TRSM - FoxLogica

⏸️ TRSM: HOLD Signal (5/10) – Resignation of Chief Financial Officer

⚡ Flash Summary

Trust Modaraba announced the resignation of its Chief Financial Officer, Mr. Fahd Ahmed, effective November 21, 2025. While the company seeks a permanent replacement, Mr. Ather Imam, currently the Vice President of Finance & Accounts, will assume the responsibilities of the CFO. This transition period introduces potential uncertainty in financial leadership. This event does not automatically trigger a fundamental shift in the company’s outlook but warrants close monitoring.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📅 Resignation Announcement: Mr. Fahd Ahmed resigned as CFO on November 21, 2025.
👤 Interim CFO: Mr. Ather Imam, VP Finance & Accounts, will handle CFO duties.
🏢 No immediate financial impact is expected.
💼 Leadership Transition: Monitoring Mr. Imam’s performance is essential.
🔍 Company Stability: Assess overall management during this transition.
⚠️ Potential Disruption: Any financial strategy shifts are worth monitoring.
📊 Financial Reporting: Maintain vigilance over accuracy and timeliness.
🤝 Stakeholder Communication: Company’s handling of the news is critical.
📉 Operational Continuity: Interim arrangement’s effect on operations is important.
⚖️ Risk Assessment: Re-evaluate risk profile because of leadership transition.

🎯 Investment Thesis

Given the lack of financial data and the nature of the announcement (CFO resignation), a HOLD recommendation is appropriate. Monitoring the performance of the interim CFO and the company’s financial results in the coming quarters is essential to determine whether a change in recommendation is warranted. Price target: unavailable. Time horizon: Medium term (6-12 months).

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements Signal: HOLD TRSM

⏸️ TRSM: HOLD Signal (5/10) – Election of Directors

⚡ Flash Summary

TRSM announced: Election of Directors. Basic analysis suggests neutral sentiment. Professional review recommended.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

TRSM made announcement: Election of Directors
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 TRSM. Manual verification required.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 21, 2025

announcements Signal: HOLD TRSM

⏸️ TRSM: HOLD Signal (5/10) – Unusual Movement in the Price of Certificates of Trust Modaraba.

⚡ Flash Summary

Trust Modaraba (TRSM) has responded to the Pakistan Stock Exchange’s (PSX) inquiry regarding unusual price movement in its certificates. In a letter dated November 10, 2025, the company stated that they are not aware of any material information or development that could have caused the recent price fluctuations. This announcement provides reassurance that there are no undisclosed events impacting the company. Investors should perform their due diligence to understand external market factors or potential speculation influencing TRSM’s price.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📢 Trust Modaraba addresses unusual price movement inquiry from PSX.
🗓️ Response dated November 10, 2025, referencing letter PSX/Gen-1993 dated November 6, 2025.
✅ Company confirms no awareness of any material information causing the price fluctuation.
🔍 No undisclosed developments impacting the value of TRSM certificates.
🤷‍♀️ Uncertainty about cause, potentially market speculation or external factors.
💼 Hamida Aqeel, Company Secretary, signed the confirmation.
🏢 Karachi office located at Kassam Court, Clifton.
📍 Lahore office located in Garden Heights, New Garden Town.
🌐 Information available on www.trustmodarba.com.
📧 Contact via info@trustmodarba.com.
📞 Karachi office contact numbers include 021-35873369 and others.
📞 Lahore office contact numbers include 042-35941957 and 35941958.

🎯 Investment Thesis

HOLD. Given that the company states it is unaware of the reason behind the price fluctuation, it is impossible to formulate a clear buy or sell recommendation based solely on this announcement. Existing holders should monitor the stock closely, while potential investors should proceed cautiously. A neutral outlook is justified until further clarification arises. We recommend keeping the existing price target unchanged, but monitoring closely.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 10, 2025

announcements Signal: SELL TRSM

📉 TRSM: SELL Signal (7/10) – Financial Results for the Quarter ended September 30, 2025.

