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.

Equity Bottom-Up

<ul><li>Temenos held its Capital Markets Day on Feb 20, 2024, where management addressed the allegations made by Hindenburg Research.</li><li>Temenos Chairman who is also the Chair of the Audit Committee, fundamentally refutes the report published by Hindenburg Research and has assured that Temenos is running a very sound business.</li><li>The Chairman also informed that the Board is going to hire a top independent third-party consultant in order to address these allegations. Once the whole examination is completed, he will come back with more detail answer.</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.

Temenos held its Capital Markets Day on Feb 20, 2024, where management addressed the allegations made by Hindenburg Research.Temenos Chairman who is also the Chair of the Audit Committee, fundamentally refutes the report published by Hindenburg Research and has assured that Temenos is running a very sound business.The Chairman also informed that the Board is going to hire a top independent third-party consultant in order to address these allegations. Once the whole examination is completed, he will come back with more detail answer.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: Temenos Capital Markets Day – Key Takeaways; Systems Limited – “Buy Maintained”

<ul><li>Hindenburg Research has released a short report on Temenos, with allegations of accounting irregularities in the company.</li><li>About Hindenburg Research: Hindenburg Research specializes in forensic financial research. While they use fundamental analysis to aid investment decision-making, their research results also came from uncovering hard-to-find information from atypical sources.</li><li>In particular they often look for situations where companies may have any combination of (1) accounting irregularities, (2) bad actors in management or key service provider roles, (3) undisclosed related-party transactions, (4) Illegal/unethical business or financial reporting practices, and (5) Undisclosed regulatory, product or financial issues.</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.

Hindenburg Research has released a short report on Temenos, with allegations of accounting irregularities in the company.About Hindenburg Research: Hindenburg Research specializes in forensic financial research. While they use fundamental analysis to aid investment decision-making, their research results also came from uncovering hard-to-find information from atypical sources.In particular they often look for situations where companies may have any combination of (1) accounting irregularities, (2) bad actors in management or key service provider roles, (3) undisclosed related-party transactions, (4) Illegal/unethical business or financial reporting practices, and (5) Undisclosed regulatory, product or financial issues.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.

Topline Flash Note: Systems Limited (SYS) - Allegations on Temenos

Switzerland

Temenos AG provides integrated software solutions. The Company offers analytics, channels, financial crime mitigation, funds and securities, risk and compliance, and front office and digital banking suits for the management of administrative tasks at banks and financial services companies. Temenos operates worldwide.

Temenos AG (TEMN SW)

Pakistan Technology: Temenos Capital Markets Day – Key Takeaways; Systems Limited – “Buy Maintained”

Temenos held its Capital Markets Day on Feb 20, 2024, where management addressed the allegations made by Hindenburg Research. Temenos Chairman who...

Topline Securities

Topline Flash Note: Systems Limited (SYS) - Allegations on Temenos

Hindenburg Research has released a short report on Temenos, with allegations of accounting irregularities in the company. About Hindenburg...

Topline Securities