Equity Analysis /
Pakistan

United Bank: Resurrection

  • We raise our EPS estimates following strong earnings beat in 1QCY21 and a significantly improved asset quality outlook

  • Asset quality in the Middle East appears to have turned the corner, reporting noticeable drop in overseas NPLs

  • CY21f P/B of 0.8x and P/E of 6.1x are attractive, as is the 10%+ D/Y. Reiterate Buy with a Dec’21 TP of PKR160/sh

Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
10 June 2021