Topline Securities Limited

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​Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.

Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.

Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.

JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).

Syed Atif Zafar
  • Syed Atif Zafar
EUR 50.00

Pakistan Strategy: Foreign selling at PSX; Will this trend continue in...

The continuous foreign corporate selling has been affecting share prices and stock market sentiments in Pakistan. During the past six years, total net foreign selling has been recorded at US$2.1bn, which is 15% of the market’s free float capitalization. In 2020 alone, net foreign corporate selling has clocked in at US$529mn till Dec 18, 2020 (total net foreign selling: US$504mn). This follows foreign buying that came in on two major accounts in 2014/15 and 2017: Secondary Public Offerings ...

12/21/20 December 21, 2020 6 EN
Syed Atif Zafar
  • Syed Atif Zafar
EUR 100.00

Pakistan Strategy: Pakistan Outlook 2021 based on Topline Poll

Topline Securities conducted a poll during the first week of Dec-2020 of over 50 top funds managers and corporates, asking range of questions on their expectations of the economy and the equity market for the upcoming year. Around 65% of the survey were fund managers, where the remaining participants belonged to the Pakistan corporate sector from sectors like Banks, Oil and Gas, Cements, Steel, Autos etc. The excerpts of the survey were published in our detailed report titled ‘Pak Strategy: ...

12/17/20 December 17, 2020 10 EN
Shankar Talreja
  • Shankar Talreja
EUR 20.00

Pakistan Automobiles: Car sales (including KIA) up ~63% YoY in Nov-202...

Car sales, as reported by PAMA, increased by 48% YoY in Nov-2020 to 14,454 units. The same, including Lucky Motor Corporation (KIA, non-member of PAMA), is up by 63% YoY. Indus Motor (INDU), Honda Car (HCAR) and Pak Suzuki Motor Company (PSMC) registered sales increases of 87% YoY, 72% YoY and 16% YoY respectively. This is the first YoY increase in FY21 for PSMC as some of the production issues have been resolved. Car sales also increased by 3% MoM in Nov-2020. The increase was driven by PSM...

12/11/20 December 11, 2020 1 EN
Shankar Talreja
  • Shankar Talreja
EUR 150.00

Pakistan Market Outlook 2021: A year of economic stabilization; Index ...

We have set an KSE-100 index target of 52,500 by Dec-2021, which is an upside of 25% (USD-based: 18%) from here. In 2020, KSE-100 index is up just 4% (YTD), in spite of a sharp 55% recovery from its bottom in Mar-2020. Generally speaking, the upside in KSE-100, is largely due to P/E re-rating, with the rest because of earnings growth and dividends (as KSE-100 is a Total Return Index). We like cyclicals (Cements and Autos) on the back of expected economic uptick, while valuations on Banks and ...

12/10/20 December 10, 2020 56 EN
Shankar Talreja
  • Shankar Talreja
EUR 50.00

Pakistan Oil & Gas Exploration: E&Ps earnings revised up 1-42%; Overwe...

We revise up our earnings forecasts of our E&Ps universe by 1-42% over FY21-FY23 after (1) revising up our Arab Light oil price assumption by 9-19% from US$38/46 per barrel in FY21/22 to US$45.3/50.1 per barrel following upward revision in the said estimates by Energy Information Administration (EIA) in its Dec-2020 report and (2) incorporating recently announced discoveries and financial results by E&Ps. Oil prices have recently recovered to over US$40 per barrel after hitting a bottom of US...

12/10/20 December 10, 2020 4 EN
Syed Atif Zafar
  • Syed Atif Zafar
EUR 50.00

Pakistan Strategy: Foreign selling at PSX; Will this trend continue in...

The continuous foreign corporate selling has been affecting share prices and stock market sentiments in Pakistan. During the past six years, total net foreign selling has been recorded at US$2.1bn, which is 15% of the market’s free float capitalization. In 2020 alone, net foreign corporate selling has clocked in at US$529mn till Dec 18, 2020 (total net foreign selling: US$504mn). This follows foreign buying that came in on two major accounts in 2014/15 and 2017: Secondary Public Offerings ...

12/21/20 December 21, 2020 6 EN
Syed Atif Zafar
  • Syed Atif Zafar
EUR 100.00

Pakistan Strategy: Pakistan Outlook 2021 based on Topline Poll

Topline Securities conducted a poll during the first week of Dec-2020 of over 50 top funds managers and corporates, asking range of questions on their expectations of the economy and the equity market for the upcoming year. Around 65% of the survey were fund managers, where the remaining participants belonged to the Pakistan corporate sector from sectors like Banks, Oil and Gas, Cements, Steel, Autos etc. The excerpts of the survey were published in our detailed report titled ‘Pak Strategy: ...

12/17/20 December 17, 2020 10 EN
Shankar Talreja
  • Shankar Talreja
EUR 20.00

Pakistan Automobiles: Car sales (including KIA) up ~63% YoY in Nov-202...

