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.

Thematic (Sector/Industry)

<ul>
<li>We present a profitability analysis of the top 20 listed companies in Pakistan’s textile sector, comprising composite, spinning, weaving, woollen, and apparel companies.</li>
<li>The Pakistan textile sector’s profitability increased by 11% YoY to Rs51.9bn in FY26, driven by lower effective tax along with decline in finance cost.</li>
<li>Sales of listed textile companies remained broadly flat YoY at Rs1,403bn in FY26, Similarly, sales in US dollar terms remained stable at ~US$5.0bn, despite geopolitical headwinds and internal freight issues.</li>
</ul>


We present a profitability analysis of the top 20 listed companies in Pakistan’s textile sector, comprising composite, spinning, weaving, woollen, and apparel companies.
The Pakistan textile sector’s profitability increased by 11% YoY to Rs51.9bn in FY26, driven by lower effective tax along with decline in finance cost.
Sales of listed textile companies remained broadly flat YoY at Rs1,403bn in FY26, Similarly, sales in US dollar terms remained stable at ~US$5.0bn, despite geopolitical headwinds and internal freight issues.


Pakistan Textile – Profits Rise 11% in FY26; Top 20 Listed Companies Generates US$5bn in Sales

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>ResMed, a global leader in connected health technology primarily focused on sleep and respiratory care, reported its fourth quarter and full fiscal year 2026 results, highlighting 9% and 10% headline revenue growth respectively, with 8% growth on a constant currency basis.</li><li>Non-GAAP earnings per share increased 16% in the quarter and 17% for the year, driven by operational efficiencies and margin expansion despite inflationary pressures.</li><li>The company generated $1.6 billion in free cash flow for fiscal 2026, supporting substantial shareholder returns through over $1 billion in combined share repurchases and dividends, with a notable 72% year-over-year increase in capital returned.</li></ul>

ResMed, a global leader in connected health technology primarily focused on sleep and respiratory care, reported its fourth quarter and full fiscal year 2026 results, highlighting 9% and 10% headline revenue growth respectively, with 8% growth on a constant currency basis.Non-GAAP earnings per share increased 16% in the quarter and 17% for the year, driven by operational efficiencies and margin expansion despite inflationary pressures.The company generated $1.6 billion in free cash flow for fiscal 2026, supporting substantial shareholder returns through over $1 billion in combined share repurchases and dividends, with a notable 72% year-over-year increase in capital returned.

ResMed Unlocks A Bigger Sleep-Health Ecosystem With OURA And Noctrix!

Smartkarma AI Primers, Smartkarma

αSK Primers

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Smartkarma

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Research Reinvented

<ul>
  <li>ResMed is the undisputed global market leader in the sleep-disordered breathing market, with a dominant share exceeding 60% following a major competitor's product recall. The company's key advantage lies in its integrated digital ecosystem, which connects devices, patients, and providers, creating high switching costs and a significant data moat.</li>
  <li>The company's financial performance is robust, characterized by consistent double-digit revenue growth, strong and expanding margins, and significant free cash flow generation. Growth is driven by the large, underpenetrated sleep apnea market, an aging global population, and increasing awareness of the comorbidities associated with untreated sleep disorders.</li>
  <li>Future growth is guided by the '2030 Strategy,' which focuses on expanding the core sleep apnea business, entering adjacent markets like COPD and insomnia, and leveraging its vast data repository through AI and machine learning to enhance patient outcomes and provider efficiency. While risks from renewed competition and reimbursement changes exist, the initial threat from GLP-1 weight-loss drugs is now largely viewed as a net positive, driving more patients into the treatment funnel.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  ResMed is the undisputed global market leader in the sleep-disordered breathing market, with a dominant share exceeding 60% following a major competitor's product recall. The company's key advantage lies in its integrated digital ecosystem, which connects devices, patients, and providers, creating high switching costs and a significant data moat.
  The company's financial performance is robust, characterized by consistent double-digit revenue growth, strong and expanding margins, and significant free cash flow generation. Growth is driven by the large, underpenetrated sleep apnea market, an aging global population, and increasing awareness of the comorbidities associated with untreated sleep disorders.
  Future growth is guided by the '2030 Strategy,' which focuses on expanding the core sleep apnea business, entering adjacent markets like COPD and insomnia, and leveraging its vast data repository through AI and machine learning to enhance patient outcomes and provider efficiency. While risks from renewed competition and reimbursement changes exist, the initial threat from GLP-1 weight-loss drugs is now largely viewed as a net positive, driving more patients into the treatment funnel.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>ResMed, Inc. reported its third quarter results for fiscal year 2026, delivering solid financial and operational performance marked by 11% headline revenue growth and 8% growth on a constant currency basis.</li><li>The company highlighted a significant 21% increase in non-GAAP earnings per share, supported by operating leverage and margin expansion.</li><li>Gross margin expanded by 290 basis points year-over-year and 50 basis points sequentially, driven by component cost improvements, manufacturing and logistics efficiencies, as well as favorable product mix and currency effects.</li></ul>

