Dear Friends,

We are hosting an Investor Briefing Session on Image Pakistan Limited on Thursday 29th Jul, 2021 at 4pm. We have invited Ms. Uzma Ahmad Director Image Pakistan and Mr. Hussam Subzwari CFO Image Pakistan to talk about the retail sector in general and Image Pakistan Limited in particular. There has been huge interest in Image Pakistan from our clients post our research/sales teams’ coverage on it.

The company sells high quality embroidered fabric both unstitched and ready to wear for ladies under the brand name ‘IMAGE’. The company has two unique attributes, i) understanding of ‘fast fashion’ and ii) E-commerce strength in Pakistan and now internationally. The stock has posted a return of 276% CYTD and we still believe that it offers an upside of 34% (post right issue) from the current level.

The stock currently trades at a P/E multiple of 15.6x. Recently, the company became the 1st approved seller on Amazon and it remains to be seen on how big of an opportunity it is for Image. After publication of our reports on Image, clients’ main feedback is that the company is being conservative about its online sales contribution of 30% in FY22 (vs. 40% in FY21) since the company has Amazon deal now. Please find attached our recent report on the stock. We will be delighted if you can participate.

The meeting link is below:

https://us02web.zoom.us/j/84272584544?pwd=cHNEb25YczkvUHYzRDA1VXpFTE1TUT09

Best regards,

Mahmood Ali Shah Bukhari and team KASB