<p><strong><span style="font-family:Arial, Helvetica, sans-serif;font-size:small;">We maintain UBL’s TP
at PKR 188/share; CY16 EPS expected at PKR 22.2</span></strong><span style="font-family:Arial, Helvetica, sans-serif;font-size:small;">: We reiterate our ‘BUY’
stance on United Bank Limited (UBL) with our assumptions adjusted for i) low
interest rate environment, and ii) decline in yields/spreads on both
short-term, longterm investments/advances. We estimate UBL to post adjusted
earnings of PKR 27.1bn (EPS: PKR 22.2), registering a nominal growth of 4% in
bottom line (compared to 11% witnessed in CY15), along with an increased payout
translating into a dividend yield of 9.5% (compared to 8.5% CY15). We maintain
our CY16 Target Price for UBL at PKR 188/share with an upside of 23% (Total
Return of 32.5%).</span>...
