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

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.79mn units during Mar 2026, up 20% YoY compared to 2.33mn units in Mar 2025.</li><li>Cumulatively, local manufacturing/assembly reached 7.36mn units in 1Q2026, up 2% YoY.</li><li>Pakistan fulfilled 86% of its mobile phone demand through local manufacturing/assembly in 1Q2026.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.79mn units during Mar 2026, up 20% YoY compared to 2.33mn units in Mar 2025.Cumulatively, local manufacturing/assembly reached 7.36mn units in 1Q2026, up 2% YoY.Pakistan fulfilled 86% of its mobile phone demand through local manufacturing/assembly in 1Q2026.

Pakistan Telecom: Local Manufacturing/Assembly Of Mobile Phones Up 20% YoY In Mar-26

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.</li><li>The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to weaken, with the resistance at 1,432/1,440 points (10-day EMA) and the support at 1,413/1,400 points.</li><li>China's 1Y and 5Y loan prime rates are expected to remain unchanged at 3.45% and 4.2%, respectively.</li><li>We recommend stocks expected to report 3Q23E earnings growth YoY: ERW, SPRC and ILM.</li></ul>

Technically, the SET Index is expected to weaken, with the resistance at 1,432/1,440 points (10-day EMA) and the support at 1,413/1,400 points.China's 1Y and 5Y loan prime rates are expected to remain unchanged at 3.45% and 4.2%, respectively.We recommend stocks expected to report 3Q23E earnings growth YoY: ERW, SPRC and ILM.

Finland

Nokia Oyj is a global communications company that operates a network of production facilities for location intelligence and network infrastructure, as well as a network of sales and customer service. The Company also operates research and software development facilities worldwide.

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Nokia OYJ (NOKIA FH)

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

Pakistan Telecom: Local Manufacturing/Assembly Of Mobile Phones Up 20% YoY In Mar-26

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.79mn...

Topline Securities

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units...

Topline Securities

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the resistance at 1,432/1,440 points (10-day EMA) and the support at 1,413/1,400...

Krungthai XSpring

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