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>Pakistan posted Current Account Deficit (CAD) of US$0.7bn in FY24 (0.2% of GDP), lowest in 13 years. While average for last 5 and 10 years US$8.3bn (2.6% of GDP) and US$8.4bn (2.7% of GDP), respectively. In Jun 2024, CAD was US$329mn, up 33% MoM.</li><li>To highlight, 85% of this deficit (or US$577mn) was recorded in last two months May and Jun 2024 due to significantly higher primary deficit with average of US$1.3bn per month in last 2 months compared to average of US$593mn in first 10 months (10MFY24). We believe, higher primary deficit in last 2 months is attributed to clearance of dividend/profit repatriation by central bank, which was also indicated in last analyst briefing of central bank.</li><li>Full year primary deficit in FY24 clocked in US$8.6bn, highest ever in history of Pakistan. Based on the data available on SBP website for 11MFY24, profit/dividend repatriation clocked in at US$1.8bn compared to US$313mn in 11MFY23. While the annual average for FY18-22 was US$1.8bn.</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 posted Current Account Deficit (CAD) of US$0.7bn in FY24 (0.2% of GDP), lowest in 13 years. While average for last 5 and 10 years US$8.3bn (2.6% of GDP) and US$8.4bn (2.7% of GDP), respectively. In Jun 2024, CAD was US$329mn, up 33% MoM.To highlight, 85% of this deficit (or US$577mn) was recorded in last two months May and Jun 2024 due to significantly higher primary deficit with average of US$1.3bn per month in last 2 months compared to average of US$593mn in first 10 months (10MFY24). We believe, higher primary deficit in last 2 months is attributed to clearance of dividend/profit repatriation by central bank, which was also indicated in last analyst briefing of central bank.Full year primary deficit in FY24 clocked in US$8.6bn, highest ever in history of Pakistan. Based on the data available on SBP website for 11MFY24, profit/dividend repatriation clocked in at US$1.8bn compared to US$313mn in 11MFY23. While the annual average for FY18-22 was US$1.8bn.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 Government International Bond (PKSTAN GOVT)

Pakistan Economy: Pakistan Reported Current Account Deficit of 0.2% of GDP in FY24