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

<ul><li>Lucky Cement (LUCK) conducted FY25 analyst briefing today to discuss business performance and future outlook.</li><li>In addition to this, a battery energy system is installed to optimize the renewable energy sources with estimated payback period of this project is to be 4-5 years.</li><li>Average domestic retention prices in FY25 stood at Rs15.5-16.0k per ton for the company. To recall, that average export prices from Cement and Clinker stood at US$41/ton and US$31/ton in FY25.</li></ul>

Lucky Cement (LUCK) conducted FY25 analyst briefing today to discuss business performance and future outlook.In addition to this, a battery energy system is installed to optimize the renewable energy sources with estimated payback period of this project is to be 4-5 years.Average domestic retention prices in FY25 stood at Rs15.5-16.0k per ton for the company. To recall, that average export prices from Cement and Clinker stood at US$41/ton and US$31/ton in FY25.

Topline Flash Note: Lucky Cement (LUCK): Corporate Briefing Key Takeaways

Fauji Fertilizer Company / Equity Bottom-Up

<ul><li>Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.</li><li>The management expects FFC to become Shariah-compliant by the end of 2025. As of Jun-2025, most of the funds have been converted from conventional to Islamic funds. The management also highlighted that Askari Bank remains a hurdle, and they target to convert 30% of its branches to Islamic banking by year-end and achieve full conversion by 2027.</li><li>Management expects the industry’s urea inventory to remain around 1.3mn tons by December 2025.</li></ul>

Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.The management expects FFC to become Shariah-compliant by the end of 2025. As of Jun-2025, most of the funds have been converted from conventional to Islamic funds. The management also highlighted that Askari Bank remains a hurdle, and they target to convert 30% of its branches to Islamic banking by year-end and achieve full conversion by 2027.Management expects the industry’s urea inventory to remain around 1.3mn tons by December 2025.

Topline Flash Note: Fauji Fertilizer Company (FFC) - Corporate Briefing Key Takeaways

Japan

PIA CORPORATION provides event ticketing services in Japan.  The Company sells tickets for concerts, sporting contests, and other events of entertainment value through telephone operators, mobile phone services, and a network of ticket stores.  Pia also operates in entertainment publishing and information distribution services.

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Pia Corp (4337 JP)

Topline Flash Note: Lucky Cement (LUCK): Corporate Briefing Key Takeaways

Lucky Cement (LUCK) conducted FY25 analyst briefing today to discuss business performance and future outlook. In addition to this, a battery...

Topline Securities

Topline Flash Note: Fauji Fertilizer Company (FFC) - Corporate Briefing Key Takeaways

Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook. The...

Topline Securities

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