Author Topic: JSBL -- JS Bank Ltd.  (Read 70929 times)

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Toshi

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JSBL -- JS Bank Ltd.
« Reply #-1 on: April 08, 2010, 11:21:45 PM »
All about JS Bank Ltd.
« Last Edit: February 09, 2012, 11:16:09 AM by M&M »

Pakinvestorsguide

JSBL -- JS Bank Ltd.
« Reply #-1 on: April 08, 2010, 11:21:45 PM »

Toshi

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Re: JSBL -- JS Bank Ltd.
« on: April 08, 2010, 11:24:34 PM »
Buy JSBL with stoploss @ 3.7 target is Rs 5


Offline alikhan_2010

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Re: JSBL -- JS Bank Ltd.
« Reply #1 on: April 09, 2010, 07:23:01 AM »
Toshi Bhai, Can you give time period?

Offline suneelahmed

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Re: JSBL -- JS Bank Ltd.
« Reply #2 on: April 23, 2010, 12:26:47 AM »

salam farooq bhai
 
i got following info. from tezimandee site, i hope you must be aware of this news. do u suggest buy if the following news is true. please comment. thanks

JS Bank ka Chenab Ltd walay prefrence share wala masla hal honey ja raha hey.Good for JSBL.

 


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Offline Tezihunt

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Re: JSBL -- JS Bank Ltd.
« Reply #3 on: April 23, 2010, 08:07:23 AM »
Yes! Chenab Ltd ki tarf sey KSE per Notice bi laga hey. 30 April tak JSBL apply karey ga for conversion of preference shares into ordinary shares.For which previously CHBL defaulted on april 8th.
Markets exist because of differences of opinion among investors.

Offline Farzooq

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Re: JSBL -- JS Bank Ltd.
« Reply #4 on: April 23, 2010, 12:22:17 PM »
Yes! Chenab Ltd ki tarf sey KSE per Notice bi laga hey. 30 April tak JSBL apply karey ga for conversion of preference shares into ordinary shares.For which previously CHBL defaulted on april 8th.

thats good news for chbl and not for jsbl
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Offline Tezihunt

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Re: JSBL -- JS Bank Ltd.
« Reply #5 on: April 23, 2010, 12:52:55 PM »
Yes! Chenab Ltd ki tarf sey KSE per Notice bi laga hey. 30 April tak JSBL apply karey ga for conversion of preference shares into ordinary shares.For which previously CHBL defaulted on april 8th.

thats good news for chbl and not for jsbl

JSBL has heavy investment in CHBL prefrence shares. On redemption time CHBL defaulted and it was feared that now JSBL has to go to litigation to redeeme its stuck money but matter is going to solve amicably....Is it not good for JSBL....I think it is!
Markets exist because of differences of opinion among investors.

Offline Farzooq

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Re: JSBL -- JS Bank Ltd.
« Reply #6 on: May 25, 2010, 09:36:04 AM »
Bank: JS BANK LIMITED - Analysis of Financial Statements Financial Year 2006 - 2001 Q 2010
OVERVIEW (May 21 2010): JS Bank Limited has been formed after the merger and amalgamation of Jahangir Siddiqui Investment Bank Limited and commercial banking operations of American Express Bank Ltd Pakistan. JS Bank commenced its operations in Pakistan as a fully scheduled bank on December 30, 2006.

The bank provides commercial banking and related services in Pakistan. It offers retail and consumer banking, wealth management, corporate and commercial banking, investment banking, and treasury services. The bank's retail banking activities, include Kamiyab business accounts, rupee plus accounts, rupee current accounts, PLS rupee savings accounts, rupee basic banking accounts, rupee fixed deposits, foreign currency accounts, loans and running finance, Western Union Home Remittances, sale and encashment of government of Pakistan securities, countrywide account operations, tele-banking, SWIFT transfers, utility bills payment, and auto loans.

