View ValuationSecurity Papers 将来の成長Future 基準チェック /06現在、 Security Papersの成長と収益を予測するのに十分なアナリストの調査がありません。主要情報n/a収益成長率n/aEPS成長率Forestry 収益成長27.4%収益成長率n/a将来の株主資本利益率n/aアナリストカバレッジNone最終更新日n/a今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesReported Earnings • May 01Third quarter 2026 earnings released: EPS: PK₨2.19 (vs PK₨5.04 in 3Q 2025)Third quarter 2026 results: EPS: PK₨2.19 (down from PK₨5.04 in 3Q 2025). Revenue: PK₨1.57b (down 5.0% from 3Q 2025). Net income: PK₨129.6m (down 57% from 3Q 2025). Profit margin: 8.2% (down from 18% in 3Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • Apr 22Security Papers Limited to Report Q3, 2026 Results on Apr 29, 2026Security Papers Limited announced that they will report Q3, 2026 results on Apr 29, 2026New Risk • Feb 09New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (35% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (PK₨11.6b market cap, or US$41.4m).Reported Earnings • Jan 30Second quarter 2026 earnings released: EPS: PK₨3.60 (vs PK₨7.02 in 2Q 2025)Second quarter 2026 results: EPS: PK₨3.60 (down from PK₨7.02 in 2Q 2025). Revenue: PK₨1.90b (down 10.0% from 2Q 2025). Net income: PK₨213.3m (down 49% from 2Q 2025). Profit margin: 11% (down from 20% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 25% per year.お知らせ • Jan 22Security Papers Limited to Report First Half, 2026 Results on Jan 29, 2026Security Papers Limited announced that they will report first half, 2026 results on Jan 29, 2026Valuation Update With 7 Day Price Move • Jan 15Investor sentiment improves as stock rises 22%After last week's 22% share price gain to PK₨197, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 20x in the Forestry industry in Asia. Total returns to shareholders of 180% over the past three years.Reported Earnings • Oct 31First quarter 2026 earnings released: EPS: PK₨4.87 (vs PK₨6.52 in 1Q 2025)First quarter 2026 results: EPS: PK₨4.87 (down from PK₨6.52 in 1Q 2025). Revenue: PK₨1.84b (down 11% from 1Q 2025). Net income: PK₨288.5m (down 25% from 1Q 2025). Profit margin: 16% (down from 19% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Sep 16Investor sentiment improves as stock rises 17%After last week's 17% share price gain to PK₨223, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 20x in the Forestry industry in Asia. Total returns to shareholders of 143% over the past three years.Upcoming Dividend • Sep 11Upcoming dividend of PK₨9.00 per shareEligible shareholders must have bought the stock before 18 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Lower than top quartile of Pakistani dividend payers (7.4%). Higher than average of industry peers (2.4%).Reported Earnings • Sep 09Full year 2025 earnings released: EPS: PK₨25.72 (vs PK₨25.12 in FY 2024)Full year 2025 results: EPS: PK₨25.72 (up from PK₨25.12 in FY 2024). Revenue: PK₨7.87b (up 7.6% from FY 2024). Net income: PK₨1.52b (up 2.4% from FY 2024). Profit margin: 19% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.Declared Dividend • Aug 01Dividend reduced to PK₨9.00Dividend of PK₨9.00 is 10.0% lower than last year. Ex-date: 18th September 2025 Payment date: 1st January 1970 Dividend yield will be 6.7%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.お知らせ • Jul 31Security Papers Limited, Annual General Meeting, Sep 26, 2025Security Papers Limited, Annual General Meeting, Sep 26, 2025.Reported Earnings • May 02Third quarter 2025 earnings released: EPS: PK₨5.04 (vs PK₨5.69 in 3Q 2024)Third quarter 2025 results: EPS: PK₨5.04 (down from PK₨5.69 in 3Q 2024). Revenue: PK₨1.66b (down 8.5% from 3Q 2024). Net income: PK₨298.7m (down 11% from 3Q 2024). Profit margin: 18% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.お知らせ • Feb 19Security Papers Limited Announces Directorate ChangesSecurity Papers Limited announced a change in its board of directors, as Mrs. Pemur Alaybeyoglu is appointed as the new nominee director representing Sumer Holding A.S., Turkiye. This appointment replaces Ms. Figen Caliskan, who previously held the position. According to the official communication from Security Papers Limited, stakeholders, including the TRE Certificate Holders of the Exchange, have been advised to take note of this transition. The company has indicated that this change is part of its ongoing governance and oversight adjustments aimed at maintaining effective representation and oversight on the board The announcement of the new director appointment was necessitated by the internal restructuring within the board composition, a move that underscores Sumer Holding A.S."s strategic interest in maintaining a robust engagement with Security Papers Limited. The change is expected to be seamless as Mrs. Alaybeyoglu steps into her new role. According to information available from the Pakistan Stock Exchange (PSX), Security Papers Limited is