External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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