================================================================================
GROWTH RATES
================================================================================
                                      JSBL                  Industry Averages
================================================================================
                            2007     2008       2009      2007     2008     2009
================================================================================
Profits After Tax        108.50%   54.58%  -1186.24%     4.82%   -4.37%   26.07%
Advances                 282.55%   49.77%     20.52%    14.05%   22.89%    4.75%
Deposits                  90.05%   11.80%     39.36%    19.80%   12.98%   10.03%
Investments              136.61%  -16.20%     86.24%    69.85%   -8.69%   33.53%
Net Interest Income    53545.77%  130.55%     17.46%     9.86%   15.98%   19.69%
Non Interest Income   -35218.96%  -54.13%   -184.45%    16.85%   75.05%   21.12%
Return on Assets         105.24%   45.29%   -814.19%   -10.44%  -13.72%    4.02%
================================================================================

Its wealth management services include bancassurance, mutual funds, and wealth-building solutions. The bank's corporate banking activities include services provided in connection with mergers and acquisitions, underwriting, privatisation, securitisation, research debts (government high yield), equity, syndication, IPO and secondary private placements. Its investment banking activities include corporate debt origination and syndication, underwriting, bankers to the issue, and trusteeship services. The company's treasury activities comprise foreign exchange, corporate debt market, and primary dealership. As of September 30, 2009, it operated 77 branches/sub branches. Its headquarter is in Karachi, Pakistan. JS Bank Limited operates as a subsidiary of Jahangir Siddiqui & Company Limited.

The Pakistan Credit Rating Agency (PACRA) has assigned long-term and short-term entity ratings of JS Bank Limited to "A" (Single A) and "A1" (A One), respectively. These ratings denote low expectations of credit risk emanating from a strong capacity for timely payment of financial commitments.

BANKING INDUSTRY

Pakistan's economy continued on the path to recovery in the first quarter of 2010 as evident from the much contained current account deficit and exchange rate stability. Moreover, industry-wide banking deposits rose by 2.3% in line with improving net domestic assets, which rose by Rs 29 billion. Provisions, however, continued to remain a major concern, despite a decrease in the accretion rate. Credit off-take in the first quarter 2010 dropped by 0.5%, hinting that overall economic recovery is still at an early stage. Furthermore, the tight liquidity conditions and resurgence of inflationary pressures remained sources of concern for the economy's health due to which the State Bank of Pakistan remained cautious in its monetary stance and kept the policy rate intact at 12.5%.

RECENT RESULTS 1Q10

JSBL posted a profit after tax (PAT) of Rs -188 million in the 1Q10, primarily due to provisioning against non-performing loans and operating costs attributable to new branches opened during the later part of 2009. There was also a significant increase in dividend income, which grew by 547.46% in the 1Q10 as compared to 1Q09. Net interest revenue stood at Rs 237.2 million in the 1Q10, which was up by 24.43% from the net interest revenue in the 1Q09. Non-interest income on the other hand was down by 26.90% in the 1Q10 as compared to 1Q09.

================================================
NET INTEREST MARGIN
================================================
                                      (Rs  '000)
================================================
                            1Q' 2009    1Q' 2010
================================================
Interest Revenue              599525      781137
Yield on Earning Assets        3.62%       2.83%
Interest Expense              408917      543965
Cost of Funding                2.47%       1.97%
Net Interest Income           190608      237172
Net Interest Margin            1.15%       0.86%
================================================

During the 1Q10, the balance sheet of JSBL grew, with the asset side improving due to higher business volumes. Total assets stood at Rs 34.14 billion from Rs 32.89 billion as at December 31, 2009. The bank's deposit base grew to Rs 22.42 billion as compared to Rs 21.31 billion. Total earning assets grew by 11.63% in the 1Q10 with 72.12% increase in lending to financial institutions, 3.92% increase in investments and 0.1% drop in the advances since FY09.

