Topline Securities Ltd

Alhamdulillah! Topline Securities has won a record 5 awards at the CFA Society Pakistan Annual Excellence Awards FY26! 🏆 🏆 Best Brokerage House – Winner 🏆 Best Economic Research House – Winner 🏆 Best Equity Research Analyst – Winner 🏆 Corporate Finance House of the Year – Runner-Up 🏆 Best Equity Research Report – Runner-Up This achievement reflects the dedication and hard work of Team Topline. We extend our heartfelt gratitude to our clients for their continued trust and confidence. We remain committed to raising the bar and delivering excellence. Proud of Team Topline!

FX reserves held by SBP up by US$33mn to US$21.52bn for the week ending Oct 23, 2026. #FXReserves #SBP #Economy #Pakistan #Topline

Today's FIPI Net: -4.35(US$mn) Today's Foreign Corporate Net: -2.51(US$mn)

Topline Market Review (Nov 05, 2026): The Pakistan Stock Exchange (PSX) extended its bullish momentum for the fourth consecutive session on Thursday, as strong buying interest across major sectors continued to support the benchmark index. The KSE-100 Index maintained its upward trajectory, gaining approximately 3,666 points (+1.96%) to reach 175,380 points during the closing session, further strengthening investor confidence and market sentiment. The positive momentum was primarily driven by easing geopolitical concerns, declining international oil prices and expectations of improved global economic stability following the US midterm election developments. Buying activity remained broad-based, with key sectors, including commercial banks, cement, automobile assemblers, oil and gas exploration companies and oil marketing companies, attracting significant investor interest. The KSE-100 Index touched an intraday high of approximately 176,605 points before witnessing some profit-taking at higher levels. Nevertheless, the broader market maintained a positive tone, On the contribution front, UBL, LUCK, MEBL, SYS and ENGROH emerged as the leading positive contributors, collectively adding approximately 1,293 points to the benchmark index. Their performance provided substantial support to the market's overall upward movement. Market activity remained steady, with regular-market volumes exceeding 999.8mn shares, while the total traded value stood at approximately PKR 46.1 billion. Regards Topline Sales Desk

Pakistan Secondary Market Bond Yields

Pakistan Stock Exchange - Key Statistics

SNGP: 4QFY26 EPS at Rs7.4 up 6% YoY and 61% QoQ; FY26 EPS at Rs23.3 up 1% YoY. Earnings higher than our expectations mainly due to lower than expected finance cost. DPS: 4QFY26 Rs3.0; FY26 DPS at Rs3.0 - Lower than expectations

Ghandhara Automobiles (GAL) & Ghandhara Industries (GHNI): Corporate Briefing Key Takeaways (Nov 05, 2026) #GAL #GHNI #CBS #Topline #Pakistan

Board Meetings & Corporate Briefing

Government reduced petrol prices by Rs7.06/Lit to Rs362.0/Lit; PDL remains same at Rs80.0

Book Building for ABHI Microfinance Bank starts today. 🔔 A remarkable turnaround story: a digital-first, fintech-led microfinance bank, from acquisition to record profit and now the PSX. ▸ Registration: 𝟮–𝟲 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟲 (closes 3:00 pm, 6 Nov) ▸ Book Building: 𝟱–𝟲 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟲 ▸ Price band: PKR 15.00 – 22.50 For details, please refer to the prospectus: topline.com.pk/uploads/files… For queries, call: Syeda Sharmeen Ahmed | +92 333 2616471 Saad Javed | +92 332 3747030 Kashaf Sikandar | +92 335 2213744 #ABHI #IPO #PSX #ToplineSecurities

Government reduced Diesel prices by Rs3.71/Lit to Rs387.81/Lit; PDL remains same at Rs80.0

PSX - Total Leverage (MTS, MFS and Future Open Interest)

Pakistan Important News and Pakistan Key Statistics

Auction Result: Govt of Pakistan Ijarah Sukuk (GIS) & Hybrid Sukuk (GHS) #SukukAuction #PSX #Pakistan @Topline

