REP- 300

Pakistan Pre-Budget FY18

Fiscal Prudence or Popular Vote?

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Budget Preview FY18

Content
Pakistan Economy
Juggling Between Fiscal Prudence & Popular Vote 4
Expansionary Policy With a Handful of Prudence 5
Budgetary Trends 6
Pakistan Capital Market
PSX: Key Measures Proposed 8
Budget- Majorly Neutral 10
Frequent changes in holding period and tax rate 11
Key Sectors
Banks Neutral 13
Cement Positive 14
Fertilizer Positive 15
Oil & Gas Neutral 16
Power Neutral 17
Autos Positive 18
Textile Neutral to Positive 19
Other Sectors Mixed 20
Contact
Contact List 23

2
Economy
Budget Preview FY18

Juggling Between Fiscal Prudence & Popular Vote

Synopsis
Considering the highlights of the budget published so far, GoP is expected to continue its effort towards broadening countrys tax net by means of (i) introducing new tax
regimes, (ii) further increasing tax rates, and (iii) improving tax collection infrastructure. On the other hand, being the last budget of the ruling party before the election, total
PSDP and current expenditure are expected to surge by 25% and 13% YoY, respectively. In the bigger scheme of things, FY18 budget would focus on providing stimulus to
growth in real sector via agriculture (3.5%), industrial (6.4%), and services sectors (6.4%) to meet its 6.0% GDP growth for the upcoming year.

Fiscal Prudence vs. Popular Vote - FY18

Exhibit: Economic Targets
The Budget for FY18 is anticipated to be announced by the Finance Minister on FY18B FY17E YoY (bps)
Friday, 26th of May, 2017. Compared to the prior year, GoP is expected to continue GDP (%) 6.00 5.28 72
its drive towards higher GDP growth (FY18B: 6%) while juggling between fiscal Inflation (%) 6.00 4.20 180
Tax Revenue (%age of GDP) * 11.00 10.90 10
prudence and obtaining popular vote for upcoming elections. With that said, growth
Fiscal Deficit (%age of GDP) * 4.10 4.20 0
prospects remain intact with moderate inflation, record low interest rates, rise in
Source: News Reports, AHL Research, (*) Projected based on 9MFY17
investments, and gradual but rising tax collection.

Fiscal Balance Under Pressure - With total expenditure expected to increase on

the back of hefty development and defense budget, aggressive tax collection Exhibit: Key Budgetary Targets
would be key in keeping fiscal deficit from widening substantially. Taking cue PKR bn FY18B FY17B* YoY (%)
Tax Revenue 4,000 3,550 12.7%
from 9MFY17, FBR will need to introduce new regime to widen its tax net.
Development Expenditure 1,497 995 50.5%
Pushing GDP Growth Higher Based on 9MFY17 data, FY17 GDP growth is Federal PSDP 1001 800 25.1%
projected at 5.3%, primarily driven by the significant growth recorded under Military 950 861 10.3%
agriculture sector (3.6% YoY). Going into FY18, GoP is expected to provide Source: News Reports, AHL Research c
stimulus to all three agriculture, industrial, and services sectors in order to
achieve its 6.0% growth target for FY18.

4
Budget Preview FY18

Expansionary Policy With a Handful of Prudence

Pro Fiscal Prudence / Expansionary Budget on the Cards
Based on the news print thus far, the ruling government is expected to set aggressive targets to maintain budget deficit within 4.1% in FY18, compared to the target of 3.8% set
in FY17. Given the continued struggle witnessed in FY17 in increasing tax collection, all eyes will be focused on how FBR proposes to raise its collection going forward.

