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 Stock market recovery is likely to continue in the year 2024. We expect benchmark KSE-100 total return index to reach 75k by Dec-2024, a potential upside of 31%.</li><li>Smooth transfer of power to new government after elections, new long term funding program from IMF and expected fall in Interest rate will be key drivers of equities in 2024.</li><li>In spite of recent rally, Pakistan market is currently trading at PE of 3.1x based on 2024 estimated earnings. This is far lower than last 5 year and 10 year average PE of 6x and 8x respectively. This is even lower than countries that have defaulted like Ghana and Sri Lanka.</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 Stock market recovery is likely to continue in the year 2024. We expect benchmark KSE-100 total return index to reach 75k by Dec-2024, a potential upside of 31%.Smooth transfer of power to new government after elections, new long term funding program from IMF and expected fall in Interest rate will be key drivers of equities in 2024.In spite of recent rally, Pakistan market is currently trading at PE of 3.1x based on 2024 estimated earnings. This is far lower than last 5 year and 10 year average PE of 6x and 8x respectively. This is even lower than countries that have defaulted like Ghana and Sri Lanka.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)

Stock market recovery has just begun; Index likely to reach 75k in 2024