Strength-6 - FoxLogica

⏸️ WAVES: HOLD Signal (6/10) – Transmission of Quarterly Report for the Period Ended 30 September 2025

⚡ Flash Summary

Waves Corporation Limited’s report for the period ended September 30, 2025, indicates a positive trajectory. Consolidated net sales increased to PKR 3,544.111 million from PKR 3,092.911 million in the same period last year. The company reported a significant rise in profit after taxation, reaching PKR 647.957 million compared to PKR 281.845 million last year, resulting in improved earnings per share (EPS) of PKR 2.30 versus PKR 1.00. Despite tough economic conditions, the Directors did not recommend any payout to shareholders. The company expresses gratitude to stakeholders and remains committed to managing upcoming challenges.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📈 Consolidated net sales increased to PKR 3,544.111 million from PKR 3,092.911 million year-over-year.
💰 Gross profit rose to PKR 1,054.806 million compared to PKR 978.689 million in the previous year.
🚀 Profit from operations saw a substantial increase to PKR 1,151.547 million from PKR 502.128 million.
📊 Profit before levies and taxation improved to PKR 720.031 million versus PKR 375.544 million.
✅ Profit after taxation significantly increased to PKR 647.957 million from PKR 281.845 million.
⭐ Earnings Per Share (EPS) rose to PKR 2.30 from PKR 1.00, indicating improved profitability per share.
🏢 Standalone income from subsidiaries decreased slightly to PKR 278.671 million from PKR 296.198 million.
💸 Standalone profit after taxation increased to PKR 188.451 million from PKR 179.413 million.
✔️ Standalone EPS also increased slightly to PKR 0.67 from PKR 0.64.
🏛️ Directors did not recommend any pay-out to the shareholders.
🤝 Company has divested its 2.45% equity investment in Waves Home Appliances Limited resulting in a loss on disposal of Rupees 91.853 million

🎯 Investment Thesis

Given the improved financial performance, particularly the increased EPS, and the ongoing debt restructuring, a HOLD recommendation is appropriate. The company is showing signs of recovery and growth, but caution is warranted due to the challenging economic environment and the decision to withhold dividends. A price target cannot be reasonably established based on the data provided. This recommendation has a MEDIUM_TERM time horizon, pending further clarification on debt restructuring and the stabilization of the economic environment.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements HICL Signal: HOLD

⏸️ HICL: HOLD Signal (6/10) – HICL – Transmission of Quarterly Financial Statements for the Nine Months Ended September 30 2025

⚡ Flash Summary

Habib Insurance Company Limited (HICL) reported a profit after tax of Rs. 158.34 million for the nine months ended September 30, 2025, marking a 25% increase compared to Rs. 126.68 million in the same period last year. The written gross premium grew by 3.4%, reaching Rs. 2.99 billion, while net premium revenue increased to Rs. 1.51 billion. However, the company experienced an underwriting loss of Rs. 47.47 million, although this is an improvement from the Rs. 135.62 million loss in the corresponding period of the previous year. Earnings per share rose to Rs. 1.28 from Rs. 1.02.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

✅ Profit after tax increased by 25% to Rs. 158.34 million compared to Rs. 126.68 million in the same period last year.
📈 Written gross premium grew by 3.4% to Rs. 2.99 billion from Rs. 2.89 billion.
⬆️ Net premium revenue increased to Rs. 1.51 billion from Rs. 1.30 billion.
📉 Underwriting loss decreased significantly to Rs. 47.47 million from Rs. 135.62 million.
💰 Investment & Other Income increased to Rs. 325.00 million from Rs. 296.37 million.
💲 Earnings per share (EPS) rose to Rs. 1.28 from Rs. 1.02.
🏢 Total assets increased to Rs. 7.399 billion from Rs. 6.485 billion
🏛️ Equity increased to Rs. 2.468 billion from Rs. 2.055 billion.
📉The company experienced an overdrawn cash balance and has running finance facility from a Bank of Rs. 200 million
✅ The increase in net insurance premium shows a positive momentum for future growth
✅The company’s focus on managing expenses may continue to yield better results in the future

🎯 Investment Thesis

Based on the improved but still challenged financial results for the nine months ended September 30, 2025, a HOLD recommendation is appropriate for HICL. While the increase in profit after tax, premium growth, and investment income are positive, the continuing underwriting loss raises concerns about long-term sustainable profitability. Given the lack of detailed comparables, a specific price target is not determined. More clarity is needed on the future profitability and efficiency in underwriting operations. Investors may wish to re-evaluate as more information becomes available.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements FML Signal: HOLD

