⚡ Flash Summary

Alhamra Daily Dividend Fund’s financial results for the quarter ended September 30, 2025, reveal a significant decrease in net income compared to the same period last year. The fund’s net income dropped from PKR 149.063 million to PKR 56.440 million. This decline is primarily attributed to a decrease in total income, driven by lower mark-up on investments and balances with banks. Despite a decrease in total liabilities, the overall net assets have decreased, resulting in the fund maintaining a net asset value per unit of PKR 100.0000.

📌 Key Takeaways

• 📉 Net income decreased significantly to PKR 56.440 million in Q3 2025 from PKR 149.063 million in Q3 2024.
• 💸 Total income declined from PKR 162.046 million to PKR 64.747 million, a 60% decrease.
• 🏦 Mark-up on balances with banks decreased from PKR 60.910 million to PKR 35.920 million.
• 💰 Income from investments decreased from PKR 101.136 million to PKR 28.827 million.
• 💼 Total expenses decreased slightly from PKR 12.983 million to PKR 8.307 million.
• 🏢 Remuneration of Management Company decreased from PKR 11.199 million to PKR 7.223 million.
• ⚖️ Total assets decreased significantly from PKR 3.991 billion to PKR 2.189 billion.
• 💵 Balances with banks decreased from PKR 2.483 billion to PKR 1.494 billion.
• 📊 Investments decreased from PKR 1.170 billion to PKR 618 million.
• 🧾 Total liabilities decreased substantially from PKR 654.126 million to PKR 4.708 million.
• ✅ Net assets decreased from PKR 3.337 billion to PKR 2.184 billion.
• 🌱 Number of units in issue decreased from 33,374,959 to 21,843,261.
• ✔️ Net asset value per unit remained constant at PKR 100.0000.

🎯 Investment Thesis

Given the significant decline in net income and total assets, a HOLD recommendation is warranted. While the NAV per unit has remained stable, the fund’s ability to generate returns has diminished. Investors should monitor the fund’s performance closely and consider alternative investment options if the downward trend continues. A more favorable view would require evidence of improved income generation and asset growth. The price target would be based on an improvement in fund performance.