FINANCIAL PERFORMANCE (FINANCIAL YEAR 2006 - FINANCIAL YEAR 2009)If we compare the banking industry growth rates with the JSBL growth rates, we will find out that the growth rates of PAT of JSBL in the FY07 and FY08 grew by 108.5% and 54.58% respectively, but in the FY09 the bank realized negative growth of 1186.24%. The growth rates of the advances of the bank were much higher than that of industry averages, reflecting that the bank's asset base grew drastically. The advances growth of JSBL was more than 300% higher than that of industry average in the FY09 only. Similarly, the growth rate of JSBL's deposits was 292% higher than the industry average. The investments of bank were also higher by 157% than that of industry average in FY09. The bank's net interest income, non interest income, and ROA did not show significant growth; they were lower by 11%, 973%, and 20353% respectively than that of industry averages. This indicates that the bank suffered huge losses in the FY09.

EARNINGS

The bank started its operations in 2006, which justifies its low earning ratios in FY06. In FY07, the PAT grew by 108% to Rs 35.43 million and by 55% in FY08 to Rs 54.77 million. However, bank incurred losses in FY09 and its PAT dropped by 1186% to Rs -594.94 million. One of the reasons for such low profits was the provisioning against non-performing loans and diminution in the value of investments due to poor economic conditions of the country. ROA, ROD, and ROE grew by 105%, 104%, and 105% respectively in FY07 and by 45%, 38%, and 52% in FY08. In FY09, the bank's earning ratios declined due to negative growth of PAT. The ROA, ROD, and ROE were down by 814%, 879%, 1113% respectively.

ASSET QUALITY

The bank's non-performing loans have been increasing throughout. It grew by 32.11% in FY07 and by 217.19% in FY08. In FY09, it grew by 88%. This significant growth rate of NPLs can be attributed to the higher interest rates and the low growth environment. JSBL's rising NPLs are in line with the banking industry trend. In FY07, NPLs to advances ratio dropped by 65.47% as advances grew by 283%, but in FY08 and FY09, it grew by 111.78% and 56.12% respectively, due to mounting NPLs. Provisions to NPLs dropped by 57.94% in FY08 but then in FY09 it grew by 1443.35%, which is significantly large. The asset side of the balance sheet grew in FY09 due to higher business volumes. Total assets stood at Rs 32.89 billion up from Rs 21.63 billion as at December 31, 2008 which was driven by 86% increase in investments and 21% increase in advances.

DEBT MANAGEMENT

JSBL's debt to equity ratio grew significantly in the FY09 as the debts on the bank increased by 67%. The debt to equity ratio grew by 55.48% in FY09. It dropped by 8.27% in FY07 and grew by 6.37% in FY08. Deposits time capital increased by 9.91% in FY07 and by 10.06% in the FY08. It increased by 30.02% in FY09 due to large deposit base, which grew by 39% the same year. Debt to asset ratio remains stabled from FY06 to FY08, but it grew by 9.53% in FY09, as bank's focus was to grow its core deposit base.

CASA RATIO CASA ratio for JSBL has showed improvement from the previous year, as it stood at 49.16% in FY09 as compared to 34.48% in FY08. In FY06 it stood at 57.95%, but it was the year when bank started its operation, so the bank had relatively lower levels of fixed deposits.

INTEREST MARGINS

===============================================================
NET INTEREST MARGIN
===============================================================
                                                     (Rs  '000)
===============================================================
                             2006      2007      2008      2009
===============================================================
Interest Revenue             2050   1130383   1975203   2527295
Yield on Earning Assets      0.03%     6.98%    12.17%   10.23%
Interest Expense             1554    864300   1361738   1806709
Cost of Funding              0.02%     5.34%     8.39%    7.31%
Net Interest Income           496    266083    613465    720586
Net Interest Margin          0.01%     1.64%     3.78%    2.92%
===============================================================

Comparatively low CASA ratios of JSBL also explain the low interest margins of 2-3%. Higher CASA minimizes the cost of funding and consequently, increases the profitability.

MARKET VALUE

Price-to-earnings ratio decreased by 104.25% to -6.12 due to huge losses that company suffered in FY09. The share price also dropped to Rs 6 in FY09 from Rs 15.86 in FY08.