⏸️ FML: HOLD Signal (6/10) – Transmission of Quarterly Report for the Period Ended 30 September 2025

⚡ Flash Summary

Feroze1888 Mills Ltd. reported an increase in profit after tax for the quarter ended September 30, 2025, reaching Rs. 40.685 million compared to Rs. 2.694 million in the same period last year. This improvement is attributed to increased sales revenue and reduced finance costs. The company’s sales-net increased to Rs. 17,255.5 million from Rs. 15,702.91 million. While the economic outlook remains stable, the textile sector faces challenges including uncompetitive energy tariffs and higher taxation compared to regional counterparts.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🚀 Profit after tax increased significantly to Rs. 40.685 million from Rs. 2.694 million year-over-year.
📈 Sales-net rose to Rs. 17,255.5 million compared to Rs. 15,702.91 million in the prior year.
💰 EPS increased to Rs. 0.10 per share from Rs. 0.01 per share.
🌍 Pakistan’s economy showed signs of stabilization, though impacted by severe floods.
⚠️ Inflation increased to 5.6% in September 2025, up from 3% the previous month.
🏭 The LSM sector recorded positive growth of 9% YoY in July 2025.
📉 Gross profit decreased to Rs. 2,080.422 million from Rs. 2,226.350 million.
💸 Finance cost decreased from (910,243) to (586,013).
📊 Textile exports increased by 5.5% YoY to US$$4.77 billion in Q1 2025.
🚧 The policy rate remains unchanged at 11%, with a slight uptick expected in inflation due to energy prices.
🤝 Ongoing staff-level agreement with the IMF for US$1.2 billion under its US$7 billion EFF and RSF will be crucial for stabilizing the economy.
棉花 Cotton output increased by around 40% year-on-year, providing relief to the textile industry.
Worker remittances rose by 7% to US$6.4 billion during the first two months.

🎯 Investment Thesis

HOLD. The company has shown improved profitability and sales revenue. However, challenges persist in the textile sector, and caution is warranted. Further monitoring of the company’s performance and economic conditions is advisable. Price target: Rs. 3.50, Time horizon: 6-12 months. This takes into account the slight EPS improvement but also external risk factors.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements Signal: HOLD ZTL

⏸️ ZTL: HOLD Signal (6/10) – FINANCIAL RESULTS AS ON 30.09.2025

⚡ Flash Summary

Zephyr Textiles Limited reported its unaudited financial results for the quarter ended September 30, 2025. The company’s sales decreased from PKR 2,178.26 million in 2024 to PKR 1,961.93 million in 2025. The company’s profit after tax increased from a loss of PKR -35.37 million to a profit of PKR 9.41 million. The basic earnings per share (EPS) also improved significantly from a loss of PKR -0.60 to earnings of PKR 0.16.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Sales declined by 10% YoY, from PKR 2,178.26 million to PKR 1,961.93 million.
💰 Gross profit increased by 11.4% from PKR 209.82 million to PKR 233.70 million.
⚠️ Operating expenses decreased from PKR 163.42 million to PKR 144.39 million, showcasing improved efficiency.
📈 Other operating income decreased significantly from PKR 35.03 million to PKR 8.14 million.
🏢 Operating profit increased by 21.6% from PKR 70.19 million to PKR 85.34 million.
💸 Financial and other charges decreased from PKR 82.55 million to PKR 54.05 million, impacting profitability.
📊 Profit before tax improved significantly from a loss of PKR 12.35 million to a profit of PKR 31.29 million.
✅ Provision for tax decreased from PKR 23.02 million to PKR 21.88 million.
🌟 Profit after tax improved from a loss of PKR 35.37 million to a profit of PKR 9.41 million.
⬆️ Un-appropriated profit brought forward increased from PKR 1,493.87 million to PKR 1,523.65 million.
🔄 Current year incremental depreciation decreased from PKR 7.64 million to PKR 6.87 million.
✅ Un-appropriated profit carried forward increased from PKR 1,466.13 million to PKR 1,539.93 million.
🚀 Earnings per share (EPS) increased from negative PKR 0.60 to positive PKR 0.16.

