⏸️ MCBIM-FUNDS: HOLD Signal (4/10) – ALHAMRA CASH MANAGEMENT OPTIMIZER FINANCIAL RESULT FOR THE QUARTER ENDED SEPTEMBER 30, 2025

📌 Key Takeaways

• 💰 Net income after taxation decreased by 45.8% from PKR 1,646.195 million in 2024 to PKR 892.107 million in 2025.
• 📉 Total income declined by 44.4% from PKR 1,744.028 million to PKR 969.992 million.
• 📊 Profit on investments decreased by 30.4% from PKR 998.005 million to PKR 695.056 million.
• 🏦 Profit on deposits with banks decreased significantly by 60.3% from PKR 666.041 million to PKR 264.582 million.
• 📈 Net Assets Value (NAV) per unit increased slightly by 2.5% from PKR 100.3604 to PKR 102.8438.
• 💸 Total assets decreased by 20.1% from PKR 42,649.054 million to PKR 34,084.594 million.
• ⬇️ Investment decreased by 4.8% from PKR 24,596.628 million to PKR 23,419.910 million.
• ✅ Total liabilities decreased substantially by 80.5% from PKR 209.810 million to PKR 41.024 million.
• 💸 Unit Holders’ Fund decreased by 20% from PKR 42,439.244 million to PKR 34,043.570 million.
• 🔻 Number of units in issue decreased by 21.7% from 422,868,512 to 331,022,208.
• 📉 Net cash generated from operating activities decreased significantly from a negative PKR 2,998.865 million to positive PKR 5,313.953 million.
• 📉 Net cash used in financing activities turned negative from a positive PKR 3,646.661 million to a negative PKR 9,287.781 million.

🎯 Investment Thesis

HOLD. While the fund has shown stability in its NAV per unit, the significant drop in income and overall contraction in size warrant a cautious approach. The fund’s performance needs to be closely monitored to determine if it can regain profitability and attract new investors. Given the increased economic uncertainty, a hold rating is appropriate.