CY18 is proving to be a lost year for UBL. Higher pension cost, provisioning on international operations and impairment of investments have dragged

We cut earnings estimates for PSMC by -34/-36/-24% for CY18/19/20E incorporating; (i) higher CAPEX requirements, (ii) higher financial charges, and

We revise our earnings estimates for THALL by -5%/+43%/+36% over FY19/20/21 to PKR40.8/72.6/82.3, incorporating (i) reduction in earnings expectati