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>Pakistan’s listed refinery sector has been amongst the best-performing sectors on the PSX in FY27TD with a return of 56% compared to benchmark index (KSE-100) return of -1.6%.</li><li>With the approval of amended refining policy now, we believe the signing by refineries is expected to follow in the next few days, as per news.</li><li>Post upgradation of plants, the profitability of the refineries could significantly escalate amidst improved GRMs due to change in product mix, continuation of deemed duties income till 7th year of signing, removal of penalties amidst product specification compliance, and increase in production.</li></ul>

Pakistan’s listed refinery sector has been amongst the best-performing sectors on the PSX in FY27TD with a return of 56% compared to benchmark index (KSE-100) return of -1.6%.With the approval of amended refining policy now, we believe the signing by refineries is expected to follow in the next few days, as per news.Post upgradation of plants, the profitability of the refineries could significantly escalate amidst improved GRMs due to change in product mix, continuation of deemed duties income till 7th year of signing, removal of penalties amidst product specification compliance, and increase in production.

Pakistan Refinery - Upgrade to Boost Profits, Financial Close Remains Key Catalyst; Quantifying the Earnings Uplift for PRL & ATRL