TRG
TRG PakistanLAST · PKR
52W RANGE
Source: PSX, First Asia Securities Research. Data as of 22 Jun 2026, EOD.
- Market cap
- 36bn
- P/E (ttm)
- n/m
- EPS (ttm)
- -8.82
- Dividend yield
- 0.0%
- Return on equity
- -13.7%
- Beta
- 0.78
- Free float
- 85%
- 52W high
- 84.39
- 52W low
- 40.12
- 1D change
- −1.09%
- YTD return
- −8.4%
Holding company with stakes in global CX and fintech ventures including IBEX and Afiniti.
FAS DESK · FIRST ASIA SECURITIES RESEARCH · 23 JUN 2026 · EOD
Loss-making holdco, elusive value — Sell
- 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.
- 02
Holdco value depends on IBEX and Afiniti outcomes; without a monetisation event, the NAV discount and the losses persist.
- 03
No income and the highest beta in coverage mean you are paid nothing to wait through the volatility.
- 04
We see ~17% downside to PKR 55; the equity is an option on a transaction, not an earnings stream.
| Metric | FY25A | FY26E | FY27E |
|---|---|---|---|
| Net profitPKR bn | -5.0 | -3.0 | -2.0 |
| EPSPKR | -8.8 | -6.2 | -3.7 |
| DPSPKR | 0.0 | 0.0 | 0.0 |
| P/E× | n/m | n/m | n/m |
| EPS growth% | — | −30.0% | −40.0% |
A = REPORTED · E = FAS ESTIMATE
Losses persist; discount widens; no catalyst.
deep discount to NAV
NAV discount and losses persist.
discount to NAV
A stake monetisation crystallises value.
NAV re-rate
Is TRG a deep-value NAV play?
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.
Could a catalyst re-rate it overnight?
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.
Do the losses matter for a holdco?
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.
| Assumption | Value | Basis |
|---|---|---|
| FY26E EPS | loss-making | negative trailing EPS; losses narrowing |
| Valuation basis | NAV, not P/E | no earnings anchor |
| NAV | uncertain | marked to realized outcomes |
| 12-month target | PKR 55 | discount-to-NAV, no near catalyst |
- 01Stake-monetisation event (upside)WATCH · IBEX / Afiniti transactions
- 02Return to profitability (upside)WATCH · Quarterly results
- 03PKR weakness lifting USD-linked stakesWATCH · PKR/USD
- 04Speculative momentumWATCH · Volume, retail flows
— GENERATED BY FIRST ASIA SECURITIES · NOT INVESTMENT ADVICE
| Symbol | Last | Chg % | P/E | M. Cap | 1Y |
|---|---|---|---|---|---|
| SYSSystems Limited | 150.05 | −0.75% | 19.5× | 220bn | |
| TRGTRG Pakistan— THIS PAGE | 65.95 | −1.09% | n/m | 36bn |
Source: PSX, First Asia Securities Research. Data as of 22 Jun 2026, EOD.