Bank of Punjab (BOP): TP raised to Rs19, Reiterate ‘Buy’ – By Sherman Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">In line with our expectation, Bank of Punjab (BOP) delivered strong 2018 results along with surprise dividend. After reviewing detailed annual accounts, we have slightly raised our earnings estimates by 4-8%.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We maintain &lsquo;Buy&rsquo; stance on BOP and nudged up our target price by 5% to Rs19/share, implying total return of 40% (including dividend yield of 8%). Ever since we issued our detailed report on BOP titled &ldquo; Regaining glory&rdquo; dated June 04, 2018, the stock has rallied by 20%, outperforming broader market by 29%.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Bank&rsquo;s asset quality ...