IMS

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Intermarket Securities Limited (IMS) – HOLD Signal & Analysis

Intermarket Securities Limited (IMS) has released a new market announcement. Our AI-driven analysis suggests a HOLD signal with a strength of 3/10.

⚡ Flash Analysis for IMS

Intermarket Securities Limited (IMS) has officially announced the successful incorporation of its wholly-owned subsidiary, AFT Japan (Private) Limited. This follows an earlier disclosure regarding the approval for its establishment.

Signal
HOLD ⏸️
Reaction
NEUTRAL
Current Price
Rs. 15.06
P/E Ratio
N/A

📌 Key Investment Takeaways

  • IMS has completed the incorporation of its new subsidiary, AFT Japan (Private) Limited.
  • This subsidiary is wholly owned by IMS.
  • The incorporation follows a previous disclosure and approval for its establishment.
  • The announcement was made to the General Manager of the Pakistan Stock Exchange.
  • The information is considered material under the Securities Act, 2015 and PSX Regulations.
  • This is an administrative and legal step, not directly impacting current financials.

📊 IMS Fundamental Snapshot

Live market data relative to this announcement:

EPS (Latest) N/A
EPS Growth (97.04)%
Free Float 10.00%
YTD Change -41.31%

🎯 Investment Thesis

The announcement regarding the incorporation of ‘AFT Japan (Private) Limited’ is a procedural update. While the establishment of a subsidiary, especially one with an international name, can be a precursor to future strategic initiatives or expansion, this specific disclosure does not provide immediate financial information or performance indicators. Therefore, it is unlikely to cause a significant short-term price movement. Investors should view this as a neutral development, awaiting further details on the subsidiary’s purpose, operations, and potential financial contributions. The stock should be held as the long-term implications are yet to be determined.

Official Source: Download PDF Announcement

Disclaimer: This analysis is AI-generated for informational purposes and does not constitute financial advice. Data source: PSX.

Written by: FoxLogica News Analysis

Published on: March 31, 2026

⏸️ IMS: HOLD Signal (5/10) – Board Meeting Other Than Financial Results

⚡ Flash Summary

IMS announced: Board Meeting Other Than Financial Results. Basic analysis suggests neutral sentiment. Professional review recommended.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • IMS made announcement: Board Meeting Other Than Financial Results
  • Automated analysis: HOLD signal detected
  • Signal strength: 5/10
  • This is basic analysis – manual review recommended
  • Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for IMS. Manual verification required.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: December 29, 2025

⏸️ IMS: HOLD Signal (5/10) – Board Meeting Other Than Financial Results

⚡ Flash Summary

IMS announced: Board Meeting Other Than Financial Results. Basic analysis suggests neutral sentiment. Professional review recommended.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • IMS made announcement: Board Meeting Other Than Financial Results
  • Automated analysis: HOLD signal detected
  • Signal strength: 5/10
  • This is basic analysis – manual review recommended
  • Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for IMS. Manual verification required.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: December 10, 2025

⏸️ IMS: HOLD Signal (6/10) – Presentation of Corporate Briefing Session – 2025

⚡ Flash Summary

Intermarket Securities Limited (IMS) presented its corporate briefing for FY2025. The company’s brokerage commission for FY25 increased year-over-year despite the financial year covering only 6 months due to a change in the fiscal year end. IMS merged with EFG Hermes Pakistan Ltd, resulting in a market share of 8%. A dividend of 20% was also announced. The firm highlights its mission to offer best-in-class service and superior technology solutions, aiming to be the preferred brokerage firm in Pakistan.

