Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨38.87, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 7x in the Capital Markets industry in Pakistan. Total returns to shareholders of 113% over the past three years. Reported Earnings • Apr 25
Third quarter 2026 earnings released: PK₨1.30 loss per share (vs PK₨0.74 profit in 3Q 2025) Third quarter 2026 results: PK₨1.30 loss per share (down from PK₨0.74 profit in 3Q 2025). Net loss: PK₨723.7m (down 276% from profit in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Apr 16
AKD Securities Limited to Report Q3, 2026 Results on Apr 23, 2026 AKD Securities Limited announced that they will report Q3, 2026 results on Apr 23, 2026 Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨35.08, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 8x in the Capital Markets industry in Pakistan. Total returns to shareholders of 125% over the past three years. New Risk • Mar 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 Share price has been highly volatile over the past 3 months (9.2% average weekly change). High level of non-cash earnings (25% accrual ratio). Minor Risk Market cap is less than US$100m (PK₨19.5b market cap, or US$69.8m). Reported Earnings • Feb 18
Second quarter 2026 earnings released: EPS: PK₨1.77 (vs PK₨3.14 in 2Q 2025) Second quarter 2026 results: EPS: PK₨1.77 (down from PK₨3.14 in 2Q 2025). Revenue: PK₨1.73b (down 36% from 2Q 2025). Net income: PK₨986.8m (down 44% from 2Q 2025). Profit margin: 57% (down from 65% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. New Risk • Feb 17
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 7.0% 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 (23% accrual ratio). 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 (7.0% average weekly change). Market cap is less than US$100m (PK₨22.4b market cap, or US$80.1m). Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to PK₨44.62, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 8x in the Capital Markets industry in Pakistan. Total returns to shareholders of 186% over the past three years. Announcement • Feb 09
AKD Securities Limited to Report First Half, 2026 Results on Feb 16, 2026 AKD Securities Limited announced that they will report first half, 2026 results on Feb 16, 2026 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨49.23, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 8x in the Capital Markets industry in Pakistan. Total returns to shareholders of 215% over the past three years. New Risk • Oct 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 (23% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (PK₨21.1b market cap, or US$75.1m). Upcoming Dividend • Oct 10
Upcoming dividend of PK₨1.00 per share Eligible shareholders must have bought the stock before 17 October 2025. Payment date: 17 November 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Pakistani dividend payers (7.4%). In line with average of industry peers (5.3%). Announcement • Oct 02
AKD Securities Limited, Annual General Meeting, Oct 27, 2025 AKD Securities Limited, Annual General Meeting, Oct 27, 2025. Location: the institute of chartered accountants of pakistan, cap) auditorium hall, chartered accountants avenue, clifton, karachi Pakistan Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨38.04, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 9x in the Capital Markets industry in Pakistan. Total returns to shareholders of 82% over the past three years. New Risk • Jul 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (PK₨17.9b market cap, or US$63.1m). Announcement • Jul 18
AKD Securities Limited (KASE:AKDSL) acquired 27.95% stake in Pakistan Services Limited (KASE:PSEL) for PKR 6.3 billion. AKD Securities Limited (KASE:AKDSL) acquired 27.95% stake in Pakistan Services Limited (KASE:PSEL) for PKR 6.3 billion on July 14, 2025. A cash consideration valued at PKR 700 per share will be paid by AKD Securities Limited.
AKD Securities Limited (KASE:AKDSL) completed the acquisition of 27.95% stake in Pakistan Services Limited (KASE:PSEL) on July 14, 2025. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨29.95, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 7x in the Capital Markets industry in Pakistan. Total loss to shareholders of 4.0% over the past three years. New Risk • May 23
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 8.2% 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: 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 (8.2% average weekly change). Market cap is less than US$100m (PK₨13.2b market cap, or US$46.8m). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨23.66, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 5x in the Capital Markets industry in Pakistan. Total loss to shareholders of 36% over the past three years. Announcement • Feb 04
AKD Securities Limited Announces Executive Changes AKD Securities Limited has announced a significant change in its corporate leadership, with the appointment of Ms. Uzma Rahman as the new company secretary. This change is set to take effect on February 3, 2025, as she steps into the role previously held by Mr. Umer Farooq. Ms. Rahman brings a wealth of experience and expertise to AKD Securities Limited, promising to uphold the company's commitment to transparency and regulatory compliance. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨21.11, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 7x in the Capital Markets industry in Pakistan. Total loss to shareholders of 41% over the past three years. Announcement • Dec 03
AKD Securities Limited Announces Executive Changes AKD Securities Limited has announced the appointment of Mr. Umer Farooq, an Associate Chartered Accountant (ACA), as the new Company Secretary. This change is set to take effect on December 2, 2024, replacing Miss Maha Khalid in the role. Upcoming Dividend • Oct 11
Upcoming dividend of PK₨2.00 per share Eligible shareholders must have bought the stock before 18 October 2024. Payment date: 18 November 2024. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 12%. Within top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (7.7%). New Risk • Oct 09
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 12% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (PK₨9.35b market cap, or US$33.7m). Announcement • Oct 04
