⚡ Flash Summary

First Fidelity Leasing Modaraba (FFLM) announced a corporate briefing session for the financial year 2024-2025 scheduled for November 27, 2025. The announcement, dated November 18, 2025, was made in compliance with PSX notices. A review of historical data shows fluctuating revenue, with a recent dip in 2025, and a net loss. Investors should review the briefing for insights on strategy for future performance and risk management.

📌 Key Takeaways

• 📅 FFLM will hold a corporate briefing session for FY 2024-2025 on November 27, 2025.
• 📜 The announcement complies with PSX notices No. PSX/N-92 and PSX/N-249.
• 📉 Revenue decreased to PKR 13.264 million in 2025 from PKR 24.40 million in 2020.
• 💔 Operating loss before taxation and management fee was PKR 1.467 million in 2025, a significant downturn from a profit of PKR -4.06 million in 2020.
• 🏚️ Fixed assets decreased to PKR 251.906 million in 2025 from PKR 284.4 million in 2020.
• 💸 Total assets decreased to PKR 335.440 million in 2025 from PKR 377.98 million in 2020.
• 📉 Certificate holders’ equity decreased to PKR 297.628 million in 2025 from PKR 335.35 million in 2020.
• 📉 Earning Loss per certificate decreased to PKR -0.06 in 2025 from PKR -0.18 in 2020.
• 📊 Break-up value per certificate decreased to PKR 12.70 in 2025 from PKR 12.73 in 2020.
• 💼 The Modaraba is managed by Fidelity Capital Management (Pvt) Ltd.
• 🏢 The Modaraba’s registered office is in Gulberg II, Lahore.
• 🗓️ FFLM commenced operations on December 5, 1991.
• 📃 The Modaraba is engaged in ijarah, musharika, and morabaha financing.
• 🔒 Business growth faces challenges due to policy uncertainty and political instability.
• 🌱 Management aims to utilize resources in core activities like Ijarah and Morabaha.

🎯 Investment Thesis

Based on the current financials, a HOLD recommendation is appropriate. While the company is taking steps to manage resources, the financials indicate significant challenges. The corporate briefing session may provide further insights. The price target is a hold, with a price target equal to the current market value, but no upside at this time until financials improve.