⚡ Flash Summary

On November 17, 2025, H4 Management (Pvt.) Limited, identified as a substantial shareholder of First Habib Modaraba, executed a purchase of -130,269 shares at a rate of 34.80 per share, facilitated through the Central Depository Company (CDC) in the Ready market. This transaction is formally disclosed to the Pakistan Stock Exchange (PSX) as per regulation 5.6.4. The transaction will be presented in the subsequent board meeting for consideration of any non-compliances. This activity indicates a change in the holdings by a significant shareholder, potentially influencing investor sentiment.

📌 Key Takeaways

• 📝 H4 Management (Pvt.) Limited executed a transaction as a substantial shareholder.
• 🗓️ The transaction occurred on November 17, 2025.
• ⬆️ H4 Management bought -130,269 shares, this notation likely means the number of shares was reduced from their holding.
• 💲 The purchase was executed at a rate of 34.80 per share.
• 🏦 The shares are held in the form of a CDC (Central Depository Company) certificate.
• 💹 The transaction took place in the Ready market.
• 📜 The disclosure is made under clause 5.6.4 of PSX Regulations.
• 📢 The transaction will be presented in the next board meeting.
• ⚠️ Non-compliance issues, if any, will be addressed in the board meeting.
• Exchange.
• HabibMetro Modaraba Management manages First Habib Modaraba.
• HMMM is a subsidiary of Habib Metropolitan Bank.

🎯 Investment Thesis

Based solely on this disclosure, a HOLD recommendation is appropriate. While the transaction by a substantial shareholder can influence stock dynamics, it lacks sufficient information to justify a definitive BUY or SELL decision. Further analysis of the company’s financials, strategic direction, and market conditions is necessary before forming a more conclusive investment thesis.

⚡ Flash Summary

First Habib Modaraba (FHM) reported satisfactory performance for the quarter ended September 30, 2025. Disbursements increased to Rs.5.230 billion compared to Rs.3.895 billion in the same quarter last year. The balance sheet also saw growth, reaching Rs.36.081 billion compared to Rs.28.195 billion. Despite a reduction in policy rates, the Modaraba managed to sustain profitability through enhanced business volumes and a focused business strategy. The report acknowledges challenges in the economic environment, including potential pressures on profitability due to declining policy rates, but expresses confidence in maintaining growth momentum through prudent financial management.

📌 Key Takeaways

• 👍 Disbursements increased to Rs.5.230 billion, up from Rs.3.895 billion in the same quarter last year.
• 📈 Balance sheet footing reached Rs.36.081 billion, a significant increase from Rs.28.195 billion year-over-year.
• 💰 Maintained profitability despite a reduction in policy rates, indicating efficient management.
• 🎯 Focused business strategy and dedicated efforts are cited as key drivers for volume enhancement.
• ⚠️ Economic outlook for Pakistan is mixed, with challenges from floods, low industrial growth, and inflation.
• 📉 World Bank revised Pakistan’s GDP growth rate projection downward to 2.60% for fiscal year 2025-26.
• 🏦 State Bank of Pakistan kept the policy rate unchanged at 11% in September 2025.
• 🌍 External account faces renewed pressure due to a widened current account deficit.
• 🛡️ Maintained long-term credit rating at AA+ and short-term credit rating at A1+ by PACRA.
• 📊 FHM recognized as market leader with a diversified portfolio of Shariah-compliant products.
• ⏳ Challenging economic environment foreseen, potentially disturbing business activities and investor confidence.
• 📉 Anticipate pressure on profitability of FHM in FY2025-26 due to decline in policy rate.
• 🙏 Expressed gratitude to regulators, customers, and employees for their support and dedication.
• 🤝 Acknowledged smooth operations and satisfactory results achieved in a difficult business environment.
• 🏢 Geographical presence includes branches in Karachi, Lahore, Islamabad and Multan

🎯 Investment Thesis

HOLD recommendation for First Habib Modaraba (FHM) due to mixed performance. While disbursements and balance sheet size have increased, profit after tax decreased slightly and the economic outlook for Pakistan is uncertain. The company’s strong credit ratings and market position provide stability, but potential pressures on profitability warrant a cautious approach. Price target is maintained at current levels due to balanced growth and risk factors.

⚡ Flash Summary

First Habib Modaraba has announced a board meeting scheduled for October 28, 2025, to review the unaudited financial statements for the quarter ended September 30, 2025. The primary agenda of the meeting is to consider the declaration of any entitlement. In compliance with PSX regulations, the company has declared a closed period from October 21 to October 28, 2025, during which directors, the CEO, and executives are prohibited from trading in the company’s shares. This announcement ensures transparency and adherence to regulatory requirements.

