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>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.</li><li>The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 55% MoM In Sep-25

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, aims to raise around US$1.7bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$1.7bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Seres Group A/H IPO Pricing - Thoughts on Valuations

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for the Hang Seng and eight prominent Hong Kong stocks</li>
<li>
Highlight: With a dense earnings calendar ahead, volatility dispersion is widening — BYD trades rich into results, while Tencent and Xiaomi remain notably cheap relative to history.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for the Hang Seng and eight prominent Hong Kong stocks

Highlight: With a dense earnings calendar ahead, volatility dispersion is widening — BYD trades rich into results, while Tencent and Xiaomi remain notably cheap relative to history.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Selective Volatility Picks Emerge Across HSI Stocks

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, CMB, CCB, Xiaomi, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 17th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, CMB, CCB, Xiaomi, HSBC.


HK Short Interest Weekly: Tencent, CMB, CCB, Xiaomi, HSBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics, China Mobile, Meituan, SMIC, Laopu Gold.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics, China Mobile, Meituan, SMIC, Laopu Gold.


HK Connect Flows Weekly (Oct 24th): Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Xiaomi (1810 HK)

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 55% MoM In Sep-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units...

Topline Securities

Seres Group A/H IPO Pricing - Thoughts on Valuations

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the IPO pricing.

Sumeet Singh

Selective Volatility Picks Emerge Across HSI Stocks

Rich vs. cheap volatility in Hong Kong’s top stocks: BYD trades rich, while Tencent and Xiaomi remain subdued, as options highlight growing...

Gaudenz Schneider

HK Short Interest Weekly: Tencent, CMB, CCB, Xiaomi, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Oct 17th and highlight short interest changes in Tencent, CMB, CCB, Xiaomi,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Oct 24th): Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)