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

Sazgar Engineering Works Limited / Equity Bottom-Up

Sazgar Engineering Works Limited (SAZEW PK)

<ul><li>We revised up our earnings estimates for SAZEW for FY27F/28F by 61/60% following reveal of some details by the company in analyst briefing held on Sep 25, 2025.</li><li>Company revealed its likely sales figures post new model launches: We have revised up our unit sales forecast for the company by 39% in FY27F to 20,800 units, translating into monthly sales of ~1,730 units, comprising ~330 units from the new launches of Canon and TANK variants and ~1,400 units from the existing Haval variants.</li><li>New line to double the production capacity: Company revealed a hefty capex plan with outlay of Rs11.5bn for a new facility which will double the existing capacity of 24k units to 48k units.</li></ul>

We revised up our earnings estimates for SAZEW for FY27F/28F by 61/60% following reveal of some details by the company in analyst briefing held on Sep 25, 2025.Company revealed its likely sales figures post new model launches: We have revised up our unit sales forecast for the company by 39% in FY27F to 20,800 units, translating into monthly sales of ~1,730 units, comprising ~330 units from the new launches of Canon and TANK variants and ~1,400 units from the existing Haval variants.New line to double the production capacity: Company revealed a hefty capex plan with outlay of Rs11.5bn for a new facility which will double the existing capacity of 24k units to 48k units.

Sazgar Engineering (SAZEW): Earnings Revised Up By 61% For FY27; Target Price Revised Up To Rs2,656/Share