Meezan Bank Limited (MEBL): 4QCY24 EPS clocks-in at PKR 13.6; PAT down 8%YoY/5%QoQ - By Taurus Research

Feb 13 2025


Taurus Securities


  • 4QCY24 EPS: PKR 13.6. 4QCY24 PAT down 8%YoY. CY24 EPS: PKR 57.3. CY24 PAT up 21%YoY – above expectations. MEBL also announced a final DPS of PKR 7.00, taking the full year payout to PKR 28.00/sh.
  • Net Spread Earned (NSE): Up 1%YoY. However, dropped 6%QoQ on the back of margin compression amid re-pricing of earning assets due to decrease in the benchmark policy rate. Accordingly, Return Expensed also posted a fall of 14%QoQ.
  • Other Income: Up 55%YoY/70%QoQ, driven by ~PKR 3Bn in capital gains booked during the quarter as well as surge in the share of profit from associates. Fee income was up 7%QoQ with income from foreign exchange also rising subtantially.
Meezan Bank Limited (MEBL): Result Review - 1QCY25 - By HMFS Research

Apr 21 2025


HMFS Research


  • Meezan Bank Limited (MEBL) reported a consolidated Profit After Taxation (PAT) of PKR 22.4bn (EPS: PKR 12.26) for 1QCY25, down 11% y/y from PKR 25.1bn (EPS: PKR 13.87) in 1QCY24. The decline in profitability was primarily due to lower net mark-up income, despite strong growth in feebased earnings and foreign exchange income.
  • Profit/return earned stood at PKR 107.6bn, reflecting a 10% y/y decline from PKR 119.2bn in 1QCY24, largely impacted by a lower interest rate environment.
  • Other income recorded at PKR 9.2bn (↑33%) mainly attributable to the 22% rise in Fee and com mission income (PKR 7.2bn) and 234% increase in foreign exchange income (PKR 1.6bn), transaction volumes and currency market movements.
Meezan Bank Limited (MEBL): 1QCY25 EPS clocked in at PKR12.3 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • MEBL has announced its 1QCY25 result, wherein it has posted unconsolidated PAT of PKR22.0bn (EPS: PKR12.3) vs. PAT of PKR24.9bn (EPS: PKR13.9) in SPLY. The result came slightly above our expectations, mainly due to healthy volumetric growth QoQ.
  • Profit earned fell by ~10%/8% YoY/QoQ, mainly driven by lower yields on assets. To highlight, bank recorded deposit growth of ~11% QoQ in 1QCY25.
  • Other income recorded QoQ decline of ~23%, amid 8% QoQ decline in fee income and absence of capital gains. On YoY basis, other income inched up by ~29% due to 10% increase in fee income and healthy jump in FX income.
Meezan Bank Limited (MEBL): Earnings Down 13% YoY; Dividend Maintained - By IIS Research

Apr 21 2025


Ismail Iqbal Securities


  • Meezan Bank Limited has announced 1QCY25 result, where the bank has posted unconsolidated earnings of PKR 12.28/sh, down by 13% YoY and 8% on QoQ basis. The result is inline with our expectations. The bank has announced interim cash dividend of PKR 7/sh.
  • Net spread income declined by 9% YoY and 15% QoQ, reflecting the impact of asset repricing concentrated in 3Q/4Q and the implementation of the Minimum Deposit Rate (MDR) for Islamic banks. Fee income rose 10% YoY but dropped 8% QoQ, while FX income surged 3x amid higher trade activity and volumes.
  • Operating expenses down by 7% YoY and increase by 11% QoQ. Bank also recorded a provisioning of PKR 1.86 billion in 1QCY25 vs. Reversal of PKR0.35 bn in SPLY.
Meezan Bank (MEBL): 1Q2025 EPS at Rs12.3, down 12% YoY and 8% QoQ - By Topline Research

Apr 21 2025


Topline Securities


  • Meezan Bank (MEBL) announced its 1Q2025 result today, where the bank recorded earnings of Rs22bn (EPS of Rs12.3), which is down 12% YoY and down 8% QoQ. The earnings came in line with industry expectations.
  • Alongside the result, the bank also announced first interim cash dividend of Rs7.0/share in 1Q2025, in-line with industry expectations.
  • Net spread earned by MEBL fell by 8% YoY and 15% QoQ to Rs62bn in 1Q2025. This decline in spread is due to a decrease in interest rates, along with the imposition of the Minimum Deposit Rate (MDR) on the individual portfolio.
Meezan Bank Limited (MEBL): 1QCY25 Result Review - By Taurus Research

