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>KSE-100 index companies posted earnings of Rs491bn in 3QFY26, up 19% YoY and 8% QoQ from Rs412bn in 3QFY25.</li><li>Excluding OMCs/Refineries, profits are up by 5% YoY but down 2% QoQ in 3QFY26.</li><li>The banking sector’s earnings rose 2% YoY and 14% QoQ to Rs169.7bn in 3QFY26.</li></ul>

KSE-100 index companies posted earnings of Rs491bn in 3QFY26, up 19% YoY and 8% QoQ from Rs412bn in 3QFY25.Excluding OMCs/Refineries, profits are up by 5% YoY but down 2% QoQ in 3QFY26.The banking sector’s earnings rose 2% YoY and 14% QoQ to Rs169.7bn in 3QFY26.

Pakistan Strategy – Corporate Profitability in 3QFY26; Earnings Up 19% YoY, Excluding OMCs/Refineries Up 5% YoY

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 15,531 units in Mar 2026, up by 40% YoY but down 9% MoM. This took 9MFY26 cumulative sales to 144,029 units, up 43% YoY.</li><li>This decline was largely driven by a 23% MoM drop in Pak Suzuki Motor Company (PSMC) sales, while ex-PSMC car sales posted a 4% MoM increase.</li><li>Meanwhile, the strong YoY growth was supported by new market entrants, lower interest rates, easing inflation, and improving macroeconomic sentiment.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 15,531 units in Mar 2026, up by 40% YoY but down 9% MoM. This took 9MFY26 cumulative sales to 144,029 units, up 43% YoY.This decline was largely driven by a 23% MoM drop in Pak Suzuki Motor Company (PSMC) sales, while ex-PSMC car sales posted a 4% MoM increase.Meanwhile, the strong YoY growth was supported by new market entrants, lower interest rates, easing inflation, and improving macroeconomic sentiment.

Pakistan Automobiles: Car Sales Rose 40% YoY But Down 9% MoM To 15,531 Units In Mar 2026

<ul><li>Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x.</li><li>Segment wise, consumer staple (FMCG) is trading at 2025 PE of 14.9x vs. 10-year average of 23.29x, pharmaceutical is trading at 2025 PE of 13.6x vs. 10-year average PE of 17.71x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 13.08x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 20%/25% and 14%/15% respectively while a D/Y of 6% in 2025.</li></ul>

Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x.Segment wise, consumer staple (FMCG) is trading at 2025 PE of 14.9x vs. 10-year average of 23.29x, pharmaceutical is trading at 2025 PE of 13.6x vs. 10-year average PE of 17.71x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 13.08x.Sector witnessed 5-year and 10-years sales/profit CAGR of 20%/25% and 14%/15% respectively while a D/Y of 6% in 2025.

Cross Asset Strategy

<ul><li>KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.</li><li>The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.</li><li>The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.</li></ul>

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 23,055 units in Jan 2026, marking a 43-month high, reflecting a 36% YoY and 74% MoM increase.</li><li>The sharp MoM surge was largely driven by new-year registrations, as customers typically delay deliveries to secure January registrations for better resale value.</li><li>To note, Indus Motor Company (INDU) and Honda Atlas Cars (HCAR) recorded 43-month high sales in Jan 2026.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 23,055 units in Jan 2026, marking a 43-month high, reflecting a 36% YoY and 74% MoM increase.The sharp MoM surge was largely driven by new-year registrations, as customers typically delay deliveries to secure January registrations for better resale value.To note, Indus Motor Company (INDU) and Honda Atlas Cars (HCAR) recorded 43-month high sales in Jan 2026.

Pakistan Automobiles: Recorded 43 Months High Car Sales In Jan 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.

Sazgar Engineering Works Limited (SAZEW PK)

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Sazgar Engineering Works Limited (SAZEW PK)

Pakistan Strategy – Corporate Profitability in 3QFY26; Earnings Up 19% YoY, Excluding OMCs/Refineries Up 5% YoY

KSE-100 index companies posted earnings of Rs491bn in 3QFY26, up 19% YoY and 8% QoQ from Rs412bn in 3QFY25. Excluding OMCs/Refineries, profits are...

Topline Securities

Pakistan Automobiles: Car Sales Rose 40% YoY But Down 9% MoM To 15,531 Units In Mar 2026

Pakistan car sales (as reported by PAMA) clocked in at 15,531 units in Mar 2026, up by 40% YoY but down 9% MoM. This took 9MFY26 cumulative sales...

Topline Securities

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x. Segment wise,...

Topline Securities

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25. The banking sector’s earnings declined by 3% YoY...

Topline Securities

Pakistan Automobiles: Recorded 43 Months High Car Sales In Jan 2026

Pakistan car sales (as reported by PAMA) clocked in at 23,055 units in Jan 2026, marking a 43-month high, reflecting a 36% YoY and 74% MoM...

Topline Securities

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