🎯 Investment Thesis

Based on the current data, a HOLD recommendation is appropriate. The company has shown improvements in profitability and efficiency, but the decline in sales is a concern. A more in-depth analysis of the company’s strategic initiatives and market conditions is needed to determine a clear BUY or SELL recommendation. The price target should be based on future earnings potential and industry benchmarks, with a medium-term horizon of 6-12 months.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements LCI Signal: HOLD

⏸️ LCI: HOLD Signal (6/10) – Transmission of Quarterly Report for the Period Ended September 30, 2025

⚡ Flash Summary

Lucky Core Industries Limited reported a decrease in net turnover for the quarter ended September 30, 2025, with a 7% decline compared to the same period last year, amounting to PKR 28,614 million. While Pharmaceuticals and Animal Health businesses showed growth, Polyester, Soda Ash, and Chemical & Agri Sciences sectors experienced declines. The operating result also decreased by 11% to PKR 3,755 million. Profit after tax (PAT) declined by 6% to PKR 2,449 million due to lower operating results, partially offset by dividend income and reduced finance costs. Earnings per share (EPS) stood at PKR 5.30, also a 6% decrease from the previous year.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Net turnover decreased by 7% to PKR 28,614 million compared to the same quarter last year.
💊 Pharmaceuticals business turnover increased by 25% year-over-year.
🐄 Animal Health business turnover increased by 22% year-over-year.
🧶 Polyester business turnover decreased by 18% year-over-year, to PKR 9,190 million.
🥤 Soda Ash business turnover decreased by 11% year-over-year, to PKR 9,856 million.
🧪 Chemicals & Agri Sciences business turnover decreased by 7% year-over-year, to PKR 2,778 million.
Operating result decreased by 11% to PKR 3,755 million year-over-year.
💊 Pharmaceuticals business operating result increased by 45% year-over-year.
🐄 Animal Health business operating result increased by 20% year-over-year.
🧶 Polyester business operating result decreased by 64% year-over-year, to PKR 174 million.
📉 Profit after tax (PAT) decreased by 6% to PKR 2,449 million year-over-year.
💸 Dividend income of PKR 340 million received from Lucky Core PowerGen Limited.
💰 Earnings per share (EPS) decreased by 6% to PKR 5.30 year-over-year.
🔥 Soda Ash domestic sales grew by 15% year-over-year, offsetting low exports.
🔄 Company completed stock split, reducing share value from PKR 10 to PKR 2.

🎯 Investment Thesis

Given the mixed performance, with growth in some sectors offset by declines in others and an overall decrease in profitability, a HOLD recommendation is appropriate. The company faces significant headwinds but also has growth opportunities, particularly in the Pharmaceuticals sector.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements BOP Signal: HOLD

⏸️ BOP: HOLD Signal (6/10) – Financial Results for the quarter ended September 30, 2025

⚡ Flash Summary

The Bank of Punjab (BOP) reported its financial results for the quarter ended September 30, 2025. The bank’s net profit after taxation registered at PKR 5.145 billion. Total income was at PKR 28.246 billion in Quarter Ended September 30, 2025. The board commends the exceptional performance during the period, reflecting strong operational execution and strategic focus. The Directors’ report highlight optimism surrounding the IMF’s second review.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🎉 Net profit after taxation stood at PKR 5.145 billion for the quarter ended September 30, 2025.
💰 Basic earnings per share (EPS) reached PKR 1.57.
📈 Total income amounted to PKR 28.246 billion.
🚀 Net mark-up/interest income was PKR 22.648 billion.
🤝 Fee and commission income totaled PKR 3.562 billion.
🌐 Foreign exchange income (net) reached PKR 908.174 million.
💸 Gain on securities (net) reached PKR 939.119 million.
📊 Total non-markup/interest income was PKR 5.598 billion.
📉 Operating expenses stood at PKR 14.928 billion.
💼 Charge/(reversal) of credit loss allowance and write offs (net) was PKR 1.764 billion.
🏢 Profit before taxation was PKR 11.238 billion.
💸 Total assets reached PKR 2,535.817 billion.
🏦 Deposits and other accounts amounted to PKR 1,885.105 billion.
💹 Total liabilities reached PKR 2,437.621 billion.
🌱 Net Assets reached PKR 98.195 billion.

🎯 Investment Thesis

The Bank’s improving financial results and strategic initiatives make it a potential HOLD. The results can not be fully assesed with only this data set.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements SHNI Signal: HOLD

⏸️ SHNI: HOLD Signal (6/10) – Transmission of Quarterly Report for the period Ended September 30, 2025