categorized under the designated market category of paper products. This change in directorship is a noteworthy event for the company, which is a significant entity within its market segment. notifications have been issued to ensure compliance with corporate governance standards. The company has assured stakeholders of a smooth transition without any disruptions to its regular operations or strategic objectives.Reported Earnings • Feb 02Second quarter 2025 earnings released: EPS: PK₨7.02 (vs PK₨6.43 in 2Q 2024)Second quarter 2025 results: EPS: PK₨7.02 (up from PK₨6.43 in 2Q 2024). Revenue: PK₨2.11b (up 20% from 2Q 2024). Net income: PK₨415.9m (up 9.2% from 2Q 2024). Profit margin: 20% (down from 22% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 17% per year.Valuation Update With 7 Day Price Move • Jan 31Investor sentiment improves as stock rises 19%After last week's 19% share price gain to PK₨191, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 17x in the Forestry industry in Asia. Total returns to shareholders of 111% over the past three years.Valuation Update With 7 Day Price Move • Dec 09Investor sentiment improves as stock rises 17%After last week's 17% share price gain to PK₨170, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 18x in the Forestry industry in Asia. Total returns to shareholders of 96% over the past three years.お知らせ • Dec 03Security Papers Limited Announces Chief Financial Officer ChangesSecurity Papers Limited has announced a change in its executive lineup with the appointment of Mr. Wasif Sajjad as the new Chief Financial Officer (CFO), replacing Mr. Mudassir Ali Khan, who served as the Acting CFO. Mr. Sajjad, who is a Fellow Chartered Accountant (FCA), assumed his new role on December 2, 2024. This appointment is expected to bring new direction to the financial management at Security Papers Limited, as the company continues to navigate the complexities of the market. The change in CFO is part of the company's ongoing efforts to strengthen its management team.Reported Earnings • Oct 23First quarter 2025 earnings released: EPS: PK₨6.52 (vs PK₨6.16 in 1Q 2024)First quarter 2025 results: EPS: PK₨6.52 (up from PK₨6.16 in 1Q 2024). Revenue: PK₨2.06b (up 19% from 1Q 2024). Net income: PK₨386.2m (up 5.7% from 1Q 2024). Profit margin: 19% (down from 21% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year.New Risk • Sep 11New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (201% cash payout ratio). Market cap is less than US$100m (PK₨8.30b market cap, or US$29.8m).Upcoming Dividend • Sep 10Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 17 September 2024. Payment date: 16 October 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 8.9%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (2.3%).お知らせ • Jul 31Security Papers Limited, Annual General Meeting, Sep 25, 2024Security Papers Limited, Annual General Meeting, Sep 25, 2024. Location: at security paper limited , jinnah avenue, malir halt, karachi Pakistanお知らせ • Jul 23Security Papers Limited to Report Fiscal Year 2024 Results on Jul 30, 2024Security Papers Limited announced that they will report fiscal year 2024 results on Jul 30, 2024Reported Earnings • May 02Third quarter 2024 earnings released: EPS: PK₨5.69 (vs PK₨1.60 in 3Q 2023)Third quarter 2024 results: EPS: PK₨5.69 (up from PK₨1.60 in 3Q 2023). Revenue: PK₨1.81b (up 67% from 3Q 2023). Net income: PK₨336.9m (up 255% from 3Q 2023). Profit margin: 19% (up from 8.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings.お知らせ • Apr 05Security Papers Limited Announces CFO TransitionSecurity Papers Limited has announced a change in its leadership team, appointing Mr. Mudassir Ali Khan as the Acting Chief Financial Officer (CFO), effective April 4, 2024. Mr. Khan will be taking over the responsibilities from Mr. Babar Aijaz. The announcement was made to the Pakistan Stock Exchange (PSE), indicating a significant shift in the company's financial oversight.お知らせ • Mar 26Security Papers Limited Announces Resignation of Board Member Uzma AijazSecurity Papers Limited announced the resignation of Mrs. Uzma Aijaz from its Board of Directors. Mrs. Aijaz resigned from her directorship on October 4, 2023, with the Board officially accepting her resignation on October 15, 2023.New Risk • Mar 14New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (181% cash payout ratio). Market cap is less than US$100m (PK₨7.94b market cap, or US$28.4m).Upcoming Dividend • Feb 24Upcoming dividend of PK₨2.50 per shareEligible shareholders must have bought the stock before 01 March 2024. Payment date: 29 March 2024. