<p><span style="font-family:Arial, Helvetica, sans-serif;font-size:small;">Pursuant to release of detailed financial statements followed
by an analyst briefing we have revised down our earnings estimates and target
price for Habib Bank Limited (HBL) to PKR 23.41/share (adjusted downward by
1.6%) and PKR 232/share (cut down by ~3%) respectively for CY16. Although we
still have ‘BUY’ recommendation on the scrip with a ~28% upside available from
yesterday’s closing. Our recommendation is primarily based on 1) largest
deposit base growing at an historical 5yr CAGR of 16.9% and expected to grow at
an average of 12% for next 5 years; 2) Loan growth expected to pick up in CY17
led by CPEC related activities along with certain local segments and 3)
Investment mix expected to remain intact for CY16. Our updated assumptio...