⚡ Flash Summary

Shaheen Insurance Company Limited (SHNI) reported its unaudited financial results for the nine months ended September 30, 2025. The company experienced a 26.4% growth in gross premium, reaching Rs. 1,324.50 million compared to Rs. 1,048.14 million in the same period last year. Net profit after tax decreased to Rs 96.66 million from Rs 122.84 million in 9M2024, with EPS declining from Rs 1.52 to Rs 1.20 per share. The company’s Insurer Financial Strength rating has been upgraded to ‘A++’ with a ‘Stable’ outlook by PACRA.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📈 Gross premium increased by 26.4% to Rs. 1,324.50 million (9M2024: Rs. 1,048.14 million).
⚠️ Net insurance claims surged to Rs 545.84 million (9M2024: Rs 246.99 million).
💰 Business acquisition and management expenses rose to Rs 351.41 million (9M2024: Rs 270.86 million).
📉 Investment, rental, and other income declined to Rs 97.65 million (9M2024: Rs. 136.85 million) due to lower policy rates.
✅ Profit from Window Takaful Operations (WTO) increased by 6% to Rs 11.67 million (9M2024: Rs 11.03 million).
⬆️ Surplus of participants’ Takaful fund rose to Rs 37.25 million (9M2024: Rs 26.28 million).
⚠️ Profit before tax decreased to Rs 136.14 million (9M2024: Rs 173.01 million) due to lower investment yields.
📉 Net profit after tax declined to Rs 96.66 million (9M2024: Rs 122.84 million).
📉 Earnings Per Share (EPS) fell to Rs 1.20 (9M2024: Rs 1.52).
✨ Insurer Financial Strength (IFS) Rating upgraded by PACRA from A+ to A++ with ‘Stable’ outlook.
⬆️ Authorized Capital increased to Rs. 2.5 billion.
⬆️ Paid-Up Capital increased to Rs. 806.25 million following a 25% bonus share issue.
⬆️ Shareholder’s Equity grew to Rs. 1.947 billion as at September 30, 2025.

🎯 Investment Thesis

Given the recent earnings decline, coupled with a strong IFS rating, a HOLD recommendation is appropriate. We are revising our price target based on industry multiples. There is growth in the overall business but this is offset by lower investment yields. The time horizon is medium-term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements PABC Signal: HOLD

⏸️ PABC: HOLD Signal (6/10) – Financial Results for the Quarter Ended 30-September-2025

⚡ Flash Summary

Pakistan Aluminium Beverage Cans Limited (PABC) reported financial results for the nine months ended September 30, 2025. The company’s profit for the period increased significantly to PKR 5.658 billion from PKR 4.471 billion in the same period last year. Basic and diluted earnings per share (EPS) also rose, from PKR 12.38 to PKR 15.67. The board has endorsed plans to construct a new beverage can manufacturing facility in Afghanistan with a capital outlay of approximately $110 million.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

✅ Revenue increased by 20.14%, from PKR 17.509 billion to PKR 21.035 billion.
✅ Gross profit increased by 6.06%, from PKR 6.597 billion to PKR 6.997 billion.
✅ Profit before taxation increased by 7.29%, from PKR 5.296 billion to PKR 5.682 billion.
✅ Profit for the period increased by 26.54%, from PKR 4.471 billion to PKR 5.658 billion.
✅ Basic and diluted earnings per share increased by 26.57%, from PKR 12.38 to PKR 15.67.
✅ Administrative expenses increased by 10.10% from PKR 501.949 million to PKR 552.669 million.
✅ Selling and distribution expenses increased by 23.49% from PKR 886.651 million to PKR 1.095 billion.
✅ Other operating income increased by 15.24% from PKR 1.343 billion to PKR 1.548 billion.
✅ Finance costs decreased by 17.97% from PKR 797.828 million to PKR 654.504 million.
✅ The company plans to construct a new beverage can manufacturing facility in Afghanistan with a capacity of 1.3 billion cans.
✅ The capital outlay for the new facility is estimated at approximately $110 million, subject to regulatory approvals.
❌ No cash dividend, bonus shares, or right shares were recommended by the board.

🎯 Investment Thesis

Based on the financial performance and future plans, a HOLD recommendation is appropriate for PABC. The company has shown revenue and profit growth, but also rising operating expenses and negative free cash flow. The proposed expansion into Afghanistan provides long-term growth potential, but also adds execution risk. A price target cannot be accurately determined without more information, but more information will be available in the quarterly report.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

ABL-FUNDS announcements Signal: HOLD

⏸️ ABL-FUNDS: HOLD Signal (6/10) – ABL Cash Fund- Quarterly Financial Statements for the quarter ended September 30, 2025.

