External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>Pakistan's high-frequency indicators in August 2026 presented a mixed picture across major sectors.</li><li>Auto sector sales remained on a positive trajectory, driven by trucks (+34.6% YoY), motorcycles (+23.5% YoY), passenger cars (+19.7% YoY, excluding SAZEW), and tractors (+5.6% YoY).</li><li>On the other hand, petroleum sales faced pressure, with HSD down 19.2% YoY and MS declining 1.3% YoY.</li></ul>

Pakistan's high-frequency indicators in August 2026 presented a mixed picture across major sectors.Auto sector sales remained on a positive trajectory, driven by trucks (+34.6% YoY), motorcycles (+23.5% YoY), passenger cars (+19.7% YoY, excluding SAZEW), and tractors (+5.6% YoY).On the other hand, petroleum sales faced pressure, with HSD down 19.2% YoY and MS declining 1.3% YoY.

Pakistan in Aug 2026 – High Frequency Indicators

Thematic (Sector/Industry)

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 15,558 units in Aug 2026, up by 11% YoY but declined 21% MoM.</li><li>The MoM decline in total sales is primarily due to uncertainty surrounding the new auto policy and uncertain regional atmosphere affecting supply chain, in our view.</li><li>We expect the positive momentum in auto sales to continue in FY27, with double digit growth supported by the launch of new variants and the entry of new brands in the market.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 15,558 units in Aug 2026, up by 11% YoY but declined 21% MoM.The MoM decline in total sales is primarily due to uncertainty surrounding the new auto policy and uncertain regional atmosphere affecting supply chain, in our view.We expect the positive momentum in auto sales to continue in FY27, with double digit growth supported by the launch of new variants and the entry of new brands in the market.

Pakistan Automobiles: Car Sales Grew by 11% YoY but Declined 21% MoM to 15,558 Units in Aug 2026

Equity Bottom-Up

Sazgar Engineering Works Limited / Equity Bottom-Up

Sazgar Engineering Works Limited (SAZEW PK)

<ul><li>Sazgar Engineering Works (SAZEW) announced its 3QFY26 result, wherein the company recorded profit of Rs6.4bn (EPS of Rs106.5), up 3% YoY and 60% QoQ.</li><li>The result came in higher than industry expectations due to higher-than-expected gross profit margins.</li><li>Alongside the results, the company announced an interim cash dividend of Rs20/share in 3QFY26 (Payout Ratio: 19%).</li></ul>

Sazgar Engineering Works (SAZEW) announced its 3QFY26 result, wherein the company recorded profit of Rs6.4bn (EPS of Rs106.5), up 3% YoY and 60% QoQ.The result came in higher than industry expectations due to higher-than-expected gross profit margins.Alongside the results, the company announced an interim cash dividend of Rs20/share in 3QFY26 (Payout Ratio: 19%).

Sazgar Engineering (SAZEW) – 3QFY26 EPS At Rs106.5, Up 3% YoY And 60% QoQ – Higher Than Industry Expectations

<ul><li>SAZEW announced its 2QFY26 result, wherein the company recorded profit of Rs4bn (EPS of Rs66.55), up 67% YoY while down 9% QoQ.</li><li>The result came lower than industry expectations due to lower-than-expected net sales and higher than expected distribution and marketing expenses.</li><li>This takes 1HFY26 profit to Rs8.4bn (EPS of Rs139.62) up 27% YoY.</li></ul>

SAZEW announced its 2QFY26 result, wherein the company recorded profit of Rs4bn (EPS of Rs66.55), up 67% YoY while down 9% QoQ.The result came lower than industry expectations due to lower-than-expected net sales and higher than expected distribution and marketing expenses.This takes 1HFY26 profit to Rs8.4bn (EPS of Rs139.62) up 27% YoY.

Sazgar Engineering (SAZEW): 2QFY26 EPS At Rs66.55, Up 67% YoY But Down 9% QoQ – Lower Than Expectations

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 19,818 units in Jul 2026, up by 79% YoY while down 13% MoM.</li><li>The YoY rise was driven by new market entrants, new product launches and surge in auto financing.</li><li>Meanwhile, the MoM decline was primarily due to uncertainty surrounding the new auto policy.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 19,818 units in Jul 2026, up by 79% YoY while down 13% MoM.The YoY rise was driven by new market entrants, new product launches and surge in auto financing.Meanwhile, the MoM decline was primarily due to uncertainty surrounding the new auto policy.

Pakistan Automobiles: Car Sales Rose 79% YoY But Down 13% MoM to 19,818 Units in Jul 2026

Pakistan

Sazgar Engineering Works Limited was incorporated in Pakistan on September 21, 1991 as a Private Limited Company and converted into a Public Limited Company on November 21,1994. The Company is engaged in the manufacture and sale of automobiles, automotive parts and household electric appliances.

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Sazgar Engineering Works Limited (SAZEW PK)

Pakistan in Aug 2026 – High Frequency Indicators

Pakistan's high-frequency indicators in August 2026 presented a mixed picture across major sectors. Auto sector sales remained on a positive...

Topline Securities

Pakistan Automobiles: Car Sales Grew by 11% YoY but Declined 21% MoM to 15,558 Units in Aug 2026

Pakistan car sales (as reported by PAMA) clocked in at 15,558 units in Aug 2026, up by 11% YoY but declined 21% MoM. The MoM decline in total...

Topline Securities

Sazgar Engineering (SAZEW) – 3QFY26 EPS At Rs106.5, Up 3% YoY And 60% QoQ – Higher Than Industry Expectations

Sazgar Engineering Works (SAZEW) announced its 3QFY26 result, wherein the company recorded profit of Rs6.4bn (EPS of Rs106.5), up 3% YoY and 60%...

Topline Securities

Sazgar Engineering (SAZEW): 2QFY26 EPS At Rs66.55, Up 67% YoY But Down 9% QoQ – Lower Than Expectations

SAZEW announced its 2QFY26 result, wherein the company recorded profit of Rs4bn (EPS of Rs66.55), up 67% YoY while down 9% QoQ. The result came...

Topline Securities

Pakistan Automobiles: Car Sales Rose 79% YoY But Down 13% MoM to 19,818 Units in Jul 2026

Pakistan car sales (as reported by PAMA) clocked in at 19,818 units in Jul 2026, up by 79% YoY while down 13% MoM. The YoY rise was driven by new...

Topline Securities

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