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 Capital goods / Thematic (Sector/Industry)

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 17,660 units in May 2026, up by 19% YoY while down 20% MoM. This took 11MFY26 cumulative sales to 183,704 units, up 45% YoY.</li><li>The YoY rise was driven by new market entrants, new product launches, relatively lower inflation in previous months, and surge in auto financing.</li><li>MoM decline was driven by fewer working days in May due to Eid-ul-Adha holidays, leading to delayed deliveries, in our view. Some market speculation around a potential tax rate cut was also circulating, which may have further slowed sales.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 17,660 units in May 2026, up by 19% YoY while down 20% MoM. This took 11MFY26 cumulative sales to 183,704 units, up 45% YoY.The YoY rise was driven by new market entrants, new product launches, relatively lower inflation in previous months, and surge in auto financing.MoM decline was driven by fewer working days in May due to Eid-ul-Adha holidays, leading to delayed deliveries, in our view. Some market speculation around a potential tax rate cut was also circulating, which may have further slowed sales.

Sazgar Engineering Works Limited (SAZEW PK)

Pakistan Automobiles: Car Sales Rose 19% YoY While Down 20% MoM To 17,660 Units In May 2026