Apr 21 2025


Taurus Securities


  • 1QCY25 EPS: PKR 12.3. 1QCY25 PAT down 11%YoY – in line with expectations. Additionally, MEBL has also announced an interim cash dividend of PKR 7.00/sh. Earnings were down mainly due to margin compression and higher provisions.
  • Net Spread Earned (NSE): Down 8%YoY/15%QoQ on the back of substantial drop in yields on the asset side due to the repricing following the reduction in the SBP policy rate. However, the impact was offset to an extent by lower cost of funds.
  • Other Income: Up 31%YoY. However, down 29% on a sequential basis owing to significant decrease in capital gains and other income. Moreover, Fee and Commissions income was also down 4% on a QoQ basis.
Meezan Bank Limited (MEBL): Strong Upside Potential – Buy - By AHCML Research

Apr 8 2025


Al Habib Capital Markets


  • We initiate our coverage of Meezan Bank Ltd. (MEBL) with a Dec’25 Target Price (TP) of PKR 335, signifying a potential capital gain of 30.45%. The bank is also offering a healthy dividend yield of 9.76% (an expected dividend payout of PKR 25/share for CY25). The total return (capital gains + dividend) stands at an attractive 40.21%. MEBL is trading at a CY25 P/E ratio of 5.44x and a PBV of 1.62x.
  • Meezan Bank's stellar growth in recent years can be attributed to several factors: 1) Remarkable deposit growth averaging 24% since 2020, driven by rising consumer preferences for Islamic banking; 2) Meezan stands as a major beneficiary of capturing the Islamic banking market share due to its first-mover advantage; 3) The growing consumer interest in Islamic banking and the SBP’s plan to transform Pakistan’s banking system to align with Shariah principles will further propel Meezan’s growth trajectory. Additionally, other highlights include the lowest infection ratio, consumer ease, and improved asset quality with a high coverage ratio.
  • MEBL stands as Pakistan’s premier Islamic bank, delivering consistent growth, profitability, and resilience in an evolving financial landscape. Over the past five years, MEBL has demonstrated exceptional performance, with net interest income soaring from PKR 64.8bn in 2020 to PKR 287bn in 2024, driven by robust deposit growth and an expanding asset base. The bank’s efficiency has improved significantly, with its cost-to-income ratio declining to 26.78% in 2024, reflecting strong operational discipline. Net profit surged to PKR 102bn, while asset quality remains stable, supported by a prudent risk management framework.
Meezan Bank Limited (MEBL): Analyst briefing takeaways -By Insight Research

Feb 26 2025


Insight Securities


  • Meezan Bank Limited has conducted its conference call today to discuss bank’s financial performance and outlook. Key takeaways of the analyst call are as follows:
  • Bank’s deposit has grown at CAGR of ~34% between 2002-2024, compared to industry’s average of 8.5%.
  • During the year, bank opened 47 new branches taking total branches to 1,098
Meezan Bank Ltd (MEBL): Beats expectation on higher gain on sale of securities amid cost controls - By AKD Research

Feb 13 2025


AKD Securities


  • Meezan Bank Ltd (MEBL) announced its 4QCY24 result earlier today, wherein the bank posted unconsolidated NPAT of PkR24.0bn (EPS: PkR13.4), down 9%YoY/ 7%QoQ. The result is above our expectation given higher gain on sale of securities and lower operating expenses. The result was accompanied by a cash-dividend of PkR7/sh, taking CY24 payout to PkR28/sh (vs. PkR20.0/sh in SPLY).
  • Net Spread Earned in 4Q was recorded at PkR72.3bn, higher by 1%YoY primarily because of balance sheet growth. Bank deposit grew by 16.3% YoY to PkR2.6tn at Dec’24.
  • However, NIMs for the quarter are estimated to have stood at ~9.8%, down 140bps YoY/100bps QoQ due to decline in profit on deposits.
Meezan Bank (MEBL): 4Q2024 EPS at Rs13.36, down 9%/7% YoY and QoQ - By Topline Research

