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

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<li>We have revised our earnings estimates for United Bank Limited (UBL) upward by 55% for both 2025 and 2026 to Rs96/share and Rs85/share, respectively following the incorporation of 1Q2025 results.</li>
<li>UBL’s 1Q2025 results came above industry expectations, primarily driven by higher-than-expected Net Interest Income (NII).</li>
<li>We maintain our BUY stance on UBL, however, we have revised up our target price from Rs450/share to Rs560/share for Dec-2025, implying a total upside of 19% (including a dividend yield of 10%).</li>
</ul>


We have revised our earnings estimates for United Bank Limited (UBL) upward by 55% for both 2025 and 2026 to Rs96/share and Rs85/share, respectively following the incorporation of 1Q2025 results.
UBL’s 1Q2025 results came above industry expectations, primarily driven by higher-than-expected Net Interest Income (NII).
We maintain our BUY stance on UBL, however, we have revised up our target price from Rs450/share to Rs560/share for Dec-2025, implying a total upside of 19% (including a dividend yield of 10%).


United Bank Limited (UBL) - Earnings Revised Up; Buy Stance Maintained

United Bank Ltd

United Bank Limited (UBL) - Earnings Revised Up; Buy Stance Maintained