External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

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<li>Pakistan recorded all-time-high monthly IT exports of US$354mn in Jul-2025, up by 24% YoY and by 5% MoM. These monthly IT exports in Jul-2025 are higher than last 12-month average of US$317mn.</li>
<li>YoY growth in IT exports during the month is due to (1) IT export companies growing client base globally, especially in GCC region, (2) relaxation in the permissible retention limit by the State Bank of Pakistan, increasing it from 35% to 50% in the Exporters’ Specialized Foreign Currency Accounts, (3) allowance of equity investment abroad through these foreign currency accounts and (4) stability in PKR encouraging IT exporters to bring higher portion of profits back to Pakistan.</li>
<li>Within the IT sector, Systems Limited (SYS) is our preferred pick. SYS is currently trading at a 2025F and 2026F PE of 19.0x and 14.2x, respectively.</li>
</ul>


Pakistan recorded all-time-high monthly IT exports of US$354mn in Jul-2025, up by 24% YoY and by 5% MoM. These monthly IT exports in Jul-2025 are higher than last 12-month average of US$317mn.
YoY growth in IT exports during the month is due to (1) IT export companies growing client base globally, especially in GCC region, (2) relaxation in the permissible retention limit by the State Bank of Pakistan, increasing it from 35% to 50% in the Exporters’ Specialized Foreign Currency Accounts, (3) allowance of equity investment abroad through these foreign currency accounts and (4) stability in PKR encouraging IT exporters to bring higher portion of profits back to Pakistan.
Within the IT sector, Systems Limited (SYS) is our preferred pick. SYS is currently trading at a 2025F and 2026F PE of 19.0x and 14.2x, respectively.


Pakistan Technology - IT Exports Reach Record High Of US$354mn in Jul-25; Exports Up By 24% YoY