External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Consumer staples distribution and retail / Thematic (Sector/Industry)

<ul><li>Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x.</li><li>Segment wise, consumer staple (FMCG) is trading at 2025 PE of 14.9x vs. 10-year average of 23.29x, pharmaceutical is trading at 2025 PE of 13.6x vs. 10-year average PE of 17.71x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 13.08x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 20%/25% and 14%/15% respectively while a D/Y of 6% in 2025.</li></ul>

Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x.Segment wise, consumer staple (FMCG) is trading at 2025 PE of 14.9x vs. 10-year average of 23.29x, pharmaceutical is trading at 2025 PE of 13.6x vs. 10-year average PE of 17.71x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 13.08x.Sector witnessed 5-year and 10-years sales/profit CAGR of 20%/25% and 14%/15% respectively while a D/Y of 6% in 2025.

Sazgar Engineering Works Limited (SAZEW PK)

Pakistan Listed Consumer Comp Sheet