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>Pakistan car sales (as reported by PAMA) clocked in at 6.5K units up 5% MoM while down 65% YoY. Including Non-PAMA members car sales clocked in at ~7.7K up 6% MoM and down 60% YoY.</li><li>MoM growth in car sales is led by Honda Atlas Cars (HCAR) due to easing of supply side issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.</li><li>In 5MFY24 PAMA car sales were recorded at 33,638 units down 50% YoY compared to 67,104 units in 5MFY23.</li></ul>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.

Pakistan car sales (as reported by PAMA) clocked in at 6.5K units up 5% MoM while down 65% YoY. Including Non-PAMA members car sales clocked in at ~7.7K up 6% MoM and down 60% YoY.MoM growth in car sales is led by Honda Atlas Cars (HCAR) due to easing of supply side issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.In 5MFY24 PAMA car sales were recorded at 33,638 units down 50% YoY compared to 67,104 units in 5MFY23.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.

Pakistan Automobiles - Car Sales at ~7.7k units in Nov-2023 (including Non-PAMA), up 6% MoM

Event-Driven

<ul><li>In a notice to the exchange, Pak Suzuki (PSMC) has notified a minimum purchase price of Rs406/share for delisting.</li><li>To recall, on Oct 19, 2023, PSMC informed that the board had approved the purchase of all outstanding share of PSMC held by minority shareholders and delisting under the rule 5.14 of the listing regulation.</li><li>This delisting will be under the updated regulation of Feb 15, 2023.</li></ul>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.

In a notice to the exchange, Pak Suzuki (PSMC) has notified a minimum purchase price of Rs406/share for delisting.To recall, on Oct 19, 2023, PSMC informed that the board had approved the purchase of all outstanding share of PSMC held by minority shareholders and delisting under the rule 5.14 of the listing regulation.This delisting will be under the updated regulation of Feb 15, 2023.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.

Topline Flash Note: Pak Suzuki Motor Company (PSMC): Delisting and Minimum Price announcement

Cross Asset Strategy

<ul><li>MSCI released an update on its November 2023 Index Review, notifying that there is no change in constituents for Pakistan in the MSCI main Frontier Market Index. However, in the small-cap index, four constituents have been removed, and four new constituents have been added.</li><li>The changes to MSCI Frontier Market index will be effective from Nov 30, 2023.</li><li>The main Frontier Market Index comprises of 17 constituents, including OGDC, PPL, MARI, UBL, LUCK, MCB, ENGRO, HBL, HUBC, FFC, SYS, EFERT, POL, MTL, PSO, BAFL, and TRG.</li></ul>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.

MSCI released an update on its November 2023 Index Review, notifying that there is no change in constituents for Pakistan in the MSCI main Frontier Market Index. However, in the small-cap index, four constituents have been removed, and four new constituents have been added.The changes to MSCI Frontier Market index will be effective from Nov 30, 2023.The main Frontier Market Index comprises of 17 constituents, including OGDC, PPL, MARI, UBL, LUCK, MCB, ENGRO, HBL, HUBC, FFC, SYS, EFERT, POL, MTL, PSO, BAFL, and TRG.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.

Topline Flash Note: Pakistan Strategy: MSCI November 2023 Index Review

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 6.2K units down 26% MoM and 54% YoY. Including Non-PAMA members car sales clocked in at ~7K down 26% MoM and 53% YoY.</li><li>MoM decline in car sales is due to disruptions in supply chain followed by lower demand. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.</li><li>In 4MFY24 PAMA car sales recorded at 27,163 units down 44% YoY compared to 48,573 units in 4MFY23.</li></ul>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.

Pakistan car sales (as reported by PAMA) clocked in at 6.2K units down 26% MoM and 54% YoY. Including Non-PAMA members car sales clocked in at ~7K down 26% MoM and 53% YoY.MoM decline in car sales is due to disruptions in supply chain followed by lower demand. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.In 4MFY24 PAMA car sales recorded at 27,163 units down 44% YoY compared to 48,573 units in 4MFY23.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.

Pakistan Automobiles - Car Sales at ~7k units in Oct-2023 (including Non-PAMA), down 26% MoM

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 8.3K units up 10% MoM while down 26% YoY. Including Non-PAMA members car sales clocked in at ~10K up 9% MoM and down 23% YoY.</li><li>MoM increase in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.</li><li>In 1QFY24 car sales recorded at 20,983 units down 40% YoY compared to 35,002 units in 1QFY23.</li></ul>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.

Pakistan car sales (as reported by PAMA) clocked in at 8.3K units up 10% MoM while down 26% YoY. Including Non-PAMA members car sales clocked in at ~10K up 9% MoM and down 23% YoY.MoM increase in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.In 1QFY24 car sales recorded at 20,983 units down 40% YoY compared to 35,002 units in 1QFY23.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.

Pakistan Automobiles - Car Sales at ~10k units in Sep-2023 (including Non-PAMA), up 9% MoM

Pakistan

Pak Suzuki Motor Company Limited manufactures, assembles and markets Suzuki cars, pickups, vans and 4 X 4 vehicles.

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Pak Suzuki Motor (PSMC PA)

Pakistan Automobiles - Car Sales at ~7.7k units in Nov-2023 (including Non-PAMA), up 6% MoM

Pakistan car sales (as reported by PAMA) clocked in at 6.5K units up 5% MoM while down 65% YoY. Including Non-PAMA members car sales clocked in at...

Topline Securities

Topline Flash Note: Pak Suzuki Motor Company (PSMC): Delisting and Minimum Price announcement

In a notice to the exchange, Pak Suzuki (PSMC) has notified a minimum purchase price of Rs406/share for delisting. To recall, on Oct 19, 2023,...

Topline Securities

Topline Flash Note: Pakistan Strategy: MSCI November 2023 Index Review

MSCI released an update on its November 2023 Index Review, notifying that there is no change in constituents for Pakistan in the MSCI main...

Topline Securities

Pakistan Automobiles - Car Sales at ~7k units in Oct-2023 (including Non-PAMA), down 26% MoM

Pakistan car sales (as reported by PAMA) clocked in at 6.2K units down 26% MoM and 54% YoY. Including Non-PAMA members car sales clocked in at ~7K...

Topline Securities

Pakistan Automobiles - Car Sales at ~10k units in Sep-2023 (including Non-PAMA), up 9% MoM

Pakistan car sales (as reported by PAMA) clocked in at 8.3K units up 10% MoM while down 26% YoY. Including Non-PAMA members car sales clocked in...

Topline Securities

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