<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We are flagging JS Bank (JSBL) as a fast improving Bank with
room for price upside. Our December 2017 target price on JSBL is PKR 13.6,
which gives it an upside of 17% to its last closing price, hence we are
adopting a positive stance on the stock. Our liking for the stock stems from
its current undervaluation in the market, its good asset quality and
diversifica-tion of income.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">It also has the lowest proportion of savings deposits in its
deposit mix compared to all 21 listed commercial banks, which will make its
cost of funds more sticky than others. To clarify, savings deposits have the
least sticky costs in a rising interest rate scenario. This low stickiness is...
