<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">United Bank Limited (UBL): Following announcement of the
results for 1HCY17 by the bank’s board and necessary adjustments to our model,
we have made a downwards revision to our earnings estimates by 5% in CY17 to
PKR 21.5/share and by 10% in CY18 to PKR 24.9/share. A subsequent 8% downwards
revision in our target price for the bank to PKR 240/share (earlier PKR
267/share) offers an upside of 22% based on current levels, we maintain our BUY
stance. The modification is based on i) lower growth in NFI going forward
attributable to falling fee and brokerage income, and ii) expectation of IR
remaining stable for the rest of the year compared to our earlier assumption of
IR being revised in last quarter of CY17.</span></li><li><span style="font-famil...
