Reported Earnings • May 05
Third quarter 2026 earnings released: EPS: PK₨0.16 (vs PK₨0.073 in 3Q 2025) Third quarter 2026 results: EPS: PK₨0.16 (up from PK₨0.073 in 3Q 2025). Net income: PK₨3.33m (up 114% from 3Q 2025). Tillkännagivande • Apr 24
First Tri-Star Modaraba to Report Q3, 2026 Results on Apr 30, 2026 First Tri-Star Modaraba announced that they will report Q3, 2026 results on Apr 30, 2026 Reported Earnings • Mar 04
Second quarter 2026 earnings released: PK₨0.38 loss per share (vs PK₨0.28 loss in 2Q 2025) Second quarter 2026 results: PK₨0.38 loss per share (further deteriorated from PK₨0.28 loss in 2Q 2025). Net loss: PK₨8.11m (loss widened 46% from 2Q 2025). Tillkännagivande • Feb 19
First Tri-Star Modaraba to Report First Half, 2026 Results on Feb 26, 2026 First Tri-Star Modaraba announced that they will report first half, 2026 results on Feb 26, 2026 Buy Or Sell Opportunity • Dec 02
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at PK₨13.43. The fair value is estimated to be PK₨11.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Tillkännagivande • Oct 24
First Tri-Star Modaraba to Report Q1, 2026 Results on Oct 30, 2025 First Tri-Star Modaraba announced that they will report Q1, 2026 results on Oct 30, 2025 Reported Earnings • Oct 08
Full year 2025 earnings released: PK₨0.71 loss per share (vs PK₨0.079 profit in FY 2024) Full year 2025 results: PK₨0.71 loss per share (down from PK₨0.079 profit in FY 2024). Net loss: PK₨15.0m (down PK₨16.7m from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Tillkännagivande • Oct 07
First Tri-Star Modaraba, Annual General Meeting, Oct 28, 2025 First Tri-Star Modaraba, Annual General Meeting, Oct 28, 2025. Location: at f/538, s.lt.e., karachi Pakistan New Risk • Sep 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 8.5% 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 Share price has been highly volatile over the past 3 months (8.5% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 50x earnings per share. Cash payout ratio: 98% Revenue is less than US$1m (PK₨37m revenue, or US$133k). Market cap is less than US$10m (PK₨340.7m market cap, or US$1.21m). Minor Risk Profit margins are more than 30% lower than last year (2.3% net profit margin). New Risk • Jul 30
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 9.0% 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 Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 50x earnings per share. Cash payout ratio: 98% Revenue is less than US$1m (PK₨37m revenue, or US$132k). Market cap is less than US$10m (PK₨285.9m market cap, or US$1.01m). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Buy Or Sell Opportunity • Mar 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to PK₨13.00. The fair value is estimated to be PK₨16.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 39%. Buy Or Sell Opportunity • Mar 04
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to PK₨12.57. The fair value is estimated to be PK₨16.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 39%. Reported Earnings • Mar 01
Second quarter 2025 earnings released: PK₨0.28 loss per share (vs PK₨0.44 loss in 2Q 2024) Second quarter 2025 results: PK₨0.28 loss per share (improved from PK₨0.44 loss in 2Q 2024). Revenue: PK₨336.3k (up 262% from 2Q 2024). Net loss: PK₨5.54m (loss narrowed 38% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 03
First quarter 2025 earnings released: EPS: PK₨0.55 (vs PK₨0.025 in 1Q 2024) First quarter 2025 results: EPS: PK₨0.55 (up from PK₨0.025 in 1Q 2024). Revenue: PK₨22.2m (up 180% from 1Q 2024). Net income: PK₨11.6m (up PK₨11.1m from 1Q 2024). Profit margin: 52% (up from 7.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 14
Upcoming dividend of PK₨2.00 per share Eligible shareholders must have bought the stock before 21 October 2024. Payment date: 18 November 2024. Trailing yield: 24%. Within top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (3.4%). New Risk • Oct 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 50x earnings per share. Cash payout ratio: 206% Dividend yield: 25% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 (9.5% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 50x earnings per share. Cash payout ratio: 206% Revenue is less than US$1m (PK₨35m revenue, or US$125k). Market cap is less than US$10m (PK₨338.6m market cap, or US$1.22m). Minor Risk Profit margins are more than 30% lower than last year (4.8% net profit margin). Reported Earnings • Oct 02
Full year 2024 earnings released: EPS: PK₨0.08 (vs PK₨16.74 in FY 2023) Full year 2024 results: EPS: PK₨0.08 (down from PK₨16.74 in FY 2023). Revenue: PK₨34.8m (down 18% from FY 2023). Net income: PK₨1.66m (down 100% from FY 2023). Profit margin: 4.8% (down from 831% in FY 2023). 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 11% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Oct 01
First Tri-Star Modaraba, Annual General Meeting, Oct 28, 2024 First Tri-Star Modaraba, Annual General Meeting, Oct 28, 2024. Buy Or Sell Opportunity • May 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 91% to PK₨17.15. The fair value is estimated to be PK₨14.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 118%. Board Change • Feb 14
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . 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 • Dec 07
