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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.
Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM
📌 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.
On November 12, 2025, First Habib Modaraba announced a disclosure of interest regarding transactions executed by substantial shareholders. H4 Management (Pvt.) Limited, identified as a substantial shareholder, engaged in a purchase of -238,351 shares on June 11, 2025. The transaction was executed at a rate of PKR 33.90 per share, with the shares held in CDC form and traded in the ready market. This transaction will be presented in the subsequent board meeting for consideration of any non-compliance.
Signal: NEUTRAL ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
📝 Disclosure concerns a transaction by a substantial shareholder.
🏢 H4 Management (Pvt.) Limited is identified as the transacting shareholder.
🗓️ Transaction date: June 11, 2025.
💸 Nature of transaction: BUY.
📉 Number of shares: -238,351 (Likely indicates shares sold).
💲 Rate per share: PKR 33.90.
🏦 Shares held in CDC form.
📊 Market: Ready.
📢 Transaction to be presented at the next board meeting.
❗ Non-compliance, if any, will be highlighted.
🎯 Investment Thesis
HOLD. Given the sale of shares by a substantial shareholder, further monitoring is warranted. A hold recommendation is appropriate until the reasons for the transaction and potential impacts are better understood.
First Habib Modaraba’s financial results for the quarter ended September 30, 2025, show a decrease in profit after taxation compared to the same period last year. Income from diminishing musharaka financing decreased, impacting overall revenue. Despite a decrease in financial charges, the company’s profit before taxation also slightly decreased. The earnings per certificate also saw a minor decrease year-over-year. No cash dividend, bonus shares or rights shares are being issued.
Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEGATIVE
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
📉 Income from diminishing musharaka financing decreased to Rs. 1,119.95 million from Rs. 1,431.53 million year-over-year.
⬆️ Reversal in respect of diminishing musharaka financing increased by Rs. 31.89 million compared to a loss of Rs. 57.49 million in the previous year.
⚠️ Administrative expenses increased to Rs. 75.10 million from Rs. 62.08 million year-over-year.
⬆️ Other income decreased to Rs. 46.58 million from Rs. 61.82 million year-over-year.
✅ Financial charges decreased to Rs. 762.50 million from Rs. 1,012.72 million year-over-year.
💰 Profit before taxation and levy decreased slightly to Rs. 308.22 million from Rs. 309.60 million year-over-year.
📊 Profit before taxation decreased to Rs. 302.46 million from Rs. 301.51 million year-over-year.
📉 Profit after taxation decreased to Rs. 184.99 million from Rs. 190.26 million year-over-year.
📉 Earnings per certificate (basic and diluted) decreased to Rs. 1.67 from Rs. 1.72 year-over-year.
🚫 No cash dividend was declared for the period ended September 30, 2025.
🚫 No bonus shares or right shares were announced.
🏛️ Authorized certificate capital remains constant at 140,000,000 certificates of Rs. 10 each.
🎯 Investment Thesis
Given the declining financial performance, I recommend a HOLD rating. The decrease in revenue and profitability metrics suggests a need for strategic reassessment to improve core operations. A BUY rating is not justified given the current financial results. The price target will remain the same because the company is still within acceptable range. The time horizon for this recommendation is MEDIUM_TERM.
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.
Signal: HOLD ⏸️
Strength: 6/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM
📌 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.
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.
📑 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.
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.
Signal: HOLD ⏸️
Strength: 6/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM
📌 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.
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.
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.
Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM
📌 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
💻 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.
First Habib Modaraba (FHM) reported a strong financial performance for the year 2024-25, marking its 40th year of operation. The company achieved its highest-ever profit before tax and management fees, reaching Rs. 1.42 billion, and the highest disbursement at Rs. 19.6 billion. FHM’s balance sheet footing also hit a record Rs. 34.75 billion. The company declared a 22.5% cash dividend for June 2025, reflecting its consistent dividend payout history.
Signal: BUY 📈
Strength: 8/10
Sentiment: POSITIVE
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
🎉 FHM celebrates its 40th year of successful business operations.
🏦 FHM maintains its position as a leading Modaraba within Pakistan’s NBFI sector.
🏆 FHM has consistently secured AA+ rating for the last 17 years from PACRA.
💼 FHM’s total staff strength stood at 88 as of June 30, 2025.
📈 Profit before tax & management fee reached Rs. 1.42 billion, a record high.
💰 Disbursement reached Rs. 19.6 billion, the highest in FHM’s history.
💪 Financing asset size hit an all-time high of Rs. 32.6 billion.
📊 Balance Sheet footing reached Rs. 34.75 billion for the first time.
💸 Fund mobilization reached Rs. 27.06 billion, the highest ever.
✅ Profit after tax reached Rs. 901 million, the highest since inception.
💸 The company has announced a 22.5% cash dividend for June 2025.
🌱 FHM maintains a diversified financing portfolio with stable sectors of the country.
⭐ FHM secures best report awards for the last 15 consecutive years.
🎯 Investment Thesis
FHM presents a compelling investment opportunity due to its strong financial performance, consistent dividend payout, and robust risk management practices. The company’s long-standing history, AA+ credit rating, and commitment to Shariah compliance provide a solid foundation for future growth. BUY.
What this means: 📊 Regular News: This is a routine company announcement. May not have big impact on stock price immediately.