Yet Another Year of Aggressive Targets

Overall FY18 budget outlay is expected to be set in excess of PKR 5.5trn
Tax revenue target is to be set at an aggressive PKR 4.0trn, 13% higher, or PKR
500bn of additional taxes, compared to FY17s target of PKR 3.55trn. This target
could possibly be achieved through:
Higher tax on non-filers
Imposition of duty on import of goods (incl. luxury items)
Improved Tax collection infrastructure
Introduction of an Amnesty Scheme (most likely post budget)
Continuation of Super Tax with a possibility of extension onto high net worth
individuals, should provide support in tax collection as was witnessed during both
FY16 and FY17.
Current Expenditure is expected to be allocated PKR 4.35trn, a 13% YoY
growth
Higher Federal PSDP in FY18 at PKR 1,001bn versus a budgeted PKR 800bn in
FY17, up 25% YoY (total PSDP, incl. provincial, at PKR ~2,113bn versus PKR
1,675bn for FY17, up 26% YoY), along with allocation towards CPEC/power.
Defense budget is expected at PKR 950bn (2.6% of GDP), up 10.3% YoY,
Subsidies are expected to remain in line with FY17 budgeted amount of PKR
141bn, on the back of lower power but higher agri and other subsidies.
Fiscal deficit is projected at PKR 1.5trn (4.1% of GDP) compared to FY17
budgeted target of PKR 1.2trn (3.8% of GDP).
Tax to GDP is also being targeted at 11.0% for FY18 compared to a revised
10.9% target for FY17.

5
Budget Preview FY18

Budgetary Trends
Exhibit: Budgetary Highlights Exhibit: Historical Tax Revenues as %age of GDP
PKRbn FY15 A FY16 A FY17BP* 9MFY17
13.0 12.4
Net Receipts 2,392 2,585 2,374 1,723
12.0
Total Revenue 3,931 4,447 4,509 3,146 11.0 10.9
- Tax Revenue 3,018 3,660 3,550 2,694 11.0
10.0 9.9 10.1
- Non-tax Revenue 913 787 959 451 10.0 9.4 9.6
Less: Provincial Share 1,539 1,862 2,136 1,422 9.0
Total Expenditure 5,388 5,796 5,884 4,384
8.0
Current Expenditure 4,425 4,694 4,700 3,605

FY10A

FY11A

FY12A

FY13A

FY14A

FY15A

FY16B

FY17E
- Debt Servicing 1,304 1,263 1,360 1,094
- Defense 698 758 860 536 Source: MoF, AHL Research
Development + Net Lending 1,141 1,314 1,032 770
Exhibit: Historical Fiscal Deficit as %age of GDP
Fiscal Balance -1,457 -1,349 -1,375 -1,238
9.0
8.0
As a %age of GDP 8.0
Total Revenue 14.4 15.0 13.8 9.4 7.0 6.3
6.6
Tax Revenue 11.0 12.4 10.9 8.0 5.9
6.0 5.5 5.3
Non-tax Revenue 3.3 2.7 2.9 1.3 5.0 4.6
4.2
Total Expenditure 19.7 19.6 18.0 13.1
4.0
Current Expenditure 16.2 15.9 14.4 10.8

FY10A

FY11A

FY12A

FY13A

FY14A

FY15A

FY16B

FY17E
Development + net Lending 4.2 4.4 3.2 2.3
Fiscal Balance -5.3 -4.6 -4.2 -3.7
Source: MoF, AHL Research, (*) Based on projected FY17B Tax Target & GDP Source: MoF, AHL Research

6
Capital Market
Budget Preview FY18

PSX: Key Measures Proposed

Proposed Measures Probability of Happening Impact
PSX has proposed that Capital Gains Tax (CGT) should be reduced to 8.0% on securities held for more
than 6 months and less than 12 months. Additionally, CGT on securities held for less than 6 months
should be taxed at 10.0%. While securities held for more than one year should be tax free. Currently
securities held for a period of less than 1 year are taxed at 15.0%, whereas securities held between 1 Low Positive
and 2 years are taxed at 12.5% and if held for more than 2 and less than 5 years applicable tax rate is
7.5% . In our view, CGT on securities will remain the same, however, securities held for over three/four
years may be exempted from CGT. No other changes are expected in the CGT regime.

5% Bonus Tax should be imposed on face value. Bonus Tax was levied on bonus shares back in FY14,
since then number of companies unveiling bonus dividend has reduced considerably to mere 13
High Positive
(9MFY17) compared to 71 in FY13. Consequently, tax collection from issuance of bonus shares has
been ~under 500mn (8MFY17).

For dividend, tax proposal is to maintain tax for filers at 12.5%, whereas higher dividend tax for non
High Neutral
filers (which at present is 20.0%) cannot be ruled out.

PSX has proposed withdrawal of Capital Value tax (CVT) on purchase value of shares. Medium Neutral

Currently, there is a 20% tax credit available for new listings on stock exchange for a period of two
Medium Positive
years. PSX has proposed this limit to be enhanced to 5 years.
Recommended reduction in the rate of advance tax from 0.02% to 0.01% of the value of purchase and
Medium Neutral
sale of securities.

