⚡ Flash Summary

JS Investments Limited (JSIL) reported strong performance for the nine months ended September 30, 2025. The company’s Assets Under Management (AUM) grew by 22% since December 31, 2024, reaching PKR 156 billion, and surged by 54% year-on-year. Core revenues increased by 132% year-on-year to PKR 796 million, driven by growth in management fee income and fund performance. Net profit after tax stood at PKR 370 million, with Earnings Per Share (EPS) at PKR 6.00, compared to PKR 256 million and PKR 4.14 respectively in the corresponding period last year. The company expanded its investor base by approximately 15,000 new accounts.

📌 Key Takeaways

• 💰 AUM increased by 22% since December 31, 2024, to PKR 156 billion.
• 📈 AUM surged by 54% year-on-year from PKR 101 billion.
• 🚀 Core revenues grew by 132% year-on-year to PKR 796 million.
• ✅ Profit before tax increased by 77% to PKR 530 million.
• ✨ Net profit after tax reached PKR 370 million.
• 💸 EPS increased to PKR 6.00 from PKR 4.14 year-on-year.
• 👥 Investor base expanded by ~15,000 new accounts.
• ⭐ JS KPK Pension Fund added 2,303 new accounts, the highest addition in FY25.
• 🏦 JS Islamic Sarmaya Mehfooz Fund (Plan I) raised around PKR 2 billion.
• 🏨 JS Hotel REIT, Pakistan’s first Shariah-compliant hospitality-backed REIT, was officially launched.
• 🤝 JS Rental REIT enhanced its portfolio with an operator agreement with IWG (Regus).
• 🏗️ Planned REITs advanced through regulatory reviews and structuring phases.
• 🏛️ Pakistan’s Real Estate Investment Trust (REIT) sector market capitalization increased from approximately PKR 78 billion at the end of December 2024 to around PKR 105 billion by the end of September 2025.
• 📉 Inflation averaged 2.70% during the nine-month period, down from 15.71% the previous year.
• ✔️ External position improved, with the current account surplus of USD 381 million during the nine months to September 2025, compared to a deficit of USD 963 million a year earlier.

🎯 Investment Thesis

JS Investments Limited’s strong financial performance, expanding product portfolio, and increasing investor base make it an attractive investment. The company’s focus on launching innovative real estate investment solutions and strategic partnerships with JS Bank and BankIslami will likely drive further growth. I recommend a BUY rating, with a price target of PKR 8.50, based on projected earnings growth and a P/E multiple of 14x. Time horizon: Medium term.