<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Post release of 9M2017 detailed accounts; we update our
investment case on Allied Bank Limited (ABL) where we revise our 2017E-2019F earnings
estimates downwards by 2-3%. In tandem, we lower our Target Price for ABL to
Rs118 from Rs124 previously.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We however maintain our ‘Buy’ rating with potential upside
of 47% on offer on last closing price. The stock trades at a 2018F P/B of
0.86x, which reflects a discount of 22% to sector’s multiple.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We highlight that ABL is also one of the major beneficiaries
of potential increase in interest rates amongst top-tier banks</s...