Signal: HOLD ⏸️
Strength: 6/10
Sentiment: POSITIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 📈 IMS’s operating revenue for Jan-Jun 2025 stood at PKR 643.56 million, compared to PKR 996.21 million for the full year 2024.
  • 🤝 IMS merged with EFG Hermes Pakistan Ltd, achieving a market share of 8%.
  • 💰 The company announced a 20% dividend for FY25.
  • 📊 Brokerage commission represents 85.64% of total revenue (Dec 31, 2024: 85.82%).
  • 🌍 8.70% of brokerage commission earned relates to customers outside Pakistan (Dec 31, 2024: 8.89%).
  • 🏢 Total assets as of June 30, 2025, were PKR 3,362.26 million, compared to PKR 3,940.52 million as of December 31, 2024.
  • 💸 Profit after taxation for Jan-Jun 2025 was PKR 155.37 million, compared to PKR 477.02 million for the full year 2024.
  • 📉 EPS for Jan-Jun 2025 was PKR 0.12, compared to PKR 0.37 for the full year 2024.
  • 🏦 Short-term investments were PKR 265.11 million as of June 30, 2025, compared to PKR 280.37 million as of December 31, 2024.
  • 💼 Shareholder’s equity was PKR 1,501.46 million as of June 30, 2025, compared to PKR 1,603.59 million as of December 31, 2024.
  • 💹 Return on equity was 20.0% for Jan-Jun 2025.
  • ✔️ Return on total assets was 9.2% for Jan-Jun 2025.

🎯 Investment Thesis

A HOLD recommendation is appropriate given the company’s recent merger and change in fiscal year-end. While IMS shows potential with its increased market share and brokerage commission revenue, the shortened reporting period and integration process create uncertainty. Further monitoring of post-merger performance is recommended before making a BUY or SELL decision.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

⏸️ IMS: HOLD Signal (6/10) – Disclosure of Interest by substantial shareholder under rule 5.6.4 of the rule book

⚡ Flash Summary

Intermarket Securities Limited (IMS) disclosed that AB Holdings acquired 102,079,820 ordinary shares, equivalent to 7.92% of IMS’s issued and paid-up capital, from EFG Hermes Brokerage Holding LLC at PKR 0.01 per share. This transaction results in an indirect change in the beneficial shareholding and ownership of Ms. Erum Bilwani, a director and substantial shareholder of both IMS (holding 43.07% shares) and AB Holdings (holding 30% shares). The shares are held in electronic form with the Central Depository Company (CDC). The disclosure aims to keep the Pakistan Stock Exchange (PSX) and market participants informed as per regulatory requirements.

Signal: HOLD ⏸️
Strength: 6/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 📢 AB Holdings acquired 7.92% of Intermarket Securities Limited (IMS).
  • 💰 Purchase price: PKR 0.01 per share.
  • 🏢 Seller: EFG Hermes Brokerage Holding LLC.
  • 📅 Transaction date: September 30, 2025.
  • 👤 Ms. Erum Bilwani is a director and substantial shareholder of both IMS (43.07%) and AB Holdings (30%).
  • 📊 The transaction involved 102,079,820 ordinary shares.
  • 🏛️ Shares are held electronically with the Central Depository Company (CDC).
  • 🔄 Indirect change in beneficial shareholding of Ms. Erum Bilwani.
  • 📜 Disclosure made under Rule 5.6.4 of the PSX Rule Book.
  • 🗓️ Disclosure date: November 17, 2025.
  • ✉️ AB Holdings’ purchase intimation letter dated November 10, 2025.
  • 🤝 Share Purchase Agreement (SPA) executed on September 30, 2025.

🎯 Investment Thesis

HOLD. The acquisition of a 7.92% stake in Intermarket Securities Limited (IMS) by AB Holdings introduces both opportunities and uncertainties. While the transaction may signal strategic alignment and potential synergies, a comprehensive understanding of the financial implications and operational changes is needed. Given the limited information available in the disclosure, a HOLD recommendation is appropriate until further details emerge. The price target will need more information and is not possible to compute given the limited financial detail.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

⏸️ IMS: HOLD Signal (5/10) – Corporate Briefing Session 2025

⚡ Flash Summary

Intermarket Securities Limited will hold a corporate briefing session on Tuesday, November 18, 2025, at 4:00 p.m. via Zoom video conference. The purpose of this session is to brief investors, shareholders, and analysts on the company’s financial performance and results for the period ended June 30, 2025, as well as its future outlook. Interested participants are requested to confirm their participation by November 17, 2025, and can submit questions in advance via email.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 🗓️ Corporate Briefing Session on November 18, 2025.
  • ⏰ Session will be held at 4:00 p.m. via Zoom.
  • 📢 Aimed at briefing investors, shareholders, and analysts.
  • 📊 Focus on financial performance for the period ended June 30, 2025.
  • 🔮 Discussion of the company’s future outlook.
  • 📧 Participants should confirm attendance via investors@imsecurities.com.pk by November 17, 2025.
  • ❓ Participants can submit queries in advance via email.
  • 🤝 Encouraged to provide feedback after the session.
  • 🏢 Organized by Intermarket Securities Limited.
  • 👤 Contact Shahid Kamal, Company Secretary.
  • 🌐 Registered office in Karachi, Pakistan.
  • 📞 UAN (92 21) 111 467 000

