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

<ul><li>Government has abolished the Export Development Surcharge (EDS) which is 0.25% applicable on good exports.</li><li>To highlight, Pakistan's goods export remains at US$10.6bn in 4MFY26 vs. US$10.4bn in SPLY.</li><li>In topline universe, our back of the envelope shows, NML and ILP bottom line is likely to expand by 2.5%-2.9% while cement sector will have minimal impact as well.</li></ul>

Government has abolished the Export Development Surcharge (EDS) which is 0.25% applicable on good exports.To highlight, Pakistan's goods export remains at US$10.6bn in 4MFY26 vs. US$10.4bn in SPLY.In topline universe, our back of the envelope shows, NML and ILP bottom line is likely to expand by 2.5%-2.9% while cement sector will have minimal impact as well.

Topline Flash Note: Impact Of Export Development Surcharge (EDS)