⚡ Flash Summary

Trust Modaraba’s financial results for the quarter ended September 30, 2025, reveal a decline in profitability compared to the same period last year. The company reported a profit after taxation of PKR 3.78 million, a significant decrease from PKR 6.29 million in September 2024. This drop in earnings is reflected in the decreased earnings per certificate, which fell from PKR 0.211 to PKR 0.127. While revenue streams such as profit on musharakah finances remain robust, other income sources have contracted, impacting overall financial performance.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Profit after taxation decreased to PKR 3.78 million in Sep 2025 from PKR 6.29 million in Sep 2024.
⚠️ Earnings per certificate dropped to PKR 0.127 in Sep 2025 from PKR 0.211 in Sep 2024.
⬆️ Income from ijarah decreased to PKR 1.12 million in Sep 2025 from PKR 2.61 million in Sep 2024.
⬆️ Profit on murabaha finances decreased to PKR 0.70 million in Sep 2025 from PKR 1.05 million in Sep 2024.
📊 Profit on musharakah finances slightly increased to PKR 12.81 million in Sep 2025 from PKR 12.69 million in Sep 2024.
💰 Gain on sale of short term investments decreased to PKR 1.77 million in Sep 2025 from PKR 0.49 million in Sep 2024.
💼 Other income decreased to PKR 0.42 million in Sep 2025 from PKR 3.62 million in Sep 2024.
📈 Unrealized gain on revaluation of financial assets increased to PKR 0.99 million in Sep 2025 from PKR -1.28 million in Sep 2024.
расходов Operating expenses increased to PKR 11.71 million in Sep 2025 from PKR 10.87 million in Sep 2024.
💸 Modaraba Management Company’s fee decreased to PKR 0.61 million in Sep 2025 from PKR 0.85 million in Sep 2024.
🏢 Total assets increased to PKR 402.52 million in Sep 2025 from PKR 401.96 million in June 2025.
🏦 Cash and bank balances decreased to PKR 8.85 million in Sep 2025 from PKR 9.06 million in June 2025.
Liabilities Current liabilities slightly decreased to PKR 31.39 million in Sep 2025 from PKR 33.74 million in June 2025.
✅ Total equity increased to PKR 352.53 million in Sep 2025 from PKR 348.75 million in June 2025.
❌ No cash dividend, bonus shares, or right shares were recommended for certificate holders.

🎯 Investment Thesis

Based on the declining profitability and negative trends observed in various income streams, a SELL recommendation is warranted for Trust Modaraba. The reduced earnings per certificate and liquidity concerns raise questions about the company’s near-term financial health. A price target of PKR 2.50 is set, reflecting a conservative valuation based on the current EPS and prevailing market conditions. The time horizon for this recommendation is SHORT_TERM, as the negative trends are expected to persist in the coming quarters.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: HOLD TRSM

⏸️ TRSM: HOLD Signal (5/10) – Transmission of Quarterly Report for the Period ended September 30, 2025.

⚡ Flash Summary

TRSM announced: Transmission of Quarterly Report for the Period ended September 30, 2025.. Basic analysis suggests neutral sentiment. Professional review recommended.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

TRSM made announcement: Transmission of Quarterly Report for the Period ended September 30, 2025.
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 TRSM. Manual verification required.

View Original PDF

Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements Signal: HOLD TRSM

⏸️ TRSM: HOLD Signal (5/10) – Disclosure of Interest by a Director CEO, or Executive of a listed company and their Spouses and the Substantial Shareholders u/c 5.6.1.(d) of PSX Regulations

⚡ Flash Summary

TRSM announced: Disclosure of Interest by a Director CEO, or Executive of a listed company and their Spouses and the Substantial Shareholders u/c 5.6.1.(d) of PSX Reg. Basic analysis suggests neutral sentiment. Professional review recommended.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

TRSM made announcement: Disclosure of Interest by a Director CEO, or Executive of a listed company and their Spouses and the Substantial Shareholders u/c 5.6.1.(d) of PSX Regulations
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 TRSM. Manual verification required.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements Signal: HOLD TRSM

⏸️ TRSM: HOLD Signal (5/10) – Board of Directors Meeting for the Period ended September 30, 2025.

⚡ Flash Summary

TRSM announced: Board of Directors Meeting for the Period ended September 30, 2025.. Basic analysis suggests neutral sentiment. Professional review recommended.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

TRSM made announcement: Board of Directors Meeting for the Period ended September 30, 2025.
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 TRSM. Manual verification required.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 16, 2025

announcements Signal: HOLD TRSM

⏸️ TRSM: HOLD Signal (6/10) – Notice of Corporate Briefing Session (CBS) with weblink & Presentation for the year 2025.