🎯 Investment Thesis

Based on the limited information, a HOLD recommendation is appropriate. Further information from the briefing session is needed to evaluate the company’s financial performance and future outlook. Without financial data, setting a price target is not feasible.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 12, 2025

⏸️ IMS: HOLD Signal (5/10) – Grant of Securities Manager License by SECP

⚡ Flash Summary

IMS announced: Grant of Securities Manager License by SECP. Basic analysis suggests neutral sentiment. Professional review recommended.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • IMS made announcement: Grant of Securities Manager License by SECP
  • Automated analysis: HOLD signal detected
  • Signal strength: 5/10
  • This is basic analysis – manual review recommended
  • Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for IMS. Manual verification required.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 10, 2025

⏸️ IMS: HOLD Signal (5/10) – Abstract of Resolutions Passed in AGM held on 22-10-2025

⚡ Flash Summary

Intermarket Securities Limited held its 27th Annual General Meeting on October 22, 2025, where shareholders approved the audited financial statements for the year ended June 30, 2025. They also re-appointed Rahman Sarfaraz Rahim Iqbal Rafiq – Chartered Accountants, as auditors for the financial year ending June 30, 2026. A significant resolution was passed to approve an additional unsecured credit facility of PKR 40,000,000 to Mrs. Erum Bilwani, the Chairperson of the Company, for a two-year period, extending the total outstanding amount to PKR 50,750,482/- until December 31, 2025, subject to SECP approval.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • ✅ AGM held on October 22, 2025, at ICAP Auditorium, Karachi.
  • ✔️ Audited financial statements for the year ended June 30, 2025, approved.
  • 👨‍💼 Rahman Sarfaraz Rahim Iqbal Rafiq re-appointed as auditors for the year ending June 30, 2026.
  • 🤝 CEO authorized to negotiate and fix auditors’ remuneration for the year ended June 30, 2025.
  • 🏦 Approved an additional unsecured credit facility of PKR 40,000,000 to Chairperson Mrs. Erum Bilwani.
  • 🗓️ The credit facility is for a period of two years from actual disbursement.
  • 📑 Existing outstanding amount of PKR 50,750,482/- being availed till an extended term till Dec.31, 2025.
  • ✍️ Loan terms to be set out in a Loan Agreement between the company and Mrs. Bilwani.
  • 🔒 Terms include amount, tenure, interest rate, repayment schedule, and other covenants.
  • 🏦 The loan is subject to obtaining approval from the SECP before sanctioning.
  • ✔️ Shareholders approved the execution of the Loan Agreement and any ancillary documents.
  • 🤝 Authorized Persons are authorized to amend the loan terms as required by SECP.
  • ✔️ CEO and/or Company Secretary authorized to finalize and execute the loan.
  • ✔️ They are authorized to make an application to the SECP for its approval.

🎯 Investment Thesis

Given the limited financial information and the corporate governance focus of the announcement, a HOLD recommendation is appropriate. Further analysis of the company’s financials and the specific terms of the credit facility would be necessary to make a more informed investment decision.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

📈 IMS: BUY Signal (8/10) – Financial result for the Quarter Ended 30-09-2025

⚡ Flash Summary

Intermarket Securities Ltd. reported a strong first quarter for 2025, with a significant increase in operating revenue and profit after taxation. Operating revenue increased to Rs 394.08 million from Rs 295.32 million in the same quarter last year. Profit after taxation nearly doubled, reaching Rs 209.84 million compared to Rs 103.86 million in 2024. This growth is primarily driven by higher income from investments and effective cost management.