8
Budget Preview FY18

PSX: Key Measures Proposed

Proposed Measures Probability of Happening Impact

There are expectations that Super Tax (4% banks, ex-banks 3%) will be extended in the FY18 budget.
High Neutral
Super tax is valid for companies having a bottom-line of PKR 500mn and above.

Dividends received by a company holding REITs, should be taxed at the rate of 10%, for tax year 2018
High Neutral
and onwards.

Expected reduction in the corporate tax rate to 30% from current 31%. This is in-line with the strategy
High Neutral
first introduced in FY15 budget to gradually reduce corporate tax rate to 30%.

9
Budget Preview FY18

Take- Majorly Neutral

Federal Budget FY18 is expected to be Neutral to Positive for the equity market. Our prognosis of Exhibit: Budget Impact on Different Sectors
FY18 budget being positive is primarily based on Bonus Tax being imposed on face value rather
Sector Impact
than on the value of shares. This would trigger a rally in the heavy weight sector Banks. In addition,
there is a high probability that CGT on securities held for more than three/four years would be Market Neutral to Positive
removed, thus this should act as a feel good factor and aid the market to record additional gains. Banks Neutral
Importantly, more than 90% CGT is collected on shares held for more than six months. On the Cement Positive
other hand, extension of Super tax on corporates earning PKR 500mn and above should be Fertilizer Positive
Neutral for the market as we believe it has already been priced-in. For sectoral perspective, we Oil & Gas Neutral
expect budget to be positive for the following sectors: Cements (higher PSP allocation) and
Power Neutral
Fertilizers (removal of GST), Autos (taxi scheme, lower GST on tractors, soft agri-loans).
Autos Positive
Textile Neutral to Positive
Exhibit: Valuation Snapshot (Forward-2017) Source: AHL Research
Sector P/E (x) P/B (x) DY (%) ROE (%)
Banks 9.8 1.5 6.1 15.4
Fertilizer 12.0 2.5 8.5 24.4
E&Ps 11.4 1.5 4.2 14.1
Cement 13.7 2.8 2.1 21.7
Power 7.7 1.6 5.2 22.7
Oil & Marketing 8.4 8.4 4.7 19.0
Textile 9.4 0.7 3.6 8.1
Autos 14.5 5.3 3.8 39.5
AHL Universe 10.2 1.7 4.8 17.7
Source: AHL Research

10
Budget Preview FY18

Frequent changes in holding period and tax rates

The Comparative chart in respect of frequent changes in holding period and tax rate for the Tax Years 2011 to 2017 is also given below for ready reference.

Exhibit: Capital Gains Tax

FY-17
Sr. No. Holding Period FY-11 FY-12 FY-13 FY-14 FY-15 FY-16
Filers Non-Filers
1 Less than 6M 10.0% 10.0% 10.0% 10.0% na na na na
2 More than 6M but Less than 12M 7.5% 8.0% 8.0% 8.0% na na na na
3 Less than 12M na na na na 12.5% 15.0% 15.0% 18.0%
4 More than or Equal to 12M but Less than 24M - - - - 10.0% 12.5% 12.5% 16.0%

More than or Equal to 24M but the security was acquired

5 - - - - - 7.5% 7.5% 11.0%
on or after 01-Jul-2012
6 The security was acquired on or before 01-Jul-12 - - - - - - - -
Source: PSX, AHL Research

Proposal: The following three tiers of holding period and proposed tax rates are as follows.

Exhibit: Proposed Tax Rates for Tax Year 2018

Holding Period Tax Rate
Less than 6M 10.0%
More than or Equal to 6M but Less than 12M 8.0%
More than 12M -
PSX, AHL Research

