⚡ 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

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.