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

<ul>
<li>In a notice on the exchange today, ENGRO and DAWH informed that their boards, at their May 03, 2024 meeting, approved a reorganization plan involving both companies.</li>
<li>Under the scheme of arrangement of restructuring DAWH will be demerged into two legal entities.</li>
<li>First entity will include assets and liabilities of DAWH (Other than ENGRO) and will be listed separately on the stock exchange in due course. For illustration purposes this entity is being referred to as 'DH NewCo'. This entity will be held by current shareholders of DAWH.</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.


In a notice on the exchange today, ENGRO and DAWH informed that their boards, at their May 03, 2024 meeting, approved a reorganization plan involving both companies.
Under the scheme of arrangement of restructuring DAWH will be demerged into two legal entities.
First entity will include assets and liabilities of DAWH (Other than ENGRO) and will be listed separately on the stock exchange in due course. For illustration purposes this entity is being referred to as 'DH NewCo'. This entity will be held by current shareholders of DAWH.

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.

Pakistan Equity - Flash Note; Engro Corp (ENGRO) and Dawood Hercules (DAWH) Restructuring

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New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
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Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

<a href="https://www.smartkarma.com/entities/14026" target="_blank" data-smartkarma-citation="entities:14026:1">VEON (VEON US)</a> (formerly Vimpelcom) was the first Russian focused telco to report 2Q numbers some time ago. We have now also seen <a href="https://www.smartkarma.com/entities/24016" target="_blank" data-smartkarma-citation="entities:24016:1">MTS's (MBT US)</a> and <a href="https://www.smartkarma.com/entities/24017" target="_blank" data-smartkarma-citation="entities:24017:1">MegaFon (MFON LI)</a> numbers (MFON just out) which confirm a modest market recovery in Russia.VEON's 2Q17 results were over 3% above consensus estimates for both revenues and Ebitda. We are particularly encouraged by the strong FCF generation which rose 20% YoY (and +50% vs 1Q) to US$293m. Rising FCF generation has allowed management to reiterate their…

VEON (VEON US) (formerly Vimpelcom) was the first Russian focused telco to report 2Q numbers some time ago. We have now also seen MTS's (MBT US) and MegaFon (MFON LI) numbers (MFON just out) which confirm a modest market recovery in Russia.VEON's 2Q17 results were over 3% above consensus estimates for both revenues and Ebitda. We are particularly encouraged by the strong FCF generation which rose 20% YoY (and +50% vs 1Q) to US$293m. Rising FCF generation has allowed management to reiterate their…

Russian Telco Results Confirm Market Recovery. Veon (Ex Vimpelcom) One of Our Top GEM Picks.

Pakistan

Dawood Hercules Corporation Ltd. operates as an investment holding company. The Company provides information technology and financial services, food, fertilizer and chemical manufacturing, as well as energy and storage services.

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Dawood Hercules Corp (DAWH PA)

Pakistan Equity - Flash Note; Engro Corp (ENGRO) and Dawood Hercules (DAWH) Restructuring

In a notice on the exchange, ENGRO and DAWH informed that their boards, at their May 03, 2024 meeting, approved a reorganization plan involving...

Topline Securities

Russian Telco Results Confirm Market Recovery. Veon (Ex Vimpelcom) One of Our Top GEM Picks.

VEON (VEON US) (formerly Vimpelcom) was the first Russian focused telco to report 2Q numbers some time ago. We have now also seen MTS's (MBT...

New Street Research

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