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.

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<ul>
<li>As per our channel checks and media reports, Supreme Court (SC) has asked the big 4 private Banks (HBL, UBL, MCB and ABL) to increase monthly pensions of the pensioners to Rs8,000/month with an annual increase of 5%. We await further details on the same however as per our initial impression, this could have an earnings impact of Rs1-4/sh, which is lower than market expectations. Further, this is only applicable for future pension obligations.</li>
<li>To recall, SC had recently taken Suo Motu notice of…</li>
</ul>


As per our channel checks and media reports, Supreme Court (SC) has asked the big 4 private Banks (HBL, UBL, MCB and ABL) to increase monthly pensions of the pensioners to Rs8,000/month with an annual increase of 5%. We await further details on the same however as per our initial impression, this could have an earnings impact of Rs1-4/sh, which is lower than market expectations. Further, this is only applicable for future pension obligations.
To recall, SC had recently taken Suo Motu notice of…


Pakistan Banks: Pension Case Impact Lower than Expectation

Advances of the banking sector grew by 17% in 2017 which is in line with growth registered during last year. Advances to deposit ratio (ADR) however improved to 53%  in 2017 versus 50% in 2016. This indicates an encouraging trend as growth in advances outpaced deposit growth during the year.Growth in advances during the year could be attributed to 1) rising economic growth, 2) multi-decade low interest rates, and 3) rising Large Scale Manufacturing (LSM) growth and capacity expansions. This…

Advances of the banking sector grew by 17% in 2017 which is in line with growth registered during last year. Advances to deposit ratio (ADR) however improved to 53%  in 2017 versus 50% in 2016. This indicates an encouraging trend as growth in advances outpaced deposit growth during the year.Growth in advances during the year could be attributed to 1) rising economic growth, 2) multi-decade low interest rates, and 3) rising Large Scale Manufacturing (LSM) growth and capacity expansions. This…

Pakistan Banks: Advances Grow by 17% in 2017; ADR Improves to 53%

MSCI semi annual index review is scheduled on Nov 13, 2017 where Pakistan’s weight in MSCI EM index is expected to be around 0.10% based on Oct 31, 2017 free float market capitalization of EM Index and 6 constituents of Pakistan market. This is lower than 0.14% weight initially set after reclassification of Pakistan market from Frontier Market to Emerging Markets (announced on May 15, 2017 and was effective from Jun 1, 2017). The semi-annual index review changes will be effective on Dec 1, 2017…

MSCI semi annual index review is scheduled on Nov 13, 2017 where Pakistan’s weight in MSCI EM index is expected to be around 0.10% based on Oct 31, 2017 free float market capitalization of EM Index and 6 constituents of Pakistan market. This is lower than 0.14% weight initially set after reclassification of Pakistan market from Frontier Market to Emerging Markets (announced on May 15, 2017 and was effective from Jun 1, 2017). The semi-annual index review changes will be effective on Dec 1, 2017…

Pakistan Strategy: MSCI Semi Annual Review, Pakistan Weight in MSCI EM Likely to Fall

Equity Bottom-Up

<ul>
<li>Department of Financial Services (DFS) has fined Habib Bank's New York branch for failure to comply with New York Laws and regulations designed to combat money laundering, terrorist financing and other illicit financial transactions, as per the statement released by DFS on Sep 7, 2017.</li>
<li>Earlier as per HBL's notice dated "Aug 28, 2017", DFS sought to impose penalty of up to US$630mn which has now been set at US$225mn. HBL bank shall have to pay the entire amount within 14 days of executing this…</li>
</ul>


Department of Financial Services (DFS) has fined Habib Bank's New York branch for failure to comply with New York Laws and regulations designed to combat money laundering, terrorist financing and other illicit financial transactions, as per the statement released by DFS on Sep 7, 2017.
Earlier as per HBL's notice dated "Aug 28, 2017", DFS sought to impose penalty of up to US$630mn which has now been set at US$225mn. HBL bank shall have to pay the entire amount within 14 days of executing this…


Habib Bank (HBL): Final Penalty of US$225mn Imposed: Reinstate 'BUY'

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations. On MoM basis, inflation declined by 0.68%, which is a 22-month low, as against an increase of 0.2% in previous month, on the back of significantly lower food inflation. Food inflation that contributes around 35% to the total headline CPI inflation was up 2.4% YoY in Dec 2016 vs. 2.5% in Nov 2016. On MoM basis, food inflation declined by 2.3%, which is…

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations. On MoM basis, inflation declined by 0.68%, which is a 22-month low, as against an increase of 0.2% in previous month, on the back of significantly lower food inflation. Food inflation that contributes around 35% to the total headline CPI inflation was up 2.4% YoY in Dec 2016 vs. 2.5% in Nov 2016. On MoM basis, food inflation declined by 2.3%, which is…

Pakistan

Habib Bank Ltd operates commercial bank in Pakistan. The Bank offers commercial, corporate, Investment, retail and International Group Banking.

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Habib Bank Ltd (HBL PA)

Pakistan Banks: Pension Case Impact Lower than Expectation

As per our channel checks and media reports, Supreme Court (SC) has asked the big 4 private Banks (HBL, UBL, MCB and ABL) to increase monthly...

Topline Securities

Pakistan Banks: Advances Grow by 17% in 2017; ADR Improves to 53%

Advances of the banking sector grew by 17% in 2017 which is in line with growth registered during last year. Advances to deposit ratio (ADR)...

Topline Securities

Pakistan Strategy: MSCI Semi Annual Review, Pakistan Weight in MSCI EM Likely to Fall

MSCI semi annual index review is scheduled on Nov 13, 2017 where Pakistan’s weight in MSCI EM index is expected to be around 0.10% based on Oct 31,...

Topline Securities

Habib Bank (HBL): Final Penalty of US$225mn Imposed: Reinstate 'BUY'

Department of Financial Services (DFS) has fined Habib Bank's New York branch for failure to comply with New York Laws and regulations designed...

Topline Securities

Pakistan Inflation Review - Dec 2016

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations....

Topline Securities

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