FIRST CAPITAL· SIGNA RESEARCH
KSE CLOSEDKSE-100 · PSX--:--:-- PKTDATA AS OF 11 JUN 2026 · EOD

TRG

TRG Pakistan
TECHNOLOGY

LAST · PKR

74.90
+0.69 +0.93%

52W RANGE

73.9697.81
4% OF RANGE · YTD −11.6%
01 / TRG — 1 YearAS OF 11 JUN 2026 · EOD
PERIOD 1Y · 250 SESSIONS

Source: PSX, First Capital Research. Data as of 11 Jun 2026, EOD.

02 / Fundamentals
Market cap
41bn
P/E (ttm)
12.7×
EPS (ttm)
5.90
Dividend yield
0.0%
Return on equity
9.4%
Beta
1.60
Free float
85%
52W high
97.81
52W low
73.96
1D change
+0.93%
YTD return
−11.6%

Holding company with stakes in global CX and fintech ventures including IBEX and Afiniti.

03 / Research NoteCAUTIOUS

SIGNA DESK · FIRST CAPITAL RESEARCH · 11 JUN 2026 · EOD

TRG Pakistan: cheap for a reason — watch the next two quarters before adding

TRG Pakistan (TRG) trades at 12.7× trailing earnings with a 0.0% dividend yield, sitting 4% of the way up its 52-week range. Return on equity of 9.4% sits near the market's cost of equity, and the 85% free float keeps the name liquid enough for institutional sizing.

Within the technology space, the setup is challenging: the discount to peers reflects genuine earnings risk rather than neglect. At 1.60 beta the name moves harder than the index in both directions — position sizing matters more than entry price. Capital appreciation, not the payout, has to carry the return from here.

AT A GLANCE

Stance
CAUTIOUS
P/E (ttm)
12.7×
Dividend yield
0.0%
Beta
1.60
52W position
4%
YTD return
−11.6%

— GENERATED BY SIGNA · NOT INVESTMENT ADVICE

04 / Sector Peers
SymbolLastChg %P/EM. Cap1Y
SYSSystems Limited618.40−1.27%19.4×181bn
TRGTRG Pakistan— THIS PAGE74.90+0.93%12.7×41bn

Source: PSX, First Capital Research. Data as of 11 Jun 2026, EOD.