Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to PK₨55.60, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 10x in the Luxury industry in Pakistan. Total returns to shareholders of 352% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨68.01, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 9x in the Luxury industry in Pakistan. Total returns to shareholders of 464% over the past three years. Announcement • Jun 17
Shadab Textile Mills Limited Appoints Muhammad Shakeel Sarwar as Company Secretary, Effective June 17, 2026 Shadab Textile Mills Limited announced that Mr. Muhammad Shakeel Sarwar has been appointed as Company Secretary with effect from June 17, 2026 in place of Mr. Tariq Javaid former Company Secretary, who ceased to hold office with effect from May 11, 2026. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨53.12, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 8x in the Luxury industry in Pakistan. Total returns to shareholders of 375% over the past three years. New Risk • Jun 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 9.1% 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 Risks Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Market cap is less than US$10m (PK₨1.02b market cap, or US$3.65m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.1% average weekly change). Reported Earnings • May 06
Third quarter 2026 earnings released: EPS: PK₨2.21 (vs PK₨3.04 in 3Q 2025) Third quarter 2026 results: EPS: PK₨2.21 (down from PK₨3.04 in 3Q 2025). Revenue: PK₨1.92b (down 3.0% from 3Q 2025). Net income: PK₨36.7m (down 27% from 3Q 2025). Profit margin: 1.9% (down from 2.5% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. New Risk • Apr 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Market cap is less than US$10m (PK₨935.0m market cap, or US$3.35m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Apr 20
Shadab Textile Mills Limited to Report Q3, 2026 Results on Apr 27, 2026 Shadab Textile Mills Limited announced that they will report Q3, 2026 results on Apr 27, 2026 Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨44.98, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 7x in the Luxury industry in Pakistan. Total returns to shareholders of 274% over the past three years. Reported Earnings • Feb 25
Second quarter 2026 earnings released: EPS: PK₨5.93 (vs PK₨3.56 in 2Q 2025) Second quarter 2026 results: EPS: PK₨5.93 (up from PK₨3.56 in 2Q 2025). Revenue: PK₨2.03b (flat on 2Q 2025). Net income: PK₨98.5m (up 67% from 2Q 2025). Profit margin: 4.9% (up from 2.9% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Announcement • Feb 17
Shadab Textile Mills Limited to Report Q2, 2026 Results on Feb 24, 2026 Shadab Textile Mills Limited announced that they will report Q2, 2026 results at 9:30 AM, Pakistan Standard Time on Feb 24, 2026 Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨44.08, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 10x in the Luxury industry in Pakistan. Total returns to shareholders of 250% over the past three years. Reported Earnings • Oct 30
First quarter 2026 earnings released: EPS: PK₨5.35 (vs PK₨2.13 in 1Q 2025) First quarter 2026 results: EPS: PK₨5.35 (up from PK₨2.13 in 1Q 2025). Revenue: PK₨2.15b (up 13% from 1Q 2025). Net income: PK₨88.8m (up 151% from 1Q 2025). Profit margin: 4.1% (up from 1.8% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 13
Upcoming dividend of PK₨1.25 per share Eligible shareholders must have bought the stock before 20 October 2025. Payment date: 18 November 2025. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Pakistani dividend payers (7.1%). Higher than average of industry peers (1.7%). New Risk • Oct 01
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 3.1% per year over the past 5 years. Market cap is less than US$10m (PK₨962.8m market cap, or US$3.42m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Sep 29
Shadab Textile Mills Limited, Annual General Meeting, Oct 28, 2025 Shadab Textile Mills Limited, Annual General Meeting, Oct 28, 2025. Location: at the registered office of the company at a-601/a, city towers, 6-k, main boulevard, gulberg-ll, lahore. Pakistan Declared Dividend • Sep 28
