External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Air Link Communication / Equity Bottom-Up

Airlink Communication Ltd. is one of the largest manufacturers, distributors, and retailers of smartphones in Pakistan.

<ul><li>Air Link Communication (AIRLINK) announced its 1QFY25 result today, where the company recorded consolidated earnings of Rs842mn (EPS of Rs2.1), up 7% YoY while down 46% QoQ.</li><li>This result came lower than industry expectations due to lower-than-expected sales.</li><li>Net sales clocked in at Rs22bn, down 12% YoY and 40% QoQ. The decline in sales is primarily due to (1) lower inventory levels amid pre buying in June 2024, driven by the imposition of an 18% GST on all mobiles in FY25 budget, and (2) seasonal Muharram days (falling in July 2024), during which sales usually slow down.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Air Link Communication (AIRLINK) announced its 1QFY25 result today, where the company recorded consolidated earnings of Rs842mn (EPS of Rs2.1), up 7% YoY while down 46% QoQ.This result came lower than industry expectations due to lower-than-expected sales.Net sales clocked in at Rs22bn, down 12% YoY and 40% QoQ. The decline in sales is primarily due to (1) lower inventory levels amid pre buying in June 2024, driven by the imposition of an 18% GST on all mobiles in FY25 budget, and (2) seasonal Muharram days (falling in July 2024), during which sales usually slow down.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Air Link Communication (AIRLINK): 1QFY25 EPS at Rs2.1 up 7% YoY - "Buy" stance maintained

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>RBI halts loan sanctions for four NBFCs due to excessive rates and rule violations, signaling concerns over rising NPAs in retail lending.</li>
<li>Slippages and delinquencies in retail loans are rising, driven by smaller loans and fintech-driven credit growth, prompting stricter regulatory scrutiny.</li>
<li>Emphasis is shifting towards cautious lending and stronger regulations to stabilize the sector, indicating a more conservative approach in India’s credit landscape.</li>
</ul>


RBI halts loan sanctions for four NBFCs due to excessive rates and rule violations, signaling concerns over rising NPAs in retail lending.
Slippages and delinquencies in retail loans are rising, driven by smaller loans and fintech-driven credit growth, prompting stricter regulatory scrutiny.
Emphasis is shifting towards cautious lending and stronger regulations to stabilize the sector, indicating a more conservative approach in India’s credit landscape.


Thematic Report: Slowdown in India's Credit Sector

Citi Pharma Limited incorporated as a private limited company in Pakistan under the repealed Companies Ordinance, 1984 on October 08, 2012. The principal activity of the company is manufacturing and sale of pharmaceuticals, medical chemicals and botanical products.

<ul><li>Citi Pharma (CPHL) announced its 1QFY25 result today, where the company recorded earnings of Rs201mn (EPS of Rs0.88), up 114% YoY and 32% QoQ.</li><li>The result came higher than expectations due to higher than expected net sales.</li><li>CPHL's net sales increased by 19% YoY and 12% QoQ to Rs3.2bn in 1QFY25. This improvement is primarily due to an increase in API volumetric sales and the addition of new formulation products, as per our channel checks.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Citi Pharma (CPHL) announced its 1QFY25 result today, where the company recorded earnings of Rs201mn (EPS of Rs0.88), up 114% YoY and 32% QoQ.The result came higher than expectations due to higher than expected net sales.CPHL's net sales increased by 19% YoY and 12% QoQ to Rs3.2bn in 1QFY25. This improvement is primarily due to an increase in API volumetric sales and the addition of new formulation products, as per our channel checks.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Citi Pharma (CPHL): 1QFY25 EPS at Rs0.88 up 32% QoQ  (Earnings higher than expectations)

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

SGX Technically Specified Rubber 20 (TSR20) Futures: Effective from 16th May 2011, this contract will be migrated from SICOM platform to the SGX-DT platform. It will cease trading on SICOM at the close of business day Friday, 13th May 2011. Trading hours are revised as 7.55am to 6.00pm (no lunch break). Please refer to SGX products website for the new revised contract specifications. Exchange symbol: TF. Product Specifications: https://www2.sgx.com/derivatives/products/sicom-rubber?cc=TF

<ul><li>Vietnam exports 1.37 million tons of rubber during Jan-Sept 2024  </li><li>Exports to Malaysia witness staggering growth  </li><li>VRA expects rubber prices to remain high due to supply crunch</li></ul>

Vietnam exports 1.37 million tons of rubber during Jan-Sept 2024  Exports to Malaysia witness staggering growth  VRA expects rubber prices to remain high due to supply crunch

Vietnam Mints Money From Exports On Higher NR Value

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Eternal Beauty Holdings Limited / Equity Capital Markets

Eternal Beauty Holdings Limited (EBHL12 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the positive aspects of the deal.


Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Asia (APAC)
Insights on Asia Pacific (APAC)

Air Link Communication (AIRLINK): 1QFY25 EPS at Rs2.1 up 7% YoY - "Buy" stance maintained

Air Link Communication (AIRLINK) announced its 1QFY25 result today, where the company recorded consolidated earnings of Rs842mn (EPS of Rs2.1),...

Topline Securities

Thematic Report: Slowdown in India's Credit Sector

RBI halts loan sanctions for NBFCs due to excessive rates and rule violations, signaling concerns over rising NPAs in retail lending and prompting...

Nimish Maheshwari

Citi Pharma (CPHL): 1QFY25 EPS at Rs0.88 up 32% QoQ (Earnings higher than expectations)

Citi Pharma (CPHL) announced its 1QFY25 result today, where the company recorded earnings of Rs201mn (EPS of Rs0.88), up 114% YoY and 32%...

Topline Securities

Vietnam Mints Money From Exports On Higher NR Value

The Vietnam rubber sector has successfully weathered Typhoon Yagi in September to register an increase in export volume compared to August, but the...

Helixtap

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the positives aspects of...

Sumeet Singh

Air Link Communication (AIRLINK): 1QFY25 EPS at Rs2.1 up 7% YoY - "Buy" stance maintained

Air Link Communication (AIRLINK) announced its 1QFY25 result today, where the company recorded consolidated earnings of Rs842mn (EPS of Rs2.1),...

Topline Securities

Thematic Report: Slowdown in India's Credit Sector

​RBI halts loan sanctions for NBFCs due to excessive rates and rule violations, signaling concerns over rising NPAs in retail lending and prompting...

Nimish Maheshwari

Citi Pharma (CPHL): 1QFY25 EPS at Rs0.88 up 32% QoQ (Earnings higher than expectations)

Citi Pharma (CPHL) announced its 1QFY25 result today, where the company recorded earnings of Rs201mn (EPS of Rs0.88), up 114% YoY and 32%...

Topline Securities

Vietnam Mints Money From Exports On Higher NR Value

The Vietnam rubber sector has successfully weathered Typhoon Yagi in September to register an increase in export volume compared to August, but the...

Helixtap

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the positives aspects of...

Sumeet Singh

RBI halts loan sanctions for NBFCs due to excessive rates and rule violations, signaling concerns over rising NPAs in retail lending and prompting...