OPENFUND

⚡ Flash Summary

OPEN FUND 786 Islamic Money Market Fund’s financial results for the quarter ended September 30, 2025, show a decrease in total assets. The fund’s net assets decreased from Rupees 437.28 million to Rupees 382.55 million. The net asset value per unit increased slightly from Rupees 100.40 to Rupees 102.71. No cash dividend, bonus units, or right shares were recommended by the board. The fund’s income primarily comes from investments and balances with banks.

📌 Key Takeaways

• 📉 Total assets decreased to Rupees 384.58 million from Rupees 438.93 million.
• 💰 Balances with banks decreased to Rupees 380.26 million from Rupees 420.92 million.
• Investments decreased from Rupees 15 million to zero.
• 📈 Accrued income/profit increased to Rupees 3.67 million from Rupees 2.46 million.
• NIL Cash Dividend
• 🚫 NIL Bonus Units
• ❌ NIL Right Shares
• 📄 Total Liabilities increased to Rupees 2.03 million from Rupees 1.66 million.
• 📉 Net Assets decreased to Rupees 382.55 million from Rupees 437.28 million.
• 📉 Number of units in issue decreased to 3,724,455 from 4,355,336.
• 📈 Net asset value per unit increased to Rupees 102.71 from Rupees 100.40.
• 💰 Income from investments and balances with banks: Rupees 11.19 million.
• ⬇ Net cash generated / (used in) in from operating activities Rupees (631,194)
• 💸 Net cash generated from investing Activities: Rupees 24.98 million
• 💸 Net cash generated / (used in) from financing Activities Rupees (65.01 million)

🎯 Investment Thesis

Given the decrease in total assets and the slight increase in net asset value per unit, a HOLD recommendation is appropriate. The fund’s performance appears stable, but investors should monitor its ability to maintain consistent returns amid market fluctuations. The price target remains aligned with the current NAV per unit, with a time horizon of medium term, pending further financial results and market conditions.

⚡ Flash Summary

OPEN FUND 786 Smart Fund’s financial results for the quarter ended September 30, 2025, show a decrease in net income after taxation to PKR 34.06 million compared to PKR 62.71 million in the same quarter last year. The fund did not recommend any cash dividend, bonus units, or right shares. Total assets decreased from PKR 1,527.73 million as of June 30, 2025, to PKR 1,423.38 million. Net assets value per unit increased slightly from PKR 84.06 to PKR 86.02.

📌 Key Takeaways

• 📉 Net income after taxation decreased to PKR 34.06 million from PKR 62.71 million YoY.
• ❌ No cash dividend was recommended for the period.
• 🚫 No bonus units were declared for the period.
• ❌ No right shares were offered for the period.
• 💰 Total assets decreased to PKR 1,423.38 million from PKR 1,527.73 million since June 30, 2025.
• ⬆️ Net assets value per unit increased to PKR 86.02 from PKR 84.06 since June 30, 2025.
• 🏦 Balances with banks decreased significantly to PKR 714.88 million from PKR 949.92 million since June 30, 2025.
• 📊 Investments increased to PKR 690.76 million from PKR 558.70 million since June 30, 2025.
• 💸 Income from investments and balances with banks decreased to PKR 40.47 million from PKR 64.34 million YoY.
• ⚠️ Impairment on investment reported at PKR 3.06 million for the quarter.
• 🏢 Remuneration to the management company increased to PKR 5.64 million from PKR 4.91 million YoY.
• 🧾 Total liabilities increased slightly to PKR 14.30 million from PKR 13.92 million since June 30, 2025.
• 🔄 Net cash used in operating activities was PKR (96.07) million compared to cash generated of PKR 600.19 million YoY.
• 📉 Net cash used in financing activities was PKR (138.96) million compared to (135.51) million YoY.
• ❌ No other entitlement or corporate action was declared.

🎯 Investment Thesis

HOLD. OPEN FUND 786 Smart Fund’s recent performance indicates challenges in maintaining profitability. The decrease in net income and shift to negative operating cash flow are concerning. While the net asset value per unit has slightly increased, the overall financial picture suggests caution. Given these factors, a hold recommendation is appropriate. Investors should monitor the fund’s performance and strategic adjustments closely. This recommendation will be re-evaluated following the next financial results release.

