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 Construction materials / Thematic (Sector/Industry)

<ul><li>Pakistan total cement sales in Jan-24 are expected to decline by 14-18% YoY and MoM to settle at around 3.4mn tons.</li><li>Local cement dispatches are likely to decline by 15-19% YoY and MoM to reach at 2.9mn tons, primarily due to (i) slowdown in construction activities due to higher cost of construction inputs, (ii) high base effect of last year when cement dispatches began rising after floods, and (iii) the implementation of axle load, as companies were facing issues in transporting cement.</li><li>Axle load refers to the total weight bearing of a wheeled vehicle on the road for all wheels attached to a given axle.</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 total cement sales in Jan-24 are expected to decline by 14-18% YoY and MoM to settle at around 3.4mn tons.Local cement dispatches are likely to decline by 15-19% YoY and MoM to reach at 2.9mn tons, primarily due to (i) slowdown in construction activities due to higher cost of construction inputs, (ii) high base effect of last year when cement dispatches began rising after floods, and (iii) the implementation of axle load, as companies were facing issues in transporting cement.Axle load refers to the total weight bearing of a wheeled vehicle on the road for all wheels attached to a given axle.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 Cement: Local Cement Dispatches to Fall 15-19% YoY