Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨15.05, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 8x in the Packaging industry in Pakistan. Total returns to shareholders of 110% over the past three years. Reported Earnings • May 01
Third quarter 2026 earnings released: EPS: PK₨0.07 (vs PK₨0.04 in 3Q 2025) Third quarter 2026 results: EPS: PK₨0.07. Revenue: PK₨976.5m (up 10% from 3Q 2025). Net income: PK₨12.9m (down 64% from 3Q 2025). Profit margin: 1.3% (down from 4.0% in 3Q 2025). The decrease in margin was driven by higher expenses. Duyuru • Apr 22
First Treet Manufacturing Modaraba to Report Q3, 2026 Results on Apr 29, 2026 First Treet Manufacturing Modaraba announced that they will report Q3, 2026 results on Apr 29, 2026 Reported Earnings • Mar 03
Second quarter 2026 earnings released: EPS: PK₨0.04 (vs PK₨0.07 in 2Q 2025) Second quarter 2026 results: EPS: PK₨0.04 (down from PK₨0.07 in 2Q 2025). Revenue: PK₨920.0m (down 5.5% from 2Q 2025). Net income: PK₨8.35m (down 87% from 2Q 2025). Profit margin: 0.9% (down from 6.4% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to PK₨15.71, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 10x in the Packaging industry in Pakistan. Total returns to shareholders of 123% over the past three years. Duyuru • Feb 19
First Treet Manufacturing Modaraba to Report First Half, 2026 Results on Feb 26, 2026 First Treet Manufacturing Modaraba announced that they will report first half, 2026 results on Feb 26, 2026 New Risk • Feb 13
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 6.6% 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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (PK₨3.77b market cap, or US$13.5m). New Risk • Nov 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. The company is paying a dividend despite having no free cash flows. Dividend yield: 15% 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 Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (PK₨3.92b market cap, or US$14.0m). Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨20.90, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 11x in the Packaging industry in Pakistan. Total returns to shareholders of 132% over the past three years. Reported Earnings • Nov 02
First quarter 2026 earnings released: EPS: PK₨0.35 (vs PK₨0.014 in 1Q 2025) First quarter 2026 results: EPS: PK₨0.35 (up from PK₨0.014 in 1Q 2025). Revenue: PK₨1.10b (up 9.3% from 1Q 2025). Net income: PK₨68.2m (up 466% from 1Q 2025). Profit margin: 6.2% (up from 1.2% 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 12% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 02
Full year 2025 earnings released: EPS: PK₨0.14 (vs PK₨0.31 in FY 2024) Full year 2025 results: EPS: PK₨0.14 (down from PK₨0.31 in FY 2024). Revenue: PK₨3.79b (down 8.6% from FY 2024). Net income: PK₨117.5m (down 56% from FY 2024). Profit margin: 3.1% (down from 6.4% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Oct 01
First Treet Manufacturing Modaraba, Annual General Meeting, Oct 27, 2025 First Treet Manufacturing Modaraba, Annual General Meeting, Oct 27, 2025. Location: at ali auditorium, ferozepur road, shahrah-e-roomi, lahore Pakistan Duyuru • Sep 24
First Treet Manufacturing Modaraba to Report Fiscal Year 2025 Results on Sep 30, 2025 First Treet Manufacturing Modaraba announced that they will report fiscal year 2025 results on Sep 30, 2025 Board Change • Sep 01
Insufficient new directors 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. Independent Director Haroon Khan was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to PK₨20.25, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 9x in the Packaging industry in Pakistan. Total returns to shareholders of 103% over the past three years. New Risk • Jun 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: PK₨1.56b (US$5.48m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Market cap is less than US$10m (PK₨1.56b market cap, or US$5.48m). New Risk • Jun 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 121% 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (121% increase in shares outstanding). Minor Risk Market cap is less than US$100m (PK₨11.6b market cap, or US$41.0m). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to PK₨5.18, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 11x in the Packaging industry in Pakistan. Total loss to shareholders of 48% over the past three years. New Risk • May 19
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 8.1% 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: Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (PK₨3.87b market cap, or US$13.7m). Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨4.12, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 7x in the Packaging industry in Pakistan. Total loss to shareholders of 54% over the past three years. Reported Earnings • Mar 02
Second quarter 2025 earnings released: EPS: PK₨0.07 (vs PK₨0.05 in 2Q 2024) Second quarter 2025 results: EPS: PK₨0.07 (up from PK₨0.05 in 2Q 2024). Revenue: PK₨973.2m (down 1.2% from 2Q 2024). Net income: PK₨62.5m (up 45% from 2Q 2024). Profit margin: 6.4% (up from 4.4% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 32% per year whereas the company’s share price has fallen by 27% per year. Buy Or Sell Opportunity • Dec 30
Now 20% undervalued Over the last 90 days, the stock has risen 8.7% to PK₨4.89. The fair value is estimated to be PK₨6.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has declined by 38%. Buy Or Sell Opportunity • Dec 13
