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>Hub Power Company (HUBC) announced its 2QFY26 result wherein company reported earnings of Rs10.6bn (EPS of Rs8.19), up 152% YoY, primarily driven by amendments to the PPA implemented in 2QFY25.</li><li>The result came lower than expectations due to higher-than-expected ETR.</li><li>The effective tax rate surged to 23.8% in 2QFY26, compared to 38.7% in 2QFY25 and 19.3% in 1QFY26. This takes 1HFY26 ETR to 21.6% vs 19.7 in SPLY.</li></ul>

Hub Power Company (HUBC) announced its 2QFY26 result wherein company reported earnings of Rs10.6bn (EPS of Rs8.19), up 152% YoY, primarily driven by amendments to the PPA implemented in 2QFY25.The result came lower than expectations due to higher-than-expected ETR.The effective tax rate surged to 23.8% in 2QFY26, compared to 38.7% in 2QFY25 and 19.3% in 1QFY26. This takes 1HFY26 ETR to 21.6% vs 19.7 in SPLY.

Hub Power Company (HUBC): 2QFY26 EPS at Rs8.19, Up 152% YoY But Down 9% QoQ – Lower Than Industry Expectations