Car sales, as reported by PAMA, increased by 48% YoY in Nov-2020 to 14,454 units. The same, including Lucky Motor Corporation (KIA, non-member of PAMA), is up by 63% YoY. Indus Motor (INDU), Honda Car (HCAR) and Pak Suzuki Motor Company (PSMC) registered sales increases of 87% YoY, 72% YoY and 16% YoY respectively. This is the first YoY increase in FY21 for PSMC as some of the production issues have been resolved. Car sales also increased by 3% MoM in Nov-2020. The increase was driven by PSM...

12/11/20 December 11, 2020 1 EN
Shankar Talreja
  • Shankar Talreja
EUR 150.00

Pakistan Market Outlook 2021: A year of economic stabilization; Index ...

We have set an KSE-100 index target of 52,500 by Dec-2021, which is an upside of 25% (USD-based: 18%) from here. In 2020, KSE-100 index is up just 4% (YTD), in spite of a sharp 55% recovery from its bottom in Mar-2020. Generally speaking, the upside in KSE-100, is largely due to P/E re-rating, with the rest because of earnings growth and dividends (as KSE-100 is a Total Return Index). We like cyclicals (Cements and Autos) on the back of expected economic uptick, while valuations on Banks and ...

12/10/20 December 10, 2020 56 EN
Shankar Talreja
  • Shankar Talreja
EUR 50.00

Pakistan Oil & Gas Exploration: E&Ps earnings revised up 1-42%; Overwe...

We revise up our earnings forecasts of our E&Ps universe by 1-42% over FY21-FY23 after (1) revising up our Arab Light oil price assumption by 9-19% from US$38/46 per barrel in FY21/22 to US$45.3/50.1 per barrel following upward revision in the said estimates by Energy Information Administration (EIA) in its Dec-2020 report and (2) incorporating recently announced discoveries and financial results by E&Ps. Oil prices have recently recovered to over US$40 per barrel after hitting a bottom of US...

12/10/20 December 10, 2020 4 EN
Syed Atif Zafar
  • Syed Atif Zafar
EUR 25.00

Topline Flash Note: Pakistan Economy: Pak Central Bank further cuts Po...

The State Bank of Pakistan (SBP) in an emergent meeting, further reduced the Policy Rate to 7.0% from 8.0%. This takes cumulative easing to 625bps since Mar-2020. Why further cut the policy rate? Inflation: The Central Bank believes the inflation outlook has improved further. The recently announced Budget is Neutral for inflation because of freeze on government salaries, absence of new taxes and lower production cost from reduced import duties. The Central Bank believes average inflation...

06/25/20 June 25, 2020 2 EN
Syed Atif Zafar
  • Syed Atif Zafar
EUR 100.00

Pakistan Strategy: COVID-19 update; Is the virus curve flattening?

The new COVID-19 cases in Pakistan have slowed down in the last few days with 3,946 new cases recorded on Jun 22 compared to a high of 6,825 on Jun 13. During the last nine days, Pakistan has recorded a Day on Day decline on seven of these days. We believe drop in cases is possibly due to abnormal increase in early Jun, due to the ease in lockdown just before EID. The government eased the lockdown substantially on May 9, 2020 ahead of the EID holidays to help pick up business activity and t...

06/23/20 June 23, 2020 12 EN
Topline Research
  • Topline Research
EUR 50.00

Pakistan Budget FY21 Update: Proposed duty reductions and its impact o...

The Federal Govt. in line with the National Tariff Policy 2019 has proposed to eliminate Additional Custom Duties (ACD) on nearly 1,600 items and reduce Custom Duties (CD) on ~200 items in a bid to promote ease of doing business in the country. In post budget speech, Advisor to PM, Hafeez Shaikh told that this move will cost the national exchequer in the range of Rs40-50bn. We have extracted few items from the list, which can potentially improve profitability/cashflows of the listed companies...

06/15/20 June 15, 2020 4 EN
Topline Research
  • Topline Research
EUR 100.00

Pakistan Budget FY21: Initial Impressions

The Federal Budget for FY21 was presented in the National Assembly today. The total outlay for FY21 is estimated at Rs7,295bn compared to last year’s budgeted outlay of Rs8,238bn, a contraction of 11%. The budget has been slated as a relief budget by the government, where the attempt has been to cushion the economic loss arising because of the COVID-19 outbreak. However, no major announcements in this regard has been made as such. The budget has tried to provide relief to the masses through...

06/12/20 June 12, 2020 16 EN
Isabel Wiggans
  • Isabel Wiggans
EUR 100.00

Pakistan COVID-19 - How is it looking for Pakistan in charts?

Pak’s numbers better than world’s averages but below region’s par The COVID-19 outbreak is first and foremost a human tragedy, affecting millions of people around the world. Pakistan’s first two cases of COVID-19 were recorded on Feb 26, 2020 with the count now going up to 42,125 (as of May 17, 2020) with total of 903 deaths. The first 10k cases were reported over a 56-day period, whereas the next three 10k cases were reported over 11, 7, 6 day periods, respectively. The number of COVID-19...

05/18/20 May 18, 2020 23 EN

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