In today's fixed bond PIB auction, the government raised Rs400bn (Competitive & Non-Competitive) against a target of Rs350bn and participation of Rs1,246bn. Cut-off yields went down by 10-11bps for 3 and 5-year PIBs. #PIBAuction #SBP #Economy #Pakistan #Topline

Topline Refinery Monitor (Nov 04, 2026) Expected GRMs for Oct-26 closed at US$16.6/bbl Pakistan’s Gross Refining Margins (GRMs) averaged US$16.6/bbl in Oct-26, reflecting a 74% YoY improvement, while remaining broadly stable on a sequential basis. Industry GRMs remained below the US$20/bbl mark for the second consecutive month, following a period of elevated margins during Mar-Aug 2026. To note, government has shifted the burden of higher petrol import costs to refineries through a Petroleum Levy (PL) surrender of Rs49/litre (US$28/bbl) for 30 days from Oct 31, 2026, which we expect to reduce industry GRMs in Nov-26. The YoY improvement in GRMs was primarily driven by stronger product spreads, particularly in Motor Spirit (MS) and High-Speed Diesel (HSD). On a sequential basis, overall GRMs increased by 1%, despite a 13% decline in HSD margins, primarily due to the reduction in the HSD crack spread cap from US$41.89/bbl to US$38/bbl, effective Oct 20, 2026. Our GRM calculations incorporates product supplier premiums and freight charges over and above product crack spreads and exclude the impact of HSD deemed duty, product differentials and inventory movements. To highlight, the 7.5% HSD deemed duty translates into an estimated impact of US$2.9/bbl on GRMs. GRMs are calculated using Dubai crude, which averaged US$111/bbl in Oct-26 vs. US$65/bbl last year. Spot premiums for Middle Eastern crude, based on our channels, remained US$12/bbl during Oct-26. However, for our calculations, we have assumed a combined crude premium and freight cost of US$8/bbl for the month. The FO spread has been calculated using both local and international FO prices, with the weightage assigned to local prices maintained in line with the proportion of domestic sales to total upliftment. Regards Topline Research

Today's FIPI Net: -4.20(US$mn) Today's Foreign Corporate Net: -3.31(US$mn)

Topline Market Review (Nov 04, 2026): The Pakistan Stock Exchange (PSX) extended its bullish momentum on Wednesday, building on the previous session’s strong recovery amid improving investor confidence and renewed institutional participation. The benchmark KSE-100 Index surged by 3,995 points (+2.38%) to close at 172,013 points, decisively crossing the psychological 170,000-point milestone and reflecting strong buying interest across the market. The positive momentum was primarily driven by optimism surrounding potential progress in US-Iran diplomatic negotiations, relative stability in international oil prices, and renewed accumulation in heavyweight stocks. Buying activity remained broad-based, with key sectors, including commercial banks, fertilizers, cement and energy, attracting significant investor interest. Overall, the session reflected an improvement in market sentiment and a strengthening risk appetite among investors. On the contribution front, UBL, FFC, HUBC, LUCK and NBP emerged as the leading positive contributors, collectively adding approximately 1,215 points to the benchmark index and providing substantial support to the market's overall performance. Market activity with total market volume reaching approximately 841mn shares, while traded value stood at around PKR 35.3bn. Regards Topline Sales Desk

Pakistan Stock Exchange - Key Statistics

Pakistan Listed Cement Comp Sheet (Nov 04, 2026) The Pakistan cement sector is currently trading at an EV/ton of US$40.7, while on FY27E EV/EBITDA basis, it is valued at 5.4x. Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$14.8 and EV/EBITDA of 1.4x,Kohat Cement (KOHC) is valued at EV/ton of US$24.7 and EV/EBITDA of 2.3x. and Lucky Cement (LUCK) is valued at US$32.0 and EV/EBITDA 2.9x. In addition, CHCC, PIOC, GWLC, ACPL and FECTC are also trading below the industry EV/ton. Overall, the sector trades at FY27E P/E of 7.7x, P/S of 1.3x, and P/B of 1.3x. Regards Rabia Yousuf Topline Research