Dividend increased to PK₨1.25 Dividend of PK₨1.25 is 67% higher than last year. Ex-date: 20th October 2025 Payment date: 18th November 2025 Dividend yield will be 2.1%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 28% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 28
Full year 2025 earnings released: EPS: PK₨11.15 (vs PK₨5.93 in FY 2024) Full year 2025 results: EPS: PK₨11.15 (up from PK₨5.93 in FY 2024). Revenue: PK₨8.00b (up 9.9% from FY 2024). Net income: PK₨185.0m (up 88% from FY 2024). Profit margin: 2.3% (up from 1.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 47% per year. Announcement • Sep 27
Shadab Textile Mills Limited announces Annual dividend, payable on November 18, 2025 Shadab Textile Mills Limited announced Annual dividend of PKR 1.2500 per share payable on November 18, 2025, ex-date on October 20, 2025 and record date on October 21, 2025. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨68.54, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 13x in the Luxury industry in Pakistan. Total returns to shareholders of 209% over the past three years. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨58.88, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 15x in the Luxury industry in Pakistan. Total returns to shareholders of 203% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to PK₨57.27, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 8x in the Luxury industry in Pakistan. Total returns to shareholders of 176% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to PK₨29.16, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 8x in the Luxury industry in Pakistan. Total returns to shareholders of 49% over the past three years. Reported Earnings • May 01
Third quarter 2025 earnings released: EPS: PK₨3.04 (vs PK₨4.14 in 3Q 2024) Third quarter 2025 results: EPS: PK₨3.04 (down from PK₨4.14 in 3Q 2024). Revenue: PK₨1.98b (up 4.4% from 3Q 2024). Net income: PK₨50.5m (down 27% from 3Q 2024). Profit margin: 2.5% (down from 3.6% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Feb 24
Second quarter 2025 earnings released: EPS: PK₨3.56 (vs PK₨1.24 in 2Q 2024) Second quarter 2025 results: EPS: PK₨3.56 (up from PK₨1.24 in 2Q 2024). Revenue: PK₨2.03b (up 13% from 2Q 2024). Net income: PK₨59.2m (up 187% from 2Q 2024). Profit margin: 2.9% (up from 1.1% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨25.89, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 10x in the Luxury industry in Pakistan. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to PK₨20.89, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 9x in the Luxury industry in Pakistan. Total loss to shareholders of 7.8% over the past three years. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨20.23, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 9x in the Luxury industry in Pakistan. Total loss to shareholders of 16% over the past three years. Reported Earnings • Oct 30
First quarter 2025 earnings released: EPS: PK₨2.13 (vs PK₨0.72 loss in 1Q 2024) First quarter 2025 results: EPS: PK₨2.13 (up from PK₨0.72 loss in 1Q 2024). Revenue: PK₨1.91b (up 20% from 1Q 2024). Net income: PK₨35.4m (up PK₨47.3m from 1Q 2024). Profit margin: 1.8% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨16.50, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 9x in the Luxury industry in Pakistan. Total loss to shareholders of 33% over the past three years. Upcoming Dividend • Oct 11
Upcoming dividend of PK₨0.75 per share Eligible shareholders must have bought the stock before 18 October 2024. Payment date: 18 November 2024. Trailing yield: 4.8%. Lower than top quartile of Pakistani dividend payers (11%). In line with average of industry peers (4.8%). New Risk • Oct 02
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 20% per year over the past 5 years. Market cap is less than US$10m (PK₨274.1m market cap, or US$987.2k). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.5% average weekly change). Reported Earnings • Oct 01
Full year 2024 earnings released: EPS: PK₨5.93 (vs PK₨6.49 loss in FY 2023) Full year 2024 results: EPS: PK₨5.93 (up from PK₨6.49 loss in FY 2023). Revenue: PK₨7.28b (up 22% from FY 2023). Net income: PK₨98.5m (up PK₨206.2m from FY 2023). Profit margin: 1.4% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • Oct 01