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 7.9%. Lower than top quartile of Pakistani dividend payers (13%). Higher than average of industry peers (2.0%).Valuation Update With 7 Day Price Move • Dec 06Investor sentiment improves as stock rises 20%After last week's 20% share price gain to PK₨148, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 15x in the Forestry industry in Asia. Total returns to shareholders of 13% over the past three years.Valuation Update With 7 Day Price Move • Nov 06Investor sentiment improves as stock rises 15%After last week's 15% share price gain to PK₨112, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 14x in the Forestry industry in Asia. Total loss to shareholders of 19% over the past three years.Reported Earnings • Nov 01First quarter 2024 earnings released: EPS: PK₨6.16 (vs PK₨3.54 in 1Q 2023)First quarter 2024 results: EPS: PK₨6.16 (up from PK₨3.54 in 1Q 2023). Revenue: PK₨1.73b (up 46% from 1Q 2023). Net income: PK₨365.2m (up 74% from 1Q 2023). Profit margin: 21% (up from 18% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 18% per year.New Risk • Oct 13New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (PK₨6.40b market cap, or US$23.0m).Upcoming Dividend • Oct 06Upcoming dividend of PK₨11.00 per share at 10% yieldEligible shareholders must have bought the stock before 13 October 2023. Payment date: 16 November 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 10%. Lower than top quartile of Pakistani dividend payers (14%). Higher than average of industry peers (1.9%).お知らせ • Oct 06Security Papers Limited, Annual General Meeting, Oct 26, 2023Security Papers Limited, Annual General Meeting, Oct 26, 2023, at 10:00 Pakistan Standard Time. Location: Security Papers Limited, Jinnah Avenue, Malir Halt, Karachi Pakistan Agenda: To receive, consider and adopt the Audited Financial Statements of the Company for the year ended June 30, 2023, together with the Directors' and Auditors' Reports thereon; to approve the payment of cash dividend at the rate of PKR 11/- per share i.e., 110% for the year ended June 30, 2023, as recommended by the Board of Directors; to appoint Auditors for the Financial Year 2023-24 and to fix their remuneration; and to consider other matters.お知らせ • Jun 07Security Papers Limited Announces Director ChangesSecurity Papers Limited announced that Mr. Ahmad Hatarni Yazd as Director, effective from May 31, 2023. Mr. Yazd steps into this role, succeeding Dr. Abolghassem Jamshidi, who has held the position for an extended period. As the newly appointed Director, Mr. Ahmad Hatarni Yazd brings a wealth of experience and expertise to SPL. With an impressive background in the field of security and a deep understanding of the paper industry, Mr. Yazd is expected to lead the company to new heights. Throughout his career, Mr. Yazd has held prominent positions in various organizations, demonstrating exceptional leadership skills and a strong commitment to excellence. His vast knowledge of security measures and a keen eye for technological advancements in the paper industry make him an ideal choice for the role. The departure of Dr. Abolghassem Jamshidi, who has steered the company through various challenges and achievements, marks the end of an era. Dr. Jamshidi's contributions to the growth and success of Security Papers Limited have been highly regarded, and his expertise will be missed.Reported Earnings • Apr 30Third quarter 2023 earnings released: EPS: PK₨1.60 (vs PK₨5.59 in 3Q 2022)Third quarter 2023 results: EPS: PK₨1.60 (down from PK₨5.59 in 3Q 2022). Revenue: PK₨1.08b (down 19% from 3Q 2022). Net income: PK₨94.8m (down 71% from 3Q 2022). Profit margin: 8.8% (down from 25% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 13% per year.Board Change • Nov 16Less than half of directors are independentThere are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. 2 highly experienced directors. 3 independent directors (7 non-independent directors). Non-Executive Director Jamal Nasim is the most experienced director on the board, commencing their role in 2010. Independent Director Muhammad Sualeh Faruqui was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.Reported Earnings • Oct 07Full year 2022 earnings releasedFull year 2022 results: Revenue: PK₨5.15b (up 2.9% from FY 2021). Net income: PK₨949.0m (down 35% from FY 2021). Profit margin: 18% (down from 29% in FY 2021). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Oct 06Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 13 October 2022. Payment date: 16 November 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 8.2%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (2.3%).Reported Earnings • May 01Third quarter 2022 earnings released: EPS: PK₨5.59 (vs PK₨6.95 in 3Q 2021)Third quarter 2022 results: EPS: PK₨5.59 (down from PK₨6.95 in 3Q 2021). Revenue: PK₨1.33b (down 17% from 3Q 2021). Net income: PK₨331.4m (down 20% from 3Q 2021). Profit margin: 25% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.Board Change • Apr 27Less than half of directors are independentThere are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 2 experienced directors. 