⚡ Flash Summary

ABL Asset Management Company Limited has announced the financial results of ABL Income Fund for the quarter ended September 30, 2025. The fund reported a net income for the period after taxation of PKR 91.948 million, compared to PKR 171.376 million in the same period last year, representing a decrease of approximately 46%. The Net Asset Value (NAV) per unit increased to PKR 10.4538 from PKR 10.1982 at the beginning of the period, and total assets decreased from PKR 4.897 billion to PKR 4.083 billion. These results reflect a challenging quarter for the fund, with lower profitability despite an increase in NAV.

📌 Key Takeaways

• 📉 Net income after taxation decreased by approximately 46%, from PKR 171.376 million in September 2024 to PKR 91.948 million in September 2025.
• ⬆️ NAV per unit increased from PKR 10.1982 at the beginning of the period to PKR 10.4538 by the end of September 2025.
• Assets decreased from PKR 4.897 billion as of June 30, 2025 to PKR 4.083 billion as of September 30, 2025.
• ⚠️ Total operating expenses increased from PKR 10.716 million to PKR 17.021 million.
• ⚠️ Income on government securities decreased from PKR 61.971 million to PKR 45.246 million.
• ⚠️ Income from term finance certificates and sukuk certificates decreased from PKR 45.472 million to PKR 30.848 million.
• ⚠️ Income on savings accounts with banks decreased from PKR 34.695 million to PKR 27.539 million.
• ✅ Total proceeds on issuance of units increased from PKR 614.987 million to PKR 1,824.674 million.
• ✅ Payments on redemption of units increased from PKR 469.314 million to PKR 2,144.246 million.
• Total distribution during the period remained at zero.
• The number of units in issue decreased from 399,426,515 to 367,886,058.

🎯 Investment Thesis

HOLD. Although NAV has increased, the significant decrease in net income and profitability raises concerns. Reduce position in ABL Income Fund.

⚡ Flash Summary

OPEN FUND 786 Smart Fund’s quarterly report for the period ended September 30, 2025, indicates a decrease in net assets from PKR 1,513.811 million to PKR 1,409.085 million. However, the Net Asset Value (NAV) per unit increased from PKR 84.06 to PKR 86.02 during the quarter. The fund’s total income decreased from PKR 69.798 million to PKR 42.141 million, while net income also declined from PKR 62.714 million to PKR 34.061 million. This performance reflects broader economic stabilization efforts in Pakistan amid ongoing inflationary pressures.

📌 Key Takeaways

• 📉 Net assets decreased from PKR 1,513.811 million to PKR 1,409.085 million.
• ⬆️ NAV per unit increased from PKR 84.06 to PKR 86.02.
• 📉 Total income decreased from PKR 69.798 million to PKR 42.141 million.
• 📉 Net income decreased from PKR 62.714 million to PKR 34.061 million.
• 🏦 Balances with banks decreased from PKR 949.917 million to PKR 714.882 million.
• ⬆️ Investments increased from PKR 558.697 million to PKR 690.756 million.
• ⬆️ Accrued income/profit decreased slightly from PKR 18.962 million to PKR 17.591 million.
• 📊 Total assets decreased from PKR 1,527.728 million to PKR 1,423.380 million.
• 💸 Total liabilities increased slightly from PKR 13.917 million to PKR 14.295 million.
• 📜 Number of units in issue decreased from 18,007,686 to 16,380,813.
• 📉 Income from investments and balances with banks decreased from PKR 64.342 million to PKR 40.466 million.
• ⬆️ Expenses increased from PKR 7.083 million to PKR 8.079 million.
• 🌐 Pakistan’s liquid foreign exchange reserves stood at USD 19.79 billion.
• ✅ Registration of the Trust Deed of the fund was made under the Sindh Trust Act, 2020.

🎯 Investment Thesis

Given the decrease in total income and net income, a HOLD recommendation is appropriate. While the NAV per unit increased slightly, the overall decline in net assets and higher expenses raise concerns. Further analysis of the fund’s asset allocation, expense management, and sector-specific performance is needed before considering a BUY recommendation. If the fund can control expenses and improve its income-generating capacity, it may warrant a more positive outlook. If the sector in general is in for poor performance then a SELL recommendation is appropriate.