Shadab Textile Mills Limited, Annual General Meeting, Oct 28, 2024 Shadab Textile Mills Limited, Annual General Meeting, Oct 28, 2024. Location: at the registered office of the company, at a-601/a,city towers, 6-k,main boulevard,gulberg-ii, lahore Pakistan Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨16.98, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 6x in the Luxury industry in Pakistan. Total loss to shareholders of 38% over the past three years. New Risk • Jun 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Share price has been highly volatile over the past 3 months (9.2% average weekly change). Earnings have declined by 21% per year over the past 5 years. Market cap is less than US$10m (PK₨268.9m market cap, or US$965.7k). Announcement • Jan 31
Shadab Textile Mills Limited Announces Executive Changes Shadab Textile Mills Limited has officially announced a change in its corporate secretariat. Mr. Atif Shahzad has stepped down from his role as the Company Secretary, effective January 31, 2024. Succeeding him, Mr. TariqJavaid has been appointed to the position, also effective from January 31, 2024. This transition marks a significant change in the company's management team, as the role of a Company Secretary is pivotal in ensuring compliance with regulatory and legal requirements, facilitating effective board communication, and maintaining corporate governance standards. Mr. Tariq Javaid's appointment is anticipated to bring fresh perspectives and strategies to Shadab Textile Mills Limited's corporate governance practices. The company expresses its gratitude to Mr. Atif Shahzad for his services and welcomes Mr. Javaid to his new role, looking forward to his contributions to the company's success. Announcement • Nov 12
Shadab Textile Mills Limited Announces Change of Company Secretary Shadab Textile Mills Limited has officially announced a change in its executive team. Mr. Muhammad Adeel Anwar Khan has ceased to be the Company Secretary as of November 7, 2023. Following this, Mr. Atif Shahzad has been appointed as the new Company Secretary, effective from November 08, 2023. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings have declined by 8.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.3x net interest cover). Share price has been highly volatile over the past 3 months (8.5% average weekly change). Earnings have declined by 8.4% per year over the past 5 years. Market cap is less than US$10m (PK₨192.9m market cap, or US$687.8k). Reported Earnings • Oct 06
Full year 2023 earnings released: PK₨6.49 loss per share (vs PK₨11.76 profit in FY 2022) Full year 2023 results: PK₨6.49 loss per share (down from PK₨11.76 profit in FY 2022). Revenue: PK₨5.96b (up 13% from FY 2022). Net loss: PK₨107.7m (down 155% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 31% per year. Board Change • May 26
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 2 independent directors (6 non-independent directors). Independent Director Ghazanfer Feroze was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 2 independent directors (6 non-independent directors). Independent Director Ghazanfer Feroze was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 12
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 2 independent directors (6 non-independent directors). Independent Director Ghazanfer Feroze was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 26
Second quarter 2023 earnings released: PK₨0.76 loss per share (vs PK₨2.70 profit in 2Q 2022) Second quarter 2023 results: PK₨0.76 loss per share (down from PK₨2.70 profit in 2Q 2022). Revenue: PK₨1.45b (up 8.0% from 2Q 2022). Net loss: PK₨12.6m (down 128% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. 2 independent directors (6 non-independent directors). Independent Director Ghazanfer Feroze was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Oct 13
Upcoming dividend of PK₨0.50 per share Eligible shareholders must have bought the stock before 20 October 2022. Payment date: 18 November 2022. Payout ratio is a comfortable 4.3% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Pakistani dividend payers (12%). Lower than average of industry peers (4.7%). Reported Earnings • Oct 08
Full year 2022 earnings released: EPS: PK₨11.76 (vs PK₨10.28 in FY 2021) Full year 2022 results: EPS: PK₨11.76 (up from PK₨10.28 in FY 2021). Revenue: PK₨5.30b (up 60% from FY 2021). Net income: PK₨195.3m (up 14% from FY 2021). Profit margin: 3.7% (down from 5.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Board Change • Aug 04