1 highly experienced director. 2 independent directors (8 non-independent directors). Non-Executive Independent Director Jamal Nasim is the most experienced director on the board, commencing their role in 2010. Independent Director Muhammad Sualeh Faruqui was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.Reported Earnings • Oct 30First quarter 2022 earnings released: EPS PK₨3.85 (vs PK₨6.36 in 1Q 2021)The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: PK₨1.18b (up 14% from 1Q 2021). Net income: PK₨228.0m (down 40% from 1Q 2021). Profit margin: 19% (down from 36% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Sep 10Upcoming dividend of PK₨9.00 per shareEligible shareholders must have bought the stock before 17 September 2021. Payment date: 22 October 2021. Trailing yield: 6.1%. Lower than top quartile of Pakistani dividend payers (9.3%). Higher than average of industry peers (2.0%).Executive Departure • Sep 01Non-Executive Director Rauf Ahmad has left the companyOn the 27th of August, Rauf Ahmad's tenure as Non-Executive Director ended after 5.1 years in the role. We don't have any record of a personal shareholding under Rauf's name. A total of 3 executives have left over the last 12 months.Executive Departure • Sep 01Chairman Muhammad Rasheed has left the companyOn the 27th of August, Muhammad Rasheed's tenure as Chairman ended after 4.0 years in the role. We don't have any record of a personal shareholding under Muhammad's name. A total of 3 executives have left over the last 12 months.Reported Earnings • Aug 29Full year 2021 earnings released: EPS PK₨24.61 (vs PK₨21.54 in FY 2020)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨5.00b (up 2.0% from FY 2020). Net income: PK₨1.46b (up 14% from FY 2020). Profit margin: 29% (up from 26% in FY 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Aug 06Investor sentiment improved over the past weekAfter last week's 15% share price gain to PK₨163, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 17x in the Forestry industry in Asia. Total returns to shareholders of 71% over the past three years.Reported Earnings • May 01Third quarter 2021 earnings released: EPS PK₨6.95 (vs PK₨0.44 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨1.61b (up 34% from 3Q 2020). Net income: PK₨412.0m (up PK₨385.9m from 3Q 2020). Profit margin: 26% (up from 2.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Executive Departure • Apr 29Non-Executive Director has left the companyOn the 21st of April, Naveed Ehtesham's tenure as Non-Executive Director ended after 4.7 years in the role. We don't have any record of a personal shareholding under Naveed's name. A total of 4 executives have left over the last 12 months.Is New 90 Day High Low • Feb 25New 90-day low: PK₨145The company is down 14% from its price of PK₨170 on 27 November 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 22% over the same period.Reported Earnings • Feb 14Second quarter 2021 earnings released: EPS PK₨3.01 (vs PK₨8.40 in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨738.3m (down 43% from 2Q 2020). Net income: PK₨178.6m (down 64% from 2Q 2020). Profit margin: 24% (down from 38% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Is New 90 Day High Low • Jan 29New 90-day low: PK₨166The company is down 10.0% from its price of PK₨186 on 29 October 2020. The Pakistani market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 22% over the same period.Is New 90 Day High Low • Dec 08New 90-day low: PK₨170The company is down 21% from its price of PK₨216 on 09 September 2020. The Pakistani market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 6.0% over the same period.Reported Earnings • Oct 24First quarter earnings releasedOver the last 12 months the company has reported total profits of PK₨1.41b, up 80% from the prior year. Total revenue was PK₨4.75b over the last 12 months, up 14% from the prior year.お知らせ • Jul 25Security Papers Limited to Report Fiscal Year 2020 Results on Jul 24, 2020Security Papers Limited announced that they will report fiscal year 2020 results on Jul 24, 2020 このセクションでは通常、投資家が会社の利益創出能力を理解する一助となるよう、プロのアナリストのコンセンサス予想に基づく収益と利益の成長予測を提示する。しかし、Security Papers は十分な過去のデータを提供しておらず、アナリストの予測もないため、過去のデータを外挿したり、アナリストの予測を使用しても、その将来の収益を確実に算出することはできません。 シンプリー・ウォール・ストリートがカバーする企業の97%は過去の財務データを持っているため、これはかなり稀な状況です。 