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 (as reported by PAMA) clocked in at 23,055 units in Jan 2026, marking a 43-month high, reflecting a 36% YoY and 74% MoM increase.</li><li>The sharp MoM surge was largely driven by new-year registrations, as customers typically delay deliveries to secure January registrations for better resale value.</li><li>To note, Indus Motor Company (INDU) and Honda Atlas Cars (HCAR) recorded 43-month high sales in Jan 2026.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 23,055 units in Jan 2026, marking a 43-month high, reflecting a 36% YoY and 74% MoM increase.The sharp MoM surge was largely driven by new-year registrations, as customers typically delay deliveries to secure January registrations for better resale value.To note, Indus Motor Company (INDU) and Honda Atlas Cars (HCAR) recorded 43-month high sales in Jan 2026.

Sazgar Engineering Works Limited (SAZEW PK)

Pakistan Automobiles: Recorded 43 Months High Car Sales In Jan 2026