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>Hindenburg Research has released a short report on Temenos, with allegations of accounting irregularities in the company.</li><li>About Hindenburg Research: Hindenburg Research specializes in forensic financial research. While they use fundamental analysis to aid investment decision-making, their research results also came from uncovering hard-to-find information from atypical sources.</li><li>In particular they often look for situations where companies may have any combination of (1) accounting irregularities, (2) bad actors in management or key service provider roles, (3) undisclosed related-party transactions, (4) Illegal/unethical business or financial reporting practices, and (5) Undisclosed regulatory, product or financial issues.</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>

Hindenburg Research has released a short report on Temenos, with allegations of accounting irregularities in the company.About Hindenburg Research: Hindenburg Research specializes in forensic financial research. While they use fundamental analysis to aid investment decision-making, their research results also came from uncovering hard-to-find information from atypical sources.In particular they often look for situations where companies may have any combination of (1) accounting irregularities, (2) bad actors in management or key service provider roles, (3) undisclosed related-party transactions, (4) Illegal/unethical business or financial reporting practices, and (5) Undisclosed regulatory, product or financial issues.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.

Topline Flash Note: Systems Limited (SYS) - Allegations on Temenos