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)

Thematic (Sector/Industry)

Pakistan Semiconductors and semiconductor equipment / Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.</li><li>Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.</li><li>The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.

Samsung KODEX Samsung Group ETF (102780 KS)

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25