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)

Cross Asset Strategy

<ul><li>KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.</li><li>The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.</li><li>The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.</li></ul>

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.

Sazgar Engineering Works Limited (SAZEW PK)

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY