External broker reports(aggregated public sources), Topline Securities

Topline Securities

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.

External broker reports(aggregated public sources)

Pakistan Automobiles: Oct'17 Auto Sales +46% YoY (+24% MoM)

Thematic (Sector/Industry)

Pakistan Automobiles / Thematic (Sector/Industry)

<p>We revise down our sector stance from ‘Overweight’ to ‘Market weight’ after tweaking our estimates in light of recent shift in macro economic factors. Our investment thesis is revised on the back of 1) expected currency devaluation, 2) downward volumetric sales adjustment, 3) margin compression and 4) entry of new players. We highlight that concern of an abrupt devaluation followed by higher inflation and interest rate tightening has affected investors’ sentiments and resultantly the sector has…</p>

We revise down our sector stance from ‘Overweight’ to ‘Market weight’ after tweaking our estimates in light of recent shift in macro economic factors. Our investment thesis is revised on the back of 1) expected currency devaluation, 2) downward volumetric sales adjustment, 3) margin compression and 4) entry of new players. We highlight that concern of an abrupt devaluation followed by higher inflation and interest rate tightening has affected investors’ sentiments and resultantly the sector has…

Pakistan Automobiles: Sector Downgraded to 'Market Weight'