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>Pakistan State Oil Company (PSO) announced its 4QFY24 result today, where the company recorded unconsolidated profit of Rs2.5bn (EPS of Rs5.25). The result came higher than industry expectations due to higher than expected other income.</li><li>This takes FY24 earnings to Rs15.9bn (EPS of Rs33.79) compared to FY23 profit of Rs5.7bn (EPS of Rs12.06) up 180% YoY.</li><li>PSO announced a final cash dividend of Rs10/share, in-line with our expectations.</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 State Oil Company (PSO) announced its 4QFY24 result today, where the company recorded unconsolidated profit of Rs2.5bn (EPS of Rs5.25). The result came higher than industry expectations due to higher than expected other income.This takes FY24 earnings to Rs15.9bn (EPS of Rs33.79) compared to FY23 profit of Rs5.7bn (EPS of Rs12.06) up 180% YoY.PSO announced a final cash dividend of Rs10/share, in-line with our expectations.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 State Oil (PSO): FY24 EPS at Rs33.79, up 180% YoY

<ul><li>Pakistan State Oil (PSO) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook of the company.</li><li>Liquid Oil Consumption in Pakistan has dropped from 13,005K tons in 9MFY23 to 11,485K tons in 9MFY24, a 11.7% fall. HSD volumes saw a decline of 249K tons and PMG volumes fell by 302K tons. HSD demand is being reduced by 3-4K tons everyday mainly due to lower demand by industries and smuggling.</li><li>Furnace Oil (FO) also saw a fall of 982K tons as its usage in electricity generation has been reduced significantly.</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 State Oil (PSO) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook of the company.Liquid Oil Consumption in Pakistan has dropped from 13,005K tons in 9MFY23 to 11,485K tons in 9MFY24, a 11.7% fall. HSD volumes saw a decline of 249K tons and PMG volumes fell by 302K tons. HSD demand is being reduced by 3-4K tons everyday mainly due to lower demand by industries and smuggling.Furnace Oil (FO) also saw a fall of 982K tons as its usage in electricity generation has been reduced significantly.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.

Topline Flash Note: Pakistan State Oil (PSO) - Corporate Briefing Key Takeaways

<ul><li>Pakistan State Oil Company (PSO) announced its 3QFY24 result today, where the company recorded unconsolidated profit of Rs5.6bn (EPS of Rs12.03). The result came higher than industry expectations for 3QFY24 due to lower than expected tax expense.</li><li>This takes 9MFY24 earnings to Rs13.4bn (EPS of Rs28.54) compared to 9MFY23 profit of Rs10.3bn (EPS of Rs21.91) up 30% YoY.</li><li>The company recorded a tax reversal in 3QFY24, compared to a 49% effective tax rate in 3QFY23 and 13% in 2QFY24. We await detailed accounts for further clarity on taxation reversal for outgoing quarter.</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 State Oil Company (PSO) announced its 3QFY24 result today, where the company recorded unconsolidated profit of Rs5.6bn (EPS of Rs12.03). The result came higher than industry expectations for 3QFY24 due to lower than expected tax expense.This takes 9MFY24 earnings to Rs13.4bn (EPS of Rs28.54) compared to 9MFY23 profit of Rs10.3bn (EPS of Rs21.91) up 30% YoY.The company recorded a tax reversal in 3QFY24, compared to a 49% effective tax rate in 3QFY23 and 13% in 2QFY24. We await detailed accounts for further clarity on taxation reversal for outgoing quarter.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 State Oil (PSO): 3QFY24 EPS at Rs12.03 Down 59% YoY

