<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The book building of Inbox Business Technologies Limited
(referred to as Inbox hereafter) is scheduled for July 11 and 12, 2017. Inbox
is an IT company that provides end-to-end IT solutions to clients. It enjoys
the biggest domestic market share, and its clients consist mostly of Pakistani
Governments. We recommend investors to subscribe to the stock in its book
building upto a price of PKR 43.8, 10% below our target price of PKR 48.2,
which is 21 times the EPS reported in 2016, and 13 times the EPS the management
expects for 2017. Apart from its cheap valuation, we like the stock because it
is Shariah compliant, which means the stock will have greater demand than if it
had been non-Shariah compliant. Moreover, it has a stable revenue stream because
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