⚡ Flash Summary

JS Global Banking Sector Exchange Traded Fund (JSGBETF) reported its unaudited financial results for the nine months ended September 30, 2025. The fund’s net profit after taxation increased significantly to PKR 112.46 million compared to PKR 45.69 million in the same period last year. This surge in profitability was primarily driven by substantial gains on investments, including both realized and unrealized gains. Despite the positive performance, the fund did not declare any cash dividend, bonus shares, or right shares for the period.

📌 Key Takeaways

• 🚀 Net profit after tax soared to PKR 112.46 million, up from PKR 45.69 million year-over-year.
• 📈 Total assets increased to PKR 217.13 million from PKR 170.01 million at the end of 2024.
• 💰 Investments surged to PKR 209.33 million, compared to PKR 159.07 million at the end of the previous year.
• 📊 Net unrealized gain on re-measurement of investments was PKR 64.72 million, against PKR 14.69 million in 2024.
• 🎉 Total comprehensive income for the period stood at PKR 112.46 million, a notable jump from PKR 45.69 million.
• 🚫 No cash dividend, bonus shares, or right shares were declared.
• 💸 Earnings per unit (EPU) is available for the period but not directly mentioned in the announcement. It is needed to make a full assessment.
• 📉 Number of units in issue decreased from 7,420,000 to 5,360,000.
• ⭐ Net assets value per unit increased significantly from PKR 22.55 to PKR 39.69.
• 💸 Total expenses increased to PKR 2.11 million compared to PKR 1.90 million in the same period last year.
• 🏦 Profit on bank deposits decreased from PKR 1.25 million to PKR 0.51 million.
• 💼 Gain on sale of investments increased significantly from PKR 14.63 million to PKR 27.90 million.
• 💸 Payable to JS Global Capital Limited decreased from PKR 1.43 million to PKR 0.92 million

🎯 Investment Thesis

Given the strong growth in profitability and net asset value, the recommendation is HOLD. The fund has demonstrated a solid ability to generate returns from its investments. However, the lack of dividend payout and a decrease in number of units issue needs further analysis to fully understand capital allocation decisions. Price target cannot be determined without an analysis with a full earnings projection and sector comparisons.