Shell Pakistan Ltd (Pbs) / Equity Bottom-Up

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.58mn tons in Nov 2024, marking a 25-month high. This represents a 15% YoY increase, driven by reduced prices, macroeconomic stabilization, and a decline in smuggling.</li><li>Total sales for 5MFY25 totaled at 6.8mn tons, a 5% YoY rise compared to 6.5mn tons in 5MFY24.</li><li>Excluding furnace oil (Ex-FO) sales in Nov 2024 were 1.54mn tons, reflecting a 19% YoY and 7% MoM rise. For 5MFY25, ex-FO sales totaled 6.5mn tons, an 8% YoY rise.</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's Oil Marketing Companies (OMCs) recorded sales of 1.58mn tons in Nov 2024, marking a 25-month high. This represents a 15% YoY increase, driven by reduced prices, macroeconomic stabilization, and a decline in smuggling.Total sales for 5MFY25 totaled at 6.8mn tons, a 5% YoY rise compared to 6.5mn tons in 5MFY24.Excluding furnace oil (Ex-FO) sales in Nov 2024 were 1.54mn tons, reflecting a 19% YoY and 7% MoM rise. For 5MFY25, ex-FO sales totaled 6.5mn tons, an 8% YoY rise.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 Oil Marketing - OMC Sales Hit 25-Month High; 30-Month High HSD Sales

Thematic (Sector/Industry)

<ul><li>Pakistan's Oil Marketing Companies (OMCs) sales reached 1.21mn tons in Aug 2024. This represents a 14% YoY decrease, due to monsoon season, and a 2% MoM rise, due full working month unlike July which was affected due to Moharram Holidays.</li><li>Total sales for 2MFY25 totaled at 2.4mn tons, a 12% YoY decline compared to 2.8mn tons in 2MFY24.</li><li>Excluding furnace oil (Ex-FO) sales in Aug 2024 were 1.2mn tons, reflecting a 11% YoY decrease but a 3% MoM rise. For 2MFY25, ex-FO sales totaled 2.3mn tons, a 9% YoY decline.</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's Oil Marketing Companies (OMCs) sales reached 1.21mn tons in Aug 2024. This represents a 14% YoY decrease, due to monsoon season, and a 2% MoM rise, due full working month unlike July which was affected due to Moharram Holidays.Total sales for 2MFY25 totaled at 2.4mn tons, a 12% YoY decline compared to 2.8mn tons in 2MFY24.Excluding furnace oil (Ex-FO) sales in Aug 2024 were 1.2mn tons, reflecting a 11% YoY decrease but a 3% MoM rise. For 2MFY25, ex-FO sales totaled 2.3mn tons, a 9% YoY decline.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 Oil Marketing - Amidst monsoon, oil sales declined 14% YoY; 2MFY25 sales down 12% YoY

Pakistan

Pakistan State Oil Company Limited specializes in the marketing and storage of petroleum and related products.  The Company also blends and markets lubricating oils.

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Pakistan State Oil (PSO PA)

Pakistan State Oil (PSO): FY24 EPS at Rs33.79, up 180% YoY

Pakistan State Oil Company (PSO) announced its 4QFY24 result today, where the company recorded unconsolidated profit of Rs2.5bn (EPS of Rs5.25)....

Topline Securities

Topline Flash Note: Pakistan State Oil (PSO) - Corporate Briefing Key Takeaways

Pakistan State Oil (PSO) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook of the...

Topline Securities

Pakistan State Oil (PSO): 3QFY24 EPS at Rs12.03 Down 59% YoY

Pakistan State Oil Company (PSO) announced its 3QFY24 result today, where the company recorded unconsolidated profit of Rs5.6bn (EPS...

Topline Securities

Pakistan Oil Marketing - OMC Sales Hit 25-Month High; 30-Month High HSD Sales

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.58mn tons in Nov 2024, marking a 25-month high. This represents a 15% YoY...

Topline Securities

Pakistan Oil Marketing - Amidst monsoon, oil sales declined 14% YoY; 2MFY25 sales down 12% YoY

Pakistan's Oil Marketing Companies (OMCs) sales reached 1.21mn tons in Aug 2024. This represents a 14% YoY decrease, due to monsoon season, and...

Topline Securities

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