Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨61.57, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 8x in the Luxury industry in Pakistan. Total returns to shareholders of 2,565% over the past three years. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨64.44, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 7x in the Luxury industry in Pakistan. Total returns to shareholders of 2,983% over the past three years. New Risk • Apr 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 51% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (51% accrual ratio). Revenue is less than US$1m (PK₨73m revenue, or US$260k). Market cap is less than US$10m (PK₨1.16b market cap, or US$4.16m). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Announcement • Apr 13
Zuma Resources Limited to Report Q3, 2026 Results on Apr 20, 2026 Zuma Resources Limited announced that they will report Q3, 2026 results on Apr 20, 2026 Board Change • Apr 07
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 Muhammad Kashif was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 20
Zuma Resources Limited to Report First Half, 2026 Results on Feb 27, 2026 Zuma Resources Limited announced that they will report first half, 2026 results on Feb 27, 2026 Announcement • Jan 07
Zuma Resources Limited Transitions Its Principal Line of Business from the Textile Sector to Information Technology Zuma Resources Limited announced that In line with its long-term growth strategy, the Company has transitioned its principal line of business from
the textile sector to information technology, focusing on IT investments, partnerships, and strategic collaborations with a diversified portfolio of companies operating in technology, AI-enabled services, Electric Vehicle (EV) Tech, healthcare Tech, E-Commerce and other emerging sectors. This strategic shift was approved by the shareholders at the Annual General Meeting held on 31 December 2025, marking a pivotal transformation in the Company's business direction aimed at diversification and sustainable growth. New Risk • Jan 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.1x 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 (0.1x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-PK₨7.2m). Revenue is less than US$1m. Market cap is less than US$10m (PK₨1.15b market cap, or US$4.12m). Minor Risk Large one-off items impacting financial results. Announcement • Dec 23
Zuma Resources Limited to Report Q1, 2026 Results on Dec 31, 2025 Zuma Resources Limited announced that they will report Q1, 2026 results on Dec 31, 2025 Announcement • Dec 09
Zuma Resources Limited, Annual General Meeting, Dec 31, 2025 Zuma Resources Limited, Annual General Meeting, Dec 31, 2025. Location: at 4th floor, building 90/50-b, broadway, dha phase 8, lahore Pakistan Announcement • Nov 27
Zuma Resources Limited to Report Fiscal Year 2025 Results on Dec 05, 2025 Zuma Resources Limited announced that they will report fiscal year 2025 results at 9:30 AM, Pakistan Standard Time on Dec 05, 2025 New Risk • Nov 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. 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). Negative equity (-PK₨1.1m). Earnings have declined by 2.0% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (PK₨578.0m market cap, or US$2.06m). Minor Risk Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Board Change • Oct 04
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 Muhammad Kashif was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 06
New major risk - Negative shareholders equity The company has negative equity. Total equity: -PK₨1.3m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-PK₨754k free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-PK₨1.3m). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (PK₨272.4m market cap, or US$980.7k). New Risk • Oct 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -PK₨755k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-PK₨755k free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (PK₨245.2m market cap, or US$883.5k). Announcement • Oct 10
Bilal Fibres Limited, Annual General Meeting, Oct 28, 2024 Bilal Fibres Limited, Annual General Meeting, Oct 28, 2024. Location: at plaza no. 47, 48-b gate no. 1 b block elite town, 29 - km main ferozepur road, lahore Pakistan Board Change • Jun 04
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. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Muhammad Kashif was the last independent director to join the board, commencing their role in 2017. 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 • Nov 16
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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Muhammad Kashif was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Aug 24
Now 28% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be PK₨4.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 154% over the last 3 years. Earnings per share has grown by 70%. Buying Opportunity • Apr 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be PK₨4.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 154% over the last 3 years. Earnings per share has grown by 70%. 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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Muhammad Kashif was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be PK₨4.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 154% over the last 3 years. Earnings per share has grown by 70%. Buying Opportunity • Mar 28
Now 23% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be PK₨4.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 154% per annum over the last 3 years. Earnings per share has grown by 70% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 29% share price gain to PK₨2.91, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 3x in the Luxury industry in Pakistan. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment deteriorated over the past week After last week's 21% share price decline to PK₨2.66, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 3x in the Luxury industry in Pakistan. Total returns to shareholders of 9.0% over the past three years. Is New 90 Day High Low • Feb 22
New 90-day low: PK₨1.38 The company is down 2.0% from its price of PK₨1.41 on 24 November 2020. The Pakistani market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 28% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: PK₨2.18 The company is up 45% from its price of PK₨1.50 on 29 September 2020. The Pakistani market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 11% over the same period. 
