External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul>
<li>Systems Limited (SYS) announced a consolidated PAT of Rs2.5bn for 1Q2025, with an EPS of Rs8.54, marking a 59% YoY and 23% QoQ increase, surpassing expectations due to higher gross margins.</li>
<li>Revenue for 1Q2025 increased by 19% YoY to Rs18.1bn, with significant growth across all segments, including increases in the Middle East, North America, Pakistan, Europe, and Asia Pacific.</li>
<li>Gross margins improved across regions, with North America at 31.1%, Pakistan at 6.7%, and Asia Pacific at 37.2% for 1Q2025, contributing to the overall positive earnings performance.</li>
</ul>


Systems Limited (SYS) announced a consolidated PAT of Rs2.5bn for 1Q2025, with an EPS of Rs8.54, marking a 59% YoY and 23% QoQ increase, surpassing expectations due to higher gross margins.
Revenue for 1Q2025 increased by 19% YoY to Rs18.1bn, with significant growth across all segments, including increases in the Middle East, North America, Pakistan, Europe, and Asia Pacific.
Gross margins improved across regions, with North America at 31.1%, Pakistan at 6.7%, and Asia Pacific at 37.2% for 1Q2025, contributing to the overall positive earnings performance.


Systems Limited (SYS): 1Q2025 EPS at Rs8.54, up by 59% YoY - Earnings higher than expectations