PSX vs Adamjee vs First Habib Modaraba: Stocks 2026
On 5 November 2026 prices, First Habib Modaraba scores best on our scorecard: it trades at 4.0 times trailing earnings and half its book value, yields 8.1% and grew Q1 FY27 profit 12%. Adamjee Insurance is cheap at 5.7 times earnings with a 5.3% yield. PSX earns the highest ROE but costs 16 times earnings and its profit fell 20%.
Key takeaways
- First Habib Modaraba scores 6 on our five-measure scorecard (lower is better), Adamjee Insurance 11 and Pakistan Stock Exchange 13.
- First Habib Modaraba's Q1 FY27 profit rose 12% to Rs 207 million, and it paid Rs 2.25 a certificate for FY26, an 8.1% yield.
- Adamjee Insurance's nine-month profit rose 11% to Rs 4.63 billion on its own accounts as net premium rose 32%, and it paid Rs 5 a share in the last year.
- PSX's Q1 FY27 profit fell 20% to Rs 558 million after a 37% rise in FY26; it has no debt and paid a Re 1 dividend for FY26.
- First Habib Modaraba funds itself mostly with Rs 27.5 billion of certificates of musharakah, about 4.4 times its equity.
PSX retail investor
M Zubair is a retail investor on the Pakistan Stock Exchange. He writes SeekhKar's guides to explain the basics of investing, such as reading annual reports, P/E ratios, dividends and valuation, in simple language for new PSX investors. Everything here is for learning, not investment advice.
PSX vs Adamjee vs First Habib Modaraba: Valuation at a Glance
Pakistan Stock Exchange Limited (PSX), which runs the stock market itself, Adamjee Insurance (AICL), a general insurer, and First Habib Modaraba (FHAM), an Islamic leasing and finance business managed by Habib Metropolitan Bank's modaraba company, are three KSE-100 financial companies that are not banks. Prices are PSX closing prices on 5 November 2026.
PSX and First Habib Modaraba end their year on 30 June and Adamjee on 31 December. Earnings are trailing twelve months (TTM) to 30 September 2026: FY26 EPS minus Q1 FY26 plus Q1 FY27 for PSX and First Habib Modaraba, and 9M 2026 EPS plus October to December 2025 for Adamjee. Adamjee's figures are consolidated, including Adamjee Life.
| Metric | PSX | AICL | FHAM |
|---|---|---|---|
| Share price, 5 Nov 2026 | Rs 42.49 | Rs 94.00 | Rs 27.85 |
| Market capitalisation | Rs 34 bn | Rs 33 bn | Rs 3.1 bn |
| EPS, TTM | Rs 2.63 | Rs 16.36 | Rs 6.95 |
| P/E, TTM | 16.2x | 5.7x | 4.0x |
| Book value per share, 30 Jun 2026 | Rs 16.64 | Rs 154.51 | Rs 56.22 |
| P/B | 2.55x | 0.61x | 0.50x |
| ROE (TTM EPS ÷ book value) | 15.8% | 10.6% | 12.4% |
| Dividends, last 12 months | Rs 1.00 | Rs 5.00 | Rs 2.25 |
| Dividend yield | 2.4% | 5.3% | 8.1% |
| EPS growth, latest period | −19.5% | +3.5% | +12.0% |
EPS growth is Q1 FY27 against Q1 FY26 for PSX and First Habib Modaraba, and 9M 2026 against 9M 2025 for Adamjee (consolidated; +11.4% on its own accounts). Book values: PSX and First Habib Modaraba from their Q1 FY27 reports, Adamjee from S&P Global data. We leave out debt from the scorecard: an insurer's and a modaraba's balance sheets work differently from a manufacturer's.
Which Financial Stock Is Cheapest?
First Habib Modaraba, then Adamjee. First Habib Modaraba trades at 4.0 times trailing earnings and half its book value; Adamjee at 5.7 times earnings and 0.61 times book. Both trade below book even though they earn 11% to 12% on it.
PSX is priced very differently, at 16 times earnings and 2.6 times book. The market values it as the only stock exchange in the country, with stakes in the depository (CDC) and the clearing company (NCCPL), and no debt. Our guide to P/E ratios by sector explains why a P/E should be compared within a sector.
Latest Results
| Company | Profit after tax, 2026 | 2025 | Change | EPS, 2026 | 2025 |
|---|---|---|---|---|---|
| First Habib Modaraba (Q1 FY27) | Rs 207 m | Rs 185 m | +12% | Rs 1.87 | Rs 1.67 |
| Adamjee (9M, own accounts) | Rs 4.63 bn | Rs 4.16 bn | +11% | Rs 13.24 | Rs 11.88 |
| PSX (Q1 FY27) | Rs 558 m | Rs 697 m | −20% | Rs 0.70 | Rs 0.87 |
- First Habib Modaraba: total income rose 25% to Rs 1.40 billion. Its certificates of musharakah, the deposits it raises from the public, rose to Rs 27.5 billion from Rs 22.3 billion at 30 June.
- Adamjee Insurance: gross premium rose 13% to Rs 54.9 billion and net premium 32%, but investment income fell 18% to Rs 4.45 billion. Consolidated, with Adamjee Life, EPS rose 3.5% to Rs 12.87.
- PSX: revenue was flat at Rs 731 million and profit fell 20%. In FY26 its profit had risen 37% to Rs 2.24 billion (EPS Rs 2.80).
Dividend History and Yield
| Company | Last 12 months | Yield | Payout of TTM EPS |
|---|---|---|---|
| First Habib Modaraba | Rs 2.25 | 8.1% | 32% |
| Adamjee Insurance | Rs 5.00 | 5.3% | 31% |
| PSX | Rs 1.00 | 2.4% | 38% |
- First Habib Modaraba pays once a year and has raised it or held it steady: Rs 2.00 (2023), Rs 2.10 (2024), then Rs 2.25 for both FY25 and FY26.
- Adamjee Insurance pays twice a year: Rs 1.50 twice in 2024, Rs 1.50 and Rs 2 in 2025, and Rs 2 (April 2026) and Rs 3 (September 2026) so far in 2026.
- PSX pays once a year: Re 1 for FY24, Rs 1.70 for FY25 and Re 1 for FY26 (September 2026).
Filers pay 15% tax on company dividends. The dividend calculator works out your income after tax from any payout.
Scorecard: Which Financial Stock?
We ranked the three companies 1 (best) to 3 on five measures, with equal weight, as we do for banks. A lower total is better.
| Company | P/E | P/B | Dividend yield | ROE | EPS growth | Total |
|---|---|---|---|---|---|---|
| First Habib Modaraba | 1 | 1 | 1 | 2 | 1 | 6 |
| Adamjee Insurance | 2 | 2 | 2 | 3 | 2 | 11 |
| PSX | 3 | 3 | 3 | 1 | 3 | 13 |
- Value and income: First Habib Modaraba. The lowest P/E and P/B, an 8.1% yield and growing profit. The risks are its small size (a Rs 3.1 billion market value, so shares can be hard to trade) and its reliance on public deposits.
- Cheap insurer: Adamjee Insurance. Below book value, a 5.3% yield and fast premium growth. The risks are falling investment income and the lowest ROE of the three.
- Unique business: PSX. The highest ROE, no debt and stakes in market infrastructure. The risks are the highest price and profit that rises and falls with trading on the market.
Our investment and finance sector guide and our bank stock comparisons cover the rest of the financial sector. This comparison is educational and is not a recommendation to buy or sell any security. Prices change daily, and we update these figures after each quarterly result.