External broker reports(aggregated public sources), Topline Securities

Topline Securities

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>HBL recently announced its 1Q2018 earnings of Rs3.1/share (-49% YoY), which remained lower than expectations. After incorporating 1Q2018 financials, we revise down our earnings estimate for HBL by 28%/18%/17% for 2018/2019/2020 to Rs17.9/26.2/32.8 per share. This is mainly due to lower than expected Net Interest Income (NII), further exchange loss expectations, revision in our estimate for non-markup income and continuation of super tax. However, given stock’s underperformance (down 13% since…</li></ul>

HBL recently announced its 1Q2018 earnings of Rs3.1/share (-49% YoY), which remained lower than expectations. After incorporating 1Q2018 financials, we revise down our earnings estimate for HBL by 28%/18%/17% for 2018/2019/2020 to Rs17.9/26.2/32.8 per share. This is mainly due to lower than expected Net Interest Income (NII), further exchange loss expectations, revision in our estimate for non-markup income and continuation of super tax. However, given stock’s underperformance (down 13% since…

Habib Bank (HBL): Earnings Revised Downwards; ‘Buy’ Stance Maintained

Habib Bank Ltd

Habib Bank (HBL): Earnings Revised Downwards; ‘Buy’ Stance Maintained