業績と収益の成長予測KASE:SEPL - アナリストの将来予測と過去の財務データ ( )PKR Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数3/31/20267,3611,054-446301N/A12/31/20257,4431,223-779-32N/A9/30/20257,6541,426-260598N/A6/30/20257,8711,524431862N/A3/31/20257,8401,5065651,094N/A12/31/20247,9931,545322800N/A9/30/20247,6421,510-196109N/A6/30/20247,3121,489368698N/A3/31/20247,4761,619598838N/A12/31/20236,7491,377361555N/A9/30/20236,3401,123369558N/A6/30/20235,795967-3399N/A3/31/20234,828484-215-114N/A12/31/20225,077721326455N/A9/30/20225,146931234373N/A6/30/20225,1479491,0431,185N/A3/31/20225,5571,386796997N/A12/31/20215,8311,4671,0751,304N/A9/30/20215,1511,3099611,289N/A6/30/20215,0021,458358695N/A3/31/20214,5881,477339839N/A12/31/20204,1851,091305781N/A9/30/20204,7511,410507943N/A6/30/20204,9011,2761,2221,661N/A3/31/20204,6839011,1721,399N/A12/31/20194,4271,098N/A1,055N/A9/30/20194,178778N/A1,604N/A6/30/20194,002772N/A642N/A3/31/20194,007769N/A696N/A12/31/20183,971854N/A1,108N/A9/30/20183,735772N/A727N/A6/30/20183,467570N/A1,014N/A3/31/20183,264701N/A780N/A12/31/20172,982625N/A564N/A9/30/20172,929819N/A365N/A6/30/20172,842938N/A272N/A3/31/20172,594755N/A287N/A12/31/20162,642727N/A158N/A9/30/20162,582588N/A242N/A6/30/20162,584631N/A394N/A3/31/20162,578708N/A515N/A12/31/20152,450648N/A557N/A9/30/20152,302601N/A554N/A6/30/20152,141506N/A436N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: SEPLの予測収益成長が 貯蓄率 ( 12.9% ) を上回っているかどうかを判断するにはデータが不十分です。収益対市場: SEPLの収益がPK市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です高成長収益: SEPLの収益が今後 3 年間で 大幅に 増加すると予想されるかどうかを判断するにはデータが不十分です。収益対市場: SEPLの収益がPK市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。高い収益成長: SEPLの収益が年間20%よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。一株当たり利益成長率予想将来の株主資本利益率将来のROE: SEPLの 自己資本利益率 が 3 年後に高くなると予測されるかどうかを判断するにはデータが不十分です成長企業の発掘7D1Y7D1Y7D1YMaterials 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/12 01:05終値2026/05/12 00:00収益2026/03/31年間収益2025/06/30データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Security Papers Limited 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0
Reported Earnings • May 01Third quarter 2026 earnings released: EPS: PK₨2.19 (vs PK₨5.04 in 3Q 2025)Third quarter 2026 results: EPS: PK₨2.19 (down from PK₨5.04 in 3Q 2025). Revenue: PK₨1.57b (down 5.0% from 3Q 2025). Net income: PK₨129.6m (down 57% from 3Q 2025). Profit margin: 8.2% (down from 18% in 3Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • Apr 22Security Papers Limited to Report Q3, 2026 Results on Apr 29, 2026Security Papers Limited announced that they will report Q3, 2026 results on Apr 29, 2026
New Risk • Feb 09New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (35% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (PK₨11.6b market cap, or US$41.4m).
Reported Earnings • Jan 30Second quarter 2026 earnings released: EPS: PK₨3.60 (vs PK₨7.02 in 2Q 2025)Second quarter 2026 results: EPS: PK₨3.60 (down from PK₨7.02 in 2Q 2025). Revenue: PK₨1.90b (down 10.0% from 2Q 2025). Net income: PK₨213.3m (down 49% from 2Q 2025). Profit margin: 11% (down from 20% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 25% per year.
お知らせ • Jan 22Security Papers Limited to Report First Half, 2026 Results on Jan 29, 2026Security Papers Limited announced that they will report first half, 2026 results on Jan 29, 2026
Valuation Update With 7 Day Price Move • Jan 15Investor sentiment improves as stock rises 22%After last week's 22% share price gain to PK₨197, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 20x in the Forestry industry in Asia. Total returns to shareholders of 180% over the past three years.
Reported Earnings • Oct 31First quarter 2026 earnings released: EPS: PK₨4.87 (vs PK₨6.52 in 1Q 2025)First quarter 2026 results: EPS: PK₨4.87 (down from PK₨6.52 in 1Q 2025). Revenue: PK₨1.84b (down 11% from 1Q 2025). Net income: PK₨288.5m (down 25% from 1Q 2025). Profit margin: 16% (down from 19% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Sep 16Investor sentiment improves as stock rises 17%After last week's 17% share price gain to PK₨223, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 20x in the Forestry industry in Asia. Total returns to shareholders of 143% over the past three years.
Upcoming Dividend • Sep 11Upcoming dividend of PK₨9.00 per shareEligible shareholders must have bought the stock before 18 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Lower than top quartile of Pakistani dividend payers (7.4%). Higher than average of industry peers (2.4%).
Reported Earnings • Sep 09Full year 2025 earnings released: EPS: PK₨25.72 (vs PK₨25.12 in FY 2024)Full year 2025 results: EPS: PK₨25.72 (up from PK₨25.12 in FY 2024). Revenue: PK₨7.87b (up 7.6% from FY 2024). Net income: PK₨1.52b (up 2.4% from FY 2024). Profit margin: 19% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.
Declared Dividend • Aug 01Dividend reduced to PK₨9.00Dividend of PK₨9.00 is 10.0% lower than last year. Ex-date: 18th September 2025 Payment date: 1st January 1970 Dividend yield will be 6.7%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
お知らせ • Jul 31Security Papers Limited, Annual General Meeting, Sep 26, 2025Security Papers Limited, Annual General Meeting, Sep 26, 2025.