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Independent Director Ghazanfer Feroze was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jul 19
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Independent Director Ghazanfer Feroze was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 01
Third quarter 2022 earnings released: EPS: PK₨2.23 (vs PK₨1.79 in 3Q 2021) Third quarter 2022 results: EPS: PK₨2.23 (up from PK₨1.79 in 3Q 2021). Revenue: PK₨1.34b (up 80% from 3Q 2021). Net income: PK₨37.0m (up 25% from 3Q 2021). Profit margin: 2.8% (down from 4.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 26% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Ghazanfer Feroze was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 10
Shadab Textile Mills Limited Appoints Muhammad Adeel Anwar Khan as Company Secretary Shadab Textile Mills Limited announced that Mr. Muhammad Adeel Anwar Khan has been appointed as Company secretary of the company with effect from April 7, 2022. Reported Earnings • Feb 28
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: PK₨2.70 (up from PK₨1.76 in 2Q 2021). Revenue: PK₨1.34b (up 81% from 2Q 2021). Net income: PK₨44.8m (up 54% from 2Q 2021). Profit margin: 3.3% (down from 3.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Oct 13
Upcoming dividend of PK₨1.00 per share Eligible shareholders must have bought the stock before 20 October 2021. Payment date: 18 November 2021. Trailing yield: 4.3%. Lower than top quartile of Pakistani dividend payers (10%). Higher than average of industry peers (3.7%). Reported Earnings • Sep 30
Full year 2021 earnings released: EPS PK₨10.28 (vs PK₨3.27 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨3.31b (up 44% from FY 2020). Net income: PK₨170.6m (up 318% from FY 2020). Profit margin: 5.2% (up from 1.8% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • May 02
Third quarter 2021 earnings released: EPS PK₨1.79 (vs PK₨1.82 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: PK₨741.5m (up 27% from 3Q 2020). Net income: PK₨29.7m (down 1.9% from 3Q 2020). Profit margin: 4.0% (down from 5.2% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 18% per year. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to PK₨27.00, the stock is trading at a trailing P/E ratio of 6x, down from the previous P/E ratio of 7.4x. This compares to an average P/E of 9x in the Luxury industry in Pakistan. Total returns to shareholders over the past three years are 16%. Is New 90 Day High Low • Mar 03
New 90-day low: PK₨32.53 The company is down 2.0% from its price of PK₨33.10 on 03 December 2020. The Pakistani market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 23% over the same period. Reported Earnings • Feb 25
Second quarter 2021 earnings released: EPS PK₨1.76 (vs PK₨4.59 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨742.1m (up 1.3% from 2Q 2020). Net income: PK₨29.2m (up 106% from 2Q 2020). Profit margin: 3.9% (up from 1.9% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Jan 14
New 90-day high: PK₨37.95 The company is up 6.0% from its price of PK₨35.81 on 16 October 2020. The Pakistani market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 25% over the same period. Reported Earnings • Oct 29
First quarter earnings released Over the last 12 months the company has reported total profits of PK₨59.8m, down 9.5% from the prior year. Total revenue was PK₨2.36b over the last 12 months, down 15% from the prior year. Reported Earnings • Oct 09
Full year earnings released - EPS PK₨3.27 Over the last 12 months the company has reported total profits of PK₨40.9m, down 48% from the prior year. Total revenue was PK₨2.29b over the last 12 months, down 19% from the prior year. Profit margins were 1.8%, which is lower than the 2.8% margin from last year. The decrease in margin was driven by lower revenue. Reported Earnings • Sep 30
Full year earnings released - EPS PK₨3.27 Over the last 12 months the company has reported total profits of PK₨40.9m, down 48% from the prior year. Total revenue was PK₨2.29b over the last 12 months, down 19% from the prior year. Profit margins were 1.8%, which is lower than the 2.8% margin from last year. The decrease in margin was driven by lower revenue. 
