Dear Friends,

We have revised our price target on SYS to PkR645 (+40% upside) and initiated coverage on TRG with PkR256 price target (+66% upside). We have also discussed our views on TPLT which is like Waze of Pakistan.

In this report, we have launched KASB Technology Index. It is a market cap-weighted index of 5 listed technology companies. The Index is up +42% in past 3 months, +506% in past 1 year and +281% over past 3 years. Technology companies still account for only 2.3% of KSE’s total market cap. We think this will change and we hope that this Index will help you in better tracking and analyzing the sector’s performance. We expect a lot more technology IPOs over the coming months.

I look forward to talking to you if you have questions on the note.

Best wishes,

Ali Farid Khwaja, CFA