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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>FCCL announced its 4QFY26 result today, where the company recorded earnings of Rs5.40bn (EPS: Rs2.20), up by 38% YoY and 56% QoQ.</li><li>The result came in higher than expectations primarily due to lower-than-expected effective tax rate (ETR).</li><li>We maintain our Buy stance on FCCL, which is currently trading at FY27E PE of 8.2x.</li></ul>

FCCL announced its 4QFY26 result today, where the company recorded earnings of Rs5.40bn (EPS: Rs2.20), up by 38% YoY and 56% QoQ.The result came in higher than expectations primarily due to lower-than-expected effective tax rate (ETR).We maintain our Buy stance on FCCL, which is currently trading at FY27E PE of 8.2x.

Fauji Cement (FCCL) – 4QFY26 EPS at Rs2.20, Up 56% QoQ, FY26 EPS at Rs6.60 (Higher Than Expectations)