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 Energy / Thematic (Sector/Industry)

<ul><li>We expect Topline E&P universe to post an 8% YoY decline in earnings in 1QFY26, primarily due to a decline in hydrocarbon production and oil prices.</li><li>Oil production during the quarter averaged 62.2k bpd, down 5% YoY, while gas production fell 7% to around 2,807 mmcfd.</li><li>The expected fall in earnings is primarily attributable to a higher Effective Tax Rate (ETR), which is expected to normalize to around 35% in 1QFY26 vs. 26% in the previous quarter.</li></ul>

We expect Topline E&P universe to post an 8% YoY decline in earnings in 1QFY26, primarily due to a decline in hydrocarbon production and oil prices.Oil production during the quarter averaged 62.2k bpd, down 5% YoY, while gas production fell 7% to around 2,807 mmcfd.The expected fall in earnings is primarily attributable to a higher Effective Tax Rate (ETR), which is expected to normalize to around 35% in 1QFY26 vs. 26% in the previous quarter.

Pakistan Oil & Gas Exploration - E&Ps Profitability Likely To Decline By 8% YoY In 1QFY26; Market Weight Maintained