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>We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent development on BYD front, higher receivables recovery pattern, and dividend expectations from Thar coal-based power plant.</li><li>Our DCF based valuation suggest Dec 2026 target price of Rs244/share for the company which offers capital gain of 12% and dividend yield of 9.6%, translating into total return of 22%.</li><li>According to the company’s corporate briefing session, more than 2,000 units have been sold in less than six months, which indicates growing market response in line with the global success of BYD.</li></ul>

We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent development on BYD front, higher receivables recovery pattern, and dividend expectations from Thar coal-based power plant.Our DCF based valuation suggest Dec 2026 target price of Rs244/share for the company which offers capital gain of 12% and dividend yield of 9.6%, translating into total return of 22%.According to the company’s corporate briefing session, more than 2,000 units have been sold in less than six months, which indicates growing market response in line with the global success of BYD.

Hub Power Company (HUBC): PCD Of Two CPEC Plants To Sustain Dividend; Target Price Revised To Rs244/Sh; BYD To Gradually Ramp Up