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

<ul><li>In a step to strengthen its global business process outsourcing (BPO) presence, Systems Limited (SYS) has acquired the British American Tobacco SAA Services from British American Tobacco International Holdings (UK).</li><li>The acquired unit specializes in delivering shared services such as HR, finance, procurement, supply chain operations, marketing, and customer support.</li><li>We maintain a BUY stance on SYS; the company is trading at 2026 PE of 12x.</li></ul>

In a step to strengthen its global business process outsourcing (BPO) presence, Systems Limited (SYS) has acquired the British American Tobacco SAA Services from British American Tobacco International Holdings (UK).The acquired unit specializes in delivering shared services such as HR, finance, procurement, supply chain operations, marketing, and customer support.We maintain a BUY stance on SYS; the company is trading at 2026 PE of 12x.

Topline Flash Note: Systems Limited (SYS): Systems Announced A New Partnership/Agreement With British American Tobacco (BAT) And Accenture UK