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.

Macroeconomics

<ul><li>IMF team is scheduled to visit Pakistan on Sep 25, 2025, for second semi annual review of the prevailing EFF facility of US$7bn. This review will assess Pakistan performance in Mar and Jun 2025 quarters and based on our working; Pakistan is likely to meet all 7 Quantitative Performance Criteria (QPC) including Net International Reserve and SWAP’s position. While the primary balance numbers are already out for FY25 and well within the IMF targets.</li><li>Besides IMF advised reforms, Pakistan is also aggressively working to attract investment in untapped areas like offshore drilling, mining, and web 3.0. The testament to that was previously organized Pakistan Mineral Investment Forum 2025 in Apr 2025 which attracted participants from over 50 countries including 5000+ delegates, as per news. Furthermore, renewed US interest in hydrocarbon potential (offshore) of Pakistan also shapes the way forward for development of Pakistan’s rich untapped natural resources. The flagship mining project of country “Reko Diq” is also expected to achieve its financial close in coming weeks.</li><li>In the midst of these economic reforms and IMF program, Pakistan is witnessing heavy rains besides a serious floods like situation across its rivers, impacting nearly whole of the country barring few areas like Baluchistan and Azad Kashmir. Though central bank believes intensity of current floods is lower than previous ones. As a result of floods and heavy rains, we believe, economics reforms would be affected temporarily. However, resilient footing of economy will help overcoming it sooner. On fiscal side, we believe, due to expected spike in relief spending and likely lower tax revenues, the fiscal deficit of FY26 might go higher to 4.8% of GDP (vs. earlier 4.1% of GDP).</li></ul>

IMF team is scheduled to visit Pakistan on Sep 25, 2025, for second semi annual review of the prevailing EFF facility of US$7bn. This review will assess Pakistan performance in Mar and Jun 2025 quarters and based on our working; Pakistan is likely to meet all 7 Quantitative Performance Criteria (QPC) including Net International Reserve and SWAP’s position. While the primary balance numbers are already out for FY25 and well within the IMF targets.Besides IMF advised reforms, Pakistan is also aggressively working to attract investment in untapped areas like offshore drilling, mining, and web 3.0. The testament to that was previously organized Pakistan Mineral Investment Forum 2025 in Apr 2025 which attracted participants from over 50 countries including 5000+ delegates, as per news. Furthermore, renewed US interest in hydrocarbon potential (offshore) of Pakistan also shapes the way forward for development of Pakistan’s rich untapped natural resources. The flagship mining project of country “Reko Diq” is also expected to achieve its financial close in coming weeks.In the midst of these economic reforms and IMF program, Pakistan is witnessing heavy rains besides a serious floods like situation across its rivers, impacting nearly whole of the country barring few areas like Baluchistan and Azad Kashmir. Though central bank believes intensity of current floods is lower than previous ones. As a result of floods and heavy rains, we believe, economics reforms would be affected temporarily. However, resilient footing of economy will help overcoming it sooner. On fiscal side, we believe, due to expected spike in relief spending and likely lower tax revenues, the fiscal deficit of FY26 might go higher to 4.8% of GDP (vs. earlier 4.1% of GDP).

Pakistan Economy - Implication Of Floods On Key Economic Indicators; IMF Review To Revisit Economic Projections

Japan

Piala Inc. provides advertising and marketing services. The Company offers telemarketing, direct advertising consultancy, content development, and other related serivces. Piala serves customers in Japan.

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Piala (7044 JP)

Pakistan Economy - Implication Of Floods On Key Economic Indicators; IMF Review To Revisit Economic Projections

IMF team is scheduled to visit Pakistan on Sep 25, 2025, for second semi annual review of the prevailing EFF facility of US$7bn. This review will...

Topline Securities

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52-week Range

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