Reported Earnings • May 02Third quarter 2025 earnings released: EPS: PK₨5.04 (vs PK₨5.69 in 3Q 2024)Third quarter 2025 results: EPS: PK₨5.04 (down from PK₨5.69 in 3Q 2024). Revenue: PK₨1.66b (down 8.5% from 3Q 2024). Net income: PK₨298.7m (down 11% from 3Q 2024). Profit margin: 18% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.
お知らせ • Feb 19Security Papers Limited Announces Directorate ChangesSecurity Papers Limited announced a change in its board of directors, as Mrs. Pemur Alaybeyoglu is appointed as the new nominee director representing Sumer Holding A.S., Turkiye. This appointment replaces Ms. Figen Caliskan, who previously held the position. According to the official communication from Security Papers Limited, stakeholders, including the TRE Certificate Holders of the Exchange, have been advised to take note of this transition. The company has indicated that this change is part of its ongoing governance and oversight adjustments aimed at maintaining effective representation and oversight on the board The announcement of the new director appointment was necessitated by the internal restructuring within the board composition, a move that underscores Sumer Holding A.S."s strategic interest in maintaining a robust engagement with Security Papers Limited. The change is expected to be seamless as Mrs. Alaybeyoglu steps into her new role. According to information available from the Pakistan Stock Exchange (PSX), Security Papers Limited is categorized under the designated market category of paper products. This change in directorship is a noteworthy event for the company, which is a significant entity within its market segment. notifications have been issued to ensure compliance with corporate governance standards. The company has assured stakeholders of a smooth transition without any disruptions to its regular operations or strategic objectives.
Reported Earnings • Feb 02Second quarter 2025 earnings released: EPS: PK₨7.02 (vs PK₨6.43 in 2Q 2024)Second quarter 2025 results: EPS: PK₨7.02 (up from PK₨6.43 in 2Q 2024). Revenue: PK₨2.11b (up 20% from 2Q 2024). Net income: PK₨415.9m (up 9.2% from 2Q 2024). Profit margin: 20% (down from 22% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 17% per year.
Valuation Update With 7 Day Price Move • Jan 31Investor sentiment improves as stock rises 19%After last week's 19% share price gain to PK₨191, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 17x in the Forestry industry in Asia. Total returns to shareholders of 111% over the past three years.
Valuation Update With 7 Day Price Move • Dec 09Investor sentiment improves as stock rises 17%After last week's 17% share price gain to PK₨170, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 18x in the Forestry industry in Asia. Total returns to shareholders of 96% over the past three years.
お知らせ • Dec 03Security Papers Limited Announces Chief Financial Officer ChangesSecurity Papers Limited has announced a change in its executive lineup with the appointment of Mr. Wasif Sajjad as the new Chief Financial Officer (CFO), replacing Mr. Mudassir Ali Khan, who served as the Acting CFO. Mr. Sajjad, who is a Fellow Chartered Accountant (FCA), assumed his new role on December 2, 2024. This appointment is expected to bring new direction to the financial management at Security Papers Limited, as the company continues to navigate the complexities of the market. The change in CFO is part of the company's ongoing efforts to strengthen its management team.
Reported Earnings • Oct 23First quarter 2025 earnings released: EPS: PK₨6.52 (vs PK₨6.16 in 1Q 2024)First quarter 2025 results: EPS: PK₨6.52 (up from PK₨6.16 in 1Q 2024). Revenue: PK₨2.06b (up 19% from 1Q 2024). Net income: PK₨386.2m (up 5.7% from 1Q 2024). Profit margin: 19% (down from 21% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year.
New Risk • Sep 11New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (201% cash payout ratio). Market cap is less than US$100m (PK₨8.30b market cap, or US$29.8m).
Upcoming Dividend • Sep 10Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 17 September 2024. Payment date: 16 October 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 8.9%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (2.3%).
お知らせ • Jul 31Security Papers Limited, Annual General Meeting, Sep 25, 2024Security Papers Limited, Annual General Meeting, Sep 25, 2024. Location: at security paper limited , jinnah avenue, malir halt, karachi Pakistan
お知らせ • Jul 23Security Papers Limited to Report Fiscal Year 2024 Results on Jul 30, 2024Security Papers Limited announced that they will report fiscal year 2024 results on Jul 30, 2024
Reported Earnings • May 02Third quarter 2024 earnings released: EPS: PK₨5.69 (vs PK₨1.60 in 3Q 2023)Third quarter 2024 results: EPS: PK₨5.69 (up from PK₨1.60 in 3Q 2023). Revenue: PK₨1.81b (up 67% from 3Q 2023). Net income: PK₨336.9m (up 255% from 3Q 2023). Profit margin: 19% (up from 8.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings.
