We have revised our earnings estimates for Bank
Alfalah post its nine month results and better
earnings outlook for the fourth quarter. Although the
9M2009 earnings remained subdued, better offtake
in the fourth quarter along with the expected FSV
benefit will help the bank post strong 4th quarter
earnings, in our view. Moreover, potential near term
triggers in the shape of possible divestment in Warid and
Wateen, have helped the scrip become the volume leader
amongst banks in the current year. After taking into account
the latest financials, along with improved offtake figures, we
have adjusted our BAFL earning estimates for 2009 to
Rs1.9/share (Rs1.6/share earlier) and upgraded our stance
on the scrip to ‘Buy’ with a revised target price of Rs17.
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