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)

Macroeconomics

Pacific Biosciences Of California (PACB US)

<ul><li>The government has notified SRO 1064(I)/2026 (superseding SRO 1152(I)/2025), effective July 1, 2026, implementing the second-year tariff rationalization plan under the National Tariff Policy (NTP) 2025–30.</li><li>The government has reduced Regulatory Duty (RD) across almost all categories, with the maximum RD now capped at 20% vs earlier 50%.</li><li>To highlight, the highest RD slab previously stood at 50%, applicable to various automobile categories (PCT 8703) for import of SUVs, 4x4s, and other large-engine vehicles.</li></ul>

The government has notified SRO 1064(I)/2026 (superseding SRO 1152(I)/2025), effective July 1, 2026, implementing the second-year tariff rationalization plan under the National Tariff Policy (NTP) 2025–30.The government has reduced Regulatory Duty (RD) across almost all categories, with the maximum RD now capped at 20% vs earlier 50%.To highlight, the highest RD slab previously stood at 50%, applicable to various automobile categories (PCT 8703) for import of SUVs, 4x4s, and other large-engine vehicles.

Mughal Iron & Steel Industries Limited (MUGHAL PK)

Pakistan Strategy: Govt Slashes Import Duties Under Second Phase of NTP 2025–30; Sector Wise Impact of Tariff Rationalization