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.

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<ul><li>As per news reports, the Cabinet Committee on Energy (CCoE) has approved amendments to the Pakistan Oil Refining Policy 2023, removing the remaining impediments that had delayed execution of refinery upgrade agreements since the initial policy's notification in August 2023.</li><li>The policy had effectively remained in limbo after the Finance Act 2024 shifted major petroleum products from the zero-rated to the exempt sales tax regime, significantly weakening project economics by preventing refineries from claiming input sales tax on capital expenditure.</li><li>We view this development as positive for listed refineries, particularly PRL, NRL and ATRL, as it materially improves the visibility of long-delayed upgrade projects aimed at increasing Euro-V compliant fuel production and enhancing product yields.</li></ul>

As per news reports, the Cabinet Committee on Energy (CCoE) has approved amendments to the Pakistan Oil Refining Policy 2023, removing the remaining impediments that had delayed execution of refinery upgrade agreements since the initial policy's notification in August 2023.The policy had effectively remained in limbo after the Finance Act 2024 shifted major petroleum products from the zero-rated to the exempt sales tax regime, significantly weakening project economics by preventing refineries from claiming input sales tax on capital expenditure.We view this development as positive for listed refineries, particularly PRL, NRL and ATRL, as it materially improves the visibility of long-delayed upgrade projects aimed at increasing Euro-V compliant fuel production and enhancing product yields.

Topline Flash Note: Pakistan Refinery: Government Approves Proposed Amendments to Pakistan Oil Refining Policy, 2023

<ul><li>Hub Power Company (HUBC) held its corporate briefing today to discuss 1HFY26 financial result and future outlook.</li><li>The company’s two Thar-based plants, Thar Energy Limited (TEL) and ThalNova, have declared dividends. HUBC has received Rs4.9bn from ThalNova in 2QFY26 and Rs 0.7bn from TEL. Management highlighted that the major dividend from TEL will be recorded in 3QFY26.</li><li>Overdue receivables currently stand at Rs68bn for CPHGC, Rs8bn for TEL, Rs7bn for ThalNova, Rs6bn for Laraib, and Rs1.4bn for Narowal.</li></ul>

Hub Power Company (HUBC) held its corporate briefing today to discuss 1HFY26 financial result and future outlook.The company’s two Thar-based plants, Thar Energy Limited (TEL) and ThalNova, have declared dividends. HUBC has received Rs4.9bn from ThalNova in 2QFY26 and Rs 0.7bn from TEL. Management highlighted that the major dividend from TEL will be recorded in 3QFY26.Overdue receivables currently stand at Rs68bn for CPHGC, Rs8bn for TEL, Rs7bn for ThalNova, Rs6bn for Laraib, and Rs1.4bn for Narowal.

Topline Flash Note: Hub Power Company (HUBC): Corporate Briefing Key Takeaways

Japan

PARCO CO., LTD. operates shopping centers specializing in fashion shops in Kanto, Chubu, Kansai, Hokkaido, and Kyushu area.  The Company also operates playhouses and theaters.

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Parco Co Ltd (8251 JP)

Topline Flash Note: Pakistan Refinery: Government Approves Proposed Amendments to Pakistan Oil Refining Policy, 2023

As per news reports, the Cabinet Committee on Energy (CCoE) has approved amendments to the Pakistan Oil Refining Policy 2023, removing the...

Topline Securities

Topline Flash Note: Hub Power Company (HUBC): Corporate Briefing Key Takeaways

Hub Power Company (HUBC) held its corporate briefing today to discuss 1HFY26 financial result and future outlook. The company’s two Thar-based...

Topline Securities

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