External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Air Link Communication / Equity Bottom-Up

<ul><li>We initiate coverage on Airlink Communication (AIRLINK), Pakistan's one of the largest mobile manufacturing companies, with a 'Buy' rating and June 2025 target price of Rs155 per share, offering a potential total return of 58%.</li><li>Despite a substantial increase in share price over the last 12 months, we believe the company's growth story is not yet fully priced in. Our liking for AIRLINK stems from rising demand for locally assembled smartphone, and its attractive valuation.</li><li>We expect mobile phone demand in Pakistan to grow at 3 year (2024-2026) CAGR of 18% from 23mn units in 2023 to 38mn units in 2026 vs last 5 year (2019-2023) CAGR of 6%.</li></ul><p><em>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.</em></p>

We initiate coverage on Airlink Communication (AIRLINK), Pakistan's one of the largest mobile manufacturing companies, with a 'Buy' rating and June 2025 target price of Rs155 per share, offering a potential total return of 58%.Despite a substantial increase in share price over the last 12 months, we believe the company's growth story is not yet fully priced in. Our liking for AIRLINK stems from rising demand for locally assembled smartphone, and its attractive valuation.We expect mobile phone demand in Pakistan to grow at 3 year (2024-2026) CAGR of 18% from 23mn units in 2023 to 38mn units in 2026 vs last 5 year (2019-2023) CAGR of 6%.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.

AIRLINK - "Buy"; Well-Positioned to Capitalize on Rising Smartphone Sales in Pakistan