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.

Thematic (Sector/Industry)

<ul><li>Pakistan Urea sales in Nov-2024 is expected to clock in at 652k tons, up 7% YoY compared to 611k tons in Nov-2023.</li><li>Similarly, Urea sales is expected to improve by 82% MoM due to seasonal demand of Rabi.</li><li>Urea sales in 11M2024 is expected to clock in at 5.58mn tons compared to 6.0mn tons in 11M2023, down 7% YoY due to weak farm economics.</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.

Pakistan Urea sales in Nov-2024 is expected to clock in at 652k tons, up 7% YoY compared to 611k tons in Nov-2023.Similarly, Urea sales is expected to improve by 82% MoM due to seasonal demand of Rabi.Urea sales in 11M2024 is expected to clock in at 5.58mn tons compared to 6.0mn tons in 11M2023, down 7% YoY due to weak farm economics.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 Fertilizers: Urea sales for Nov-2024 is expected to clock in at 652k tons, up 7% YoY

Cross Asset Strategy

<ul><li>MSCI is scheduled to announce its November 2024 Index review on Nov 06, 2024, with effective date of Nov 26, 2024.</li><li>Based on details updated on the MSCI website, in last review of Aug 2024, the minimum threshold of free float and total market cap for the selection of frontier market stocks was US$69mn and US$138mn, respectively.</li><li>To note, in last 2 reviews, MSCI has increased its threshold requirement by average 10% in each review, see the accompanied table for details.</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.

MSCI is scheduled to announce its November 2024 Index review on Nov 06, 2024, with effective date of Nov 26, 2024.Based on details updated on the MSCI website, in last review of Aug 2024, the minimum threshold of free float and total market cap for the selection of frontier market stocks was US$69mn and US$138mn, respectively.To note, in last 2 reviews, MSCI has increased its threshold requirement by average 10% in each review, see the accompanied table for details.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 Market - MSCI Nov 2024 Review; Few Pakistan stocks likely to be added

<ul><li>Pakistan Urea sales in Oct-2024 is expected to clock in at 358k tons, down 22% YoY compared to 459k tons in Oct-2023. This decline is attributed to delays in the start of the season, according to our channel checks.</li><li>Urea sales is also expected to down 2% MoM due to seasonal factors.</li><li>Urea sales in 10M2024 is expected to clock in at 4.9mn tons compared to 5.4mn tons in 10M2023, down 9% YoY.</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.

Pakistan Urea sales in Oct-2024 is expected to clock in at 358k tons, down 22% YoY compared to 459k tons in Oct-2023. This decline is attributed to delays in the start of the season, according to our channel checks.Urea sales is also expected to down 2% MoM due to seasonal factors.Urea sales in 10M2024 is expected to clock in at 4.9mn tons compared to 5.4mn tons in 10M2023, down 9% YoY.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 Fertilizers: Urea sales for Oct-2024 is expected to clock in at 358k tons, down 22% YoY

<ul><li>Pakistan Urea sales in Sep-2024 is expected to clock in at 365k tons, down 35% YoY compared to 564k tons in Sep-2023. The significant decline is attributed to higher Urea prices and weaker farmer economics, according to our channel checks.</li><li>Urea sales is also expected to down 35% MoM due to seasonal factors.</li><li>Urea sales in 9M2024 is expected to clock in at 4.6mn tons compared to 5.0mn tons in 9M2023, down 8% YoY.</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.

Pakistan Urea sales in Sep-2024 is expected to clock in at 365k tons, down 35% YoY compared to 564k tons in Sep-2023. The significant decline is attributed to higher Urea prices and weaker farmer economics, according to our channel checks.Urea sales is also expected to down 35% MoM due to seasonal factors.Urea sales in 9M2024 is expected to clock in at 4.6mn tons compared to 5.0mn tons in 9M2023, down 8% YoY.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 Fertilizers: Urea sales for Sep-2024 is expected to clock in at 365k tons, down 35% YoY

<ul>
<li>Pakistan Urea sales in Aug-2024 is expected to clock in at 560k tons, down 14% YoY compared to 650k tons in Aug-2023. Similarly, Urea sales are expected to be down 9% MoM due monsoon season.</li>
<li>Urea sales in 8M2024 is expected to clock in at 4.2mn tons compared to 4.4mn tons in 8M2023, down 4% YoY.</li>
<li>This is likely to take closing inventory of Urea to be around 397k tons in Aug-2024, down from 399K tons in Jul-2024.</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.


Pakistan Urea sales in Aug-2024 is expected to clock in at 560k tons, down 14% YoY compared to 650k tons in Aug-2023. Similarly, Urea sales are expected to be down 9% MoM due monsoon season.
Urea sales in 8M2024 is expected to clock in at 4.2mn tons compared to 4.4mn tons in 8M2023, down 4% YoY.
This is likely to take closing inventory of Urea to be around 397k tons in Aug-2024, down from 399K tons in Jul-2024.

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 Fertilizers: Urea sales for Aug-2024 is expected to clock in at 560k tons, down 14% YoY

Pakistan

Fauji Fertilizer Bin Qasim Limited manufactures, purchases, and markets fertilizers. The Company produces Granular Urea and DAP.  Fauji Fertilizer provides its products to farmers in Pakistan.

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Fauji Fertilizer Bin Qasim (FFBL PA)

Pakistan Fertilizers: Urea sales for Nov-2024 is expected to clock in at 652k tons, up 7% YoY

Pakistan Urea sales in Nov-2024 is expected to clock in at 652k tons, up 7% YoY compared to 611k tons in Nov-2023. Similarly, Urea sales is...

Topline Securities

Pakistan Market - MSCI Nov 2024 Review; Few Pakistan stocks likely to be added

MSCI is scheduled to announce its November 2024 Index review on Nov 06, 2024, with effective date of Nov 26, 2024. Based on details updated on the...

Topline Securities

Pakistan Fertilizers: Urea sales for Oct-2024 is expected to clock in at 358k tons, down 22% YoY

Pakistan Urea sales in Oct-2024 is expected to clock in at 358k tons, down 22% YoY compared to 459k tons in Oct-2023. This decline is...

Topline Securities

Pakistan Fertilizers: Urea sales for Sep-2024 is expected to clock in at 365k tons, down 35% YoY

Pakistan Urea sales in Sep-2024 is expected to clock in at 365k tons, down 35% YoY compared to 564k tons in Sep-2023. The significant decline...

Topline Securities

Pakistan Fertilizers: Urea sales for Aug-2024 is expected to clock in at 560k tons, down 14% YoY

Pakistan Urea sales in Aug-2024 is expected to clock in at 560k tons, down 14% YoY compared to 650k tons in Aug-2023. Similarly, Urea sales...

Topline Securities

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