Bank Al Habib Limited: ‘Buy’ stance maintained – By AKD Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We reiterate our Buy stance on Bank Alhabib Limited (BAHL) while incorporating management guidance on branch network (800 branches by CY20-end) and rolling over our TP to Dec&rsquo;20 &mdash; Current TP: PkR93.3/sh vs. PkR97.6/sh previously.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Our liking for the stock is premised upon, i) ROE remaining ~20% over the medium term vs. 18.8% of our universe, ii) new branches beginning to roll deposits, and iii) cost efficiency with cost to income falling to historical avg. of</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Earnings growth of the bank is likely to remain healthy in the medium run (CY20/21F: 15.4%/30.8% - peaking in C...