reports
United Bank Ltd: 3 directors
Three Directors at United Bank Ltd bought 1,366,300 shares at between 382.018PKR and 410.953PKR. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ...
Habib Bank Ltd: 4 directors
Four Directors at Habib Bank Ltd sold 81,516 shares at between 151.500PKR and 152.855PKR. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over th...
Habib Bank Ltd.: Update following rating upgrade; outlook positive
Our credit view of HBL, reflecting its very high exposure to Pakistani government securities, challenging operating conditions, balanced with its stable funding profile and liquid assets.
United Bank Ltd.: Update following rating upgrade; outlook positive
Our credit view of this issuer reflects its stable deposit-based funding profile and resilient earnings-generating capacity, against its high exposure to the Pakistani government.
Moody's Ratings upgrades five Pakistani banks and changes outlook to p...
Moody's Ratings (Moody's) has today upgraded the long-term deposit ratings to Caa2 from Caa3 of five Pakistani banks: Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). We have also upgraded ABL, HBL, MCB and UBL's ...
Habib Bank Ltd.: Key facts and statistics - 2023
A summary company profile, detailing Habib Bank Ltd.’s business operations and financial highlights.
Moody's announces completion of a periodic review for a group of Pakis...
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below. The review was conducted through a portfolio review discussion held on 30 November 2023 in which Mo...
Habib Bank Ltd.: Update to credit analysis
Our credit view of HBL, reflecting its very high exposure to Pakistani government securities, the extremely challenging operating conditions, balanced with its stable funding profile.
- Team AKD Research
MUGHAL_4QFY23 Result Review-Surprise dividend announced, (AKD Off the ...
Mughal Iron & Steel Industries Limited announced its 4QFY23 results, where the company posted an earnings of PkR834mn (EPS: PkR2.48), marking a 36% decrease compared to PkR1.31bn (EPS: PkR3.89) last quarter. This decline is majorly attributable to an increase in finance cost compared to last quarter, clocking in at PkR1.5bn (up by 49%QoQ). The company also announced a cash dividend of PKR3.2/sh whereas the dividend for FY22 was PkR3/sh. Topline for the quarter increased by 10%QoQ to PkR18....
- Yusra Beg
United Bank: Laser-sharp focus on profitability and payouts
* The signing of the IMF SBA programme has improved prospects for Pakistan’s economy, with the banking sector being the best performing at the Index in July. UBL has led the pack on a laser-sharp focus on profitability and excellent dividend yield. * We raise CY23-27f EPS estimates for UBL by 13% on average, on strong margin expansion and asset quality. We also incorporate an ultra-high cash payout ratio for the next 1-2yrs (c 100% payout in CY23f), with capital ratios appearing adequat...
- Yusra Beg
Habib Bank: 2QCY23 Review - Record high pre-tax profits
HBL has reported 2QCY23 NPAT of PKR13.0bn (EPS: PKR8.86), up 3.8x YoY / flat QoQ. This takes 1HCY23 NPAT to PKR26.2bn (EPS: PKR17.86), up 2.2x YoY. The 2Q result is in line with our expected EPS of PKR8.90, while the interim DPS of PKR2.00 is higher than our estimated DPS of PKR1.50. While total provisions and admin expenses are slightly higher than expected, these have been offset by strong non-interest income led by fee. Strong performance has led to improvement in T1 and CAR to comfortable...
- Yusra Beg
United Bank: 2QCY23 Result Review: Another stellar payout
UBL has posted consolidated 2QCY23 NPAT of PKR12.7bn (EPS: PKR10.39), up a massive 4.8x YoY and 11% QoQ. This takes 1HCY23 NPAT to PKR27.5bn (EPS: PKR22.01), up 2.3x YoY. The result is higher than our projected 2Q EPS of PKR9.50, with the deviation primarily stemming from a deferred tax reversal which reduced the overall effective tax rate. UBL also announced a higher than expected dividend of PKR11.0/sh vs. our estimate of PKR10.0/sh, translating into a 106% payout. 2QCY23 RESULTS HIGHLIGHTS...
- Yusra Beg
Pakistan Banks – 2QCY23 Result Previews - Strong core performance to c...
* Pre-tax 2QCY23 profits for the IMS Banking Universe are expected to rise 10%QoQ, reflecting strong core performance. However, net earnings may come off by 15%QoQ due to retrospective impact of super tax (10% vs. 4% previously). Payouts should remain broadly intact. * Domestic asset quality has remained resilient, which should keep the cost of risk in check. Impairment, if any, should also be contained compared to the last few quarters. We expect MEBL to stand out due to the lagged ass...
