⚡ Flash Summary

Tri-Star Mutual Fund Limited reported its financial results for the year ended June 30, 2025. The fund’s total assets increased from PKR 93.08 million in 2024 to PKR 113.73 million in 2025. However, the profit after taxation decreased from PKR 24.17 million to PKR 21.57 million year-over-year. The net assets value per certificate increased from PKR 14.37 to PKR 17.27.

📌 Key Takeaways

• 📈 Total Assets increased by 22.18% from PKR 93.08 million to PKR 113.73 million.
• 📉 Profit after taxation decreased by 10.78% from PKR 24.17 million to PKR 21.57 million.
• 💼 Investments increased by 21.91% from PKR 92.38 million to PKR 112.61 million.
• ⚠️ Unrealized loss due to change in fair value of investment increased from PKR (2.08) million to PKR (4.17) million.
• 💰 Unappropriated profit increased by 69.21% from PKR 23.94 million to PKR 40.51 million.
• NAV per certificate increased by 20.18% from PKR 14.37 to PKR 17.27.
• 💸 Profit from operation decreased by 6.93% from PKR 26.95 million to PKR 25.08 million.
• 🏢 Operating expenses increased by 31.25% from PKR 2.36 million to PKR 3.10 million.
• ⚠️ Other comprehensive loss increased to PKR (2.09) million from a gain of PKR 6.17 million.
• 💸 Total comprehensive income decreased by 35.75% from PKR 30.34 million to PKR 19.48 million.
• Earnings per certificate decreased from PKR 6.07 to PKR 3.90.
• Dividends of PKR 5 million were paid.
• Cash and cash equivalents increased from PKR 50,243 to PKR 460,241

🎯 Investment Thesis

HOLD. The fund shows a mixed performance with asset growth offset by declining profitability and increasing unrealized losses. While the NAV per certificate has increased, the decrease in earnings per certificate raises concerns. Without a more detailed analysis of the portfolio composition and sector performance, it is difficult to recommend a buy or sell. A hold recommendation is appropriate until further information clarifies the fund’s future prospects. Price target: PKR 17.00, Time Horizon: 12 months.