External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Pakistan banking sector has witnessed run up of 23% in last 3 months and 115% in last 12 months as market participants are reverting back to historic valuation multiples of Banks as market multiple is also increasing gradually.</li><li>To recall, overall market PE has re-rated from 2.2-2.4x to 4.0x in last one year. Similarly, Banks PE has also increased from 2023 PE of 2.0x to 2024E PE of 3.6x.</li><li>This is line with our expectations communicated in our Mid Year Strategy published on May 12, 2024, wherein we wrote, "current PE of 3.7x will linearly revert to its historical average of 6.93x over next 3 years of IMF program (Jul 2024 - Jul 2027), subject to successful implementation of the program and its conditionalities with respect to fiscal/monetary discipline and structural reforms".</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan banking sector has witnessed run up of 23% in last 3 months and 115% in last 12 months as market participants are reverting back to historic valuation multiples of Banks as market multiple is also increasing gradually.To recall, overall market PE has re-rated from 2.2-2.4x to 4.0x in last one year. Similarly, Banks PE has also increased from 2023 PE of 2.0x to 2024E PE of 3.6x.This is line with our expectations communicated in our Mid Year Strategy published on May 12, 2024, wherein we wrote, "current PE of 3.7x will linearly revert to its historical average of 6.93x over next 3 years of IMF program (Jul 2024 - Jul 2027), subject to successful implementation of the program and its conditionalities with respect to fiscal/monetary discipline and structural reforms".Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Banks - Few banks at deep discount despite rally

<ul><li>Pakistan listed banks profitability increased to record Rs131bn (up 3x YoY) in 2Q2023. This was primarily driven by significant jump in Net Interest Income (NII) amid high interest rates, and balance sheet growth. In US$ terms listed banks profit was up 2x YoY to US$459mn in 2Q2023.</li><li>NII of the sector clocked in at Rs420bn in 2Q2023 vs. Rs243bn in 2Q2022 up 73% YoY as average policy rates during 2Q2023 remained to 21% vs. 13% in 2Q2023. Interest income was up by 97% YoY to Rs1.4trn, whereas interest expense was up by 109% YoY to Rs946bn.</li><li>Non-interest income of the sector down marginally by 1% to Rs86bn in 2Q2023 mainly due to decline in FX income. On other hand, non-markup expense was up 33% YoY to Rs217bn in 2Q2023 due to higher admin expense which is in line with inflation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan listed banks profitability increased to record Rs131bn (up 3x YoY) in 2Q2023. This was primarily driven by significant jump in Net Interest Income (NII) amid high interest rates, and balance sheet growth. In US$ terms listed banks profit was up 2x YoY to US$459mn in 2Q2023.NII of the sector clocked in at Rs420bn in 2Q2023 vs. Rs243bn in 2Q2022 up 73% YoY as average policy rates during 2Q2023 remained to 21% vs. 13% in 2Q2023. Interest income was up by 97% YoY to Rs1.4trn, whereas interest expense was up by 109% YoY to Rs946bn.Non-interest income of the sector down marginally by 1% to Rs86bn in 2Q2023 mainly due to decline in FX income. On other hand, non-markup expense was up 33% YoY to Rs217bn in 2Q2023 due to higher admin expense which is in line with inflation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Banks: Listed Banks Report Record Profitability; Earnings Jump 3 Times in 2Q2023

Pakistan

Bank Alfalah Ltd. provides commercial banking and related services. The Bank offers a wide range of banking and financial services, including brokerage services.

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Bank Alfalah (BAFL PA)

Pakistan Banks - Few banks at deep discount despite rally

Pakistan banking sector has witnessed run up of 23% in last 3 months and 115% in last 12 months as market participants are reverting back to...

Topline Securities

Pakistan Banks: Listed Banks Report Record Profitability; Earnings Jump 3 Times in 2Q2023

Pakistan listed banks profitability increased to record Rs131bn (up 3x YoY) in 2Q2023. This was primarily driven by significant jump in...

Topline Securities

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