Industrial Motor Co.

Indus Motor is engaged in the assembly, progressive manufacture, import and marketing of Toyota motor vehicles. Co. is also the sole distributor of Toyota and Daihatsu vehicles in Pakistan.
  • TickerINDU
  • ISINPK0054501017
  • ExchangePakistan Stock Exchange
  • SectorAutomobiles & Parts
  • CountryPakistan
Abdul Ghani Mianoor

Pakistan Autos: June 2020 sales recover to pre-pandemic levels

In June 2020, Pakistan auto industry sales of 8,753 units (though down 50% yoy) posted a strong recovery compared to May’s sales of 4,527 units (up 93% mom). We attribute this to the pent-up demand post lockdown (March-May). Both premium carmakers, INDU and HCAR, saw a staggering increase in sales, by c.4.6x / 6.0x, compared with their sales in May. PSMC sales were up a relatively modest 9% mom to 3,912 units. FY20 sales are 111,928 units (down 53% yoy). INDU sold 855 units of Corolla, while ...

Muhammad Saad Ali

Pakistan's KSE-100 in May: Muted performance despite positive triggers

The KSE-100 was flat in May 2020 (down 0.5% mom), taking CY20td decline to 17%. There were some positive triggers, including the partial lifting of lockdown conditions by the government and the SBP cutting the policy rate further by 100bps to 8%. However, both failed to lift market sentiment. Market activity fell 9% mom to c.US$46mn average daily traded value. FIPI outflow (US$40mn in May) continued for the fourth consecutive month since the onset of Covid-19 pandemic. International oil price...

Abdul Ghani Mianoor ...
  • Rahul Hans

Pakistan government approves support package for agriculture

The ECC has approved a PKR50bn package for the agriculture sector. This was included in the PKR100bn earmarked for SMEs and agriculture sector out of the PKR1.2tn relief package to counter the Covid-19 outbreak. Salient features of the package are given below. Impact on fertilizer: Positive for demand As mentioned in our recent report, we expected the government to announce a subsidy on fertilizers, which underpinned our Urea off-take assumption for CY 20 of 5.7mn tons (same as previous 5yr a...

Abdul Ghani Mianoor

Pakistan Autos: Negligible sales in April due to country-wide lockdown

Pakistan's auto industry sold only 39 units in April 2020, which comprised trucks and buses only. There was no passenger car sales, primarily because of the country-wide lockdown (started 24 March) which resulted in the OEMs shutting down their plants and dealerships being closed. The tractor segment recorded sales of 2,035 units, down 30% mom and 63% yoy. Sales for AGTL saw a 19% mom increase, while those of MTL declined 51% mom. This brings the 10M FY 20 industry sales to 25,534 units (down...

Abdul Ghani Mianoor

Indus Motors: Q3 FY 20 analyst briefing takeaways

INDU posted 3QFY20 NPAT of PKR2,679mn (EPS: PKR34.09), down 20%yoy, while up a staggering 172%qoq. This took 9MFY20 earnings to PKR4,984mn (EPS PKR63.41), down 51% yoy. INDU also announced a third interim dividend of PKR10.0/sh (taking 9MFY20 payout to PKR23/sh). Key highlights: * The company sold 11,125 units in 3QFY20, down 34% yoy. Industry sales of passenger cars & LCVs fell 49% yoy, while the economy segment fell by 7% yoy due to the launch of new Alto by Pak Suzuki (PSMC). INDU’s marke...

A director sold 4,000 shares at 1,596.800PKR and

A director at Indus Motors Co sold 4,000 shares at 1,596.800PKR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names...

Abdul Ghani Mianoor

Pakistan Autos: June 2020 sales recover to pre-pandemic levels

In June 2020, Pakistan auto industry sales of 8,753 units (though down 50% yoy) posted a strong recovery compared to May’s sales of 4,527 units (up 93% mom). We attribute this to the pent-up demand post lockdown (March-May). Both premium carmakers, INDU and HCAR, saw a staggering increase in sales, by c.4.6x / 6.0x, compared with their sales in May. PSMC sales were up a relatively modest 9% mom to 3,912 units. FY20 sales are 111,928 units (down 53% yoy). INDU sold 855 units of Corolla, while ...

Abdul Ghani Mianoor ...
  • Rahul Hans

Pakistan government approves support package for agriculture

The ECC has approved a PKR50bn package for the agriculture sector. This was included in the PKR100bn earmarked for SMEs and agriculture sector out of the PKR1.2tn relief package to counter the Covid-19 outbreak. Salient features of the package are given below. Impact on fertilizer: Positive for demand As mentioned in our recent report, we expected the government to announce a subsidy on fertilizers, which underpinned our Urea off-take assumption for CY 20 of 5.7mn tons (same as previous 5yr a...

Abdul Ghani Mianoor

Pakistan Autos: Negligible sales in April due to country-wide lockdown

Pakistan's auto industry sold only 39 units in April 2020, which comprised trucks and buses only. There was no passenger car sales, primarily because of the country-wide lockdown (started 24 March) which resulted in the OEMs shutting down their plants and dealerships being closed. The tractor segment recorded sales of 2,035 units, down 30% mom and 63% yoy. Sales for AGTL saw a 19% mom increase, while those of MTL declined 51% mom. This brings the 10M FY 20 industry sales to 25,534 units (down...

Abdul Ghani Mianoor

Indus Motors: Q3 FY 20 analyst briefing takeaways

INDU posted 3QFY20 NPAT of PKR2,679mn (EPS: PKR34.09), down 20%yoy, while up a staggering 172%qoq. This took 9MFY20 earnings to PKR4,984mn (EPS PKR63.41), down 51% yoy. INDU also announced a third interim dividend of PKR10.0/sh (taking 9MFY20 payout to PKR23/sh). Key highlights: * The company sold 11,125 units in 3QFY20, down 34% yoy. Industry sales of passenger cars & LCVs fell 49% yoy, while the economy segment fell by 7% yoy due to the launch of new Alto by Pak Suzuki (PSMC). INDU’s marke...

Muhammad Saad Ali ...
  • Yusra Beg

Pakistan Market: KSE-100 – Staging a bounce back

The KSE-100 bounced back in April 2020, rising 17% mom, after a sharp 23% decline in March. The rally was led by (i) government decision to ease off lockdown conditions for certain industries, (ii) an emergency 200bps cut in the policy rate, bringing it to 9.0%, and (iii) a massive 62% slump yoy in global oil prices. MSCI World / EM indices were up 11.0%/ 9.0% mom. Market activity, however, came down by 11% mom to US$50mn average daily traded value. Foreign selling narrowed to US$69mn (vs US$...

Muhammad Saad Ali

Pakistan's KSE-100 in May: Muted performance despite positive triggers

The KSE-100 was flat in May 2020 (down 0.5% mom), taking CY20td decline to 17%. There were some positive triggers, including the partial lifting of lockdown conditions by the government and the SBP cutting the policy rate further by 100bps to 8%. However, both failed to lift market sentiment. Market activity fell 9% mom to c.US$46mn average daily traded value. FIPI outflow (US$40mn in May) continued for the fourth consecutive month since the onset of Covid-19 pandemic. International oil price...

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