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>Fueled by economic stability and fiscal consolidation, Pakistan Stock Market (PSX) is set to touch 127k by Dec 2025, suggesting return of 37% including dividend yield of 10%.</li><li>We expect re-rating in PE primarily on the back of improving macro indicators and falling bond yields which is flushing more liquidity in equities, thus helping current low PE to march towards its historic forward PE of 7x during current IMF program. We expect market forward 2026 PE to reach 5.75x from current level of 4.6x by Dec 2025.</li><li>During 2025, key drivers for the market would be (1) successful completion of IMF review and passing of FY26 budget in line with IMF guidelines, (2) credit rating upgrade for Pakistan, subsequently opening the doors for launch of Eurobonds and Sukuks, (3) Pakistan relations with new USA government and (4) successful privatization of any bleeding SOE i.e. PIAA, DISCOs alongside materialization of Reko Diq deal.</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>

Fueled by economic stability and fiscal consolidation, Pakistan Stock Market (PSX) is set to touch 127k by Dec 2025, suggesting return of 37% including dividend yield of 10%.We expect re-rating in PE primarily on the back of improving macro indicators and falling bond yields which is flushing more liquidity in equities, thus helping current low PE to march towards its historic forward PE of 7x during current IMF program. We expect market forward 2026 PE to reach 5.75x from current level of 4.6x by Dec 2025.During 2025, key drivers for the market would be (1) successful completion of IMF review and passing of FY26 budget in line with IMF guidelines, (2) credit rating upgrade for Pakistan, subsequently opening the doors for launch of Eurobonds and Sukuks, (3) Pakistan relations with new USA government and (4) successful privatization of any bleeding SOE i.e. PIAA, DISCOs alongside materialization of Reko Diq deal.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 Index to Reach 127k by Dec 2025; Market Re-Rating Due to Improving Economic Indicators