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.

Event-Driven

<ul><li>Systems Limited (SYS) held its corporate briefing session to discuss the recent acquisitions and future outlook.</li><li>SYS recently announced the acquisition of Confiz Limited, one of Pakistan���s top 3 IT companies, with a strong specialization in retail and CPG segments.</li><li>SYS has acquired this company through a 100% share swap arrangement, as per which, Systems' shareholders will be diluted by 3.8-4.0% and revenue contribution from this new business will be roughly around 10% of the current business, according to management.</li></ul>

Systems Limited (SYS) held its corporate briefing session to discuss the recent acquisitions and future outlook.SYS recently announced the acquisition of Confiz Limited, one of Pakistan���s top 3 IT companies, with a strong specialization in retail and CPG segments.SYS has acquired this company through a 100% share swap arrangement, as per which, Systems' shareholders will be diluted by 3.8-4.0% and revenue contribution from this new business will be roughly around 10% of the current business, according to management.

Topline Flash Note: Systems Limited (SYS): Corporate Briefing Key Takeaways

Equity Bottom-Up

<ul><li>Systems Limited (SYS) announced its 3Q2025 result, posting a consolidated PAT of Rs2.8bn (EPS: Rs1.90) up 28% YoY and 5% QoQ.</li><li>The growth in earnings is primarily driven by an improvement in gross margins to 29.7% in 3Q2025 (from 25.3% in 3Q2024), supported by enhanced operational efficiency.</li><li>The company also reported a 20% YoY increase in revenue during 3Q2025, likely reflecting sustained growth in IT exports, which were up 25% YoY.</li></ul>

Systems Limited (SYS) announced its 3Q2025 result, posting a consolidated PAT of Rs2.8bn (EPS: Rs1.90) up 28% YoY and 5% QoQ.The growth in earnings is primarily driven by an improvement in gross margins to 29.7% in 3Q2025 (from 25.3% in 3Q2024), supported by enhanced operational efficiency.The company also reported a 20% YoY increase in revenue during 3Q2025, likely reflecting sustained growth in IT exports, which were up 25% YoY.

Systems Limited (SYS): 3Q2025 EPS At Rs1.90, Up 28% YoY

Thematic (Sector/Industry)

<ul><li>Pakistan recorded monthly IT exports of US$356mn in Nov-25, up 14% YoY but down 8% MoM. These monthly IT exports in Nov-25 are higher than the last 12-month average of US$337mn.</li><li>This takes 5MFY26 IT exports to US$1.8bn, up 19% YoY.</li><li>Export proceeds per day were recorded at US$17.8mn in Nov-25 vs. US$16.8mn in Oct-25.</li></ul>

Pakistan recorded monthly IT exports of US$356mn in Nov-25, up 14% YoY but down 8% MoM. These monthly IT exports in Nov-25 are higher than the last 12-month average of US$337mn.This takes 5MFY26 IT exports to US$1.8bn, up 19% YoY.Export proceeds per day were recorded at US$17.8mn in Nov-25 vs. US$16.8mn in Oct-25.

Pakistan Technology - IT Exports In Nov-25 Up By 14% YoY To Record US$356mn; 5MFY26 Exports Up By 19% YoY

<ul><li>Systems Limited (SYS) held its corporate briefing to discuss 1H2025 financial result and future outlook.</li><li>SYS recorded the highest ever operating profit of Rs5.1bn in 1H2025. Revenue went up by 18%, followed by a 59% growth in earnings, mainly led by exchange gains due to PKR depreciation during the period.</li><li>While the management is yet to disclose specific details about the acquisition of BAT SAA Services, they noted that it presents an entirely new growth avenue for the company.</li></ul>

Systems Limited (SYS) held its corporate briefing to discuss 1H2025 financial result and future outlook.SYS recorded the highest ever operating profit of Rs5.1bn in 1H2025. Revenue went up by 18%, followed by a 59% growth in earnings, mainly led by exchange gains due to PKR depreciation during the period.While the management is yet to disclose specific details about the acquisition of BAT SAA Services, they noted that it presents an entirely new growth avenue for the company.

Topline Flash Note: Systems Limited (SYS): 1H2025 Corporate Briefing Key Takeaways

<ul><li>Systems Limited (SYS) announced its 2Q2025 result wherein it posted a consolidated PAT of Rs2.7bn (EPS of Rs1.8) up by 59% YoY and by 6% QoQ.</li><li>Earnings are up by 59% YoY primarily due to increase in gross margins from 22.5% to 25.4% in 2Q2025.</li><li>Gross margins for 2Q2025 have primarily increased as cost pressures have largely subsided amid muted inflation and currency depreciation.</li></ul>

Systems Limited (SYS) announced its 2Q2025 result wherein it posted a consolidated PAT of Rs2.7bn (EPS of Rs1.8) up by 59% YoY and by 6% QoQ.Earnings are up by 59% YoY primarily due to increase in gross margins from 22.5% to 25.4% in 2Q2025.Gross margins for 2Q2025 have primarily increased as cost pressures have largely subsided amid muted inflation and currency depreciation.

Systems Limited (SYS): 2Q2025 EPS At Rs1.8, Up By 59% YoY

Pakistan

Systems Ltd is a software and technology service company. The Company focuses on the finance and apparel industry in the United States. Systems operates in Pakistan and worldwide.

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Systems Limited (SYS PK)

Topline Flash Note: Systems Limited (SYS): Corporate Briefing Key Takeaways

Systems Limited (SYS) held its corporate briefing session to discuss the recent acquisitions and future outlook. SYS recently announced the...

Topline Securities

Systems Limited (SYS): 3Q2025 EPS At Rs1.90, Up 28% YoY

Systems Limited (SYS) announced its 3Q2025 result, posting a consolidated PAT of Rs2.8bn (EPS: Rs1.90) up 28% YoY and 5% QoQ. The growth in...

Topline Securities

Pakistan Technology - IT Exports In Nov-25 Up By 14% YoY To Record US$356mn; 5MFY26 Exports Up By 19% YoY

Pakistan recorded monthly IT exports of US$356mn in Nov-25, up 14% YoY but down 8% MoM. These monthly IT exports in Nov-25 are higher than the...

Topline Securities

Topline Flash Note: Systems Limited (SYS): 1H2025 Corporate Briefing Key Takeaways

Systems Limited (SYS) held its corporate briefing to discuss 1H2025 financial result and future outlook. SYS recorded the highest ever operating...

Topline Securities

Systems Limited (SYS): 2Q2025 EPS At Rs1.8, Up By 59% YoY

Systems Limited (SYS) announced its 2Q2025 result wherein it posted a consolidated PAT of Rs2.7bn (EPS of Rs1.8) up by 59% YoY and by 6%...

Topline Securities

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