External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We had a meeting with the senior management of Engro Holding Company (ENGROH), comprising of Mr. Farooq Barkat Ali, CFO of Engro Holdings, and Mr. Usman Hassan, GM Group Portfolio Performance Management.</li><li>The company concluded a US$563mn transaction with VEON Group Pakistan, making it the 16th largest Independent Telecom Company (ITC) globally. The company sees strong growth potential in the independent tower business and may explore future opportunities with the right time and correct partner.</li><li>On the fertilizer segment, management expects current flood situation is not worse than 2022 floods. At present, they do not see demand falling by more than 4–5%.</li></ul>

We had a meeting with the senior management of Engro Holding Company (ENGROH), comprising of Mr. Farooq Barkat Ali, CFO of Engro Holdings, and Mr. Usman Hassan, GM Group Portfolio Performance Management.The company concluded a US$563mn transaction with VEON Group Pakistan, making it the 16th largest Independent Telecom Company (ITC) globally. The company sees strong growth potential in the independent tower business and may explore future opportunities with the right time and correct partner.On the fertilizer segment, management expects current flood situation is not worse than 2022 floods. At present, they do not see demand falling by more than 4–5%.

Engro Holding (ENRGOH) - Management Meeting Takeaways; Strong Growth Potential In Tower Business

Engro Corporation

Engro Holding (ENRGOH) - Management Meeting Takeaways; Strong Growth Potential In Tower Business