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>Pakistan Car sales (as reported by PAMA) clocked in at 13,280 units in Dec 2025, reflecting a 35% YoY rise and 14% MoM decline. This took 1HFY26 sales to 88,322 units, a 46% YoY rise from 60,676 units in 1HFY25.</li><li>The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.</li><li>However, MoM sales were down primarily due to the end-of-year effect, with buyers delaying deliveries and new purchases in anticipation of new year registrations.</li></ul>

Pakistan Car sales (as reported by PAMA) clocked in at 13,280 units in Dec 2025, reflecting a 35% YoY rise and 14% MoM decline. This took 1HFY26 sales to 88,322 units, a 46% YoY rise from 60,676 units in 1HFY25.The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.However, MoM sales were down primarily due to the end-of-year effect, with buyers delaying deliveries and new purchases in anticipation of new year registrations.

Pakistan Automobiles: Car Sales In Dec 2025 Up 35% YoY And Down 14% MoM To 13,280 Units

<ul><li>Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 15,442 units in Nov 2025, reflecting a 52% YoY rise and 11% MoM downside.</li><li>The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.</li><li>However, MoM sales were down due to seasonality, wherein generally, before the year end delivery of vehicles is deferred to first month of next year for latest model registration.</li></ul>

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 15,442 units in Nov 2025, reflecting a 52% YoY rise and 11% MoM downside.The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.However, MoM sales were down due to seasonality, wherein generally, before the year end delivery of vehicles is deferred to first month of next year for latest model registration.

Pakistan Automobiles: Car Sales In Nov 2025 Up 52% YoY And Down -11% MoM To 15,442 Units

<ul><li>Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x 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 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.</li></ul>

Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x.Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x.Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.

<ul><li>Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 17,333 units in Oct 2025, reflecting a 32% YoY and 1% MoM rise.</li><li>YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment.</li><li>MoM sales remained stable, primarily due to an 18% decline in Pakistan Suzuki Motor Company (PSMC) volumes, as the company undergoes a major reset in 2025.</li></ul>

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 17,333 units in Oct 2025, reflecting a 32% YoY and 1% MoM rise.YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment.MoM sales remained stable, primarily due to an 18% decline in Pakistan Suzuki Motor Company (PSMC) volumes, as the company undergoes a major reset in 2025.

Pakistan Automobiles: Car Sales in Oct 2025 Up 32% YoY and 1% MoM to 17,333 Units

<ul><li>KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at US$1.6bn.</li><li>Despite a decline in interest rates, the banking sector’s earnings increased by 7% YoY to Rs164bn in 1QFY26.</li><li>The E&P sector posted a 7% YoY and 4% QoQ decline in profitability during 1QFY26 to Rs79.8bn.</li></ul>

KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at US$1.6bn.Despite a decline in interest rates, the banking sector’s earnings increased by 7% YoY to Rs164bn in 1QFY26.The E&P sector posted a 7% YoY and 4% QoQ decline in profitability during 1QFY26 to Rs79.8bn.

Pakistan Strategy – Corporate Profitability in 1QFY26; Earnings Rose 13% YoY, With Dividends Up 22%

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 Automobiles: Car Sales In Dec 2025 Up 35% YoY And Down 14% MoM To 13,280 Units

Pakistan Car sales (as reported by PAMA) clocked in at 13,280 units in Dec 2025, reflecting a 35% YoY rise and 14% MoM decline. This took 1HFY26...

Topline Securities

Pakistan Automobiles: Car Sales In Nov 2025 Up 52% YoY And Down -11% MoM To 15,442 Units

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 15,442 units in Nov 2025, reflecting a 52% YoY rise and 11% MoM downside. The...

Topline Securities

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x. Segment wise,...

Topline Securities

Pakistan Automobiles: Car Sales in Oct 2025 Up 32% YoY and 1% MoM to 17,333 Units

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 17,333 units in Oct 2025, reflecting a 32% YoY and 1% MoM rise. YoY growth is...

Topline Securities

Pakistan Strategy – Corporate Profitability in 1QFY26; Earnings Rose 13% YoY, With Dividends Up 22%

KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at...

Topline Securities

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