お知らせ • Apr 05Security Papers Limited Announces CFO TransitionSecurity Papers Limited has announced a change in its leadership team, appointing Mr. Mudassir Ali Khan as the Acting Chief Financial Officer (CFO), effective April 4, 2024. Mr. Khan will be taking over the responsibilities from Mr. Babar Aijaz. The announcement was made to the Pakistan Stock Exchange (PSE), indicating a significant shift in the company's financial oversight.
お知らせ • Mar 26Security Papers Limited Announces Resignation of Board Member Uzma AijazSecurity Papers Limited announced the resignation of Mrs. Uzma Aijaz from its Board of Directors. Mrs. Aijaz resigned from her directorship on October 4, 2023, with the Board officially accepting her resignation on October 15, 2023.
New Risk • Mar 14New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (181% cash payout ratio). Market cap is less than US$100m (PK₨7.94b market cap, or US$28.4m).
Upcoming Dividend • Feb 24Upcoming dividend of PK₨2.50 per shareEligible shareholders must have bought the stock before 01 March 2024. Payment date: 29 March 2024. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 7.9%. Lower than top quartile of Pakistani dividend payers (13%). Higher than average of industry peers (2.0%).
Valuation Update With 7 Day Price Move • Dec 06Investor sentiment improves as stock rises 20%After last week's 20% share price gain to PK₨148, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 15x in the Forestry industry in Asia. Total returns to shareholders of 13% over the past three years.
Valuation Update With 7 Day Price Move • Nov 06Investor sentiment improves as stock rises 15%After last week's 15% share price gain to PK₨112, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 14x in the Forestry industry in Asia. Total loss to shareholders of 19% over the past three years.
Reported Earnings • Nov 01First quarter 2024 earnings released: EPS: PK₨6.16 (vs PK₨3.54 in 1Q 2023)First quarter 2024 results: EPS: PK₨6.16 (up from PK₨3.54 in 1Q 2023). Revenue: PK₨1.73b (up 46% from 1Q 2023). Net income: PK₨365.2m (up 74% from 1Q 2023). Profit margin: 21% (up from 18% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 18% per year.
New Risk • Oct 13New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (PK₨6.40b market cap, or US$23.0m).
Upcoming Dividend • Oct 06Upcoming dividend of PK₨11.00 per share at 10% yieldEligible shareholders must have bought the stock before 13 October 2023. Payment date: 16 November 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 10%. Lower than top quartile of Pakistani dividend payers (14%). Higher than average of industry peers (1.9%).
お知らせ • Oct 06Security Papers Limited, Annual General Meeting, Oct 26, 2023Security Papers Limited, Annual General Meeting, Oct 26, 2023, at 10:00 Pakistan Standard Time. Location: Security Papers Limited, Jinnah Avenue, Malir Halt, Karachi Pakistan Agenda: To receive, consider and adopt the Audited Financial Statements of the Company for the year ended June 30, 2023, together with the Directors' and Auditors' Reports thereon; to approve the payment of cash dividend at the rate of PKR 11/- per share i.e., 110% for the year ended June 30, 2023, as recommended by the Board of Directors; to appoint Auditors for the Financial Year 2023-24 and to fix their remuneration; and to consider other matters.
お知らせ • Jun 07Security Papers Limited Announces Director ChangesSecurity Papers Limited announced that Mr. Ahmad Hatarni Yazd as Director, effective from May 31, 2023. Mr. Yazd steps into this role, succeeding Dr. Abolghassem Jamshidi, who has held the position for an extended period. As the newly appointed Director, Mr. Ahmad Hatarni Yazd brings a wealth of experience and expertise to SPL. With an impressive background in the field of security and a deep understanding of the paper industry, Mr. Yazd is expected to lead the company to new heights. Throughout his career, Mr. Yazd has held prominent positions in various organizations, demonstrating exceptional leadership skills and a strong commitment to excellence. His vast knowledge of security measures and a keen eye for technological advancements in the paper industry make him an ideal choice for the role. The departure of Dr. Abolghassem Jamshidi, who has steered the company through various challenges and achievements, marks the end of an era. Dr. Jamshidi's contributions to the growth and success of Security Papers Limited have been highly regarded, and his expertise will be missed.
Reported Earnings • Apr 30Third quarter 2023 earnings released: EPS: PK₨1.60 (vs PK₨5.59 in 3Q 2022)Third quarter 2023 results: EPS: PK₨1.60 (down from PK₨5.59 in 3Q 2022). Revenue: PK₨1.08b (down 19% from 3Q 2022). Net income: PK₨94.8m (down 71% from 3Q 2022). Profit margin: 8.8% (down from 25% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 13% per year.
