Yusra Beg

Intermarket Securities

Senior Investment Analyst @ Intermarket Securities

With over four years of brokerage industry experience, Yusra covers the banking sector, pharmaceuticals and consumer staples sectors in Pakistan. Prior to joining IMS in 2015, Yusra covered Pakistan utilities at IGI Securities Ltd (a Packages Group company). Yusra is affiliated with the Association of Chartered Certified Accountants (ACCA).

Yusra Beg
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Latest from Yusra Beg

United Bank: Earnings momentum to unlock rerating

UBL offers earnings growth north of 15%yoy in each of CY22/23f, together with an exceptional D/Y of 14.6%. With legacy asset quality issues in the GCC firmly in the past, UBL’s delivery of normalized profits should unlock mean reversion on valuations...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 9 May 2022

MCB Bank (Pakistan): 1QCY22 review – superior cost efficiency but fee income could be better

MCB has posted consolidated NPAT of PKR9.1bn (EPS: PKR7.66) in 1QCY22, up 30%yoy and 9%qoq. The first interim dividend of PKR5/sh was inline. Net interest income of PKR19.4bn, up 19%yoy / 12%qoq as margin expansion comes through. Non-interest income ...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 27 April 2022

Habib Bank: Normalized earnings are doing well; Buy

Core revenue growth is impressive, with both funded and non-funded streams delivering strongly. Adjusted for the one-off impact of the VSS taken up by legacy union staff (PKR2.6bn), the result was in line with expectations. Our Dec’22 TP is unchanged...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 27 April 2022

Bank Alfalah: Result review – Strong beat in 1QCY22 results!

BAFL has posted consolidated NPAT of PKR5.0bn (EPS: PKR2.83) in 1QCY22, up a very strong 48%yoy / 35%qoq. The result beat our expected EPS of PKR2.15 by some distance, with positive surprise on net interest income and fee. The effective tax rate came...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 26 April 2022

Meezan Bank: 1QCY22 Review – Strong base set for the year

MEBL has posted 1QCY22 consolidated NPAT of PKR9.2bn (EPS: PKR5.65), up a strong 52%yoy and 8%qoq, with the uptick in net markup income a key feature. Net markup income of PKR21.5bn, up 43%yoy and 5%qoq. Non-markup income of PKR4.5bn, up 17%yoy and f...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 25 April 2022

Habib Bank: 1QCY22 review – Underperforming

HBL has posted consolidated 1QCY22 NPAT of PKR8.5bn (EPS: PKR5.78), up 2%yoy. Net interest income of PKR36.3bn, up 12%yoy / 6%qoq. This is inline with our projections, in contrast to positive surprises posted by UBL and BAHL. Non-interest income of P...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 20 April 2022

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