Signal: BUY 📈
Strength: 8/10
Sentiment: POSITIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 📈 Operating revenue surged to Rs 394.08 million, a 33.44% increase from Rs 295.32 million in Q1 2024.
  • 💰 Income from investments significantly rose to Rs 58.68 million, compared to Rs 21.69 million year-over-year.
  • ✅ Profit after taxation almost doubled to Rs 209.84 million, up from Rs 103.86 million.
  • 💲 Earnings per share (EPS) increased to Rs 0.16 from Rs 0.10.
  • 📉 Finance costs decreased from Rs 40.25 million to Rs 17.43 million, indicating better financial management.
  • 📊 Administrative expenses increased to Rs 216.55 million from Rs 153.08 million in the comparative period.
  • 🏦 Cash and bank balances increased substantially to Rs 995.42 million from Rs 170.32 million.
  • ⚠️ Trade debts decreased from Rs 940.09 million to Rs 717.14 million.
  • 💡 Receivable against margin financing significantly increased to Rs 1,133.17 million from Rs 553.73 million.
  • ✔️ Total assets grew to Rs 4,781.06 million from Rs 3,362.26 million.
  • liabilities also increased to Rs 2,960.53 million from Rs 1,748.68 million.

🎯 Investment Thesis

BUY. Intermarket Securities presents a compelling investment opportunity based on its strong Q1 2025 results. The significant growth in revenue, profitability, and cash balances indicates a positive trajectory. The decreased finance costs and improved EPS further support the investment thesis. The price target is Rs 2.00, based on a projected P/E ratio of 12x and an EPS of Rs 0.16 over the next 12 months. The time horizon is medium-term, with expectations of continued growth and improved financial performance.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

📈 IMS: BUY Signal (7/10) – Transmission of Quarterly Report for the Period Ended 30-09-2025

⚡ Flash Summary

Intermarket Securities Limited (IMS) reported a strong first quarter for the financial year 2025, marked by a significant increase in operating revenues and profitability. The company’s operating revenues surged to Rs. 452.764 million, a substantial increase from Rs. 317.011 million in the same period last year. This growth translated into higher profits, with after-tax profit reaching Rs. 209.835 million compared to Rs. 103.863 million year-over-year. Consequently, the earnings per share (EPS) also saw a notable rise, reaching Re. 0.16 compared to Re. 0.04 in the previous year, demonstrating improved financial performance across key metrics.

Signal: BUY 📈
Strength: 7/10
Sentiment: POSITIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 🚀 Operating revenues increased significantly to Rs. 452.764 million, up from Rs. 317.011 million YoY.
  • 💰 Profit before tax surged to Rs. 237.729 million compared to Rs. 137.818 million in the previous year.
  • ✅ After-tax profit nearly doubled, reaching Rs. 209.835 million from Rs. 103.863 million YoY.
  • 📈 EPS soared to Re. 0.16, a fourfold increase from Re. 0.04 in the same period last year.
  • 📊 Short term Investments increased from 265.11 million to 670.79 million.
  • 🏦 Trade debts decreased from 940.09 million to 717.13 million.
  • 💵 Cash and bank balances significantly increased to Rs. 995.419 million from Rs. 170.320 million since June 30, 2025.
  • ✔️ Authorized share capital remains constant at 2,000,000,000 ordinary shares.
  • 💼 Total assets grew to Rs. 4,781.058 million compared to Rs. 3,362.260 million as of June 30, 2025.
  • 📉 Finance costs decreased to Rs. 17.433 million from Rs. 40.249 million in the comparable quarter.
  • 📊 Brokerage commission increased from 233.738 million to 357.186 million.
  • 🤝 The company successfully merged with EFG Hermes Pakistan Limited, effective July 1, 2024.
  • 🏦 Short term borrowings increased from 534.255 million to 931.009 million.

🎯 Investment Thesis

Based on the strong Q1 performance, improved profitability, and enhanced financial position, a BUY recommendation is warranted for Intermarket Securities. The company’s successful merger, increase in revenue, and earnings growth make it an attractive investment. The price target is set at Rs. 0.80, representing a 25% upside potential over the next 12 months, contingent on maintaining growth momentum and effective cost management.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

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