BMA Today for November 16, 2018 
 
     FRIDAY 16 November 2018 
 
 

 

   

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At a Glance

Previous Market Session

Local Market    
 KSE 100 N.A N.A
 KSE T. Value PKRbn N.A N.A
 10YR PIB N.A N.A
 6M KIBOR N.A. N.A.
 PKR/USD N.A. N.A.
Asia Pacific    
 BSE SENSEX 30 N.A N.A.
 NIKKEI 225 N.A N.A.
 STRAITS TIMES INDEX N.A N.A.
 KUALA LUMPUR N.A N.A.
 JAKARTA COMP. N.A N.A.
 THAI SET 50 N.A N.A.
Middle East    
 DFM GENERAL N.A N.A.
 TADAWUL ALL SHARE N.A N.A.
 MSM30 INDEX N.A N.A.
 KUWAIT SE WEIGHTED N.A N.A.
 DSM 20 INDEX N.A N.A.
Global Markets    
 OIL (NYMEX) N.A. N.A.
 US 10YrBOND N.A. N.A.
 LIBOR6MTH N.A. N.A.
 FTSE 100 N.A N.A.
 DOWJONES N.A N.A.
 S&P 500 N.A N.A.
       
 
In Focus
United Bank Limited : CY19 poised to deliver strong earnings growth; Buy!

   CY18 is proving to be a lost year for UBL. Higher pension cost, provisioning on international operations and impairment of investments have dragged earnings. We believe 4Q18 will likely present a similar situation. Looking beyond CY18, a strong earnings rebound seems more than likely with absence of one-offs and reduction in provisioning burden. Domestic interest rate environment is supportive, growth in low-cost deposit and asset positioning is impressive and non-fund income will likely continue to grow. We reiterate our Buy rating on UBL, our one of the two preferred picks in banking space, with revised TP of PKR210/sh (53% upside). We also roll out new earnings estimates based on 3Q18 results and changes in CPI/KIBOR estimates. Our new estimates for CY18/19E stand at PKR10.9/21.1/sh (-29/+5% from previous estimates). While UBL has improved its overall capital adequacy to 17.35% vs 15.45% in Dec’17, we reckon the need for further build up in capital remains.

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Media Watch

Economy: IMF asks govt to increase tax collection up to Rs100 bn / The News
Sectoral: Ghandhara to assemble Renault trucks / Dawn
Sectoral: Suzuki invites Dawood to inaugurate its 2,000,000th vehicle / Business Recorder
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DISCLAIMER
This memorandum is produced by BMA Capital Management Limited and is only for the use of their clients. While the information contained herein is from sources believed reliable, we do not represent that it is accurate or complete and should not be relied upon as such. Opinions expressed may be revised at any time. This memorandum is for information only and is not an offer to buy or sell, or solicitation of any offer to buy or sell the securities mentioned.