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>We have revised our E&P earnings estimates upward by an average of 18-34% for FY27-FY28, due to factors including a surge in international crude oil prices and rising hydrocarbon production led by a recovery in curtailed volumes and addition of new field(s).</li><li>We maintain our overweight stance on E&Ps with OGDC and PPL as our top picks. We also maintain our HOLD stance on MARI with a Jun 2027 target price of Rs714/share, suggesting a total return of 14%.</li><li>Our target prices for other companies – OGDC, PPL and POL – are Rs409 (31% return), Rs316 (43% return), and Rs752 (29% return) per share, respectively for Jun 2027, using reserve-based discounted methodology.</li></ul>

We have revised our E&P earnings estimates upward by an average of 18-34% for FY27-FY28, due to factors including a surge in international crude oil prices and rising hydrocarbon production led by a recovery in curtailed volumes and addition of new field(s).We maintain our overweight stance on E&Ps with OGDC and PPL as our top picks. We also maintain our HOLD stance on MARI with a Jun 2027 target price of Rs714/share, suggesting a total return of 14%.Our target prices for other companies – OGDC, PPL and POL – are Rs409 (31% return), Rs316 (43% return), and Rs752 (29% return) per share, respectively for Jun 2027, using reserve-based discounted methodology.

Pakistan Oil & Gas Exploration - Sector Earnings Revised Upward; Overweight Maintained (Correction)

Oil & Gas Development

Pakistan Oil & Gas Exploration - Sector Earnings Revised Upward; Overweight Maintained (Correction)