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.

Equity Bottom-Up

Air Link Communication / Equity Bottom-Up

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 1.94mn units during Aug 2025, up 30% YoY and down 46% MoM.</li><li>The YoY growth stems from a low base in Aug 2024, when sales declined due to excessive pre-buying in Jun 2024, ahead of the additional 18% GST imposed on mobile phones in the FY25 budget.</li><li>On the other hand, the MoM decline is primarily attributable to consumers postponing purchases during this period in anticipation of new phone model launches in the coming months (Sep/Oct).</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 1.94mn units during Aug 2025, up 30% YoY and down 46% MoM.The YoY growth stems from a low base in Aug 2024, when sales declined due to excessive pre-buying in Jun 2024, ahead of the additional 18% GST imposed on mobile phones in the FY25 budget.On the other hand, the MoM decline is primarily attributable to consumers postponing purchases during this period in anticipation of new phone model launches in the coming months (Sep/Oct).

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Down 46% MoM In Aug-25

Thematic (Sector/Industry)

<ul><li>Pakistan local cement dispatches are likely to be up by 5% MoM to clock in at 2.65-2.75mn tons in Jul-2025. Domestic dispatches are anticipated to surge by 11% YoY.</li><li>Our analysis is based on the provisional numbers of 20 days, based on which local sales stands at 1.82mn tons, while as per our channel checks in 23 days of the month, local sales hovers around ~2.2-2.3 mn tons.</li><li>MoM increase in local cement dispatches is mainly due to backlog of demand from previous month, due to less working days attributable to Eid Holidays. However, as per our channel checks in last few days of Jul 2025, the sales may remain lower by 2-3% due to floods in northern region.</li></ul>

Pakistan local cement dispatches are likely to be up by 5% MoM to clock in at 2.65-2.75mn tons in Jul-2025. Domestic dispatches are anticipated to surge by 11% YoY.Our analysis is based on the provisional numbers of 20 days, based on which local sales stands at 1.82mn tons, while as per our channel checks in 23 days of the month, local sales hovers around ~2.2-2.3 mn tons.MoM increase in local cement dispatches is mainly due to backlog of demand from previous month, due to less working days attributable to Eid Holidays. However, as per our channel checks in last few days of Jul 2025, the sales may remain lower by 2-3% due to floods in northern region.

Pakistan Cements: Local Cement Dispatches Likely To Be Up 11% YoY In Jul 2025; FY26 Started On A Positive Note

Indonesia

PT Sentral Mitra Informatika Tbk (SMI) offers office electronics and IT solutions. The Company provides computers, printers, desktop and notebooks, tablets, and accessories, as well as document production, system automation, and IT management software for corporate consumers. SMI serves customers in Indonesia.

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Sentral Mitra Informatika Tbk (LUCK IJ)

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Down 46% MoM In Aug-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 1.94mn units...

Topline Securities

Pakistan Cements: Local Cement Dispatches Likely To Be Up 11% YoY In Jul 2025; FY26 Started On A Positive Note

Pakistan local cement dispatches are likely to be up by 5% MoM to clock in at 2.65-2.75mn tons in Jul-2025. Domestic dispatches are anticipated to...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

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