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

Lucky Core Industries Limited / Equity Bottom-Up

<ul><li>Lucky Core Industries (LCI) held it's corporate briefing today to discuss FY25 financial result and future outlook.</li><li>LCI's operating performance improved due to Pfizer portfolio integration and better margins in Pharmaceuticals. Notably, Pharmaceutical business recorded 32-35% margins which helped in bringing the average margins of the company to 38%. However, Soda Ash, Chemicals & Agri Sciences, and Animal Health faced demand challenges.</li><li>Regarding the pharmaceutical business, management communicated that 65% of the current portfolio is non-essential and 35% essential. The Pfizer portfolio acquired is mostly non-essential, barring one small product.</li></ul>

Lucky Core Industries (LCI) held it's corporate briefing today to discuss FY25 financial result and future outlook.LCI's operating performance improved due to Pfizer portfolio integration and better margins in Pharmaceuticals. Notably, Pharmaceutical business recorded 32-35% margins which helped in bringing the average margins of the company to 38%. However, Soda Ash, Chemicals & Agri Sciences, and Animal Health faced demand challenges.Regarding the pharmaceutical business, management communicated that 65% of the current portfolio is non-essential and 35% essential. The Pfizer portfolio acquired is mostly non-essential, barring one small product.

Lucky Core Industries (LCI): FY25 Corporate Briefing Key Takeaways

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.

Thematic (Sector/Industry)

<ul><li>Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.</li><li>While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.</li><li>Biopharma shrugged off MFN pricing targets, as implementation remained unclear. </li></ul>

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.Biopharma shrugged off MFN pricing targets, as implementation remained unclear. 

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

United States

Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pfizer (PFE UN)

Lucky Core Industries (LCI): FY25 Corporate Briefing Key Takeaways

Lucky Core Industries (LCI) held it's corporate briefing today to discuss FY25 financial result and future outlook. LCI's operating performance...

Topline Securities

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)