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.

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<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

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<ul>
  <li>Nokia is strategically repositioning itself to capitalize on the AI and cloud-driven demand for advanced network infrastructure, moving beyond the cyclicality of traditional telecom operator spending.</li>
  <li>The company's comprehensive end-to-end portfolio, spanning mobile, fixed, optical, and IP networking, alongside a strong patent licensing business, provides a diversified revenue base and a key competitive advantage.</li>
  <li>While facing near-term headwinds from intense competition and a recent decline in revenue and profitability, significant stock momentum and potential inclusion in major indices present powerful short-term catalysts for investors.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Nokia is strategically repositioning itself to capitalize on the AI and cloud-driven demand for advanced network infrastructure, moving beyond the cyclicality of traditional telecom operator spending.
  The company's comprehensive end-to-end portfolio, spanning mobile, fixed, optical, and IP networking, alongside a strong patent licensing business, provides a diversified revenue base and a key competitive advantage.
  While facing near-term headwinds from intense competition and a recent decline in revenue and profitability, significant stock momentum and potential inclusion in major indices present powerful short-term catalysts for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Nokia Corporation reported a 9% increase in net sales for the second quarter of 2026, driven primarily by strong performance in its network infrastructure segment.</li><li>The company expanded its gross margin by 70 basis points to 46%, and operating margin also increased by 70 basis points to 9%.</li><li>Growth was particularly notable in the optical and IP networks, where sales from AI and cloud customers more than doubled year-on-year.</li></ul>

Nokia Corporation reported a 9% increase in net sales for the second quarter of 2026, driven primarily by strong performance in its network infrastructure segment.The company expanded its gross margin by 70 basis points to 46%, and operating margin also increased by 70 basis points to 9%.Growth was particularly notable in the optical and IP networks, where sales from AI and cloud customers more than doubled year-on-year.

Nokia Corporation’s EUR 2.8 Billion AI Order Wave: Can Supply Keep Pace?

Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

<ul>
<li>The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).</li>
<li>Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.</li>
<li>Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.</li>
</ul>


The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).
Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.
Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.


Co-Packaged Optics 101: The Future of High-Density AI Interconnects

<ul><li>Nokia Oyj is no longer the company most people remember from the era of indestructible brick phones, Snake, and ringtone nostalgia.</li><li>The Finnish group has spent years rebuilding itself around telecom equipment, networking software, optical systems, and now the infrastructure needed to support the AI data center boom.</li><li>That reinvention has become much harder to ignore after Nvidia invested $1 billion for a 2.9% stake, giving Nokia’s AI ambitions a visible stamp of approval without making it a takeover story.</li></ul>

Nokia Oyj is no longer the company most people remember from the era of indestructible brick phones, Snake, and ringtone nostalgia.The Finnish group has spent years rebuilding itself around telecom equipment, networking software, optical systems, and now the infrastructure needed to support the AI data center boom.That reinvention has become much harder to ignore after Nvidia invested $1 billion for a 2.9% stake, giving Nokia’s AI ambitions a visible stamp of approval without making it a takeover story.

Nokia Isn’t Dead—Nvidia Just Bet $1 Billion On Its AI Comeback!

Finland

Nokia Oyj is a global communications company. The Company produces a broad range of technological devices and software, and operates networks, sales ,and communication channels worldwide.

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Nokia Oyj (NOK 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: Nokia OYJ (NOKIA FH) - Aug 2026

Nokia is strategically repositioning itself to capitalize on the AI and cloud-driven demand for advanced network infrastructure, moving beyond...

αSK Primers

Nokia Corporation’s EUR 2.8 Billion AI Order Wave: Can Supply Keep Pace?

Nokia Corporation reported a 9% increase in net sales for the second quarter of 2026, driven primarily by strong performance in its network...

Baptista Research

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

Nokia Isn’t Dead—Nvidia Just Bet $1 Billion On Its AI Comeback!

Nokia Oyj is no longer the company most people remember from the era of indestructible brick phones, Snake, and ringtone nostalgia. The Finnish...

Baptista Research

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