reports
- Team AKD Research
KSE-100_Hovering near 200-SMA
AKD Daily Technicals KSE-100: Hovering near 200-SMA The index opened on a slightly positive note and remained volatile throughout the last trading session. The Index posted an intraday high of 124pts, a low of 152pts and concluded with a loss of 100pts to settle at 45,553pts level. During the past 10 trading sessions, there have been 3 white candles and 7 black candles for a net of 4 black candles. The local bourse is currently 0.1% above its 200-period moving average and is in an upward tre...
- Team AKD Research
KSE-100_Faces a highly volatile session
AKD Daily Technicals KSE-100: Faces a highly volatile session, The index opened on a slightly positive note and faced a volatile session. The Index posted an intraday low of 112pts, a high of 345pts and concluded with a gain of 319pts to settle at 46,484pts level. The volumes witnessed during the last trading session were comparatively higher than the previous trading session. Volume indicators reflect moderate flows of volume into the local bourse (mildly bullish). Trend forecasting oscilla...
- Hamza Kamal
BAFL_HMB & BOP_1QCY21 Result Previews, (AKD Daily, Apr 22, 2021)
AKD Daily BAFL,HMB & BOP: 1QCY21 Result Previews BAFL 1QCY21 EPS likely to stand at PkR1.34: Bank Alfalah Limited (BAFL) is set to report its 1QCY21 results today where we expect the bank to post an NPAT of PkR2.4bn (EPS: PkR1.34) compared to PkR2.9bn (EPS: PkR1.63) in the same period last year. On a sequential basis, earnings are expected to be +9.4% largely driven by, i) potential uptick in non funded income through sustaining fee income (+20.0%) and capital gains (unrealized surplus on inve...
- Hamza Kamal
BOP_CY20 Result Review, (AKD, Off the Analyst's Desk, Feb 19, 2021)
AKD Research - Off the Analyst's Desk February 19, 2021 BOP: CY20 Result Review (BelowExpectation) · The Bank of Punjab (BOP) announced its CY20 results where the bank expectedly posted earnings of PkR6.9bn (EPS: PkR2.58) compared to PkR8.3bn (EPS: PkR3.09) in CY19. Together with the result, BOP announced a dividend of PkR1/sh. · For 4QCY20...
- Hamza Kamal
UBL & BOP_CY20 Result Previews, (AKD Daily, Feb 15, 2021)
AKD Daily UBL & BOP: CY20 Result Previews UBL’s CY20 earnings likely to clock in at PkR16.4/sh; expect DPS of PkR9.5/sh: United Bank Limited (UBL) is scheduled to announce its CY20 result on 24th Feb, 2020 where we expect the bank to announce earnings of PkR19.6bn (EPS: PkR16.4/sh), +3.7%YoY where 23.7% jump in net interest income is likely absorbed by higher provisioning costs (cost of provisioning est. to stand at 0.7%). For 4QCY20, we expect earnings to clock in at PkR4.3bn (EPS: PkR3.58), ...
- Hamza Kamal
BOP_9MCY20 Result Review - (Inline), (AKD, Off the Analyst's Desk, Oct...
BOP: 9MCY20 Result Review - (Inline) · The Bank of Punjab (BOP) announced its 9MCY20 results today where the bank reported earnings of PkR5.8bn (EPS: PkR2.17) as against PkR6.1bn (EPS: PkR2.33) in the same period last year. The result came in line with our expectations. · For 3QCY20, the bank recorded an EPS of PkR0.81, flat QoQ/YoY. · Gross yield improved marginally by 3.6ppt QoQ to 28.5%, where we believe high yielding bonds to have overshadowed ...
OGDC_INDU_ASTL & BOP Result Previews, (AKD Daily, Oct 28, 2020)
AKD Daily OGDC, INDU, ASTL & BOP Result Previews OGDC- crude stability normalizes earnings: OGDC reports earnings today (28th Oct’20) where we expect the state owned E&P stalwart to report 1QFY21 NPAT of PkR22.4bn (EPS:PkR5.2) where relative stability after a particularly volatile March-June’20 for crude benchmarks and tepid production levels (Oil/Gas production slipped 3/8%YoY) dictate bottom line shifts of -18%YoY/+36%YoY. Additional aspects of the reported results include: 1) topline growth...
- Fawad Basir
Bank of Punjab Limited (BOP): Downgraded to ‘Hold’ on limited upside
We are downgrading Bank of Punjab (BOP) from ‘Buy’ to ‘Hold’ with a revised Target Price of Rs10.5. The stock offers a limited upside of 6%, alongside 2020E D/Y of 8%. The bank trades at a 2020E P/B of 0.4x, P/E of 3.8x and offers a ROE of 13%. The current discount of 60% to other banks is largely inline with its historical past 5-year average. The 5-year average P/B of BOP stands at 0.6x vs. the sector’s average of 1.3x, a discount of around 55%. The discount, we believe, is justified give...
