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

Bank Al Habib: 3QCY22 Review: Growth remains intact, inline

BAHL has posted 3QCY22 EPS of PKR4.89, up 10%YoY and 17%QoQ - inline. Strong revenues offset a high provisioning charge of PKR1.8bn - likely a subjective downgrade. BAHL is the top banking play in a high interest rate setting.
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 27 October 2022

MCB Bank (Pakistan): 3QCY22 Review - Strong asset quality remains a hallmark

MCB has posted 3QCY22 EPS of PKR7.80, up 16% YoY and 4.0xQoQ – an earnings beat. The deviation is led by a combination of net provisioning reversals and strong Fx gains. MCB is a strong D/Y play, and trades at a CY23f P/B and P/E of 0.7x and 3.1x.
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 26 October 2022

Habib Bank: 3Q22 Review: Lower tax charge and better core business performance leads to beat

HBL has reported 3QCY22 EPS of PKR7.85, up 27%YoY and 3.4x QoQ – an earnings beat. Strong NII, lower provisions and a lower effective tax rate have led the deviation. We maintain a Buy rating on HBL with a TP of PKR140/sh.
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 26 October 2022

United Bank: 3QCY22 Result Review - Bonds drive high total provisions

UBL posted 3QCY22 EPS of PKR5.32, +2.5x QoQ – although from a very low earnings base in 2Q. This is an earnings miss led by a large provisioning charge of PKR5.5bn on account of impairment. UBL’s core business remains strong, and a 60% cash payout ra...
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 20 October 2022

Meezan Bank: 3QCY22 Review - Strong NII leads to higher earnings

Strong core business performance leads to earnings beat. Margin expansion theme remains intact. Robust deposit franchise together with superior asset quality round up our liking.
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 19 October 2022

Bank Alfalah: 3QCY22 Review: Strong NII offsets high opex; earnings beat

BAFL has posted 3QCY22 consolidated EPS of PKR3.10 (up 48% YoY, 48% QoQ) – an earnings beat. Sharp rise in NII has offset a spike in admin expenses and provisions. We remain comfortable with our earnings estimates and maintain our liking for BAFL (TP...
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 17 October 2022

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