⚡ Flash Summary

Trust Modaraba’s corporate briefing session (CBS) notice announces the event scheduled for October 22, 2025, to discuss the company’s performance and outlook. The company, managed by Al-Zamin Modaraba Management (Private) Limited, is an Islamic financial institution listed on the Pakistan Stock Exchange (PSX). Recent performance data highlights include a 17% increase in total income to Rs. 72.5 million and improved profitability metrics. The briefing will be held at the NBFI & Modaraba Association of Pakistan in Karachi and via Zoom, with details provided for remote access.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🗓️ Corporate Briefing Session (CBS) scheduled for October 22, 2025.
🏢 Location: NBFI & Modaraba Association of Pakistan, Karachi, and via Zoom.
🌐 Zoom Meeting ID: 881 9282 9235; Passcode: 151463.
📈 Total income increased by 17% to Rs. 72.5 million.
💰 Disbursements reached Rs. 215 million, focusing on vehicle financing.
📊 Financing portfolio diversified: 55% to individuals, 27% to corporate, 18% to SMEs.
✅ Risk profile improved with minimal provisions for doubtful receivables.
🧾 Profit Before Tax (PBT): Rs. 26.9 million.
✅ Profit After Tax (PAT): Rs. 18.4 million.
💸 Earnings Per Certificate (EPC): Rs. 0.62.
🏦 Equity: Rs. 349 million, indicating a strengthening equity base.
⚖️ Balance Sheet Footing: Rs. 402 million.
💼 Total assets decreased from Rs. 414.35 million in 2024 to Rs. 401.96 million in 2025.
📉 Financing portfolio decreased from Rs. 408.22 million in 2024 to Rs. 385.93 million in 2025.
⭐ VIS Credit Rating: BBB+/A2 reaffirmed on June 18, 2025, with a Stable Outlook.

🎯 Investment Thesis

HOLD. Trust Modaraba exhibits stable performance, reflected in the reaffirmed credit rating. While there are improvements in income, some metrics, like net profit margin and total assets, indicate slight declines. External economic factors and company-specific challenges pose moderate risks. Given these factors, a HOLD recommendation is justified. The company’s focus on Islamic financing and its established presence in the Modaraba sector provide a stable investment profile.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 15, 2025

announcements Signal: HOLD TRSM

⏸️ TRSM: HOLD Signal (6/10) – Notice of Corporate Briefing Session (CBS) with weblink & Presentation for the year 2025.

⚡ Flash Summary

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🗓️ Corporate Briefing Session (CBS) scheduled for October 22, 2025.
🏢 Location: NBFI & Modaraba Association of Pakistan, Karachi, and via Zoom.
🌐 Zoom Meeting ID: 881 9282 9235; Passcode: 151463.
📈 Total income increased by 17% to Rs. 72.5 million.
💰 Disbursements reached Rs. 215 million, focusing on vehicle financing.
📊 Financing portfolio diversified: 55% to individuals, 27% to corporate, 18% to SMEs.
✅ Risk profile improved with minimal provisions for doubtful receivables.
🧾 Profit Before Tax (PBT): Rs. 26.9 million.
✅ Profit After Tax (PAT): Rs. 18.4 million.
💸 Earnings Per Certificate (EPC): Rs. 0.62.
🏦 Equity: Rs. 349 million, indicating a strengthening equity base.
⚖️ Balance Sheet Footing: Rs. 402 million.
💼 Total assets decreased from Rs. 414.35 million in 2024 to Rs. 401.96 million in 2025.
📉 Financing portfolio decreased from Rs. 408.22 million in 2024 to Rs. 385.93 million in 2025.
⭐ VIS Credit Rating: BBB+/A2 reaffirmed on June 18, 2025, with a Stable Outlook.

🎯 Investment Thesis

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 15, 2025

announcements Signal: Neutral TRSM

⏸️ TRSM: NEUTRAL Signal (5/10) – Disclosure of Interest by a Director CEO, or Executive of a listed company and their Spouses and the Substantial Shareholders u/c 5.6.1.(d) of PSX Regulations

⚡ Flash Summary

On October 8, 2025, Trust Modaraba disclosed that Mr. Etrat Hussain Rizvi, an independent director, sold 500 shares of the company’s certificates on October 7, 2025, at a rate of PKR 46.0 per share. The transaction was executed via CDC in the ready market. Following this sale, Mr. Rizvi’s cumulative shareholding in Trust Modaraba has become Nil.

Signal: NEUTRAL ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📅 Transaction Date: October 7, 2025
🧑‍💼 Individual Involved: Mr. Etrat Hussain Rizvi, an independent director
🏢 Company: Trust Modaraba
📉 Nature of Transaction: Sale of shares
📜 Form of Certificates: CDC
Market: Ready Market
Share Volume: 500 shares
💰 Sale Rate: PKR 46.0 per share
📉 Change in Shareholding: Mr. Rizvi’s cumulative shareholding is now Nil
ℹ️ Disclosure Date: October 8, 2025
Regulatory Compliance: Transaction reported under PSX Regulations 5.6.1.(d)

🎯 Investment Thesis

HOLD. This disclosure, while informative, does not provide sufficient basis to change the investment recommendation. Further observation of director transactions and company performance is warranted before making any decision.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 8, 2025

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