LIQUIDITY

Earning assets to assets ratio increased by 40.68% in FY07, which reflected a significant improvement in the liquidity position of the bank, but in FY08 it dropped by 5.79% and grew only by 0.13% in FY09. In FY09, about 75.11% of the total assets comprised of the earning assets (advances, lending to financial institutions, and investments). Overall earning assets grew by 52% in FY09. Bank's advance to deposit ratio decreased by 13.52% due to large deposit base of the bank. Bank's deposits grew by 39% and advances grew by 21% in the FY09. This indicates the improvement of liquidity position of the bank. Yield on earning assets dropped by 15.98% in FY09, which is mainly due to huge levels of NPLs. The cost of funding earning assets also dropped by 12.88%.

SOLVENCY

Equity to asset ratio and equity to deposit ratio declined in FY08 and FY09, which reflects a poor solvency position of the bank. Equity to assets ratio of the bank dropped by 29.53% to 17.19% while the equity to deposits ratio dropped by 23.09% to 26.53% in the FY09. The earning assets to deposits ratio dropped 52.83% in FY08 but then it grew by 9.28% in FY09. This shows that the earning assets are also growing with the deposits. Earning assets of the bank grew by 52% to Rs 24.71 billion while deposits grew by 39% to Rs 21.31 billion in FY09.

BALANCE SHEET GROWTH

The total assets of the bank grew by 21% in FY09 as compared to 55% in FY08 while the total liabilities grew by 67% in FY09 as compared to 8% in FY08. The earning assets of the bank grew by 52% in FY09 largely due to 148% increase in lending to financial institutions and an increase of 86% in investments. This significant increase in lending to financial institutions is mainly due to increase in call money lending which grew by 255.24% carrying interest at the rates ranging between 12.25% and 13.96%. Also the bank has invested heavily in federal government securities which constitute the 68.94% of the total investments. The bank's borrowings have increased by 529.95% from FY06. This explains that bank's liquidity position has been hurting in the past four years partly due to increasing levels of NPLs.

FUTURE OUTLOOK

Macroeconomic indicators in Pakistan improved in FY09 as State Bank of Pakistan eased monetary policy by reducing the discount rate to 12.5, this measure led to a substantial decrease in inflation. Record remittances coupled with lower commodity prices provided a major boost, easing the twin external deficits. A combination of inflows from International Monetary Fund and other multilateral sources greatly helped to build foreign exchange reserves up to US dollar 15 billion (22 months of import cover) at year end. The banking sector remained under pressure, with a growth in credit off-take of 4.2% (the slowest since 2002). Weak corporate demand along with erosion in asset quality hurt overall sectoral performance. Economic slow down amid high interest rates and an energy crisis affected quality of corporate earnings and had a trickle down effect on banks in the form of higher provisions which rose by Rs 55 billion in 2009. It is anticipated that banking sector advances to rise gradually, in line with economic activity in 2010. On a positive note, a gradual pick up in demand as infrastructure activities gather pace and from the energy sector in particular, is likely to help revive loan growth. The key area of the focus for JSBL in FY10 should be lowering the mounting levels of NPLs, with the economy growing and reduction in interest rates, the quantum of non-performing loans is expected to decline.

As JSBL is a new entrant in the market, it is currently trying to build a large customer base and to grow its other income streams. For this purpose, bank is currently developing its branch network in various parts of the country, and also growing its alternate delivery channels. Bank has also made a substantial investment in its national marketing campaign. These measures will help JSBL to grow its customer base and grow its business.

