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.

Event-Driven

<ul><li>We have revised up our earnings estimates for Systems Limited (SYS) by 5-8% (pre dilution: 9-12%) for 2026/27 to Rs11.73/15.19 per share, primarily due to the ongoing acquisitions — particularly that of Confiz Limited.</li><li>Systems Limited (SYS) recently announced the acquisition of Confiz Limited, one of Pakistan’s top 3 IT services firms. Confiz has a strong specialization in the retail and consumer packaged goods (CPG) verticals, supported by a high-value client base that includes retail chains such as Walmart, Nordstrom and Macy’s.</li><li>The acquired company’s core offerings include software development, cloud enablement, data & analytics, and enterprise solutions with a particular focus on the Microsoft ecosystem, including Dynamics 365 and Power Platform.</li></ul>

We have revised up our earnings estimates for Systems Limited (SYS) by 5-8% (pre dilution: 9-12%) for 2026/27 to Rs11.73/15.19 per share, primarily due to the ongoing acquisitions — particularly that of Confiz Limited.Systems Limited (SYS) recently announced the acquisition of Confiz Limited, one of Pakistan’s top 3 IT services firms. Confiz has a strong specialization in the retail and consumer packaged goods (CPG) verticals, supported by a high-value client base that includes retail chains such as Walmart, Nordstrom and Macy’s.The acquired company’s core offerings include software development, cloud enablement, data & analytics, and enterprise solutions with a particular focus on the Microsoft ecosystem, including Dynamics 365 and Power Platform.

Systems Limited (SYS) - Growth Through Strategic Acquisitions; Earnings Revised Up; Buy Stance Maintained

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>Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points (10/25-day EMA).</li><li>In 4Q24, ITEL will benefit from signed contracts worth over Bt390mn and the backlog of approximately Bt1.97bn, with about Bt633mn expected to be recognized in this quarter.</li><li>STGT's fundamentals remain strong as a global player in a growing industry, benefiting primarily from the trade tensions between the US and China.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points (10/25-day EMA).In 4Q24, ITEL will benefit from signed contracts worth over Bt390mn and the backlog of approximately Bt1.97bn, with about Bt633mn expected to be recognized in this quarter.STGT's fundamentals remain strong as a global player in a growing industry, benefiting primarily from the trade tensions between the US and China.

US FOMC Minutes & Thai Trade Balance in October

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points (10/25-day EMA).</li><li>In the medium term, it remains in a broad sideways range of 1,273-1,716 points.</li><li>A drop below the 1,432-point support would confirm a downtrend towards 1,427/1,406 points, while a breakout above 1,472 points would indicate a trend reversal to test previous resistance levels at 1,488/1,506 points, respectively.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points (10/25-day EMA).In the medium term, it remains in a broad sideways range of 1,273-1,716 points.A drop below the 1,432-point support would confirm a downtrend towards 1,427/1,406 points, while a breakout above 1,472 points would indicate a trend reversal to test previous resistance levels at 1,488/1,506 points, respectively.

<ul><li>Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356 points/1,350 points.</li><li>In the short term, the index remains in an uptrend, marking a higher high and higher low for the seventh consecutive day.</li><li>We recommend holding positions and waiting to take profit at the resistance level.</li></ul>

Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356 points/1,350 points.In the short term, the index remains in an uptrend, marking a higher high and higher low for the seventh consecutive day.We recommend holding positions and waiting to take profit at the resistance level.

United States

Nordstrom, Inc. is a fashion retailer of apparel, shoes, and accessories for men, women, and children.  The Company operates through multiple retail channels, discount stores, boutiques, catalogs, and on the Internet. Nordstrom, Inc. also offers, through a subsidiary, private label card credit and debit cards.

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Nordstrom Inc (JWN US)

Systems Limited (SYS) - Growth Through Strategic Acquisitions; Earnings Revised Up; Buy Stance Maintained

We have revised up our earnings estimates for Systems Limited (SYS) by 5-8% (pre dilution: 9-12%) for 2026/27 to Rs11.73/15.19 per share,...

Topline Securities

US FOMC Minutes & Thai Trade Balance in October

Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points...

Krungthai XSpring

US FOMC Minutes & Thai Trade Balance in October

Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356...

Krungthai XSpring

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