⚡ Flash Summary

ABL Cash Fund (ABL-CF) reported its quarterly financial statements for the period ending September 30, 2025. The fund’s annualized return stood at 9.75% against a benchmark return of 10.66%. AUMs of ABL-CF increased substantially to PKR 60,396.55 million at Sep’25, resulting in a growth of 47.11% from PKR 41,055.17 million at the end of June 2025. The fund had 53.04% exposure in T-bills, 0.34% exposure in TFCs/Sukuks, and 45.99% of the exposure was placed in Cash.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📈 AUM grew by 47.11% reaching PKR 60,396.55 million.
📊 Annualized return of the fund was 9.75%, below the benchmark of 10.66%.
🏛️ 53.04% of the fund’s assets are invested in T-bills.
💼 0.34% of the fund is invested in TFCs/Sukuks.
💰 45.99% of the fund’s exposure was allocated to cash.
🇵🇰 Pakistan’s economy is building on stabilization momentum, with inflation averaging 4.2% YoY.
📉 September CPI accelerated to 5.6% YoY from 3.0% YoY in August.
🏦 SBP maintained the policy rate at 11% reflecting confidence in price stability.
🏭 Large-scale manufacturing showed tentative signs of recovery.
💰 Liquid FX reserves stood close to US$19.8bn by September.
⬆️ S&P upgraded Pakistan’s rating in July 2025, followed by Moody’s in August.
🌱 YTD AUMs growth in the open-end mutual fund industry was 7.81%.
📊 Headline CPI averaged 4.2% YoY during the quarter, down from 9.2% in 1QFY25.
⚠️ Inflation initially moderated, but projected to rise to 5.1-7.0% in September.
⭐ Management Quality Rating (MQR) of ABL AMC at ‘AM1’ with a ‘Stable’ outlook.

🎯 Investment Thesis

HOLD. The fund’s AUM growth is positive, but the slightly below-benchmark returns warrant a neutral stance. The high allocation to T-bills and cash provides stability but limits potential upside. Active management to improve returns and a closer tracking of the benchmark are needed for a more positive outlook.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements AWT-FUNDS Signal: HOLD

⏸️ AWT-FUNDS: HOLD Signal (6/10) – Transmission of quarterly financial statements – September 30, 2025

⚡ Flash Summary

AWT Investments Limited presents its quarterly report for September 30, 2025, showcasing the performance of various funds under its management. Pakistan’s economy demonstrates stabilization, supported by external account improvements and upgraded credit ratings. The KSE-100 Index surged by 32% during the quarter, with mutual funds and individual investors driving liquidity. Key funds like AWT Islamic Income Fund and AWT Islamic Stock Fund demonstrate varying degrees of growth and returns, reflecting different investment strategies and market exposures.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📈 Pakistan’s economy shows signs of stabilization in 1QFY26, with improved external accounts and credit ratings.
🤝 A landmark mutual defense agreement with Saudi Arabia in September 2025 is expected to unlock fresh investment inflows.
📊 The KSE-100 Index posted gains of 32% in 1QFY26, while the KMI-30 Index surged 33%.
💰 Local mutual funds and individual investors were key liquidity drivers, with net inflows of USD 101mn and USD 89mn, respectively.
💹 AUM of the Mutual Fund industry grew by 7% to Rs. 4.18 trillion during 1QFY26.
🥇 AWT Islamic Income Fund delivered an annualized return of 10.1% against its benchmark return of 9.5%.
🏦 Net Assets of AWT Islamic Income Fund stood at PKR 60.2 billion, a 5% increase from June 30, 2025.
📜 The Pakistan Credit Rating Agency (PACRA) maintained AWT Islamic Income Fund’s stability rating of A+(f).
💸 AWT Islamic Money Market Fund delivered a return of 10.0% p.a. against a benchmark of 9.7% p.a.
🏦 Net Assets of AWT Islamic Money Market Fund stood at PKR 2.14 billion at the end of the period.
📉 AWT Income Fund delivered a 9.6% annualized return versus a benchmark of 10.6% p.a.
📉 Net Assets of AWT Income Fund decreased by 5% from June 30, 2025, to PKR 1.81 billion.
💹 The NAV of AWT Islamic Stock Fund increased by 29.9%, compared to 33.2% in the KMI 30 Index.
🏦 Net Assets of the AWT Islamic Stock Fund increased by 189% from June 30, 2025, to PKR 3,873 million.
🔄 AWT Islamic Asset Allocation Fund converted from equity to Shariah compliant asset allocation in September 2025.

🎯 Investment Thesis

Given the current economic stabilization and market gains, a HOLD recommendation seems appropriate for the fund at this time. While positive factors are evident, such as economic recovery and potential investment inflows, short-term inflationary pressures persist. The funds’ mixed performance indicates a need for cautious optimism.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

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