AKD Securities Limited, Annual General Meeting, Oct 28, 2024 AKD Securities Limited, Annual General Meeting, Oct 28, 2024. Location: at the institute of chartered accountants, of pakistan (icap) auditorium hall, chartered accountants avenue, clifton, karachi Pakistan Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨18.61, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 6x in the Capital Markets industry in Pakistan. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to PK₨17.06, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 6x in the Capital Markets industry in Pakistan. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨19.29, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 5x in the Capital Markets industry in Pakistan. Total loss to shareholders of 14% over the past three years. New Risk • Dec 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.7% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (6.7% net profit margin). Revenue is less than US$5m (PK₨887m revenue, or US$3.1m). Market cap is less than US$100m (PK₨12.0b market cap, or US$42.2m). New Risk • Aug 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported March 2022 fiscal period end). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Revenue has declined by 5.5% over the past year. High level of non-cash earnings (159% accrual ratio). Shareholders have been substantially diluted in the past year (458% increase in shares outstanding). Minor Risks Revenue is less than US$5m (PK₨536m revenue, or US$1.9m). Market cap is less than US$100m (PK₨12.9b market cap, or US$45.0m). Board Change • Jul 31
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Sikander Kasim 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. Lack of board continuity. Announcement • Jul 15
AKD Securities Limited Announces Management Changes AKD Securities Limited has announced the appointment of Mr. Zafar Ahmed Khan as the company's new Chief Financial Officer (CFO). The appointment will be effective from July 14, 2023, following the departure of Mr. Tanveer Hussain Khan from the position. Board Change • Jan 18
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Sikander Kasim 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. Lack of board continuity. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Sikander Kasim 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. Lack of board continuity. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment deteriorated over the past week After last week's 23% share price decline to PK₨28.50, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 8x in the Capital Markets industry in Pakistan. Total returns to shareholders of 285% over the past three years. Board Change • Jul 07
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Sikander Kasim 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. Lack of board continuity. Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨36.75, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 7x in the Capital Markets industry in Pakistan. Total returns to shareholders of 310% over the past three years. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Sikander Kasim 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. Lack of board continuity. Upcoming Dividend • Apr 06
Upcoming dividend of PK₨0.50 per share Eligible shareholders must have bought the stock before 13 April 2022. Payment date: 17 May 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Pakistani dividend payers (10%). Lower than average of industry peers (8.6%). Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: PK₨1.80 (vs PK₨0.94 in FY 2020) Full year 2021 results: EPS: PK₨1.80 (up from PK₨0.94 in FY 2020). Revenue: PK₨632.5m (up 33% from FY 2020). Net income: PK₨179.7m (up 91% from FY 2020). Profit margin: 28% (up from 20% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 112% per year whereas the company’s share price has increased by 111% per year. Announcement • Feb 24
BIPL Securities Limited Announces Director Changes BIPL Securities Limited announced that Mr. Khalid Mehmood has been appointed as Director of the company with effect from February 22, 2022 in place of Mr. Muhammad Hafeezuddin Asif. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS PK₨0.32 (vs PK₨0.42 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨137.3m (down 3.6% from 3Q 2020). Net income: PK₨32.2m (down 24% from 3Q 2020). Profit margin: 23% (down from 30% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improved over the past week After last week's 19% share price gain to PK₨23.83, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 10x in the Capital Markets industry in Pakistan. Total returns to shareholders of 180% over the past three years. Executive Departure • Sep 03
Company Secretary Arsalan Farooq has left the company On the 1st of September, Arsalan Farooq's tenure as Company Secretary ended after 2.9 years in the role. We don't have any record of a personal shareholding under Arsalan's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Reported Earnings • Aug 25
Second quarter 2021 earnings released: EPS PK₨0.53 (vs PK₨0.06 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨182.5m (up 106% from 2Q 2020). Net income: PK₨52.1m (up PK₨45.9m from 2Q 2020). Profit margin: 28% (up from 7.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Executive Departure • Jul 13
Non-Executive Director Khurram Jamil has left the company On the 30th of June, Khurram Jamil's tenure as Non-Executive Director ended after 2.7 years in the role. We don't have any record of a personal shareholding under Khurram's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.96 years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 20% share price gain to PK₨24.99, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 8x in the Capital Markets industry in Pakistan. Total returns to shareholders of 270% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 20% share price gain to PK₨19.13, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 8x in the Capital Markets industry in Pakistan. Total returns to shareholders of 181% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 15% share price gain to PK₨15.09, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 7x in the Capital Markets industry in Pakistan. Total returns to shareholders of 141% over the past three years. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS PK₨0.60 (vs PK₨0.09 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: PK₨187.6m (up 90% from 1Q 2020). Net income: PK₨60.4m (up PK₨51.5m from 1Q 2020). Profit margin: 32% (up from 9.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 11
Full year 2020 earnings released: EPS PK₨0.94 (vs PK₨0.12 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: PK₨476.3m (up 61% from FY 2019). Net income: PK₨94.0m (up PK₨105.9m from FY 2019). Profit margin: 20% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 26
New 90-day high: PK₨17.49 The company is up 71% from its price of PK₨10.20 on 26 October 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 15% over the same period. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 17% share price gain to PK₨12.90, the stock is trading at a trailing P/E ratio of 17.4x, up from the previous P/E ratio of 14.8x. This compares to an average P/E of 13x in the Capital Markets industry in Pakistan. Total returns to shareholders over the past three years are 90%. Is New 90 Day High Low • Jan 06
New 90-day high: PK₨11.80 The company is up 14% from its price of PK₨10.37 on 08 October 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 21
New 90-day high: PK₨11.35 The company is up 38% from its price of PK₨8.20 on 18 August 2020. The Pakistani market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 13% over the same period. 