External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Meezan Bank (MEBL) conducted its 3Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook.</li><li>Bank&#8217;s deposit growth remained at 24% YoY in Sep-25. Wherein, current account ratio improved to 49% in Sep-25 vs. 47% in Sep-24.&nbsp; Overall, CASA deposit grew by 28% YoY while CASA mix improved to 94% in Sep-25. Bank&#8217;s market share in total industry deposit remained at 9% and deposit growth CAGR since inception remained at 33%.</li><li>We maintain BUY stance on bank as it currently trades at 2025E PE of 8.8x and PBV of 2.6x with dividend yield of 7%.</li></ul>

Meezan Bank (MEBL) conducted its 3Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook.Bank&#8217;s deposit growth remained at 24% YoY in Sep-25. Wherein, current account ratio improved to 49% in Sep-25 vs. 47% in Sep-24.&nbsp; Overall, CASA deposit grew by 28% YoY while CASA mix improved to 94% in Sep-25. Bank&#8217;s market share in total industry deposit remained at 9% and deposit growth CAGR since inception remained at 33%.We maintain BUY stance on bank as it currently trades at 2025E PE of 8.8x and PBV of 2.6x with dividend yield of 7%.

Topline Flash Note: Meezan Bank - Corporate Briefing Key Takeaways

<ul><li>Meezan Bank (MEBL) announced its 3Q2025 result today, where the bank recorded earnings of Rs21bn (EPS of Rs11.7), which is down 18% YoY and 13% QoQ. The earnings came lower than industry expectations primarily due to higher-than-expected operating expenses.</li><li>Alongside the result, the bank also announced third interim cash dividend of Rs7.0/share in 3Q2025, in-line with industry expectations, taking 9M2025 dividend to Rs21.0/share.</li><li>Operating expenses of the Bank increased by 13% YoY and 58% QoQ to Rs26.4bn in 3Q2025 due to normalization of expenses — as the previous quarter included some reversals, according to our channel checks, resulting in a cost-to-income ratio of 35% vs. 26% in SPLY.</li></ul>

Meezan Bank (MEBL) announced its 3Q2025 result today, where the bank recorded earnings of Rs21bn (EPS of Rs11.7), which is down 18% YoY and 13% QoQ. The earnings came lower than industry expectations primarily due to higher-than-expected operating expenses.Alongside the result, the bank also announced third interim cash dividend of Rs7.0/share in 3Q2025, in-line with industry expectations, taking 9M2025 dividend to Rs21.0/share.Operating expenses of the Bank increased by 13% YoY and 58% QoQ to Rs26.4bn in 3Q2025 due to normalization of expenses — as the previous quarter included some reversals, according to our channel checks, resulting in a cost-to-income ratio of 35% vs. 26% in SPLY.

Meezan Bank (MEBL): 3Q2025 EPS at Rs11.7, Down 18% YoY and 13% QoQ

<ul><li>Meezan Bank (MEBL) conducted its 2Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook.</li><li>On deposit side, management commented that, the average deposits in Meezan were largely equal to the quarter end (2Q – Jun 2025) and presently deposits are standing well above Rs3trn.</li><li>We maintain BUY stance on bank as it currently trades at 2025E PE of 9.0x and PBV of 2.7x with dividend yield of 7%.</li></ul>

Meezan Bank (MEBL) conducted its 2Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook.On deposit side, management commented that, the average deposits in Meezan were largely equal to the quarter end (2Q – Jun 2025) and presently deposits are standing well above Rs3trn.We maintain BUY stance on bank as it currently trades at 2025E PE of 9.0x and PBV of 2.7x with dividend yield of 7%.

Topline Flash Note: MEEZAN BANK (MEBL): Corporate Briefing Key Takeaways

<ul><li>Meezan Bank (MEBL) announced its 2Q2025 result today, where the bank recorded earnings of Rs24bn (EPS of Rs13.4), which is down 10% YoY while up 9% QoQ.</li><li>Alongside the result, the bank also announced second interim cash dividend of Rs7.0/share in 2Q2025, in-line with industry expectations, taking 1H2025 dividend to Rs14.0/share.</li><li>MEBL remains our preferred pick in the banking sector. The stock currently trades at an 2025E PE of 8.1x and PBV of 2.4x with dividend yield of 7%.</li></ul>

Meezan Bank (MEBL) announced its 2Q2025 result today, where the bank recorded earnings of Rs24bn (EPS of Rs13.4), which is down 10% YoY while up 9% QoQ.Alongside the result, the bank also announced second interim cash dividend of Rs7.0/share in 2Q2025, in-line with industry expectations, taking 1H2025 dividend to Rs14.0/share.MEBL remains our preferred pick in the banking sector. The stock currently trades at an 2025E PE of 8.1x and PBV of 2.4x with dividend yield of 7%.

Meezan Bank (MEBL) 2Q2025 EPS At Rs13.4, Down 10% YoY, Up 9% QoQ

<ul><li>We have revised our earnings estimates for Meezan Bank (MEBL) upward by 20-25% for 2025 and 2026 based on the incorporation of 1Q2025 results.</li><li>MEBL's 1Q2025 results exceeded expectations due to higher-than-expected Net Interest Income (NII) and lower-than-expected admin expenses.</li><li>We maintain our BUY stance on MEBL, with a revised target price of Rs460/share, reflecting a total upside of 41% including a dividend yield of 8%.</li></ul>

We have revised our earnings estimates for Meezan Bank (MEBL) upward by 20-25% for 2025 and 2026 based on the incorporation of 1Q2025 results.MEBL's 1Q2025 results exceeded expectations due to higher-than-expected Net Interest Income (NII) and lower-than-expected admin expenses.We maintain our BUY stance on MEBL, with a revised target price of Rs460/share, reflecting a total upside of 41% including a dividend yield of 8%.

Meezan Bank Limited (MEBL) - Earnings Revised Up; Buy Maintained

Pakistan

Meezan Bank Limited is a commercial bank dedicated to Islamic banking.  The bank provides a range of deposit products, loans, and other products through offices located throughout Pakistan.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meezan Bank (MEBL PA)

Topline Flash Note: Meezan Bank - Corporate Briefing Key Takeaways

Meezan Bank (MEBL) conducted its 3Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook. Bank’s...

Topline Securities

Meezan Bank (MEBL): 3Q2025 EPS at Rs11.7, Down 18% YoY and 13% QoQ

Meezan Bank (MEBL) announced its 3Q2025 result today, where the bank recorded earnings of Rs21bn (EPS of Rs11.7), which is down 18% YoY and 13%...

Topline Securities

Topline Flash Note: MEEZAN BANK (MEBL): Corporate Briefing Key Takeaways

Meezan Bank (MEBL) conducted its 2Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook. On...

Topline Securities

Meezan Bank (MEBL) 2Q2025 EPS At Rs13.4, Down 10% YoY, Up 9% QoQ

Meezan Bank (MEBL) announced its 2Q2025 result today, where the bank recorded earnings of Rs24bn (EPS of Rs13.4), which is down 10% YoY while up...

Topline Securities

Meezan Bank Limited (MEBL) - Earnings Revised Up; Buy Maintained

We have revised our earnings estimates for Meezan Bank (MEBL) upward by 20-25% for 2025 and 2026 based on the incorporation of 1Q2025...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)