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)

Event-Driven

<ul><li>We have revised up our earnings estimates for Systems Limited (SYS) by 5-8% (pre dilution: 9-12%) for 2026/27 to Rs11.73/15.19 per share, primarily due to the ongoing acquisitions — particularly that of Confiz Limited.</li><li>Systems Limited (SYS) recently announced the acquisition of Confiz Limited, one of Pakistan’s top 3 IT services firms. Confiz has a strong specialization in the retail and consumer packaged goods (CPG) verticals, supported by a high-value client base that includes retail chains such as Walmart, Nordstrom and Macy’s.</li><li>The acquired company’s core offerings include software development, cloud enablement, data & analytics, and enterprise solutions with a particular focus on the Microsoft ecosystem, including Dynamics 365 and Power Platform.</li></ul>

We have revised up our earnings estimates for Systems Limited (SYS) by 5-8% (pre dilution: 9-12%) for 2026/27 to Rs11.73/15.19 per share, primarily due to the ongoing acquisitions — particularly that of Confiz Limited.Systems Limited (SYS) recently announced the acquisition of Confiz Limited, one of Pakistan’s top 3 IT services firms. Confiz has a strong specialization in the retail and consumer packaged goods (CPG) verticals, supported by a high-value client base that includes retail chains such as Walmart, Nordstrom and Macy’s.The acquired company’s core offerings include software development, cloud enablement, data & analytics, and enterprise solutions with a particular focus on the Microsoft ecosystem, including Dynamics 365 and Power Platform.

Systems Limited (SYS) - Growth Through Strategic Acquisitions; Earnings Revised Up; Buy Stance Maintained