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)

Thematic (Sector/Industry)

Pakistan Automobiles and components / Thematic (Sector/Industry)

<ul><li>Topline Auto Universe is expected to post profitability of Rs18.4bn in 4QFY26, compared to Rs12.1bn in 4QFY25, reflecting a 52% YoY increase, primarily driven by increase in volumes by 30% YoY and change in sales mix.</li><li>On a QoQ basis, profitability is projected to rise by 7%, mainly due to increase in sales of Sazgar Engineering (SAZEW) as delivery of TANK 500 started this quarter.</li><li>Net sales are anticipated to increase 38% YoY and 8% QoQ to Rs188bn in 4QFY26, mainly due to higher volumes and improved sales mix led by a greater contribution from the higher-priced Fortuner, and the addition of the new TANK model.</li></ul>

Topline Auto Universe is expected to post profitability of Rs18.4bn in 4QFY26, compared to Rs12.1bn in 4QFY25, reflecting a 52% YoY increase, primarily driven by increase in volumes by 30% YoY and change in sales mix.On a QoQ basis, profitability is projected to rise by 7%, mainly due to increase in sales of Sazgar Engineering (SAZEW) as delivery of TANK 500 started this quarter.Net sales are anticipated to increase 38% YoY and 8% QoQ to Rs188bn in 4QFY26, mainly due to higher volumes and improved sales mix led by a greater contribution from the higher-priced Fortuner, and the addition of the new TANK model.

Sazgar Engineering Works Limited (SAZEW PK)

Pakistan Automobiles: Auto Profitability Likely to Rise 52% YoY and 7% QoQ; Volumes Up 30% YoY and 2% QoQ