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 Materials / Thematic (Sector/Industry)

<ul><li>We expect Topline Fertilizer universe earnings to increase by 2.7x YoY to Rs21bn in 3Q2023, due to significant jump in retention prices and volumetric sales.</li><li>On a QoQ basis, earnings are expected to increase by 3.1x, primarily driven by a lower tax expense. To recall, earnings in 2Q2023 were primarily impacted by the imposition of a 10% super tax. Pre-tax earnings are up 72% QoQ due to the reasons mentioned above.</li><li>This takes 9M2023 after tax earnings to Rs34.7bn up 33% YoY and pre-tax earnings to Rs72.9bn in up 35% YoY for the sector.</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>

We expect Topline Fertilizer universe earnings to increase by 2.7x YoY to Rs21bn in 3Q2023, due to significant jump in retention prices and volumetric sales.On a QoQ basis, earnings are expected to increase by 3.1x, primarily driven by a lower tax expense. To recall, earnings in 2Q2023 were primarily impacted by the imposition of a 10% super tax. Pre-tax earnings are up 72% QoQ due to the reasons mentioned above.This takes 9M2023 after tax earnings to Rs34.7bn up 33% YoY and pre-tax earnings to Rs72.9bn in up 35% YoY for the sector.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 Fertilizer: Profits Likely to Jump 2.7x YoY in 3Q2023