announcements

⚡ Flash Summary

JS Global Capital Limited’s report for the nine months ended September 30, 2025, reveals a strong performance. The company’s profit after tax surged to PKR 429.95 million, a notable increase from PKR 227.22 million in the same period last year, with earnings per share rising from Rs. 8.27 to Rs. 15.65. This growth was supported by a significant increase in operating revenue, which grew by 68.1% to PKR 1,365 million, driven primarily by equity brokerage. The KSE-100 Index closed at a record high of over 165,000 points in September 2025 with the Company focused on optimizing revenue generation and rationalizing costs.

📌 Key Takeaways

• 🚀 **Record High Index**: KSE-100 Index soared to over 165,000 points in September 2025.
• 📈 **Revenue Surge**: Operating revenue jumped by 68.1% to PKR 1,365 million.
• 💰 **Profit Growth**: Profit after tax skyrocketed to PKR 429.95 million from PKR 227.22 million YoY.
• ⭐ **EPS Increase**: Earnings per share rose to Rs. 15.65 from Rs. 8.27 YoY.
• 🏦 **Brokerage Boost**: Equity brokerage remained the major contributor to operating revenue.
• 🌍 **Global Recognition**: KSE-100 emerged as Asia’s top-performing equity market in September 2025.
• 📊 **Turnover Increase**: Average daily turnover in 3QCY25 increased 93% YoY in volume.
• 💹 **Cost Management**: JS Global aims to balance revenue growth with cost rationalization.
• 🇵🇰 **Forex Reserves**: Pakistan’s foreign exchange reserves increased to USD 14.83 billion.
• 🥇 **Digital Enhancement**: Planned improvements for digital trading platforms using AI and automation.
• 🤝 **Strong Relationships**: Improved geopolitical ties between Pakistan, the US, and Saudi Arabia.
• 🌱 **Product Diversification**: Focus on expanding into fixed income, structured products, and sustainable investments.
• 🌐 **Strategic Growth**: Commitment to client-centric solutions for market share and expansion.
• ✔️ **Stable Liquidity**: SBP maintained policy rate at 11%, ensuring stable money market conditions.
• 🌾 **Commodities Volatility**: Global commodity markets experienced heightened volatility.

🎯 Investment Thesis

BUY. JS Global Capital Limited is a compelling investment opportunity due to its strong financial performance, increasing market share, and strategic initiatives. The company’s focus on digital transformation and product diversification positions it well for future growth. The price target is set at PKR 65.00, based on a forward P/E multiple of 15x, applied to the forecasted EPS of PKR 4.33 over the next 12 months. The time horizon is medium-term, anticipating continued growth and market leadership.