External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac sales (+6%/13% YoY) and record Service revenue (+15% YoY), offsetting weakness in Greater China (-4% YoY) due to supply constraints on strong iPhone 16/17 demand.</li><li>For FY1Q26E (CY4Q25E), mgmt. guided for 10-12% YoY revenue growth, double-digit iPhone revenue growth and resilient GPM of 47-48%, which includes US$1.4bn tariff impact (vs US$1.1bn in 4Q).</li><li>We believe this set of robust guidance should alleviate market concerns, especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ. </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.

Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac sales (+6%/13% YoY) and record Service revenue (+15% YoY), offsetting weakness in Greater China (-4% YoY) due to supply constraints on strong iPhone 16/17 demand.For FY1Q26E (CY4Q25E), mgmt. guided for 10-12% YoY revenue growth, double-digit iPhone revenue growth and resilient GPM of 47-48%, which includes US$1.4bn tariff impact (vs US$1.1bn in 4Q).We believe this set of robust guidance should alleviate market concerns, especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ. 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.

Technology - Apple FY4Q25 Read-Through: Resilient IPhone/Services Momentum...

External broker reports(aggregated public sources), Topline Securities

Topline Securities

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

Air Link Communication / Equity Bottom-Up

<ul><li>Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results.</li><li>In 1QFY26, the company reported consolidated earnings of Rs1,583mn (EPS of Rs4.01), up 88% YoY and down 16% QoQ.</li><li>Net sales clocked in at Rs24bn, up 11% YoY and 30% QoQ. The QoQ growth in sales is primarily due to higher sales volumes during the quarter, following subdued sales in 4QFY25 due to supply chain disruptions amid regional conflicts.</li></ul>

Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results.In 1QFY26, the company reported consolidated earnings of Rs1,583mn (EPS of Rs4.01), up 88% YoY and down 16% QoQ.Net sales clocked in at Rs24bn, up 11% YoY and 30% QoQ. The QoQ growth in sales is primarily due to higher sales volumes during the quarter, following subdued sales in 4QFY25 due to supply chain disruptions amid regional conflicts.

Topline Flash Note: Airlink Communication - AIRLINK - Corporate Briefing Key Takeaways

<ul><li>Meta Connect 2025 was held on 17 Sep (US Time) and Meta officially launched three new smart glasses including Meta Ray-Ban Display, Ray-Ban Meta (Gen 2) updated version and Oakley Meta Vanguard.</li><li>The key focus was on its first smart glasses with a HUD display and Meta Neural Band to allow gesture interaction.</li><li>Meta has also upgraded Ray-Ban Meta (Gen 2) with longer battery life and improved resolution, and cooperated with Oakley to extend smart glasses in sportswear market. </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.

Meta Connect 2025 was held on 17 Sep (US Time) and Meta officially launched three new smart glasses including Meta Ray-Ban Display, Ray-Ban Meta (Gen 2) updated version and Oakley Meta Vanguard.The key focus was on its first smart glasses with a HUD display and Meta Neural Band to allow gesture interaction.Meta has also upgraded Ray-Ban Meta (Gen 2) with longer battery life and improved resolution, and cooperated with Oakley to extend smart glasses in sportswear market. 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.

Technology - Meta Connect 2025: Smart glasses launches continue to fuel supply chain innovation

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.</li><li>The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

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.

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Xiaomi (1810 HK)

Technology - Apple FY4Q25 Read-Through: Resilient IPhone/Services Momentum...

Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac...

CMB International

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

Topline Flash Note: Airlink Communication - AIRLINK - Corporate Briefing Key Takeaways

Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results. In 1QFY26, the company...

Topline Securities

Technology - Meta Connect 2025: Smart glasses launches continue to fuel supply chain innovation

Meta Connect 2025 was held on 17 Sep (US Time) and Meta officially launched three new smart glasses including Meta Ray-Ban Display, Ray-Ban Meta...

CMB International

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units...

Topline Securities

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