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)

Thematic (Sector/Industry)

Pakistan Banks / Thematic (Sector/Industry)

<ul><li>Pakistan banking sector has witnessed run up of 23% in last 3 months and 115% in last 12 months as market participants are reverting back to historic valuation multiples of Banks as market multiple is also increasing gradually.</li><li>To recall, overall market PE has re-rated from 2.2-2.4x to 4.0x in last one year. Similarly, Banks PE has also increased from 2023 PE of 2.0x to 2024E PE of 3.6x.</li><li>This is line with our expectations communicated in our Mid Year Strategy published on May 12, 2024, wherein we wrote, "current PE of 3.7x will linearly revert to its historical average of 6.93x over next 3 years of IMF program (Jul 2024 - Jul 2027), subject to successful implementation of the program and its conditionalities with respect to fiscal/monetary discipline and structural reforms".</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>

Pakistan banking sector has witnessed run up of 23% in last 3 months and 115% in last 12 months as market participants are reverting back to historic valuation multiples of Banks as market multiple is also increasing gradually.To recall, overall market PE has re-rated from 2.2-2.4x to 4.0x in last one year. Similarly, Banks PE has also increased from 2023 PE of 2.0x to 2024E PE of 3.6x.This is line with our expectations communicated in our Mid Year Strategy published on May 12, 2024, wherein we wrote, "current PE of 3.7x will linearly revert to its historical average of 6.93x over next 3 years of IMF program (Jul 2024 - Jul 2027), subject to successful implementation of the program and its conditionalities with respect to fiscal/monetary discipline and structural reforms".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 Banks - Few banks at deep discount despite rally