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)

Equity Bottom-Up

<ul><li>Systems Limited (SYS) consolidated earnings clocked in at Rs1.4bn (EPS: Rs4.8) in 2QCY23 compared to earnings of Rs1.7bn (EPS: Rs6.08) in 2QCY22, down by 64% QoQ. The result came lower than expectations due to lower than expected exchange gain.</li><li>Other Income for 2QCY23 was recorded at Rs286mn vs. Rs647mn in 2QCY22 and Rs2,552mn in 1QCY23. Other income contained exchange gains of Rs2.38bn in previous quarter.</li><li>It is pertinent to mention that PKR depreciated by 20% in 1QCY23 and 1% in 2QCY23.</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>

Systems Limited (SYS) consolidated earnings clocked in at Rs1.4bn (EPS: Rs4.8) in 2QCY23 compared to earnings of Rs1.7bn (EPS: Rs6.08) in 2QCY22, down by 64% QoQ. The result came lower than expectations due to lower than expected exchange gain.Other Income for 2QCY23 was recorded at Rs286mn vs. Rs647mn in 2QCY22 and Rs2,552mn in 1QCY23. Other income contained exchange gains of Rs2.38bn in previous quarter.It is pertinent to mention that PKR depreciated by 20% in 1QCY23 and 1% in 2QCY23.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.

Systems Limited (SYS): Profitability Down by 20% YoY and 64% QoQ