- Yusra Beg
Pakistan Banks: Returning conviction
* With the IMF staff-level agreement in place, the much needed breathing space for Pakistan's economy reinforces our liking for the banking sector. The absence of banks from debt restructuring in Zambia and Sri Lanka also provides comfort if this conversation crops up again in Pakistan next year. * 1QCY23 results indicate underlying profitability is strong, on rising margins and resilient asset quality. Our 2023-27f earnings estimates remain broadly unchanged, even as we conservatively ...
- IMS Research Team
Mughal Iron & Steel Industries: 3QFY23 Result Review - Strong gross ma...
MUGHAL has posted 3QFY23 NPAT of PKR1.3bn (EPS: PKR3.89), up 56% YoY and 10% QoQ. The result came in well above our projected NPAT of PKR0.4bn (EPS: PKR1.32), due to: higher-than-expected gross margins. This result takes 9MFY23 NPAT to PKR2.6bn (EPS: PKR7.89), down 39% YoY. KEY TAKEAWAYS FROM 3QFY23 RESULT INCLUDE: * Revenue clocked in at PKR17.2bn, up 14% YoY and 25% QoQ – in line with our expectations. The QoQ increase is despite the decline in sales volumes, where multiple price hikes and...
- Yusra Beg
United Bank: 1QCY23 Result Review - Dividend payout steals the show
UBL has posted consolidated 1QCY23 NPAT of PKR14.2bn (EPS: PKR11.62), up 53% YoY and 9% QoQ. The result is significantly above our projected EPS of PKR10.15, with the deviation stemming from very high Fx gains (other line items are broadly in line). Results were accompanied with a record-high interim dividend of PKR11.0/sh vs. our estimate of PKR6.0/sh. 1QCY23 RESULTS HIGHLIGHTS: * UBL has reported NII of PKR34.9bn, up 10% QoQ and 56% YoY – inline with estimates. This is a function of both m...
- Yusra Beg
Habib Bank: 1QY23 Review - Reasonable base to build upon
HBL has reported 1QCY23 NPAT of PKR13.2bn (EPS: PKR9.00), up 56% YoY / 24% QoQ. The result is inline with our expected EPS of PKR8.90, although the first interim DPS of PKR1.50 falls short of our expected PKR2.00. Relatively weak non-interest income (Fx losses), high admin expenses and a low tax rate (38% vs. 43% expected) are among the salient features of the result, which mask solid core revenue generation for the bank. 1QCY23 RESULTS HIGHLIGHTS: * NII came in at PKR55.8bn, inline with exp...
- Shahmir Malik
Amreli Steel: 3QFY23 Review - Higher-than-expected GMs lead to earning...
ASTL has posted NPAT of PKR476mn (EPS: PKR1.60) in 3QFY23 versus a loss of PKR389mn (LPS: PKR1.31) in the last quarter. The result came in higher than our expected EPS of PKR0.71, where major deviation stemmed from higher-than-expected GMs and lower finance cost. KEY TAKEAWAYS FROM 3QFY23 RESULT INCLUDE: * Revenue clocked in at PKR11.7bn, down 12% QoQ and 27% YoY. Decline in revenue is mainly led by sluggish demand amid lower construction activity and PSDP allocation. We expected net sales ...
- Rahul Hans
Fauji Fertilizer Bin Qasim Ltd: 1QCY23 Review - Depressed margins and ...
Fauji Fertilizer Bin Qasim Ltd (FFBL) has posted unconsolidated NLAT of PKR5.4bn (LPS: PKR4.20) for 1QCY23, compared to NPAT of PKR614mn (EPS: PKR0.48) in 4QCY22. The loss came in higher than our expected loss of PKR2.45/sh. The deviation stemmed from lower GMs and higher-than-expected exchange losses. On a consolidated basis, the net loss is PKR4.6bn (LPS: PKR3.76) in 1QCY23 as compared to profits of PKR3.2bn (EPS: PKR2.47) in 1CY22. KEY HIGHLIGHTS OF 1QCY23 RESULT (UNCONSOLIDATED): * Net r...
- Rahul Hans
DG Khan Cement: 3QFY23 Review - Higher other income leads to earnings ...
DG Khan Cement (DGKC) has posted unconsolidated NPAT of PKR1.2bn (EPS: PKR2.69) in 3QFY23, up 118% QoQ but down 18% YoY. The result came higher than our expected EPS of PKR2.17, where elevated other income led to the major deviation. This takes 9MFY23 NPAT to PKR2.1bn (EPS: PKR4.82), down 42% YoY. KEY HIGHLIGHTS OF 3QFY23 RESULT: * Net sales have increased by 13% QoQ and 15% YoY to PKR18.3bn. The sequential increase in sales is contributed by both increase in exports and a surge in local cem...
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