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 listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x.</li><li>Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.</li></ul>

Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x.Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x.Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.

<ul><li>Pakistan listed Consumer sector is currently trading at FY25 PE of 15.3x which is at a discount to its historical 10-year average of 23.1x.</li><li>Segment wise, consumer staple (FMCG) is trading at FY25 PE of 18.6x vs. 10-year average of 28.8x, pharmaceutical is trading at FY25 PE of 20.9x vs. 10-year average PE of 22.3x and consumer discretionary is trading at PE of FY25 9.3x vs. 10-year average PE of 18.3x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 21%/32% and 14%/14% respectively.</li></ul>

Pakistan listed Consumer sector is currently trading at FY25 PE of 15.3x which is at a discount to its historical 10-year average of 23.1x.Segment wise, consumer staple (FMCG) is trading at FY25 PE of 18.6x vs. 10-year average of 28.8x, pharmaceutical is trading at FY25 PE of 20.9x vs. 10-year average PE of 22.3x and consumer discretionary is trading at PE of FY25 9.3x vs. 10-year average PE of 18.3x.Sector witnessed 5-year and 10-years sales/profit CAGR of 21%/32% and 14%/14% respectively.

<ul><li>As per our channel checks and based on the invitation notice circulating on social media, the signing ceremony of the financing facility agreement for circular debt resolution is scheduled for Wednesday (Tomorrow), 24th September 2025, at the Prime Minister’s Office.</li><li>Previously, the government finalized a plan to borrow Rs1.25-1.275 trillion from banks to retire the power sector’s circular debt.</li><li>News flow suggest this Rs1.25tn will include restructuring of existing debt of Rs683bn held in balance sheet of Power Holding Limited (PHL) at KIBOR plus 2%, as per our channel checks and news reports.</li></ul>

As per our channel checks and based on the invitation notice circulating on social media, the signing ceremony of the financing facility agreement for circular debt resolution is scheduled for Wednesday (Tomorrow), 24th September 2025, at the Prime Minister’s Office.Previously, the government finalized a plan to borrow Rs1.25-1.275 trillion from banks to retire the power sector’s circular debt.News flow suggest this Rs1.25tn will include restructuring of existing debt of Rs683bn held in balance sheet of Power Holding Limited (PHL) at KIBOR plus 2%, as per our channel checks and news reports.

Topline Flash Note: Pakistan Power - Power Circular Debt: Financing Facility Signing Ceremony Will Take Place Tomorrow

Taiwan

Thai Kin Co., Ltd produces and sells hardware products. The Company manufactures and sells cabinet hardware, drapery hardware, hooks, shelf supports, cabinet legs, candle holders, and other products. Thai Kin markets its products worldwide.

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Thai Kin (6629 TT)

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x. Segment wise,...

Topline Securities

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at FY25 PE of 15.3x which is at a discount to its historical 10-year average of...

Topline Securities

Topline Flash Note: Pakistan Power - Power Circular Debt: Financing Facility Signing Ceremony Will Take Place Tomorrow

As per our channel checks and based on the invitation notice circulating on social media, the signing ceremony of the financing facility agreement...

Topline Securities

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