==================================================================================
RATIOS
==================================================================================
JSBL                                   2006         2007         2008         2009
==================================================================================
EARNINGS RATIOS
----------------------------------------------------------------------------------
Return on Assets (%)                 -3.32%        0.17%        0.25%       -1.81%
Return on Deposits (%)               -5.79%        0.26%        0.36%       -2.79%
Return on Equity (%)                -13.88%        0.68%        1.04%      -10.52%
----------------------------------------------------------------------------------
ASSETS QUALITY RATIOS
----------------------------------------------------------------------------------
NPL to Advances                       6.42%        2.22%        4.70%        7.33%
Provisions to NPLs                    0.00%        6.25%        2.63%       40.59%
Non Performing Loans (Rs)       108,699,000  143,604,000  455,504,000  857,059,000
NPLs Growth                               -       32.11%      217.19%       88.16%
----------------------------------------------------------------------------------
MARKET VALUE RATIOS
----------------------------------------------------------------------------------
Price to Earnings                      0.00       190.59       144.16        -6.12
Market Price                              -        17.15        15.86         6.00
----------------------------------------------------------------------------------
DEBT MANAGEMENT RATIOS
----------------------------------------------------------------------------------
Debt to equity                         3.18         2.91         3.10         4.82
Deposit times capital                  2.40         2.63         2.90         3.77
Debt to asset                          0.76         0.74         0.76         0.83
----------------------------------------------------------------------------------
LIQUIDITY RATIOS
----------------------------------------------------------------------------------
Earning assets to assets             56.60%       79.63%       75.02%       75.11%
Advance to deposit                   23.52%       47.34%       63.42%       54.85%
Yield on earning assets               0.03%        6.98%       12.17%       10.23%
Cost of funding earning assets        0.02%        5.34%        8.39%        7.31%
----------------------------------------------------------------------------------
SOLVENCY RATIOS
----------------------------------------------------------------------------------
Equity to assets (%)                 23.94%       25.55%       24.39%       17.19%
Equity to deposits (%)               41.73%       72.15%       34.50%       26.53%
Earning assets to deposits (%)       98.65%      224.87%      106.08%      115.92%
----------------------------------------------------------------------------------
CASA RATIOS
----------------------------------------------------------------------------------
CASA                                 57.95%       33.87%       34.48%       49.16%
==================================================================================
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi
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Offline HAMDANI_Punjtani

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Re: JSBL -- JS Bank Ltd.
« Reply #7 on: August 27, 2011, 01:05:20 PM »
JSBL has shown very good improvement . Isnt this a good time to buy?
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Offline HAMDANI_Punjtani

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Re: JSBL -- JS Bank Ltd.
« Reply #8 on: August 27, 2011, 01:07:58 PM »
2Q   0.11 previous -0.24
1H   0.12 previous -0.56
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Offline Poker Face

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Re: JSBL -- JS Bank Ltd.
« Reply #9 on: August 27, 2011, 01:13:38 PM »
Dude, I would say don't go on one off profit report. Go for the last 2-3 year history / reports and also judge the risks/opportunities in future. Then see if current mkt price makes the share undervalued?

You can see that previously your DOL has also lost 40-50% of value within 2-3 months.

Thanks
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Offline HAMDANI_Punjtani

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Re: JSBL -- JS Bank Ltd.
« Reply #10 on: August 27, 2011, 01:36:31 PM »
Dude, I would say don't go on one off profit report. Go for the last 2-3 year history / reports and also judge the risks/opportunities in future. Then see if current mkt price makes the share undervalued?

You can see that previously your DOL has also lost 40-50% of value within 2-3 months.

Thanks
thanks for a sincere piece of advice :thanks:
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Offline atif

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« Last Edit: October 11, 2011, 08:38:34 AM by atif »

Offline frazmunaf

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Re: JSBL -- JS Bank Ltd.
« Reply #12 on: February 09, 2012, 11:04:25 AM »
i like jsbl target 6.alot bullish in it. :thumbsup_anim: :clap1: :biggthumpup: :laugh: :shoaby: :banana: :goodc:now my fingures crossed :fingerscrossed1:

Offline junaidph

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Re: JSBL -- JS Bank Ltd.
« Reply #13 on: February 09, 2012, 11:13:17 AM »
i like jsbl target 6.alot bullish in it. :thumbsup_anim: :clap1: :biggthumpup: :laugh: :shoaby: :banana: :goodc:now my fingures crossed :fingerscrossed1:

Is main bhi to bop jesa dhamal kernay ka prog to nai hay ...munaf bhai dont mind but i m not hitting ur dhamal in right direction people admire alot about ur judgements

Offline kamal

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Re: JSBL -- JS Bank Ltd.
« Reply #14 on: February 09, 2012, 11:17:16 AM »
i like jsbl target 6.alot bullish in it. :thumbsup_anim: :clap1: :biggthumpup: :laugh: :shoaby: :banana: :goodc:now my fingures crossed :fingerscrossed1:

