Pakistan Strategy - Ultra-cheap but little room for complacency
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August saw the KSE100 gain 14.3% in US$, as confidence returned and the PKR recovered. Volumes rebounded too
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The IMF programme has resumed, but floods complicate the recovery while politics still has the potential to jar
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It may take until the new elections for a new cycle to start, but the risk-reward is already deeply attractive
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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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