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 1.66mn units in Aug 2026, down 14% YoY and 57% MoM.</li><li>The steep MoM decline is attributable to a high base effect, as production in Jul-26 was elevated amid strong demand following purchase deferments ahead of the FY27 budget.</li><li>Cumulatively, local manufacturing/assembly declined by 6% YoY with 18.66mn units in 8M2026, compared to 19.77mn units in 8M2025.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.66mn units in Aug 2026, down 14% YoY and 57% MoM.The steep MoM decline is attributable to a high base effect, as production in Jul-26 was elevated amid strong demand following purchase deferments ahead of the FY27 budget.Cumulatively, local manufacturing/assembly declined by 6% YoY with 18.66mn units in 8M2026, compared to 19.77mn units in 8M2025.

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 14% YoY in Aug-26

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>On January 31, 2023, <a href="https://smartkarma.com/entities/meridian-bioscience-inc">Meridian Bioscience</a> was acquired by a consortium of SD Biosensor and SJL Partners for approximately $1.53 billion in an all-cash transaction and is no longer a publicly traded entity.</li>
 <li>The acquisition was strategically aimed at combining Meridian's strong U.S. market presence and regulatory expertise with SD Biosensor's R&amp;D capabilities and high-volume manufacturing to accelerate entry into the U.S. in-vitro diagnostics (IVD) market.</li>
 <li>The company operates through two primary segments: Diagnostics, which focuses on testing for gastrointestinal/upper respiratory infections and blood lead levels, and Life Science, which provides critical raw materials like antigens and antibodies to other diagnostic manufacturers.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  On January 31, 2023, Meridian Bioscience was acquired by a consortium of SD Biosensor and SJL Partners for approximately $1.53 billion in an all-cash transaction and is no longer a publicly traded entity.
  The acquisition was strategically aimed at combining Meridian's strong U.S. market presence and regulatory expertise with SD Biosensor's R&amp;D capabilities and high-volume manufacturing to accelerate entry into the U.S. in-vitro diagnostics (IVD) market.
  The company operates through two primary segments: Diagnostics, which focuses on testing for gastrointestinal/upper respiratory infections and blood lead levels, and Life Science, which provides critical raw materials like antigens and antibodies to other diagnostic manufacturers.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Meridian Bioscience (VIVO US) - Aug 2026

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The weight of the evidence suggests that the pullback has begun. This belief is supported by overbought conditions combined with the S&amp;P 500, MSCI ACWI, and nearly all Sectors hitting logical resistance. Assuming the pullback continues, the next question is how deep or damaging will it be? In this report we highlight various market/technical indicators we are monitoring, as well as pointing out attractive set ups within Consumer Discretionary and Health Care Sectors.

The weight of the evidence suggests that the pullback has begun. This belief is supported by overbought conditions combined with the S&amp;P 500, MSCI ACWI, and nearly all Sectors hitting logical resistance. Assuming the pullback continues, the next question is how deep or damaging will it be? In this report we highlight various market/technical indicators we are monitoring, as well as pointing out attractive set ups within Consumer Discretionary and Health Care Sectors.

U.S. Equity Strategy: Has “the Pullback” Begun?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/biocon-ltd" target="_blank" data-smartkarma-citation="entities:398:1" rel="noopener">Biocon Ltd (BIOS IN)</a> Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).</li>
<li>The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Biocon Ltd (BIOS IN) Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).
The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In July 2022, <a href="https://www.smartkarma.com/entities/sd-biosensor-inc" target="_blank" data-smartkarma-citation="entities:33333:1" rel="noopener">SD Biosensor (137310 KS)</a> in partnership with SJL Partners signed a definitive merger agreement to acquire <a href="https://www.smartkarma.com/entities/meridian-bioscience-inc" target="_blank" data-smartkarma-citation="entities:1559:1" rel="noopener">Meridian Bioscience (VIVO US)</a>  for approximately KRW800 billion (~$1.5 billion).</li>
<li>The acquisition will strengthen SD Biosensos’s IVD platform to navigate the decline in COVID-19 testing demand and accelerate its U.S. market entry.</li>
<li>In September 2021, SD Biosensor acquired ~22% stake in UXN, which aims to launch mini continuous blood glucose meter in domestic market in 2024.</li>
</ul>


In July 2022, SD Biosensor (137310 KS) in partnership with SJL Partners signed a definitive merger agreement to acquire Meridian Bioscience (VIVO US)  for approximately KRW800 billion (~$1.5 billion).
The acquisition will strengthen SD Biosensos’s IVD platform to navigate the decline in COVID-19 testing demand and accelerate its U.S. market entry.
In September 2021, SD Biosensor acquired ~22% stake in UXN, which aims to launch mini continuous blood glucose meter in domestic market in 2024.


SD Biosensor (137310 KS): Aggressively Investing Windfall Gain From COVID; Adding New Growth Engines

United States

Meridian Bioscience, Inc. manufactures, markets, and distributes diagnostic test kits, purified reagents, and related products. The Company offers bio-pharmaceutical enabling technologies. Meridian specializes in gastrointestinal and upper respiratory infections, serology, parasitology, and fungal disease diagnosis, as well as rare reagents and specialty biologicals.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meridian Bioscience (VIVO US)

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 14% YoY in Aug-26

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.66mn...

Topline Securities

Primer: Meridian Bioscience (VIVO US) - Aug 2026

On January 31, 2023, Meridian Bioscience was acquired by a consortium of SD Biosensor and SJL Partners for approximately $1.53 billion in an...

αSK Primers

U.S. Equity Strategy: Has “the Pullback” Begun?

The weight of the evidence suggests that the pullback has begun. This belief is supported by overbought conditions combined with the S&P 500,...

Vermilion Research

Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Biocon Ltd is looking to raise around US$520m in its QIP at a floor price of INR 323.2/share, implying a 9.5% discount to the last close.

Akshat Shah

SD Biosensor (137310 KS): Aggressively Investing Windfall Gain From COVID; Adding New Growth Engines

SD Biosensor is pursuing inorganic route to add new business opportunities to navigate the decline in COVID-19 testing demand. Acquisition of...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)