovery expected in 2026E.</li><li>Our FV model shows that expected earnings growth over the next 12 months is the key driver of FV.</li></ul>

We switch to Outperform (from Buy), as upside to the revised fair value (FV) has narrowed to around +7%.2025 was a tough year for MASTER, as persistent headwinds drove our 2025E net profit forecast down 60% YoY, with only a modest ~6% recovery expected in 2026E.Our FV model shows that expected earnings growth over the next 12 months is the key driver of FV.

MASTER STYLE Plc. (MASTER): 2025: A Tough Year—Patience Needed For Recovery

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 19,818 units in Jul 2026, up by 79% YoY while down 13% MoM.</li><li>The YoY rise was driven by new market entrants, new product launches and surge in auto financing.</li><li>Meanwhile, the MoM decline was primarily due to uncertainty surrounding the new auto policy.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 19,818 units in Jul 2026, up by 79% YoY while down 13% MoM.The YoY rise was driven by new market entrants, new product launches and surge in auto financing.Meanwhile, the MoM decline was primarily due to uncertainty surrounding the new auto policy.

Pakistan Automobiles: Car Sales Rose 79% YoY But Down 13% MoM to 19,818 Units in Jul 2026

<ul><li>MASTER’s 3Q25 net profit dropped 18% QoQ and 60% YoY to Bt43mn, 6% below our estimate due to higher-than-expected service costs.</li><li>We maintain a Buy call as the stock has largely priced in weak results. It offers 44% upside to our new fair value (FV) of Bt13.10 (from Bt14.80), with limited tactical downside (from Neutral previously).</li><li>4Q25E earnings may recover seasonally but remain soft amid weak domestic demand. We thus lower our 2Y EPS growth forecast to 15% CAGR (from 18%).</li></ul>

MASTER’s 3Q25 net profit dropped 18% QoQ and 60% YoY to Bt43mn, 6% below our estimate due to higher-than-expected service costs.We maintain a Buy call as the stock has largely priced in weak results. It offers 44% upside to our new fair value (FV) of Bt13.10 (from Bt14.80), with limited tactical downside (from Neutral previously).4Q25E earnings may recover seasonally but remain soft amid weak domestic demand. We thus lower our 2Y EPS growth forecast to 15% CAGR (from 18%).

MASTER STYLE Plc. (MASTER): Earnings To Recover In 4Q25E On Seasonality

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 Grew by 11% YoY but Declined 21% MoM to 15,558 Units in Aug 2026

Pakistan car sales (as reported by PAMA) clocked in at 15,558 units in Aug 2026, up by 11% YoY but declined 21% MoM. The MoM decline in total...

Topline Securities

Primer: Master Style (MASTER TB) - May 2026

Master Style is a prominent player in Thailand's rapidly growing aesthetic surgery market, benefiting from the country's status as a top...

αSK Primers

MASTER STYLE Plc. (MASTER): 2025: A Tough Year—Patience Needed For Recovery

2025 was a tough year for MASTER, as persistent headwinds drove our 2025E net profit forecast down 60% YoY, with only a modest ~6% recovery...

Krungthai XSpring

Pakistan Automobiles: Car Sales Rose 79% YoY But Down 13% MoM to 19,818 Units in Jul 2026

Pakistan car sales (as reported by PAMA) clocked in at 19,818 units in Jul 2026, up by 79% YoY while down 13% MoM. The YoY rise was driven by new...

Topline Securities

MASTER STYLE Plc. (MASTER): Earnings To Recover In 4Q25E On Seasonality

MASTER’s 3Q25 net profit dropped 18% QoQ and 60% YoY to Bt43mn, 6% below our estimate due to higher-than-expected service costs.

Krungthai XSpring

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