FIRST ASIA SECURITIES
PakistanSri LankaPREV
EquitiesFixed Income
DATA AS OF 13 JUL 2026 · EOD

TRG

TRG Pakistan
TECHNOLOGY

LAST · PKR

64.07
−1.51 ▼ −2.30%
P/E n/m · YIELD 0.0% · ROE -13.7%

52W RANGE

40.8381.84
57% OF RANGE · YTD −11.0%
01 / TRG — 1 YearAS OF 13 JUL 2026 · EOD
PERIOD 1Y · 250 SESSIONS▲
The Call
SELL−14%
55.00PKR · 12-MO
DISCOUNT TO NAV

NAV discount and losses persist.

Risks to our view
02 /

FAS DESK · FIRST ASIA SECURITIES RESEARCH · 23 JUN 2026 · EOD

Loss-making holdco, elusive value — Sell

  1. 01

    Sell, PKR 55 target: TRG is currently loss-making (negative EPS, −14% ROE) with no dividend, and the value of its CX/fintech stakes has repeatedly failed to crystallize.

  2. 02

    Holdco value depends on IBEX and Afiniti outcomes; without a monetisation event, the NAV discount and the losses persist.

  3. 03

    No income and the highest beta in coverage mean you are paid nothing to wait through the volatility.

  4. 04

    We see ~17% downside to PKR 55; the equity is an option on a transaction, not an earnings stream.

Where we differ from the street
Street viewOur viewWe change our mind if
The stakes are worth far more than the market cap.Perhaps on paper — but realization has disappointed for years while the holdco loses money; we mark to outcomes.A concrete, value-accretive monetisation of a major stake.
An Afiniti / IBEX event sends it sharply higher.Possible — the key upside risk to our call — but binary and unpredictable; not investable as a base case.A signed transaction crystallising stake value.
Judge it on NAV, not earnings.With negative earnings, no dividend and uncertain NAV, there is no hard anchor under the price.A return to profitability or recurring cash distributions.

— FIRST ASIA SECURITIES RESEARCH · NOT INVESTMENT ADVICE