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>Following the Federal Constitutional Court judgment of January 27, 2026, PPL booked a tax reversal of provision for Super Tax amounting to Rs8.1bn in 4QFY26.</li><li>Further, ADNOC Offshore has started the FEED study, targeted for completion next year, which will determine additional financing needs.</li><li>We maintain our BUY stance on PPL.</li></ul>

Following the Federal Constitutional Court judgment of January 27, 2026, PPL booked a tax reversal of provision for Super Tax amounting to Rs8.1bn in 4QFY26.Further, ADNOC Offshore has started the FEED study, targeted for completion next year, which will determine additional financing needs.We maintain our BUY stance on PPL.

Pakistan Petroleum (PPL) - Annual Report Key Takeaways