Feb 13 2025


Topline Securities


  • Meezan Bank (MEBL) announced its 4Q2024 result today, where the bank recorded earnings of Rs23.9bn (EPS of Rs13.36), which is down 9% YoY and down 7% QoQ. This takes 2024 earnings to Rs101.5bn (EPS Rs56.5) up 20% YoY.
  • Alongside the result, the bank also announced fourth interim cash dividend of Rs7.0/share in 4Q2024, taking 2024 dividend to Rs28.0/share. The 4Q2024 result came in-line with industry expectations.
  • MEBL recorded provision of Rs7.3bn in 4Q2024 as compared to expense of Rs2.5bn in 3Q2024 and provision expense of Rs2.9bn in 4Q2023. The higher provision expense in 4Q2024 is due to implementation of IFRS-9, we believe.
Meezan Bank Limited (MEBL): Result Review: MEBL 4QCY24 EPS Rs13.4, DPS Rs7 - By Sherman Research

Feb 13 2025


Sherman Securities


  • Meezan Bank Limited (MEBL) announced 4QCY24 result today wherein company posted unconsolidated earnings of Rs23.9bn (EPS Rs13.4), down 9%YoY. The decline in earnings is due to decline in interest earned and higher provisioning during the period.
  • Along with the result, bank announced dividend of Rs7/share in 4QCY24 bringing cumulative dividend payout during CY24 to Rs28/share.
  • MEBL’s interest earned clocked in at Rs116bn, (down 9%YoY) while net interest earned remained flat at Rs76.8bn, up 1%YoY. This decrease is due to lower yields aimed 1,000bps cut in the policy rate since Jun’24.
AirLink Communication Ltd ((AIRLINK): Innovation unplugged - By Foundation Research

May 27 2025


Foundation Securities


  • We initiate coverage on AirLink Communication Ltd. with an ‘Outperform’ rating and a Dec’25 TP of PKR 273.3/sh, implying a 67.8% upside. AIRLINK has established a strong position in the mobile manufacturing market through the local assembly of prominent brands including Xiaomi, Tecno, and Itel. The company has ambitious plans to expand its product portfolio further by venturing into the manufacturing of laptops, TV’s and EV’s.
  • Our positive outlook on AIRLINK is supported by (1) increasing broadband and smartphone penetration in Pakistan, (2) strategic expansion aided by a 10-year tax holiday, (3) rising market share of low budget smartphones, (4) diversification into laptops and TVs, (5) potential in Xiaomi smartphone exports, and (6) expanding horizons with EV’s. Despite growing competition, the company’s forward looking initiatives position it strongly to capitalize on untapped market opportunities.
  • Increasing broadband and smartphone penetration: Pakistan’s smartphone penetration (31%) is significantly lower than in neighboring India (47%) and other developing countries (avg: 54%) with a GDP per capita close to Pakistan’s. Similarly, smartphone penetration in South-East Asia stood at 79% in 2024, highlighting the gap and growth opportunity in Pakistan. Improved internet access and evolving popularity of social apps coupled with digitalization are likely to keep demand for smartphones robust in the near term.
Pakistan Economy: May-25 CPI likely at 2.7%, base effect wears off - By JS Research

May 27 2025


JS Global Capital


  • Pakistan's Consumer Price Index (CPI) is expected to clock in at 2.7% for May-2025. The base effect is now fading, signalling a return to normalized price trends. This is likely to take 11MFY25 average inflation to 4.7%, down from 11MFY24 average of 24.9%.
  • Due to the rapid disinflation during the year, our base case CPI forecast for FY25 averages 4.6%. The rolling 12-month forward CPI estimate stands at around 5.7%.
  • State Bank of Pakistan (SBP) reduced policy rate to 11% in the last MPC meeting, owing to rapidly declining inflation. A further rate cut of 50-100bps cannot be ruled out in the near future. SBP is scheduled next to meet on 16th June 2025 for its Monetary Policy Committee (MPC) meeting.
Morning News: IMF in disagreement over key targets, subsidies - By Vector Research

May 27 2025


Vector Securities


  • The Finance Ministry said on Monday that the presentation of the Federal Budget 2025-26 has been delayed from June 2 to June 10 due to disagreements with the International Monetary Fund (IMF) over key budgetary figures, including subsidy allocations.
  • Prime Minister Muhammad Shehbaz Sharif said that the bilateral trade between Pakistan and Iran which stood at $3billion would be taken to $10 billion volume in the next few years, as there was immense potential of growth. Prime Minister Shehbaz Sharif on Monday departed to Iran after concluding his two-day official visit to Turkiye.
  • Despite projected remittance inflows of $38 billion in the current fiscal year (FY25), Pakistan’s per expatriate remittance remains significantly lower than that of peer countries. “Although remittances have grown at a compound annual rate of 6.1 per cent from 2013 to 2023, per expatriate remittance remains low in comparison to other countries in the region,” said a report released by the Policy Research and Advisory Council (PRAC) on Monday.
Morning News: Budget features bold measures for ‘strategic direction - By HMFS Research