Is main bhi to bop jesa dhamal kernay ka prog to nai hay ...munaf bhai dont mind but i m not hitting ur dhamal in right direction people admire alot about ur judgements

Ismain Dhamal Hogaya hai bhaee ..2 sai 4.5 tak chala gaya ... ABB JS 10 cross karay ga tau naturally yeh 5 and beyond jaiga .. Junaid Dear ..
Realize Profit when and wherever u can. Coz its profit for which we are here for not marrying scrips. Fundamentals at KSE  weigh not more than 20-30%. Move with the moves of market. If u move against than u'll be loser and accumulating dividend only.

Offline junaidph

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Re: JSBL -- JS Bank Ltd.
« Reply #15 on: February 09, 2012, 11:21:18 AM »
i like jsbl target 6.alot bullish in it. :thumbsup_anim: :clap1: :biggthumpup: :laugh: :shoaby: :banana: :goodc:now my fingures crossed :fingerscrossed1:

Is main bhi to bop jesa dhamal kernay ka prog to nai hay ...munaf bhai dont mind but i m not hitting ur dhamal in right direction people admire alot about ur judgements

Ismain Dhamal Hogaya hai bhaee ..2 sai 4.5 tak chala gaya ... ABB JS 10 cross karay ga tau naturally yeh 5 and beyond jaiga .. Junaid Dear ..

yar aj muje jscl 11.5 ka rate mil raha hay but after confirmation of a deal...lets c , wesay ye munaf ka dhamal thek hota hay ye phir pehnanata hay

Offline malikk

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Re: JSBL -- JS Bank Ltd.
« Reply #16 on: February 09, 2012, 11:29:55 AM »
i like jsbl target 6.alot bullish in it. :thumbsup_anim: :clap1: :biggthumpup: :laugh: :shoaby: :banana: :goodc:now my fingures crossed :fingerscrossed1:

Is main bhi to bop jesa dhamal kernay ka prog to nai hay ...munaf bhai dont mind but i m not hitting ur dhamal in right direction people admire alot about ur judgements

junaid bhai , thora sa sabar ker lain .. aap ney tu sonay ki murghi ko halaal ker nay ka program banaya hua hai .. daily ka aik anda sehat ke liyeah theek hai  .. murghi nay aaj agar mausam ki wajah se anda nahi diya , tu next day 2 anday de degi  :thumbsup_anim:
Never sell in Red .. Never Buy in Green ..

Offline kamal

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Re: JSBL -- JS Bank Ltd.
« Reply #17 on: February 09, 2012, 11:30:55 AM »
i like jsbl target 6.alot bullish in it. :thumbsup_anim: :clap1: :biggthumpup: :laugh: :shoaby: :banana: :goodc:now my fingures crossed :fingerscrossed1:

Is main bhi to bop jesa dhamal kernay ka prog to nai hay ...munaf bhai dont mind but i m not hitting ur dhamal in right direction people admire alot about ur judgements

Ismain Dhamal Hogaya hai bhaee ..2 sai 4.5 tak chala gaya ... ABB JS 10 cross karay ga tau naturally yeh 5 and beyond jaiga .. Junaid Dear ..

yar aj muje jscl 11.5 ka rate mil raha hay but after confirmation of a deal...lets c , wesay ye munaf ka dhamal thek hota hay ye phir pehnanata hay

Off market ...? 11.5?
Realize Profit when and wherever u can. Coz its profit for which we are here for not marrying scrips. Fundamentals at KSE  weigh not more than 20-30%. Move with the moves of market. If u move against than u'll be loser and accumulating dividend only.

Offline junaidph

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Re: JSBL -- JS Bank Ltd.
« Reply #18 on: February 09, 2012, 11:44:35 AM »
i like jsbl target 6.alot bullish in it. :thumbsup_anim: :clap1: :biggthumpup: :laugh: :shoaby: :banana: :goodc:now my fingures crossed :fingerscrossed1:

munaf thora impress kia hay ap ne abhi