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
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The analyst certifies that the views expressed in the report reflect their personal views about the subject securities. He or she also certifies that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations made in this report. He or she further certifies that they do not have any beneficial holding of the specific securities that they have recommendations on in this report.
Valuation Methodology: We use multiple valuation methodologies in arriving at a Target Price including, but not limited to, Discounted Cash Flow (DCF), Dividend Discount Model (DDM) and relative multiples based valuations.
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