UZ_TRUST: profit grows slower than revenue, and that's no accident

15 апреля 2026 года UZ_TRUST раскрыла результаты за первый квартал 2026 года: выручка выросла на 32,2% год к году, до 642 570 млн сумов, чистая прибыль – на 15,9%, до 232 720 млн сумов. Рентабельность по чистой прибыли снизилась с 41,3% до 36,2%, что отражает опережающий рост затрат. При текущей цене акция выглядит скорее привлекательной: P/E LTM составляет 12,8, дивидендная доходность – 6,1%, а модель портала оценивает потенциал роста в +8%.

Key takeaways

— Revenue accelerated to +32.2% in Q1 2026, but margin compressed by 5.1 pp

— Net profit grew 15.9% – half the pace of revenue

— Dividend yield of 6.1% against the key rate is the main argument for holders

— P/E LTM of 12.8 – below its own three-year history, portal model upside +8%

— Margin of 36.2% is still high, but the trend needs watching

Attractiveness

Key figures, UZS bn

Revenue accelerated to +32.2% in Q1 2026, but margin compressed by 5.1 pp

In Q1 2026, UZ_TRUST's revenue reached UZS 642,570 million, up 32.2% year-on-year. This is a marked acceleration from +11.6% in Q1 2025 and +20.5% in Q3 2025. The company has been speeding up for two consecutive quarters.

However, net profit grew only 15.9% to UZS 232,720 million, and the net margin fell from 41.3% to 36.2%. The gap between revenue and profit growth points to margin pressure – likely from rising operating costs, though the exact reason is not disclosed in the report.

Net profit grew 15.9% – half the pace of revenue

Net profit for Q1 2026 was UZS 232,720 million versus UZS 200,760 million a year earlier. The 15.9% growth is a marked slowdown compared with revenue, which rose 32.2%. As a result, every sum of revenue now yields less profit than before.

Quarterly dynamics show absolute profit fluctuating: after UZS 253,070 million in Q4 2024, it was UZS 200,760 million in Q1 2025 and UZS 232,720 million in the reporting period. The company remains highly profitable, but the margin compression trend needs watching in coming quarters.

Dividend yield of 6.1% against the key rate is the main argument for holders

Over the trailing twelve months, UZ_TRUST paid dividends yielding 6.1% at the current price. This is a substantial level for the market, especially given that profit remains high and P/E LTM is 12.8. At such a yield, the share looks attractive for income-oriented investors.

Our estimate for the current year assumes the company maintains a dividend policy of paying out a large share of profit. However, if margins continue to decline as in Q1, or one-off write-offs appear, payouts could fall short of expectations. The key risk is a shrinking free cash flow due to rising costs.

P/E LTM of 12.8 – below its own three-year history, portal model upside +8%

The current P/E LTM is 12.8 based on a market cap of UZS 12,000,759.54 million. This is below the three-year average, indicating relative undervaluation. Return on equity of 55.0% confirms the high efficiency of the business.

According to the portal's model, which compares annualised earnings to market cap, the share's upside to its fair value is +8%. This is our own calculation, not a market consensus or a target price. Nevertheless, it aligns with the conclusion that the share trades below its historical levels.

Margin of 36.2% is still high, but the trend needs watching

Net margin for Q1 2026 was 36.2% – down from 41.3% a year earlier, but still a very high level. The company generates significant profit from every sum of revenue, providing a solid base for dividends and investments.

The 5.1 percentage point drop in margin signals that costs are growing faster than revenue. If this trend continues, profit growth will lag revenue, potentially limiting dividend potential. The next report will show whether this is a one-off or a sustained trend.

Valuation on the latest reported figures

Bottom line

UZ_TRUST showed strong revenue growth of +32.2% in Q1 2026, confirming robust demand. However, net profit rose only 15.9%, and the margin fell by 5.1 pp, indicating rising costs. With P/E LTM of 12.8 and a dividend yield of 6.1%, the share looks rather attractive, especially given the +8% upside on the portal's model. The key question for holders is whether the margin will hold around 36% or continue to compress, which will determine future dividends.