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

International Steels Ltd / Equity Bottom-Up

<ul><li>ISL announced its 2QFY25 result today, where the company recorded earnings of Rs355mn (EPS of Rs0.82), down by 71% YoY and up by 98% QoQ.</li><li>The result came below expectations in 2QFY25 due to lower-than-expected gross margins. Company recorded gross margins of 8.1% in 2QFY25 compared to 6.7% in 1QFY25 and 13.9% in 2QFY24.</li><li>Lower margins on a YoY basis are mainly due to lower average HRC-CRC spreads in 2QFY25 compared to 2QFY24. In 2QFY25 HRC-CRC spreads stood at US$55/ton compared to US$93/ton in 2QFY24 (-41% YoY).</li></ul><p><em>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.</em></p>

ISL announced its 2QFY25 result today, where the company recorded earnings of Rs355mn (EPS of Rs0.82), down by 71% YoY and up by 98% QoQ.The result came below expectations in 2QFY25 due to lower-than-expected gross margins. Company recorded gross margins of 8.1% in 2QFY25 compared to 6.7% in 1QFY25 and 13.9% in 2QFY24.Lower margins on a YoY basis are mainly due to lower average HRC-CRC spreads in 2QFY25 compared to 2QFY24. In 2QFY25 HRC-CRC spreads stood at US$55/ton compared to US$93/ton in 2QFY24 (-41% YoY).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.

International Steels (ISL): 2QFY25 EPS at Rs0.82, down by 71% YoY (Earnings below expectations)