Naya Nazimabad Apartment REIT

Naya Nazimabad Apartment REIT’s scorecard gives a “Stable” health verdict and “Fair” valuation. Profitability is very strong (98.1), helped by a reported net margin of 173.7%, a current ratio of 2.57 and ROE of 9.4%, above the T-bill rate. Outlook scores 65.1. But financial strength is weak (37.2) and cash quality low (17.2), with growth at 0. The negatives are only one year of EPS growth over five years, debt-to-equity of 1.94 and interest cover of 2.19. There are no red flags. Valuation shows P/E 7.02 and P/B 1.43; dividend yield is 0.0% and 0.11 below the T-bill yield. The 5-year P/E median is not usable. Management digests explain reported losses as IFRS 15 timing: revenue is recognised only on control transfer, while collections sit as contract liabilities. Finance costs and a 22% tentative Musharaka profit rate weigh on results; management cites a monetary-tightening bias and lower-rate conditions as key context.

Calculated 1 Nov 2026. Not investment advice; the figures above are the reference.