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)

Cross Asset Strategy

<ul><li>In a most anticipated event, Pakistan authorities have reached Staff Level Agreement (SLA) with International Monetary Fund (IMF) for a new 37 months Extended Funded Facility (EFF) of US$7bn.</li><li>This is in continuation and in line with of our theme, wherein we are expecting index to re-rate linearly to its historic forward PE of 7x from current level of 3.95x over the course of IMF program. Please refer to our detailed strategy report release on May 11, 2024 titled “Topline Strategy - Index to reach 87k by Dec 2024, 106k by Jun 2025”.</li><li>This new program aims to strengthen the macro economic stability and set the road for resilient and inclusive growth.</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>

In a most anticipated event, Pakistan authorities have reached Staff Level Agreement (SLA) with International Monetary Fund (IMF) for a new 37 months Extended Funded Facility (EFF) of US$7bn.This is in continuation and in line with of our theme, wherein we are expecting index to re-rate linearly to its historic forward PE of 7x from current level of 3.95x over the course of IMF program. Please refer to our detailed strategy report release on May 11, 2024 titled “Topline Strategy - Index to reach 87k by Dec 2024, 106k by Jun 2025”.This new program aims to strengthen the macro economic stability and set the road for resilient and inclusive growth.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 Clinches a New Deal with IMF; Tax Reforms to Increase Tax to GDP by 300bps