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>We have revisited our target PE for Dec 2024 after incorporating Pakistan's successful completion of US$3bn stand-by agreement with IMF and initiation of talks for a new IMF program, Extended Funding Facility (EFF).</li><li>We believe, current PE of 3.7x will linearly revert to its historical average of 6.93x over next 3 years of IMF program (Jul 2024 - Jul 2027), subject to successful implementation of the program and its conditionalities with respect to fiscal/monetary discipline and structural reforms.</li><li>That said, we believe forward PE by Jun 2025 will rise to 4.6x, taking our index target for Jun 2025 to 106k. In line with this, our Index target for Dec 2024 is now revised up to 87k (earlier: 75k), providing further return of 20%.</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 have revisited our target PE for Dec 2024 after incorporating Pakistan's successful completion of US$3bn stand-by agreement with IMF and initiation of talks for a new IMF program, Extended Funding Facility (EFF).We believe, current PE of 3.7x will linearly revert to its historical average of 6.93x over next 3 years of IMF program (Jul 2024 - Jul 2027), subject to successful implementation of the program and its conditionalities with respect to fiscal/monetary discipline and structural reforms.That said, we believe forward PE by Jun 2025 will rise to 4.6x, taking our index target for Jun 2025 to 106k. In line with this, our Index target for Dec 2024 is now revised up to 87k (earlier: 75k), providing further return of 20%.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.

Mughal Iron & Steel Industries Limited (MUGHAL PK)

Pakistan Market Outlook | Strategy - Index to Reach 87k by Dec 2024, 106k by Jun 2025