11
Sectors
Budget Preview FY18
Banks Neutral
Proposed Measures
Extension in Super Tax of 4%
Deleting seventh schedule from the income tax
ordinance
Finance ministry and FBR have agreed to raise the
minimum threshold for transactions liable for
withholding tax
Pakistan Bankers Association has recommended to
also reduce the corporate tax rate for banks to 30%.
Impact Comment
Super tax imposed two years ago in lieu of military action against terrorism
is expected to impact AHL banking universe earnings by ~6.5%. Key point to
note here is that the impact of extension has largely been incorporated by
Neutral
prevalent prices. Additionally, our underlying positive theme for banks
remains driven by 1) higher loan growth (CPEC stimulus), 2) continuous
balance sheet accretion, and 3) improving asset quality.
The move is most likely to strip banks from certain allowances they enjoy
Negative due to depreciation, amortization, provisioning of advances against bad
debts and group relief.
The increase in benchmark (from current PKR 50,000/day to proposed PKR
Neutral
100,000/day) can increase the quantum of daily banking transactions.
The reduction in corporate tax rate (currently 35%) will corroborate the
Positive
bottom-lines of commercial banks.
13
Budget Preview FY18

Cements Positive
Proposed Measures Impact Comment
Federal PSDP allocation is expected to be around
PKR 1,001bn - 25% higher than the budgeted PSDP
We expect the decision to increase PSDP allocation would be pivotal in
allocation of PKR 800bn in FY17. Total PSDP expected Positive
generating cement demand going forward.
at PKR 2,113bn vs. FY17 total budgeted amount of
PKR 1,675bn

Reduction in corporate tax rate by 1% to 30% Positive This should improve the bottom-line by 1% for companies across the sector.

14
Budget Preview FY18

Fertilizer Positive
Proposed Measures Impact Comment
Currently GST on urea is 5% while charge on other products including DAP,
Removal of GST on all fertilizer products Positive NP and CAN is 17%. Impact of abolishment on local manufacturers would be
positive as this will cushion sales and restrict inventory pile-up.

Further allocation of subsidy on fertilizers (Urea, DAP, NP, NPK) is probable in

Continuation of subsidy on fertilizers Positive
FY18 budget. This would eventually bode positive for the offtake of fertilizer.

Lower markup on agri-loans will be a catalyst for farmer income and

Subsidized markup on agri-loans Positive
eventually lead to higher fertilizer consumption.

15
Budget Preview FY18

Oil and Gas Neutral

Proposed Measures Impact Comment

The proposal put forth by PSO hints at separate allocation of funds in the
PSO has proposed allocation of funds for Oil & Gas
Positive budget for import of oil and gas. This will aid importers as timely payments
import
will relieve the quantum of circular debt.

The E&P sector is taxed at a high rate of 40% at present while the corporate
E&Ps seek corporate tax structure similar to other tax levy for other sectors will be reduced to 30% in FY18 (positive for OMCs).
Positive
sectors E&P companies have requested treatment under the same regime; approval
will be positive for OGDC, PPL, POL, and MARI.
The recurrent change in sales tax on POL products leads to a complex and
challenging processes for relevant industries. Seeking approval from
Change of sales tax on POL products should be
Neutral Parliament, as opposed to OGRA revising the sales tax bi-monthly, will limit
approved by the Parliament
the frequency of change and lower volatility in product prices.

Although extension of super tax will compress bottom-lines, OMCs follow

the normal practice and pay super tax on their PBTs, whereas E&Ps pay the
Continuation of Super Tax Neutral
said tax only on profits from non agreements areas. Therefore, impact will be
less significant for E&Ps.

16
Budget Preview FY18

Power Generation & Distribution Neutral

Proposed Measures
A minor reduction in power subsidy is expected in
the FY18 budget amid tariff rationalization as
compared to the budgeted amount of PKR 118bn in
FY17
Reduction in corporate tax rate from 31% to
30%
Impact Comment
By lowering the subsidy target, govt will pass the actual cost to end
consumers, thereby easing the liquidity position of IPPs and resultantly,
Positive
improving companies payout. This should also curb the intensity of circular
debt.
Power sector is exempt from the levy of corporate tax, with the exception of
Positive KAPCO. A reduction in the corporate tax rate to 30% will thus have a 1%
positive impact on the company.