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Oct 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 100% 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 Shares are highly illiquid. High level of non-cash earnings (100% accrual ratio). Revenue is less than US$1m (PK₨43m revenue, or US$153k). Market cap is less than US$10m (PK₨452.7m market cap, or US$1.63m). Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨18.51, the stock trades at a trailing P/E ratio of 59.9x. Average trailing P/E is 14x in the Real Estate industry in Asia. Total returns to shareholders of 396% over the past three years. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨11.94, the stock trades at a trailing P/E ratio of 38.7x. Average trailing P/E is 14x in the Real Estate industry in Asia. Total returns to shareholders of 184% over the past three years. Board Change • Sep 07
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . 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 25
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . 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 • Dec 06
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 17% share price gain to PK₨7.00, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 6x in the Real Estate industry in Pakistan. Total loss to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨4.60, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 12x in the Real Estate industry in Asia. Total loss to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 22% share price decline to PK₨6.01, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 12x in the Real Estate industry in Asia. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorated over the past week After last week's 21% share price decline to PK₨6.30, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 11x in the Real Estate industry in Asia. Total loss to shareholders of 21% over the past three years. Board Change • Jun 30
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . 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 • May 13
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨9.62, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 17x in the Real Estate industry in Pakistan. Total loss to shareholders of 1.9% over the past three years. Board Change • Feb 02
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . 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 • Nov 01
First quarter 2022 earnings released: EPS PK₨0.13 (vs PK₨0.12 in 1Q 2021) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2022 results: Revenue: PK₨9.46m (up 39% from 1Q 2021). Net income: PK₨2.82m (up 14% from 1Q 2021). Profit margin: 30% (down from 37% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Oct 28
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . 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 14
Upcoming dividend of PK₨0.60 per share Eligible shareholders must have bought the stock before 21 October 2021. Payment date: 18 November 2021. Trailing yield: 5.0%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (4.0%). Reported Earnings • Oct 06
Full year 2021 earnings released: EPS PK₨0.64 (vs PK₨0.11 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨39.4m (up 47% from FY 2020). Net income: PK₨13.5m (up 493% from FY 2020). Profit margin: 34% (up from 8.5% 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 47% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Oct 06
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to PK₨10.44, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 13x in the Real Estate industry in Asia. Negligible returns to shareholders over past three years. Board Change • Sep 17
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . 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 • Sep 01
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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment deteriorated over the past week After last week's 21% share price decline to PK₨13.33, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 13x in the Real Estate industry in Asia. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 21% share price gain to PK₨11.75, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 14x in the Real Estate industry in Asia. Total returns to shareholders of 36% over the past three years. Reported Earnings • Nov 04
First quarter 2021 earnings released: EPS PK₨0.12 The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: PK₨6.80m (down 9.2% from 1Q 2020). Net income: PK₨2.48m (up 89% from 1Q 2020). Profit margin: 37% (up from 18% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 21
New 90-day high: PK₨7.00 The company is up 27% from its price of PK₨5.50 on 23 July 2020. The Pakistani market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 6.0% over the same period. Valuation Update With 7 Day Price Move • Oct 15
Market bids up stock over the past week After last week's 25% share price gain to PK₨4.99, the stock is trading at a trailing P/E ratio of 46.4x, up from the previous P/E ratio of 37.2x. This compares to an average P/E of 26x in the Real Estate industry in Pakistan. Total returns to shareholders over the past three years are 16%. Upcoming Dividend • Oct 12
Upcoming Dividend of PK₨0.10 Per Share Will be paid on the 19th of November to those who are registered shareholders by the 19th of October. The trailing yield of 2.5% is below the top quartile of Pakistani dividend payers (7.3%), and is lower than industry peers (4.2%). Tillkännagivande • Sep 26
First Tri-Star Modaraba to Report Fiscal Year 2020 Results on Oct 02, 2020 First Tri-Star Modaraba announced that they will report fiscal year 2020 results on Oct 02, 2020