Board Change • Nov 16Less than half of directors are independentThere are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. 2 highly experienced directors. 3 independent directors (7 non-independent directors). Non-Executive Director Jamal Nasim is the most experienced director on the board, commencing their role in 2010. Independent Director Muhammad Sualeh Faruqui was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.
Reported Earnings • Oct 07Full year 2022 earnings releasedFull year 2022 results: Revenue: PK₨5.15b (up 2.9% from FY 2021). Net income: PK₨949.0m (down 35% from FY 2021). Profit margin: 18% (down from 29% in FY 2021). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Oct 06Upcoming dividend of PK₨10.00 per shareEligible shareholders must have bought the stock before 13 October 2022. Payment date: 16 November 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 8.2%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (2.3%).
Reported Earnings • May 01Third quarter 2022 earnings released: EPS: PK₨5.59 (vs PK₨6.95 in 3Q 2021)Third quarter 2022 results: EPS: PK₨5.59 (down from PK₨6.95 in 3Q 2021). Revenue: PK₨1.33b (down 17% from 3Q 2021). Net income: PK₨331.4m (down 20% from 3Q 2021). Profit margin: 25% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
Board Change • Apr 27Less than half of directors are independentThere are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 2 experienced directors. 1 highly experienced director. 2 independent directors (8 non-independent directors). Non-Executive Independent Director Jamal Nasim is the most experienced director on the board, commencing their role in 2010. Independent Director Muhammad Sualeh Faruqui was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.
Reported Earnings • Oct 30First quarter 2022 earnings released: EPS PK₨3.85 (vs PK₨6.36 in 1Q 2021)The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: PK₨1.18b (up 14% from 1Q 2021). Net income: PK₨228.0m (down 40% from 1Q 2021). Profit margin: 19% (down from 36% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Sep 10Upcoming dividend of PK₨9.00 per shareEligible shareholders must have bought the stock before 17 September 2021. Payment date: 22 October 2021. Trailing yield: 6.1%. Lower than top quartile of Pakistani dividend payers (9.3%). Higher than average of industry peers (2.0%).
Executive Departure • Sep 01Non-Executive Director Rauf Ahmad has left the companyOn the 27th of August, Rauf Ahmad's tenure as Non-Executive Director ended after 5.1 years in the role. We don't have any record of a personal shareholding under Rauf's name. A total of 3 executives have left over the last 12 months.
Executive Departure • Sep 01Chairman Muhammad Rasheed has left the companyOn the 27th of August, Muhammad Rasheed's tenure as Chairman ended after 4.0 years in the role. We don't have any record of a personal shareholding under Muhammad's name. A total of 3 executives have left over the last 12 months.
Reported Earnings • Aug 29Full year 2021 earnings released: EPS PK₨24.61 (vs PK₨21.54 in FY 2020)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨5.00b (up 2.0% from FY 2020). Net income: PK₨1.46b (up 14% from FY 2020). Profit margin: 29% (up from 26% in FY 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Aug 06Investor sentiment improved over the past weekAfter last week's 15% share price gain to PK₨163, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 17x in the Forestry industry in Asia. Total returns to shareholders of 71% over the past three years.
Reported Earnings • May 01Third quarter 2021 earnings released: EPS PK₨6.95 (vs PK₨0.44 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨1.61b (up 34% from 3Q 2020). Net income: PK₨412.0m (up PK₨385.9m from 3Q 2020). Profit margin: 26% (up from 2.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Executive Departure • Apr 29Non-Executive Director has left the companyOn the 21st of April, Naveed Ehtesham's tenure as Non-Executive Director ended after 4.7 years in the role. We don't have any record of a personal shareholding under Naveed's name. A total of 4 executives have left over the last 12 months.
Is New 90 Day High Low • Feb 25New 90-day low: PK₨145The company is down 14% from its price of PK₨170 on 27 November 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 22% over the same period.
Reported Earnings • Feb 14Second quarter 2021 earnings released: EPS PK₨3.01 (vs PK₨8.40 in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨738.3m (down 43% from 2Q 2020). Net income: PK₨178.6m (down 64% from 2Q 2020). Profit margin: 24% (down from 38% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Is New 90 Day High Low • Jan 29New 90-day low: PK₨166The company is down 10.0% from its price of PK₨186 on 29 October 2020. The Pakistani market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 22% over the same period.
Is New 90 Day High Low • Dec 08New 90-day low: PK₨170The company is down 21% from its price of PK₨216 on 09 September 2020. The Pakistani market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 6.0% over the same period.
Reported Earnings • Oct 24First quarter earnings releasedOver the last 12 months the company has reported total profits of PK₨1.41b, up 80% from the prior year. Total revenue was PK₨4.75b over the last 12 months, up 14% from the prior year.
お知らせ • Jul 25Security Papers Limited to Report Fiscal Year 2020 Results on Jul 24, 2020Security Papers Limited announced that they will report fiscal year 2020 results on Jul 24, 2020