Now 21% undervalued Over the last 90 days, the stock has risen 6.6% to PK₨4.83. The fair value is estimated to be PK₨6.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has declined by 38%. Buy Or Sell Opportunity • Nov 26
Now 22% undervalued Over the last 90 days, the stock has risen 4.1% to PK₨4.81. The fair value is estimated to be PK₨6.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has declined by 38%. New Risk • Nov 11
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 Risk Market cap is less than US$100m (PK₨5.21b market cap, or US$18.8m). Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨4.91, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 6x in the Packaging industry in Pakistan. Total loss to shareholders of 64% over the past three years. Reported Earnings • Oct 31
First quarter 2025 earnings released: EPS: PK₨0.014 (vs PK₨0.13 in 1Q 2024) First quarter 2025 results: EPS: PK₨0.014 (down from PK₨0.13 in 1Q 2024). Revenue: PK₨1.00b (down 18% from 1Q 2024). Net income: PK₨12.0m (down 89% from 1Q 2024). Profit margin: 1.2% (down from 9.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year whereas the company’s share price has fallen by 34% per year. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨3.82, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 8x in the Packaging industry in Pakistan. Total loss to shareholders of 71% over the past three years. Duyuru • Oct 01
First Treet Manufacturing Modaraba, Annual General Meeting, Oct 28, 2024 First Treet Manufacturing Modaraba, Annual General Meeting, Oct 28, 2024. Location: at ali auditorium, farozepur road, shahrah-e-roomi, lahore Pakistan New Risk • Jun 27
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 6.6% 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 (26% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (PK₨4.51b market cap, or US$16.2m). Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨6.75, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 6x in the Packaging industry in Pakistan. Total loss to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨6.11, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 6x in the Packaging industry in Pakistan. Total loss to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to PK₨5.66, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 6x in the Packaging industry in Pakistan. Total loss to shareholders of 61% over the past three years. New Risk • Dec 07
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: 4.1% Last year net profit margin: 8.0% 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (24% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (PK₨3.60b market cap, or US$12.7m). 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₨4.07, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 7x in the Packaging industry in Pakistan. Total loss to shareholders of 72% over the past three years. New Risk • Nov 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. 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 Less than 1 year of cash runway based on free cash flow trend (-PK₨772m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Market cap is less than US$100m (PK₨3.53b market cap, or US$12.3m). Board Change • Feb 03
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. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Haroon Khan was the last independent director to join the board, commencing their role in 2022. 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 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. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Haroon Khan was the last independent director to join the board, commencing their role in 2022. 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 21
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. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Haroon Khan was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Aug 14
First Treet Manufacturing Modaraba Appoints Haroon Latif Khan as Director First Treet Manufacturing Modaraba informed Pakistan Stock Exchange that Dr. Haroon Latif Khan has been appointed as director of the company with effect immediate effect. Board Change • May 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. 7 experienced directors. No highly experienced directors. 2 independent directors (5 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 • Oct 27
Full year 2021 earnings released: PK₨2.42 loss per share (vs PK₨15.59 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: PK₨6.09b (up 36% from FY 2020). Net loss: PK₨617.5m (loss narrowed 80% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 28
Second quarter 2021 earnings released: PK₨1.25 loss per share (vs PK₨5.57 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: PK₨1.40b (up 15% from 2Q 2020). Net loss: PK₨244.8m (loss narrowed 78% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 17
New 90-day high: PK₨19.27 The company is up 33% from its price of PK₨14.49 on 17 November 2020. The Pakistani market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is down 7.0% over the same period. Reported Earnings • Oct 08
Full year earnings released - PK₨15.59 loss per share Over the last 12 months the company has reported total losses of PK₨3.05b, with losses widening by 27% from the prior year. Total revenue was PK₨4.48b over the last 12 months, down 2.1% from the prior year. Duyuru • Oct 05
First Treet Manufacturing Modaraba to Report Fiscal Year 2020 Results on Oct 03, 2020 First Treet Manufacturing Modaraba announced that they will report fiscal year 2020 results on Oct 03, 2020 