ResMed, Inc. reported its third quarter results for fiscal year 2026, delivering solid financial and operational performance marked by 11% headline revenue growth and 8% growth on a constant currency basis.The company highlighted a significant 21% increase in non-GAAP earnings per share, supported by operating leverage and margin expansion.Gross margin expanded by 290 basis points year-over-year and 50 basis points sequentially, driven by component cost improvements, manufacturing and logistics efficiencies, as well as favorable product mix and currency effects.

ResMed: Why Restless Legs Syndrome, Sleep Apnea Testing & Digital Platforms Matter Now!

<ul><li>ResMed's financial performance in the second quarter of fiscal year 2026 offers insights into its operational strengths and market challenges.</li><li>The company reported an 11% increase in headline revenue, or 9% growth on a constant currency basis, showcasing solid market performance across its global segments.</li><li>The revenue of $1.42 billion is buoyed by robust growth in device and mask sales, particularly in the U.S., Canada, and Latin America, where sales grew by 11%.</li></ul>

ResMed's financial performance in the second quarter of fiscal year 2026 offers insights into its operational strengths and market challenges.The company reported an 11% increase in headline revenue, or 9% growth on a constant currency basis, showcasing solid market performance across its global segments.The revenue of $1.42 billion is buoyed by robust growth in device and mask sales, particularly in the U.S., Canada, and Latin America, where sales grew by 11%.

ResMed’s Multi-Vector Growth Story: GLP-1 Tailwinds, Primary Care Expansion, and Digital Health!

United States

ResMed Inc. develops, manufactures, and markets medical equipment for the treatment of sleep disordered breathing. The Company sells diagnostic and treatment devices in various countries through its subsidiaries and independent distributors.

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ResMed (RMD UN)

Pakistan Textile – Profits Rise 11% in FY26; Top 20 Listed Companies Generates US$5bn in Sales

We present a profitability analysis of the top 20 listed companies in Pakistan’s textile sector, comprising composite, spinning, weaving, woollen,...

Topline Securities

ResMed Unlocks A Bigger Sleep-Health Ecosystem With OURA And Noctrix!

ResMed, a global leader in connected health technology primarily focused on sleep and respiratory care, reported its fourth quarter and full...

Baptista Research

Primer: Resmed Inc (RMD US) - Aug 2026

ResMed is the undisputed global market leader in the sleep-disordered breathing market, with a dominant share exceeding 60% following a major...

αSK Primers

ResMed: Why Restless Legs Syndrome, Sleep Apnea Testing & Digital Platforms Matter Now!

ResMed, Inc. reported its third quarter results for fiscal year 2026, delivering solid financial and operational performance marked by 11%...

Baptista Research

ResMed’s Multi-Vector Growth Story: GLP-1 Tailwinds, Primary Care Expansion, and Digital Health!

ResMed's financial performance in the second quarter of fiscal year 2026 offers insights into its operational strengths and market challenges. The...

Baptista Research

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