May 27 2025


HMFS Research


  • Finance Minister Muhammad Aurangzeb on Monday pledged that the upcoming federal budget would introduce “bold measures” to steer the national economy in a strategic direction and make available whatever support is required by the armed forces. Further said that every possible support would be provided to the armed forces, stressing that it was a national need in light of recent cross-border aggression, not just a military requirement. He said the government would ensure simplified tax returns and forms for the salaried class. He said that around 70 to 80 percent of salaried people did not hold equity and fixed-income portfolios. “They receive salaries through bank accounts with tax deducted at source. They should not have to fill in 140-150 data points,” he said, adding that the government aimed to reduce that number to just nine — five for wealth tax and four for income tax. He said the process would now be accelerated, with transactions involving Pakistan International Airlines (PIA), three power distribution companies and some financial institutions expected to reach completion by the end of this year.
  • The Finance Ministry said on Monday that the presentation of the Federal Budget 2025-26 has been delayed from June 2 to June 10 due to disagreements with the International Monetary Fund (IMF) over key budgetary figures, including subsidy allocations. “The budget announcement has been delayed by a week because the Finance Ministry’s figures are still under reconciliation. The IMF has placed a cap on subsidies,” he added. He further noted that the IMF has declined to make any changes to the revised budget figures recently presented to the Fund’s team.
  • The government is seriously considering reducing federal excise duty (FED) on beverages (aerated water) in the coming budget (2025-26) to attract foreign investment in this sector. Foreign investors including Turkish investors have promised more foreign direct investment in beverage sector in case of tax relief in the coming budget (2025-26). Leading global players with Turkish and Korean franchise investors have invested over USD 2 billion in Pakistan since 2018. However, no new investments have been made since 2023 due to the current fiscal environment. The industry contributes over Rs 175 billion in taxes annually (FED, GST, income tax, super tax) - one of the highest taxed sectors.
K-Electric (KEL): Transmission and Distribution Tariff Unveiled All three businesses now will get USD tariff - By Topline Research

May 26 2025


Topline Securities


  • In Seven months after securing dollarized tariff for generation business, the K-Electric (KEL) has also secured dollarized tariff for its transmission and distribution business for 7 years, i.e. from FY24 to FY30.
  • Distribution Business awarded USD ROE of 14%: NEPRA has awarded USD IRR of 14% to KEL for distribution business against requested USD IRR of 16.67%. The USD IRR of 14% translates into PKR ROE of 25.6% for Y1 (i.e. FY24). Which is better than previous tariff PKR return of 16.67%.
  • Transmission Business awarded USD ROE of 12%: NEPRA has awarded USD IRR of 12% to KEL for transmission business against requested USD IRR of 15%. The USD IRR of 12% translates into PKR ROE of 21.4% for Y1 (i.e. FY24). Which is better than previous tariff PKR return of 15%
Market Wrap: Highlights of the day May 26, 2025 - By JS Research

May 26 2025


JS Global Capital


  • The KSE-100 Index fell 0.8% to an intraday low of 118,150, as investor sentiment weakened due to the government's delay in presenting the federal budget and ongoing uncertainty surrounding IMF fiscal targets. The postponement of Budget 2025–26 and unresolved negotiations with the IMF are driving the risk-off behavior. Market direction remains contingent on clarity from upcoming IMF discussions and the budget announcement; volatility is likely to persist until fiscal policy details are finalized.
Pakistan Economy: OPEC’s aggressive output hike puts Pakistan in a sweet spot - By Insight Research

