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 Materials / Thematic (Sector/Industry)

<ul><li>Pakistan local cement dispatches are likely to be up by 4% on YoY basis to clock in at 3.59mn tons in Dec-2025. Similarly on MoM basis, local dispatches are anticipated to be up 1%.</li><li>Our analysis is based on the actual numbers for 21 days, where local sales stand at 2.37mn tons. However, our channel checks suggest that local sales for 25 days are approximately 2.89 mn tons.</li><li>Exports during Dec 2025 are anticipated to decline by 42% YoY and 24% MoM. The MoM drop in exports is due to continued border disruptions and political instability along the Afghan border.</li></ul>

Pakistan local cement dispatches are likely to be up by 4% on YoY basis to clock in at 3.59mn tons in Dec-2025. Similarly on MoM basis, local dispatches are anticipated to be up 1%.Our analysis is based on the actual numbers for 21 days, where local sales stand at 2.37mn tons. However, our channel checks suggest that local sales for 25 days are approximately 2.89 mn tons.Exports during Dec 2025 are anticipated to decline by 42% YoY and 24% MoM. The MoM drop in exports is due to continued border disruptions and political instability along the Afghan border.

Pakistan Cements - Local Cement Dispatches To Be Up By 13% YoY In 1HFY26; Local Dispatches Remain Broadly Stable On A MoM Basis