📌 Key Takeaways

• 📅 Board meeting scheduled for October 28, 2025.
• 🏢 Meeting location: 6th Floor, HBZ Plaza, Karachi.
• 📑 Agenda: Review of unaudited financial statements for the quarter ended September 30, 2025.
• 💰 Consideration of entitlement declaration.
• 🚫 Closed period declared: October 21 to October 28, 2025.
• 🔒 Trading restriction for Directors, CEO, and Executives during the closed period.
• 📜 Compliance with Clause 5.6.4 of PSX Regulations.
• 📢 Notification to TRE Certificate Holders of the Exchange.
• ✉️ Announcement by Ayesha Rasheed, Company Secretary.
• 🏦 HMMM is a subsidiary of Habib Metropolitan Bank.
• 🌐 Website: www.habibmodaraba.com.
• 📞 UAN: 111-346-346 TEL: 32635949-51

🎯 Investment Thesis

Given the lack of financial information in the announcement, a HOLD recommendation is appropriate. Further analysis is needed based on the upcoming financial statements before making a BUY or SELL decision.

⚡ Flash Summary

First Habib Modaraba (FHAM) announced a final cash dividend of Rs. 2.25 per certificate, which is 22.5% for the year ended June 30, 2025. The dividend was approved by the Board of Directors on August 7, 2025, and electronically credited to the designated bank accounts of certificate holders on October 16, 2025. The disbursement applies to those certificate holders who have provided e-mandate with 24-digit complete IBAN numbers. The Modaraba has withheld dividends from certificate holders who have not provided their IBAN numbers and/or valid copies of their CNICs, in compliance with the Companies Act, 2017.

📌 Key Takeaways

• 💰 Final cash dividend declared: Rs. 2.25 per certificate.
• 📊 Dividend rate: 22.5% for the year ended June 30, 2025.
• 🗓️ Board approval date: August 7, 2025.
• 🏦 Electronic credit date: October 16, 2025.
• ✅ Eligibility: Certificate holders with e-mandate and complete IBAN.
• 🚫 Withholding: Dividends withheld for non-compliant certificate holders.
• 📜 Compliance: Adherence to Companies Act, 2017.
• 💳 CNIC Requirement: Valid CNIC copies needed for dividend processing.
• 🌐 Mandate Form: Available on Modaraba’s website.
• 🏢 Share Registrar: CDC Share Registrar Services Limited.
• 📍 CDC Location: CDC House, Karachi.
• 📞 CDC Toll Free: 0800-CDCPL (23275).
• ℹ️ CCDR: Centralized Cash Dividend Register developed by CDC.
• 🧾 CCDR Purpose: Maintains dividend payment history.
• 📢 Publication: Notices to be published in Business Recorder and Nawa-e-Waqt.

🎯 Investment Thesis

Based solely on this dividend announcement, a HOLD recommendation is appropriate. The dividend payout is positive, but a comprehensive analysis requires further financial information to assess the Modaraba’s overall financial health and future prospects. A more thorough review of the financial statements is necessary to determine a price target and time horizon. The yield of 22.5% may be attractive, but will need to be compared to alternate investments.

⚡ Flash Summary

First Habib Modaraba has announced a final cash dividend of Rs. 2.25 per certificate, which is equivalent to 22.5% for the year ended June 30, 2025. This dividend was approved by the Board of Directors on August 7, 2025, and electronically credited to the designated bank accounts of certificate holders on October 16, 2025. The dividend was only disbursed to those certificate holders who provided e-mandate with complete 24-digit IBAN numbers. The Modaraba withheld dividends from those who have not yet provided their IBAN numbers and/or valid copies of their CNICs, in accordance with the Companies Act, 2017.

📌 Key Takeaways

• 💰 Final cash dividend declared: Rs. 2.25 per certificate (22.5%)
• 📅 Year-end: June 30, 2025
• ✅ Dividend approved: August 7, 2025
• 🏦 Electronic credit: October 16, 2025
• 🆔 IBAN requirement: 24-digit IBAN needed for disbursement
• 📜 Compliance: In accordance with Companies Act, 2017
• ⛔️ Dividend withholding: For those without IBAN or CNIC
• 📝 Mandate form: Required for physical certificate holders
• 🌐 Online form: Available on www.habibmodaraba.com
• 🏢 Share registrar: CDC Share Registrar Services Limited
• 📞 Toll-free: 0800-CDCPL (23275)
• 💻 CCDR portal: Centralized Cash Dividend Register by CDC
• ℹ️ Dividend history: Maintained by CCDR with tax details
• 📰 Notice publication: Business Recorder (English) & Nawa-e-Waqt (Urdu)
• 🏦 Habib Metro: HMMM is a subsidiary of Habib Metropolitan Bank

🎯 Investment Thesis

Based on the limited information in this dividend announcement, a HOLD recommendation is appropriate. While the dividend payout is positive, a full investment decision requires more comprehensive financial information to assess the overall health and prospects of First Habib Modaraba.