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.

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<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.0mn units during May 2026, up 10% MoM compared to 1.81mn units in Apr 2026.</li><li>Cumulatively, local manufacturing/assembly declined by 7% YoY, with 11.17mn units in 5M2026, compared to 12.05mn units in 5M2025.</li><li>Pakistan fulfilled 86% of its mobile phone demand through local manufacturing/assembly in May 2026 compared to 83% in Apr 2026. In 5M2026, this ratio stands at 85%.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.0mn units during May 2026, up 10% MoM compared to 1.81mn units in Apr 2026.Cumulatively, local manufacturing/assembly declined by 7% YoY, with 11.17mn units in 5M2026, compared to 12.05mn units in 5M2025.Pakistan fulfilled 86% of its mobile phone demand through local manufacturing/assembly in May 2026 compared to 83% in Apr 2026. In 5M2026, this ratio stands at 85%.

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Up 10% MoM in May-26

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.79mn units during Mar 2026, up 20% YoY compared to 2.33mn units in Mar 2025.</li><li>Cumulatively, local manufacturing/assembly reached 7.36mn units in 1Q2026, up 2% YoY.</li><li>Pakistan fulfilled 86% of its mobile phone demand through local manufacturing/assembly in 1Q2026.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.79mn units during Mar 2026, up 20% YoY compared to 2.33mn units in Mar 2025.Cumulatively, local manufacturing/assembly reached 7.36mn units in 1Q2026, up 2% YoY.Pakistan fulfilled 86% of its mobile phone demand through local manufacturing/assembly in 1Q2026.

Pakistan Telecom: Local Manufacturing/Assembly Of Mobile Phones Up 20% YoY In Mar-26

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.</li><li>Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.</li><li>The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.</li><li>The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.</li><li>Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones Up 7% MoM in Nov-25

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.</li><li>According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.</li><li>Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

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Tecnos Japan Inc offers support services to implement Enterprise Resource Planning (ERP) Package.  ERP system modules include features and functions for accounting and logistics.

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Tecnos Japan (3666 JP)

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Up 10% MoM in May-26

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.0mn units...

Topline Securities

Pakistan Telecom: Local Manufacturing/Assembly Of Mobile Phones Up 20% YoY In Mar-26

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.79mn...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones Up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn...

Topline Securities

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