<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We are initiating coverage on the Pakistan Stock Exchange
(PSX) with a fair value estimate of PKR 21 per share, derived using the
Dividend Discount Model (DDM). At its current price, the stock offers a
compelling 63.5% upside potential, factoring in the recently announced dividend
of PKR 1 per share. PSX is currently trading at a forward P/E ratio of 8x and
offers an attractive dividend yield of 10%, underscoring a strong investment
case. We recommend a Buy.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Our investment thesis is driven by several compelling
factors:</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Increasing Stock Market Activity: D...