17
Budget Preview FY18
Automobile Assemblers Positive
Proposed Measures
Rationalization of GST on tractor input components
(both local and imported) from current 17% and
removal of 2% CD on imported components
Announcement of Punjab Orange Cab Scheme of a
100,000 units
Amendment in scheme for used car imports to
discourage misuse
Removal of regulatory duty on imported auto-grade
steel and sales tax on tyres and tubes
Markup on agri-loans to tune down to single-digit
Proposed reduction in corporate tax rate from 31% to
30%.
Impact Comment
With input charges abnormally high (17% GST + 2% CD on imports) against
a 5% levy on tractors, the tractor industry faces a credit crunch amid buildup
Positive
of refunds. In order to relieve OEMs (MTL / AGTL), PAMA has proposed
rationalization of input tax to match output rates and abolishment of CD.
Replicating the Apna Rozgar Scheme of 2015, Punjab CM seeks to provide
Positive 100,000 cars to the unemployed youth of Punjab. Taking cue from the last
stint, we stress the importance of PSMC to cater to the lower end car market.
SBP has suggested amendment in the policy for used car imports in order to
Positive discourage misuse by commercial importers. Stringent policies for such
transactions would curb imports and bode well for the sector.
Chairman BOI has recommended removal of RD on auto-grade steel not
manufactured locally. As per intel from customs, this ranges between 15-
Positive
26%. While FPCCI has proposed removal of sales tax on tyres and tubes; this
will ensure margin accretion of domestic auto-vendors.
Food Minister Sikandar Hayat has implied disbursement of agri-loans at
Positive discounted rates. This will improve farmer income and trigger demand for
locally manufactured tractors (MTL / AGTL).
Lower corporate tax rate would benefit companies (INDU, PSMC, HCAR and
Positive
MTLs earnings to be positively impacted by ~1%).
18
Budget Preview FY18
Textile Neutral to Positive
Proposed Measures
Proposal to extend the zero-rated tax regime for all
export oriented sectors and to bring packaging
material under the same arrangement
Industry has urged immediate release of current and
prior years refund payments and formulation of a
mechanism for duty drawback payment
Elimination of duty on import of key inputs
Another recommendation is to abolish the GIDC, to
implement a uniform rate of gas and to remove the
export development surcharge
Impact Comment
Textile sector, a major contributor to exports, has benefitted from the zero
Neutral rated tax status in FY17. With the incumbent government aiming to support
exports going forward, an extension in the said regime is highly likely.
Lag in release of funds create liquidity issues for the textile industry
Neutral simultaneously instigating the need to borrow. Timely payment of refunds
will improve the business cycle and resultantly, enhance exports.
Duty of 6% on import of polyester staple fibre and many other crucial inputs
Positive has rendered the local industry uncompetitive against regional peers.
Elimination of this duty will condense the cost of doing business.
The proposed measures, if approved, will increase product margins and
Positive improve regional competitiveness. To recall, gas price and minimum wages
are higher in Pakistan vis--vis India, Bangladesh, Sri-lanka and Vietnam.
19
Budget Preview FY18
Others Mixed
Proposed Measures
Cables, Diary and Pharma: Application of zero rated
tax regime recommended
Insurance: Proposal to allow tax credit for health
insurance and medical expenditures
Diary: 10% sales tax on tea whitener recommended
Telecomm: Proposed incentives include reduction in
WHT from 14% to 10%, removal of PKR 250 charges
for sim issuance, rationalize rate of FED to replicate
rates in other sectors and grant industry status
REITs: Investment in listed REIT units be treated as
investment in Stock Fund
Impact Comment
The Standing Committee of NA has recommended to consider the
aforementioned sectors for zero rated tax regime. While the actual
Positive
implementation would be beneficial for the sectors, the delay in refunds
claimed can lead to higher working capital requirement.
The OICCI has proposed tax credit arrangement for senior and differently-
abled individuals on health insurance and other medical expenditures
Positive
against salary income. This is positive for the insurance sector as premium
revenue in the Accident & Health segment could see an uptick.
FBR has proposed to replace the current sales tax exempt routine by a 10%
sales tax on tea whitener; NESTLE, FFL and EFOODS are among the
Negative
companies producing said product. This may lead to compressed margins or
trigger price hike and resultantly, impact demand.
Reduction in WHT will considerably augment the average revenue per
subscriber for telecomm industries while abolishment of sim charges (PKR
Positive 250) and rationalization of FED from current 19% to 16% charged to other
sectors will compress costs. Whereas grant of industry status will boost
growth and investment. Positive for UFONE (subsidiary of PTCL).
Tax on dividend on Stock Funds was applicable at 10%. However, the Finance
Act, 2015 inadvertently inserted listed REIT Funds in the category of Money
Positive
Market Funds thereby imposing a higher rate of tax to dividends on REITs.
20
Budget Preview FY18
Others Mixed
Proposed Measures
Real Estate: The sector has recommended to abolish
disparity in FBRs property valuation rates
Sugar: The Sugar Advisory Board has proposed to
allow additional 1.2mn tons of sugar export
alongside a grant of rebate
Steel: Budget to be a non-event for the sector
Tobacco: Recommendation to increase taxes and
prices of tobacco to discourage demand
Impact Comment
Inconsistency between property rates in some areas within the country has
Positive been creating complexity in the registry of land. Hence a uniform rate may
increase the quantum of real estate transactions.
Excess arrival of sugarcane this season has created an abundant pile of the
commodity in the country and triggered liquidity issues. Permitting export
Positive
(along with fixed rebate per kg) may ease the operating cycle and restrict
liquidity stuck in the buildup of stocks.
With the National Tariff Commission (NTC) vigorously conducting
investigation of dumped billets / deformed rebar's at the moment and final
Neutral determination of anti-dumping duty on CRC / Galvanized coils already in
place, we expect no major headway in the steel sector during the FY18
Budget.
The Minister of National Health Services has proposed an increase in the
Federal Excise Duty on both upper and lower slabs of all cigarette brands but
at different rates. For the lower slab, it is proposed that the duty be
Negative
increased to PKR 44.00 per pack of 20 cigarettes, whereas for the upper slab,
PKR 74.10 per pack has been put forth. While the Federal govt has also sent
proposals for price hike in order to discourage tobacco use.
21
Budget Preview FY18