🏢 Company & Announcement
SymbolFHAM
CompanyFirst Habib Modaraba
DateSep 15, 2025
Time3:10 PM
Announcement Title:
Transmission of Annual Report for the Year Ended 2025-06-30
🧠 Investment Thesis
First Habib Modaraba (FHM) shows a solid financial performance, its commitment to Shariah-compliance, and its 40 years of operations make it a great company. FHM has good dividend payout and consistent investment. Therefore, retail investors should hold the stock and wait for it to appreciate over the long term.
📋 Key Highlights
FHM marks 40 years of operations with strong growth in balance sheet size (32% increase) and financing assets.
Profitability increased significantly, with profit after tax rising by 31%.
Consistent dividend payouts maintained with an average of 23.25% over the last 10 years.
FHM demonstrates its commitment to Shariah-compliant practices.
Reinvestment in key growth areas shows its commitment to long term growth.
⚠️ Risk Assessment
Market Risks: General economic downturn or increased market volatility could impact FHM’s financial performance.
Regulatory Risks: Changes in regulations related to Islamic finance or the Modaraba sector could affect operations and profitability.
Economic Uncertainty: Pakistan’s economic landscape remains subject to uncertainty and volatility. Government and central banking policies can also influence profits.
{
"sentiment": "POSITIVE",
"signal": "HOLD",
"strength": 7,
"brief_summary": "First Habib Modaraba (FHM) has announced its annual report for the year ended June 30, 2025. The announcement highlights FHM's 40 years of successful operations, strong financial performance, and commitment to Shariah-compliant practices. FHM has a strong asset base and improving profitability. Distribution for long term as average dividend payment 23.25% FHM offers sustainable returns with reinvestments in key growth areas. However, retail investors should consider market risks, regulatory changes, and economic uncertainty.",
"key_points": [
"FHM marks 40 years of operations with strong growth in balance sheet size (32% increase) and financing assets.",
"Profitability increased significantly, with profit after tax rising by 31%.",
"Consistent dividend payouts maintained with an average of 23.25% over the last 10 years.",
"FHM demonstrates its commitment to Shariah-compliant practices.",
"Reinvestment in key growth areas shows its commitment to long term growth."
],
"financial_impact": "MEDIUM",
"price_target": "Price to appreciate over the long term, but the general market conditions and stability greatly influence the stock. Keep an eye on regulatory factors and overall financial climate as any downturn would affect the price of the stock.",
"risk_factors": [
"Market Risks: General economic downturn or increased market volatility could impact FHM's financial performance.",
"Regulatory Risks: Changes in regulations related to Islamic finance or the Modaraba sector could affect operations and profitability.",
"Economic Uncertainty: Pakistan's economic landscape remains subject to uncertainty and volatility. Government and central banking policies can also influence profits."
],
"investment_thesis": "First Habib Modaraba (FHM) shows a solid financial performance, its commitment to Shariah-compliance, and its 40 years of operations make it a great company. FHM has good dividend payout and consistent investment. Therefore, retail investors should hold the stock and wait for it to appreciate over the long term.",
"simple_note": "\ud83d\udcca Regular News: This is a routine company announcement. May not have big impact on stock price immediately."
}
Disclaimer: This analysis is AI-generated and for informational purposes only. It is not financial advice. Please conduct your own research before making any investment decisions.
What this means: 📊 Regular News: This is a routine company announcement. May not have big impact on stock price immediately.
🏢 Company & Announcement
SymbolFHAM
CompanyFirst Habib Modaraba
DateSep 16, 2025
Time1:07 PM
Announcement Title:
Notice of Annual Review Meeting 2025
🧠 Investment Thesis
This announcement is simply a notice of the Annual Review Meeting. It doesn’t give any insight into financial performance or future plans. Investors should wait for the results of the meeting or the annual report before making any investment decisions.
📋 Key Highlights
Annual Review Meeting will be held on October 8, 2025.
Meeting is to review the performance of Modaraba for the year ended June 30, 2025.
Certificate holders registered by October 1, 2025 are eligible to attend.
⚠️ Risk Assessment
The announcement itself doesn’t provide any information about risks. Investors should review the company’s annual report for detailed risk factors.
{
"sentiment": "NEUTRAL",
"signal": "HOLD",
"strength": 5,
"brief_summary": "First Habib Modaraba (FHAM) is holding its Annual Review Meeting on October 8, 2025, to discuss the company's performance for the year ending June 30, 2025. This is just a notice for the meeting.",
"key_points": [
"Annual Review Meeting will be held on October 8, 2025.",
"Meeting is to review the performance of Modaraba for the year ended June 30, 2025.",
"Certificate holders registered by October 1, 2025 are eligible to attend."
],
"financial_impact": "LOW",
"price_target": "No price movement expected as this is just a notice of a meeting.",
"risk_factors": [
"The announcement itself doesn't provide any information about risks. Investors should review the company's annual report for detailed risk factors."
],
"investment_thesis": "This announcement is simply a notice of the Annual Review Meeting. It doesn't give any insight into financial performance or future plans. Investors should wait for the results of the meeting or the annual report before making any investment decisions.",
"simple_note": "\ud83d\udcca Regular News: This is a routine company announcement. May not have big impact on stock price immediately."
}
Disclaimer: This analysis is AI-generated and for informational purposes only. It is not financial advice. Please conduct your own research before making any investment decisions.
