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>Topline E&P universe is expected to post a 12% QoQ growth in earnings in 3QFY26, driven by higher revenues and a decline in exploration costs.</li><li>The country’s average oil and gas production stood at 64.2k bpd, up 1.3% YoY and 2,968 mmcfd (up 0.9% YoY), respectively, during the quarter. On a QoQ basis, gas production increased 8.5%, while oil production remained nearly flat.</li><li>On a sequential basis, the sector’s revenue is expected to increase 6% QoQ on the back of a 23% increase in oil prices amid heightened geopolitical tensions, along with the increase in gas production. Output from major fields such as Uch, Qadirpur, Kandhkot and Sui rose by 7-30% during the quarter.</li></ul>

Topline E&P universe is expected to post a 12% QoQ growth in earnings in 3QFY26, driven by higher revenues and a decline in exploration costs.The country’s average oil and gas production stood at 64.2k bpd, up 1.3% YoY and 2,968 mmcfd (up 0.9% YoY), respectively, during the quarter. On a QoQ basis, gas production increased 8.5%, while oil production remained nearly flat.On a sequential basis, the sector’s revenue is expected to increase 6% QoQ on the back of a 23% increase in oil prices amid heightened geopolitical tensions, along with the increase in gas production. Output from major fields such as Uch, Qadirpur, Kandhkot and Sui rose by 7-30% during the quarter.

Pakistan Oil & Gas Exploration - E&Ps Profitability Likely To Increase By 12% QoQ In 3QFY26; Led By Higher Revenues And Lower Exploration Cost; Overweight Maintained

Oil & Gas Development

Pakistan Oil & Gas Exploration - E&Ps Profitability Likely To Increase By 12% QoQ In 3QFY26; Led By Higher Revenues And Lower Exploration Cost; Overweight Maintained