Disclaimer
Analyst Certification: The research analyst(s) is (are) principally responsible for preparation of this report. The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject security (ies) or sector (or economy), and
no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. In addition, we currently do not have any interest (financial or otherwise)
in the subject security (ies). Furthermore, compensation of the Analyst(s) is not determined nor based on any other service(s) that AHL is offering. Analyst(s) are not subject to the supervision or control of any employee of AHLs non-research departments, and no
personal engaged in providing non-research services have any influence or control over the compensatory evaluation of the Analyst(s).

Equity Research Ratings

Arif Habib Limited (AHL) uses three rating categories, depending upon return form current market price, with Target period as Dec16 for Target Price. In addition, return excludes all type of taxes. For more details kindly refer the following table;

Rating Description
BUY Upside* of subject security(ies) is more than +10% from last closing of market price(s)
HOLD Upside* of subject security(ies) is between -10% and +10% from last closing of market price(s)
SELL Upside* of subject security(ies) is less than -10% from last closing of market price(s)
* Upside for Power Generation Companies (Ex. KEL) is upside plus dividend yield.

Equity Valuation Methodology

AHL Research uses the following valuation technique(s) to arrive at the period end target prices;
Discounted Cash Flow (DCF)
Dividend Discounted Model (DDM)
Sum of the Parts (SoTP)
Justified Price to Book (JPTB)
Reserved Base Valuation (RBV)

Risks
The following risks may potentially impact our valuations of subject security (ies);
Market risk
Interest Rate Risk
Exchange Rate (Currency) Risk

This document has been prepared by Research analysts at Arif Habib Limited (AHL). This document does not constitute an offer or solicitation for the purchase or sale of any security. This publication is intended only for distribution to the clients of the Company
who are assumed to be reasonably sophisticated investors that understand the risks involved in investing in equity securities. The information contained herein is based upon publicly available data and sources believed to be reliable. While every care was taken to
ensure accuracy and objectivity, AHL does not represent that it is accurate or complete and it should not be relied on as such. In particular, the report takes no account of the investment objectives, financial situation and particular needs of investors. The
information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. AHL reserves the right to make
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that may be arise to any person from any inadvertent error in the information contained in this report.

2017 Arif Habib Limited: Corporate Member of the Pakistan Stock Exchanges. No part of this publication may be copied, reproduced, stored or disseminated in any form or by any means without the prior written consent of Arif Habib Limited.

22
Budget Preview FY18

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Atif Raza VP- Equity Sales atif.raza@arifhabibltd.com +92-21-3246-2596
Furqan Aslam AVP- Equity Sales furqan.aslam@arifhabibltd.com +92-21-3240-1932
Adeel Ahmed VP-Head of Online adeel.ahmed@arifhabibltd.com +92-21-3246-0045

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