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>Topline Banking Universe is likely to post an earnings decline of 1% YoY in 2Q2026, due to a higher operating expenses coupled with provision charges in 2Q2026 vs. reversal recorded in SPLY.</li>
<li>On sequential basis, earnings are expected to decrease by 10% mainly due to higher capital gains recorded in 1Q2026 by select banks.</li>
<li>We maintain market weight stance on banking sector where Meezan Bank (MEBL), and Habib Bank (HBL) as our top picks.</li>
</ul>


Topline Banking Universe is likely to post an earnings decline of 1% YoY in 2Q2026, due to a higher operating expenses coupled with provision charges in 2Q2026 vs. reversal recorded in SPLY.
On sequential basis, earnings are expected to decrease by 10% mainly due to higher capital gains recorded in 1Q2026 by select banks.
We maintain market weight stance on banking sector where Meezan Bank (MEBL), and Habib Bank (HBL) as our top picks.


Pakistan Banks: Earnings to Decrease 10% QoQ in 2Q2026; Led by Absence of Abnormal Capital Gain

<ul><li>The State Bank of Pakistan (SBP) has removed the Minimum Deposit Rate (MDR) requirement on Trusts, Private limited businesses and for Individual deposits (exceeding Rs10mn).</li><li>As per latest circular, central bank has removed MDR applicability on Trusts, private limited businesses regardless of deposit size and on individual deposits of over Rs10mn.</li><li>The objective of removing MDR condition is to compensate banks on remittances cost side as Govt has discontinued Telegraphic Transfer Charges Incentive Scheme (TTCIS), which was a sort of subsidy provided to financial institutions to attract remittances through formal channel.</li></ul>

The State Bank of Pakistan (SBP) has removed the Minimum Deposit Rate (MDR) requirement on Trusts, Private limited businesses and for Individual deposits (exceeding Rs10mn).As per latest circular, central bank has removed MDR applicability on Trusts, private limited businesses regardless of deposit size and on individual deposits of over Rs10mn.The objective of removing MDR condition is to compensate banks on remittances cost side as Govt has discontinued Telegraphic Transfer Charges Incentive Scheme (TTCIS), which was a sort of subsidy provided to financial institutions to attract remittances through formal channel.

Pakistan Banks: Central Bank Amends MDR Rules; MDR Removed on Trusts, Pvt Limited, and Individuals

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

NovaBridge Biosciences / Equity Bottom-Up

<ul><li>Encouraging efficacy of lemzoparlimab in 1L MDS. I-Mab announced positive Ph2 (NCT04202003) data of lemzoparlimab in combination with azacitidine (AZA) in patients with newly diagnosed higher risk MDS at ESMO 2022 (link).</li><li>A total of 53 patients were enrolled as of 31 Mar 2022.</li><li>Top-line data showed that for patients who received initial dose of over six months (n=15), the ORR and CRR were 86.7% and 40%, respectively.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Encouraging efficacy of lemzoparlimab in 1L MDS. I-Mab announced positive Ph2 (NCT04202003) data of lemzoparlimab in combination with azacitidine (AZA) in patients with newly diagnosed higher risk MDS at ESMO 2022 (link).A total of 53 patients were enrolled as of 31 Mar 2022.Top-line data showed that for patients who received initial dose of over six months (n=15), the ORR and CRR were 86.7% and 40%, respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

I-Mab BioPharma (IMAB US) – Ph2 Data of Lemzoparlimab (CD47) In 1L MDS Released

<div><div><div><div><ul><li>I-Mab recorded RMB51.9mn net revenue in 1H22, which included revenue recognized related to the collaboration with AbbVie and revenue from the supply of investigational products under the collaboration agreement.</li><li>The R&amp;D costs in 1H22 were RMB452.6mn, representing a 24% YoY decrease, which was primarily due to reduced demand for investigational products as the Company procured sufficient stock in 2021 and lower share-based compensation expenses.</li><li>Administrative expenses decreased by 13% YoY to RMB392.5mn, mainly driven by lower share-based compensation expenses. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

I-Mab recorded RMB51.9mn net revenue in 1H22, which included revenue recognized related to the collaboration with AbbVie and revenue from the supply of investigational products under the collaboration agreement.The R&amp;D costs in 1H22 were RMB452.6mn, representing a 24% YoY decrease, which was primarily due to reduced demand for investigational products as the Company procured sufficient stock in 2021 and lower share-based compensation expenses.Administrative expenses decreased by 13% YoY to RMB392.5mn, mainly driven by lower share-based compensation expenses. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

I-Mab BioPharma (IMAB US) – Strong Cash Balance to Fund Business Operations

China

NovaBridge Biosciences is a biopharmaceutical company. The Company specializes in discovery, development, and commercialization of novel biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. NovaBridge Biosciences operates globally.

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NovaBridge Biosciences (NBP US)

Pakistan Banks: Earnings to Decrease 10% QoQ in 2Q2026; Led by Absence of Abnormal Capital Gain

Topline Banking Universe is likely to post an earnings decline of 1% YoY in 2Q2026, due to a higher operating expenses coupled with provision...

Topline Securities

Pakistan Banks: Central Bank Amends MDR Rules; MDR Removed on Trusts, Pvt Limited, and Individuals

The State Bank of Pakistan (SBP) has removed the Minimum Deposit Rate (MDR) requirement on Trusts, Private limited businesses and for Individual...

Topline Securities

I-Mab BioPharma (IMAB US) – Ph2 Data of Lemzoparlimab (CD47) In 1L MDS Released

Top-line data showed that for patients who received initial dose of over six months (n=15), the ORR and CRR were 86.7% and 40%, respectively.

CMB International

I-Mab BioPharma (IMAB US) – Strong Cash Balance to Fund Business Operations

To focus on five key clinical-stage assets. I-Mab has prioritized its resources to focus on five key clinical stage assets with 10 ongoing and...

CMB International

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