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 revised down our earnings estimates for Mari Energies (MARI) by 31-42% during FY25-27 due to a downward revision in oil prices and a decline in production estimates.</li><li>Despite the decline in earnings, we upgrade our stance on MARI from Sell to HOLD as the stock has underperformed by 40% by losing 28% of its share price since Dec 16, 2024.</li><li>Key risks to earnings include prolonged disruption in production, further reduction in global oil prices, and delay in production from new fields.</li></ul>

We have revised down our earnings estimates for Mari Energies (MARI) by 31-42% during FY25-27 due to a downward revision in oil prices and a decline in production estimates.Despite the decline in earnings, we upgrade our stance on MARI from Sell to HOLD as the stock has underperformed by 40% by losing 28% of its share price since Dec 16, 2024.Key risks to earnings include prolonged disruption in production, further reduction in global oil prices, and delay in production from new fields.

Mari Energies Ltd (MARI): Upgraded to HOLD Following Price Correction of 28%

Mari Petroleum

Mari Energies Ltd (MARI): Upgraded to HOLD Following Price Correction of 28%