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>Topline Cement Universe is expected to post core profitability growth of 40% YoY to Rs13.6bn in 1QFY24 due to increase in cement dispatches, and improvement in gross margins.</li><li>Net sales are anticipated to grow by 28% YoY to Rs89bn in 1QFY24 primarily due to 18% YoY growth in local cement sales along with 12% YoY increase in average cement prices.</li><li>Surge in cement dispatches can be attributed to (1) low base effect of last year amid floods, (2) economic stability, (3) improved farmer’s income, and (4) 72% YoY surge in exports due to significant currency devaluation.</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>

Topline Cement Universe is expected to post core profitability growth of 40% YoY to Rs13.6bn in 1QFY24 due to increase in cement dispatches, and improvement in gross margins.Net sales are anticipated to grow by 28% YoY to Rs89bn in 1QFY24 primarily due to 18% YoY growth in local cement sales along with 12% YoY increase in average cement prices.Surge in cement dispatches can be attributed to (1) low base effect of last year amid floods, (2) economic stability, (3) improved farmer’s income, and (4) 72% YoY surge in exports due to significant currency devaluation.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: Profitability to Increase by 40% YoY in 1QFY24