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)

Macroeconomics

<ul><li>The budget presented by Govt. on Jun 12, 2024 is better than market expectations, targeting total outlay of Rs18.9tn, up 25% from last year outlay of Rs15.2tn. We believe, this holds high importance as this is likely to be the prior action for the new IMF program and its successful approval from parliament will be a key catalyst for the economy and market, in our view.</li><li>In the budget; FBR Tax Revenue target has been set at Rs12.97trn up 40% from estimated collection of Rs9.25tn in FY24. This is higher than FY24E growth of 29% and average growth of 20% in last five years.</li><li>Including Petroleum Development Levy (PDL) in tax revenues, the FBR tax to GDP ratio for FY25 is estimated to reach 11.5% from 9.62% in FY24E. For last five years this has remained 9.7% of GDP. To recall, PDL used to be a tax revenue till FY20.</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>

The budget presented by Govt. on Jun 12, 2024 is better than market expectations, targeting total outlay of Rs18.9tn, up 25% from last year outlay of Rs15.2tn. We believe, this holds high importance as this is likely to be the prior action for the new IMF program and its successful approval from parliament will be a key catalyst for the economy and market, in our view.In the budget; FBR Tax Revenue target has been set at Rs12.97trn up 40% from estimated collection of Rs9.25tn in FY24. This is higher than FY24E growth of 29% and average growth of 20% in last five years.Including Petroleum Development Levy (PDL) in tax revenues, the FBR tax to GDP ratio for FY25 is estimated to reach 11.5% from 9.62% in FY24E. For last five years this has remained 9.7% of GDP. To recall, PDL used to be a tax revenue till FY20.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 Federal Budget FY25; Getting one step closer to secure new IMF program