- Fawad Basir
Bank of Punjab (BOP): 1Q2020 EPS at Rs0.56, down 22% YoY (lower than i...
Bank of Punjab (BOP) reported earnings of Rs0.56/share for 1Q2020, down 22% YoY and 26% QoQ. The result is lower than industry expectations as Net Interest Income (NII) of the bank in 1Q2020 declined by 7% YoY and 15% QoQ, while OPEX increased by 31% YoY. The bank’s deposits have grown by 20% YoY, while Current Account ratio is only ~20% of the total deposits (Dec-2019). With interest rates largely on the higher side during 1Q2020, Interest Expense increased by 88% YoY resulting in the decli...
- Team AKD Research
Pakistan Strategy_CY19 - A year full of regulatory actions (AKD Daily,...
In its first full year of reign, PTI gov’t introduced host of regulatory actions in CY19, mostly to comply with the IMF conditions aimed at addressing macro imbalances and structural issues in the energy chain. Major regulatory actions were, i) adoption of new flexible market determined exchange rate regime vs. managed float previously, ii) withdrawal of unnecessary tax exemptions to various sectors to improve tax collection, iii) utility rate adjustments both in electricity and gas sectors, ...
- Hamza Kamal
Pakistan Banks: BOP - Clear road to narrowing discount!, (AKD Detailed...
The Bank of Punjab (Detailed Report) Clear road to narrowing discount! We initiate coverage on Bank of Punjab (BoP) with a ‘Buy’ stance and a TP of PkR14.0/sh, implying an upside of 34.8% from last close. Capital reinforcements (Tier-I/II Cap raised in CY17/18: PkR6.1/4.3bn) of yesteryears coupled with higher interest rate driven earnings growth (CY20-22F CAGR: 15.7%) is likely to keep dividends healthy (CY20F dividend yield: 12.0% vs. 7.7% of our universe) at least in the medium run. Earni...
- Team AKD Research
Pakistan Banks: BOP - Clear road to narrowing discount!, (AKD Daily, N...
We initiate coverage on Bank of Punjab (BoP) with a ‘Buy’ stance and a TP of PkR14.0/sh, implying an upside of 34.8% from last close. Capital reinforcements (Tier-I/II Cap raised in CY17/18: PkR6.1/4.3bn) of yesteryears coupled with higher interest rate driven earnings growth (CY20-22F CAGR: 15.7%) is likely to keep dividends healthy (CY20F dividend yield: 12.0% vs. 7.7% of our universe) at least in the medium run. Earnings growth is expected to be driven by, i) Gross NIMs swelling to ~4.4% over...
- Team AKD Research
AKD STOCK SMART, Aug 23, 2019
After recording heavy losses in the previous week due to heightened tensions on geopolitical front, market posted a strong rebound during the outgoing week as tensions slightly eased. Moreover, the rebound can also be termed a dead cat bounce after market observed a decline of 46% from its peak of 53000. KSE-100 closed the week at 31,350pts, up 9.0%WoW. With the strong rally, activity in the market also increased as average daily volume for the week stood at 174.42mn shares, up 2.3xWoW. Foreigne...
Bank of Punjab (BOP): Reinstate with 'Hold'
We reinstate our stance on Bank of Punjab (BOP) as ‘Hold’ after the announcement of its 2017 and 1Q2018 financial results. The bank has 1) booked required provisions well in advance; 2) depicted improved earnings profile as BOP booked earnings of Rs0.7/share, up 24% YoY in 1Q2018, and 3) achieved capital requirement of SBP but is expected to remain on borderline, which warrant caution. BOP booked pending provisioning against NPLs of Rs14bn in 2017, an year earlier than it was actually requir...
Bank of Punjab (BOP): 1Q2018 EPS of Rs0.7, 24% YoY, 2017 LPS Rs1.3 (20...
BOP announced its 1Q2018 earnings of Rs0.7/share, up 24% YoY and were better than expectations. In 2017, the bank declared loss of Rs1.3/share as the bank booked provision charge of Rs14bn against the NPLs. To recall, we had mentioned in our coverage initiation report on BOP that the bank was required to provide for the backlog of its NPLs which had to be booked till the end of 2018. The bank booked this provisioning charge during 2017 which was earlier than expectation due to overall improvem...
Bank of Punjab (BOP): Initiating coverage with a 'Sell'
Investment thesis: We initiate coverage on Bank of Punjab (BOP), Pakistan’s tenth largest Commercial Bank, with a ‘Sell’ call and target price of Rs8.7. We attribute this to 1) high loss ratio of 16%, 2) below average provisions coverage of 63%, 3) requirement to book further provisions, and 4) below average CAR of 12% & likelihood of Tier I & Tier II capital raise. Resultantly, earnings growth will remain contained amid higher provisions & expected capital raise. We expect earnings to grow at...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.