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's listed banks reported profitability of Rs168bn in 2Q2026, flat YoY and down 4% QoQ. This takes 1H2026 earnings to Rs342bn, flat YoY.</li><li>On a QoQ basis, the decline was driven by a 7% increase in non-interest expense to Rs361bn and a 2% decline in Net Interest Income (NII) to Rs527bn. This was partly offset by 4% QoQ growth in non-interest income to Rs177bn.</li><li>NII declined 2% both YoY and QoQ (down 1% YoY in 1H2026), reflecting the lagged repricing impact of the Apr 2026 rate hike, partly cushioned by banks' focus on current account deposits and volumetric growth.</li></ul>

Pakistan's listed banks reported profitability of Rs168bn in 2Q2026, flat YoY and down 4% QoQ. This takes 1H2026 earnings to Rs342bn, flat YoY.On a QoQ basis, the decline was driven by a 7% increase in non-interest expense to Rs361bn and a 2% decline in Net Interest Income (NII) to Rs527bn. This was partly offset by 4% QoQ growth in non-interest income to Rs177bn.NII declined 2% both YoY and QoQ (down 1% YoY in 1H2026), reflecting the lagged repricing impact of the Apr 2026 rate hike, partly cushioned by banks' focus on current account deposits and volumetric growth.

Pakistan Banks: Listed Banks Profitability Down 4% QoQ in 2Q2026; Net Interest Income (NII) Down by 2%

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET Index is expected to trade sideways today, with the support at 1,284/1,270 and the resistance at 1,300/1,316.</li><li>US equities closed higher (S&amp;P500 +0.26%, NASDAQ +0.48%), supported by the PCE Price Index coming in line with expectations.</li><li>Fitch Ratings has revised the outlook on the long-term foreign-currency issuer default ratings (IDRs) of five Thai banks—EXIM, KTB, TTB, Standard Chartered (Thai), and UOB (Thai)—to Negative from Stable.</li></ul>

The SET Index is expected to trade sideways today, with the support at 1,284/1,270 and the resistance at 1,300/1,316.US equities closed higher (S&amp;P500 +0.26%, NASDAQ +0.48%), supported by the PCE Price Index coming in line with expectations.Fitch Ratings has revised the outlook on the long-term foreign-currency issuer default ratings (IDRs) of five Thai banks—EXIM, KTB, TTB, Standard Chartered (Thai), and UOB (Thai)—to Negative from Stable.

Krungthai XSpring Zoom Eng. September 30, 2025

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,400 points/1,404 points (75-day EMA) and the support at 1,387 points (10-day EMA)/1,380 points, based on the technical signals in the weekly chart indicating that it is still fluctuating within the range of 1,375-1,403 points while awaiting a breakout signal.</li><li>Keep a close watch for hints about the possible trajectory of the fed funds rate from the speeches by Fed Governor Lisa Cook (voter) and Minneapolis Fed President Neel Kashkari, who are expected to signal that the Fed will not be in a hurry to cut interest rates until inflation falls to the target.</li><li>We recommend stocks with positive news: BEM, CK, and JPARK.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,400 points/1,404 points (75-day EMA) and the support at 1,387 points (10-day EMA)/1,380 points, based on the technical signals in the weekly chart indicating that it is still fluctuating within the range of 1,375-1,403 points while awaiting a breakout signal.Keep a close watch for hints about the possible trajectory of the fed funds rate from the speeches by Fed Governor Lisa Cook (voter) and Minneapolis Fed President Neel Kashkari, who are expected to signal that the Fed will not be in a hurry to cut interest rates until inflation falls to the target.We recommend stocks with positive news: BEM, CK, and JPARK.

Keep a Close Watch on Flash Manufacturing and Services PMIs in February for the US, EU and Japan

<ul><li>The bank runs in the global banking system will continue to pose downside risk to global banking stocks, including Thai banks, until the Fed and the ECB can come up with systematic solutions, and a worsening of the situation would lead to huge unrealized losses from investment in government bonds.</li><li>A temporary full-deposit guarantee is another potential way to address the banking crisis; note that the US guarantees around USD10trn out of total deposits of USD18trn, and the FDIC incurs costs of just USD100bn.</li><li>The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.</li></ul>

The bank runs in the global banking system will continue to pose downside risk to global banking stocks, including Thai banks, until the Fed and the ECB can come up with systematic solutions, and a worsening of the situation would lead to huge unrealized losses from investment in government bonds.A temporary full-deposit guarantee is another potential way to address the banking crisis; note that the US guarantees around USD10trn out of total deposits of USD18trn, and the FDIC incurs costs of just USD100bn.The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>ikeGPS (IKE) closed FY26 in better shape than the quarter-on-quarter decline in exit ARR would suggest, with the run-rate impacted by a one-off communications project completion.</li><li>Management materially delivered on the two key commitments for FY26, with Subscription revenue growth broadly in line with guidance and positive underlying EBITDA on a monthly basis in March.</li><li>US grid modernisation trends remain supportive, and continued execution on product rollout builds further confidence in IKE's pending product launches.</li></ul>

ikeGPS (IKE) closed FY26 in better shape than the quarter-on-quarter decline in exit ARR would suggest, with the run-rate impacted by a one-off communications project completion.Management materially delivered on the two key commitments for FY26, with Subscription revenue growth broadly in line with guidance and positive underlying EBITDA on a monthly basis in March.US grid modernisation trends remain supportive, and continued execution on product rollout builds further confidence in IKE's pending product launches.

United Kingdom

Standard Chartered is a British multinational banking and financial services company that offers corporate, institutional, wealth, and retail banking services. It provides global markets trading, lending and financial solutions, transaction services, and wealth solutions. The company is headquartered in London, England, and was founded in 1853.

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Standard Chartered (2888 HK)

Pakistan Banks: Listed Banks Profitability Down 4% QoQ in 2Q2026; Net Interest Income (NII) Down by 2%

Pakistan's listed banks reported profitability of Rs168bn in 2Q2026, flat YoY and down 4% QoQ. This takes 1H2026 earnings to Rs342bn, flat YoY. On...

Topline Securities

Krungthai XSpring Zoom Eng. September 30, 2025

US equities closed higher (S&P500 +0.26%, NASDAQ +0.48%), supported by the PCE Price Index coming in line with expectations.

Krungthai XSpring

Keep a Close Watch on Flash Manufacturing and Services PMIs in February for the US, EU and Japan

Technically, the SET Index is expected to move sideways up, with the resistance at 1,400 points/1,404 points (75-day EMA) and the support at 1,387...

Krungthai XSpring

Special Report: Bank Runs

The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.

Krungthai XSpring

IkeGPS 4Q26: A Small Blip On A Long Line

ikeGPS (IKE) closed FY26 in better shape than the quarter-on-quarter decline in exit ARR would suggest, with the run-rate impacted by a one-off...

Forsyth Barr

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