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 Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Nov 2025, down 10% YoY and 5% MoM.</li><li>The YoY decline is due to a high base in Nov 2024, when OMC sales hit a 25-month peak driven by a 30-month high sales of HSD. This surge last year followed price stability, an improving economy, and tighter control on smuggling, with PSO leading HSD sales.</li><li>This takes total sales for 5MFY26 to 6.81mn tons, reflecting a 1% YoY increase compared to 6.75mn tons in 5MFY25.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Nov 2025, down 10% YoY and 5% MoM.The YoY decline is due to a high base in Nov 2024, when OMC sales hit a 25-month peak driven by a 30-month high sales of HSD. This surge last year followed price stability, an improving economy, and tighter control on smuggling, with PSO leading HSD sales.This takes total sales for 5MFY26 to 6.81mn tons, reflecting a 1% YoY increase compared to 6.75mn tons in 5MFY25.

Pakistan Oil Marketing - OMC Sales Down 10% YoY and 5% MoM in Nov 2025; 5MFY26 Sales Up 1% YoY

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.5mn tons in Oct 2025, flattish YoY while up 9% MoM.</li><li>This takes total sales for 4MFY26 to 5.4mn tons, reflecting a 4% YoY increase compared to 5.2mn tons in 4MFY25.</li><li>Excluding Furnace Oil (FO) sales in Oct 2025 were 1.47mn tons, reflecting a 2% YoY and 8% MoM rise.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.5mn tons in Oct 2025, flattish YoY while up 9% MoM.This takes total sales for 4MFY26 to 5.4mn tons, reflecting a 4% YoY increase compared to 5.2mn tons in 4MFY25.Excluding Furnace Oil (FO) sales in Oct 2025 were 1.47mn tons, reflecting a 2% YoY and 8% MoM rise.

OMC Sales Flattish YoY While Up 9% MoM In Oct 2025; 4MFY26 Sales Up 4% YoY

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Sep 2025, up 8% YoY and 5% MoM. The YoY growth was supported by gradual economic recovery and reduced smuggling from Iran, while the MoM increase was driven by a lower base as sales in Aug were lower than potential due to floods and monsoon rains all over the country.</li><li>This takes total sales for 1QFY26 to 3.9mn tons, reflecting a 6% YoY increase compared to 3.7mn tons in 1QFY25.</li><li>Excluding Furnace Oil (FO) sales in Sep 2025 were 1.36mn tons, reflecting a 13% YoY and 6% MoM rise. For 1QFY26, Ex-FO sales totaled 3.8mn tons, an 11% YoY rise.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Sep 2025, up 8% YoY and 5% MoM. The YoY growth was supported by gradual economic recovery and reduced smuggling from Iran, while the MoM increase was driven by a lower base as sales in Aug were lower than potential due to floods and monsoon rains all over the country.This takes total sales for 1QFY26 to 3.9mn tons, reflecting a 6% YoY increase compared to 3.7mn tons in 1QFY25.Excluding Furnace Oil (FO) sales in Sep 2025 were 1.36mn tons, reflecting a 13% YoY and 6% MoM rise. For 1QFY26, Ex-FO sales totaled 3.8mn tons, an 11% YoY rise.

Pakistan Oil Marketing - OMC Sales Up 8% YoY and 5% MoM in Sep 2025; 1QFY26 Sales Up 6% YoY

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.3mn tons in Aug 2025, up 7% YoY and 6% MoM.</li><li>This takes total sales for 2MFY26 to 2.5mn tons, reflecting a 5% YoY increase compared to 2.4mn tons in 2MFY25.</li><li>Excluding Furnace Oil (FO) sales in Aug 2025 were 1.28mn tons, reflecting a 11% YoY and 6% MoM rise.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.3mn tons in Aug 2025, up 7% YoY and 6% MoM.This takes total sales for 2MFY26 to 2.5mn tons, reflecting a 5% YoY increase compared to 2.4mn tons in 2MFY25.Excluding Furnace Oil (FO) sales in Aug 2025 were 1.28mn tons, reflecting a 11% YoY and 6% MoM rise.

Pakistan Oil Marketing - OMC Sales Up 7% YoY And 6% MoM In Aug 2025; 2MFY26 Sales Up 5% YoY

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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<ul><li>Piaggio likely needs no introduction, as it is the company behind the iconic Vespa scooter.</li><li>In addition to Vespa, Piaggio owns the motorcycle brands Aprilia and Moto Guzzi, though approximately 50% of its revenue comes from scooter sales.</li><li>The strength of Piaggio's brands is reflected in its exceptional Return on Invested Capital (ROIC) of over 30%.</li></ul>

Piaggio likely needs no introduction, as it is the company behind the iconic Vespa scooter.In addition to Vespa, Piaggio owns the motorcycle brands Aprilia and Moto Guzzi, though approximately 50% of its revenue comes from scooter sales.The strength of Piaggio's brands is reflected in its exceptional Return on Invested Capital (ROIC) of over 30%.

France

Synergie SA is a company based in France that specializes in human resource management.  The Company's services include temporary employment, out-placement, social engineering, recruitment and training services. Synergie operates throughout Europe and Canada.

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Synergie SA (SDG FP)

Pakistan Oil Marketing - OMC Sales Down 10% YoY and 5% MoM in Nov 2025; 5MFY26 Sales Up 1% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Nov 2025, down 10% YoY and 5% MoM. The YoY decline is due to a high base...

Topline Securities

OMC Sales Flattish YoY While Up 9% MoM In Oct 2025; 4MFY26 Sales Up 4% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.5mn tons in Oct 2025, flattish YoY while up 9% MoM. This takes total sales for...

Topline Securities

Pakistan Oil Marketing - OMC Sales Up 8% YoY and 5% MoM in Sep 2025; 1QFY26 Sales Up 6% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Sep 2025, up 8% YoY and 5% MoM. The YoY growth was supported by gradual...

Topline Securities

Pakistan Oil Marketing - OMC Sales Up 7% YoY And 6% MoM In Aug 2025; 2MFY26 Sales Up 5% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.3mn tons in Aug 2025, up 7% YoY and 6% MoM. This takes total sales for 2MFY26 to...

Topline Securities

Monday Delight: 31/03/25

Piaggio likely needs no introduction, as it is the company behind the iconic Vespa scooter. In addition to Vespa, Piaggio owns the motorcycle...

Contrarian Cashflows

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