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>Pakistan car sales (as reported by PAMA) clocked in at 17,121 units in Feb 2026 a 42% YoY but down 26% MoM. This took 8MFY26 cumulative sales to 128,498 units, up 43% YoY from 89,770 units in 8MFY25.</li><li>The sharp MoM decline is primarily attributed to a high base effect, as January sales typically surge due to new-year vehicle registrations, coupled with fewer working days in February. Meanwhile, the strong YoY growth was supported by new market entrants, lower interest rates, easing inflation, and improving macroeconomic sentiment.</li><li>We expect positive momentum in auto sales to continue in 2026, supported by lower interest rates and new hybrid and plug-in hybrid models. Additionally, easing inflation and improved economic activity should further strengthen demand in the coming months.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 17,121 units in Feb 2026 a 42% YoY but down 26% MoM. This took 8MFY26 cumulative sales to 128,498 units, up 43% YoY from 89,770 units in 8MFY25.The sharp MoM decline is primarily attributed to a high base effect, as January sales typically surge due to new-year vehicle registrations, coupled with fewer working days in February. Meanwhile, the strong YoY growth was supported by new market entrants, lower interest rates, easing inflation, and improving macroeconomic sentiment.We expect positive momentum in auto sales to continue in 2026, supported by lower interest rates and new hybrid and plug-in hybrid models. Additionally, easing inflation and improved economic activity should further strengthen demand in the coming months.

Sazgar Engineering Works Limited (SAZEW PK)

Pakistan Automobiles: Car Sales Rose 42% YoY But Down 26% MoM To 17,121 Units In Feb 2026

Indus Motor Company

Pakistan Automobiles: Car Sales Rose 42% YoY But Down 26% MoM To 17,121 Units In Feb 2026