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 Information Technology (IT) exports for Oct 2023 of US$238mn are up by 16% MoM. Segment-wise, Telecom, Computer, and Information Services up 49%, 9%, 50% MoM, respectively.</li><li>Oct 2023, IT export inflows are also higher than last 12 month average of US$219mn.</li><li>IT exports in Oct 2023 increased on a MoM basis, mainly due to combination of (1) higher number of working days compared to Sep 2023 and (2) higher realization per day.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan's Information Technology (IT) exports for Oct 2023 of US$238mn are up by 16% MoM. Segment-wise, Telecom, Computer, and Information Services up 49%, 9%, 50% MoM, respectively.Oct 2023, IT export inflows are also higher than last 12 month average of US$219mn.IT exports in Oct 2023 increased on a MoM basis, mainly due to combination of (1) higher number of working days compared to Sep 2023 and (2) higher realization per day.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Technology: IT Exports increased 16% MoM in Oct 2023; IT Exports up 4% YoY in 4MFY24

<ul><li>Pakistan's Information Technology (IT) exports for Sep 2023 of US$206mn are down by 12% MoM. Segment-wise, Telecom and Computer Services down by 26% and 9% MoM, respectively.</li><li>Sep 2023 IT export inflows are also lower than last 12 month average of US$219mn.</li><li>IT exports in Sep 2023 declined on a MoM basis, mainly due to lower number of working days compared to Aug 2023. Our banking channel checks indicate that higher clearing days impacted the realization of proceeds.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan's Information Technology (IT) exports for Sep 2023 of US$206mn are down by 12% MoM. Segment-wise, Telecom and Computer Services down by 26% and 9% MoM, respectively.Sep 2023 IT export inflows are also lower than last 12 month average of US$219mn.IT exports in Sep 2023 declined on a MoM basis, mainly due to lower number of working days compared to Aug 2023. Our banking channel checks indicate that higher clearing days impacted the realization of proceeds.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Technology: IT Exports Flat YoY in Sep 2023; IT Exports up 3% YoY in 1QFY24

Equity Bottom-Up

<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

<ul><li>In a step to strengthen its global business process outsourcing (BPO) presence, Systems Limited (SYS) has acquired the British American Tobacco SAA Services from British American Tobacco International Holdings (UK).</li><li>The acquired unit specializes in delivering shared services such as HR, finance, procurement, supply chain operations, marketing, and customer support.</li><li>We maintain a BUY stance on SYS; the company is trading at 2026 PE of 12x.</li></ul>

In a step to strengthen its global business process outsourcing (BPO) presence, Systems Limited (SYS) has acquired the British American Tobacco SAA Services from British American Tobacco International Holdings (UK).The acquired unit specializes in delivering shared services such as HR, finance, procurement, supply chain operations, marketing, and customer support.We maintain a BUY stance on SYS; the company is trading at 2026 PE of 12x.

Topline Flash Note: Systems Limited (SYS): Systems Announced A New Partnership/Agreement With British American Tobacco (BAT) And Accenture UK

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)

Pakistan Technology: IT Exports increased 16% MoM in Oct 2023; IT Exports up 4% YoY in 4MFY24

Pakistan's Information Technology (IT) exports for Oct 2023 of US$238mn are up by 16% MoM. Segment-wise, Telecom, Computer, and Information...

Topline Securities

Pakistan Technology: IT Exports Flat YoY in Sep 2023; IT Exports up 3% YoY in 1QFY24

Pakistan's Information Technology (IT) exports for Sep 2023 of US$206mn are down by 12% MoM. Segment-wise, Telecom and Computer Services down by...

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

Topline Flash Note: Systems Limited (SYS): Systems Announced A New Partnership/Agreement With British American Tobacco (BAT) And Accenture UK

In a step to strengthen its global business process outsourcing (BPO) presence, Systems Limited (SYS) has acquired the British American Tobacco...

Topline Securities

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