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.

Equity Bottom-Up

Pak Elektron Limited (Pael) / Equity Bottom-Up

<ul><li>We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent financial results and outlook.</li><li>PAEL has expanded into new markets, mainly the United States, securing export orders worth US$44mn with a target of US$50mn by end-2025. It has also secured orders from global leaders such as Tesla, showcasing its engineering strength and competitiveness in international energy solutions.</li><li>We maintain a buy stance on PAEL, with the stock currently trading at a 2025E PE of 10.0x and a 2026F PE of 8.5x.</li></ul>

We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent financial results and outlook.PAEL has expanded into new markets, mainly the United States, securing export orders worth US$44mn with a target of US$50mn by end-2025. It has also secured orders from global leaders such as Tesla, showcasing its engineering strength and competitiveness in international energy solutions.We maintain a buy stance on PAEL, with the stock currently trading at a 2025E PE of 10.0x and a 2026F PE of 8.5x.

Pak Elektron (PAEL) - Management Meeting Takeaways; Power Segment to Dominate in 2H2025

<ul><li>We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent financial results and outlook.</li><li>PAEL has expanded into new markets, mainly the United States, securing export orders worth US$44mn with a target of US$50mn by end-2025. It has also secured orders from global leaders such as Tesla, showcasing its engineering strength and competitiveness in international energy solutions. Company has supplied 20-25% of the export order in 1H, while in 2H rest of the orders will be supplied.</li><li>In absolute terms, PAEL has supplied US$9mn till Jun 2025, while till Aug 2025, company has supplied a total of US$16mn. Company expects completion of this whole order book (US$40-44mn) by Dec 2025.</li></ul>

We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent financial results and outlook.PAEL has expanded into new markets, mainly the United States, securing export orders worth US$44mn with a target of US$50mn by end-2025. It has also secured orders from global leaders such as Tesla, showcasing its engineering strength and competitiveness in international energy solutions. Company has supplied 20-25% of the export order in 1H, while in 2H rest of the orders will be supplied.In absolute terms, PAEL has supplied US$9mn till Jun 2025, while till Aug 2025, company has supplied a total of US$16mn. Company expects completion of this whole order book (US$40-44mn) by Dec 2025.

Pakistan Automobiles: Car Sales in Aug 2025 Up 62% YoY and 27% MoM to 14,050 Units

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eve-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:14769:1" rel="noopener">EVE Energy (300014 CH)</a> (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.</li>
<li>EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.
EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Eve Energy A/H Listing - One of the Leaders but Growth Has Been Slowing

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>SK IE Technology (361610 KS) announced that it plans to raise 300 billion won through a third party paid-in capital allocation. </li>
<li>SK IE Technology plans to issue 10.5 million new shares (14.7% of outstanding shares). Expected price of capital raise is 28,600 won (2.1% lower than current price). </li>
<li>We have a Negative View of SK IE Technology as well its plans to raise capital worth 300 billion won.</li>
</ul>


SK IE Technology (361610 KS) announced that it plans to raise 300 billion won through a third party paid-in capital allocation. 
SK IE Technology plans to issue 10.5 million new shares (14.7% of outstanding shares). Expected price of capital raise is 28,600 won (2.1% lower than current price). 
We have a Negative View of SK IE Technology as well its plans to raise capital worth 300 billion won.


SK IE Technology - Capital Raise of 300 Billion Won

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Chip tester Teradyne jumping on reports it has a new FA arm.</li>
<li>Intel admitting its now not even in the top-10 chipmakers anymore.</li>
<li>Estee lauder strength may help Shiseido with better trends in Hainan reported.</li>
</ul>


Chip tester Teradyne jumping on reports it has a new FA arm.
Intel admitting its now not even in the top-10 chipmakers anymore.
Estee lauder strength may help Shiseido with better trends in Hainan reported.


Japan Morning Connection: Airlines Surging After Delta Numbers Helping SPX Close at New Records

Japan

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, car navigation systems, digital devices, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

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Panasonic Corp (6752 JP)

Pak Elektron (PAEL) - Management Meeting Takeaways; Power Segment to Dominate in 2H2025

We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent...

Topline Securities

Pakistan Automobiles: Car Sales in Aug 2025 Up 62% YoY and 27% MoM to 14,050 Units

We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent...

Topline Securities

Eve Energy A/H Listing - One of the Leaders but Growth Has Been Slowing

EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

SK IE Technology - Capital Raise of 300 Billion Won

SK IE Technology (361610 KS) announced that it plans to raise 300 billion won through a third party paid-in capital allocation. We have a Negative...

Douglas Kim

Japan Morning Connection: Airlines Surging After Delta Numbers Helping SPX Close at New Records

Delta's earnings report causes airlines and cruise ships to jump. Tesla's plans for its robotaxi and Ai chatbot may be enough to help the...

Andrew Jackson

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