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>Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 15,442 units in Nov 2025, reflecting a 52% YoY rise and 11% MoM downside.</li><li>The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.</li><li>However, MoM sales were down due to seasonality, wherein generally, before the year end delivery of vehicles is deferred to first month of next year for latest model registration.</li></ul>

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 15,442 units in Nov 2025, reflecting a 52% YoY rise and 11% MoM downside.The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.However, MoM sales were down due to seasonality, wherein generally, before the year end delivery of vehicles is deferred to first month of next year for latest model registration.

Sazgar Engineering Works Limited (SAZEW PK)

Pakistan Automobiles: Car Sales In Nov 2025 Up 52% YoY And Down -11% MoM To 15,442 Units