May 26 2025


Insight Securities


  • OPEC+ is expected to announce another output hike of 411 k bbl/day starting July, according to multiple news reports . During the group’s upcoming meeting on June 1st, members are likely to approve a production increase that is three times larger than the previously planned hike of 137 k bbl/day . If materialized, this move could add pressure to already struggling international crude oil prices, which have been weighed down by a weak global economic outlook.
  • Sources close to the group indicate that larger -than -expected output hike may be part of a broader strategy to bring as much as 2 . 2mn bbl/day back into the market by Nov’25 . The decision is widely seen as an effort, particularly by Saudi Arabia to regain lost market share and push high cost producers out of the market . Notably, Saudi Arabia’s market share has been on a declining trend since 2022 , following OPEC+ production cuts that reduced the cartel’s overall share in global oil supply . KSA’s market share declined even faster than the group’s average . The current strategy also appears to target non -compliant OPEC+ members, with Saudi Arabia leveraging its cost advantage to reclaim share from both shale producers and cartel members who are not adhering to quotas . Additionally, experts suggest a geopolitical angle to the move, particularly in the context of U . S . -Saudi relations . The Trump administration is reportedly keen on lower oil prices to curb inflation and restore market confidence especially due to tariff-induced uncertainty . On the other hand, Saudi Arabia is seeking deeper defense cooperation and has recently announced plans to invest US $600bn in US .
  • We believe that Saudi Arabia aims to capture market share from high -cost producers while maintaining some degree of control on prices through monthly OPEC+ meetings, as highlighted in group’s recent press releases . A sharp price decline would not be in KSA’s interest, especially considering its ambitious development plan .
Pakistan Economy: National Consumer Price Index (NCPI) - By AHCML Research

May 26 2025


Al Habib Capital Markets


  • Inflation in May’25 is expected to clock in at 3.0% YoY, up from 0.3% in Apr’25 and down from 11.8% in May’24, as base effects continue to fade. On a monthly basis, CPI is likely to decline by 0.6% MoM, posting the second consecutive drop, mainly due to a 2.3% fall in food prices amid improved supply of perishables. However, poultry shortages are expected to push egg and chicken prices up by 32.8% and 20.7% MoM, respectively.
  • The transport index is expected to decline by 0.7% MoM due to lower fuel prices, while the clothing and footwear index is projected to rise by 1.2% MoM.
  • On a YoY basis, food inflation is anticipated to ease to 0.9%, but non-food inflation is likely to remain elevated, led by healthcare (+12.5%), education (+10.4%), clothing (+9.9%), and restaurants (+8.4%).
K-Electric (KEL): NEPRA approves Multi-Year T&D Tariff for K-Electric - By Taurus Research

May 26 2025


Taurus Securities


  • NEPRA has approved Multi-Year Tariff for Transmission & Distribution (T&D) network segments of K-Electric for FY24- FY30. Salient features of the multi-year tariff approved by NEPRA are as follows:
  • Control Period: 7 Years, from FY24- FY30.
  • Allowed Debt-to-Equity Ratio: 70:30.
Pak Aluminium Beverage Cans Ltd (PABC): Exports outlook gets weaker; Reiterate Sell - By JS Research

May 26 2025


JS Global Capital


  • We tweak down our CY25E/CY26E EPS estimates for Pak Aluminium Beverage Cans Ltd (PABC) by 9% and TP by 4%. The revision is mainly led by the expected fall in volumes led by border issues with Afghanistan coupled with the upcoming capacity expansions in Central Asia, which may adversely impact PABC’s export prospects to the region. We reiterate our Underperform rating for the stock with a TP of Rs110.
  • Furthermore, any reduction in regulatory duty in the upcoming budget (from 22%-26% currently to 15% or less) given to the local industry, may create pressure on sales volumes from dumping of cheaper products in the country.
  • We consider resumption of dividend payout and announcement of any Capex or investment plan as key triggers for the stock going forward. To highlight, PABC stands at net cash position of Rs10.7bn (Mar-2025).
Meezan Bank Limited (MEBL): 4QCY24 EPS clocks-in at PKR 13.6; PAT down 8%YoY/5%QoQ - By Taurus Research

Feb 13 2025


Taurus Securities


  • 4QCY24 EPS: PKR 13.6. 4QCY24 PAT down 8%YoY. CY24 EPS: PKR 57.3. CY24 PAT up 21%YoY – above expectations. MEBL also announced a final DPS of PKR 7.00, taking the full year payout to PKR 28.00/sh.
  • Net Spread Earned (NSE): Up 1%YoY. However, dropped 6%QoQ on the back of margin compression amid re-pricing of earning assets due to decrease in the benchmark policy rate. Accordingly, Return Expensed also posted a fall of 14%QoQ.
  • Other Income: Up 55%YoY/70%QoQ, driven by ~PKR 3Bn in capital gains booked during the quarter as well as surge in the share of profit from associates. Fee income was up 7%QoQ with income from foreign exchange also rising subtantially.
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