Autos_April'17 sales shows signs of weakness
​April'16 auto industry sales read at 18,329 units -11%MoM/+7%YoY of which 16,390 passenger cars (-10%MoM/+9%YoY), 1,939 LCVs & pickups (-12%MoM/-11%YoY) and 6,263 tractors (-6%MoM/+42%YoY) were sold during the past month. Cumulative 10MFY17 industry sales stand at 176,937 units (tapering 4%YoY), where growth from Car sales (155,960 units growing 3%YoY) and Tractor offtake (44,078 units increasing by 49%YoY) were in play. Of the major OEM’s sales for 10MFY17 fell by 14%/3% for PSMC/INDU while new-model led growth for HCAR continued (+49%YoY). During the period segment-wise sales stood at 80,688/27,306/47,986 units for 1300CC+/800-1000CC/800CC & below segments moving +11%/+30%/-18%YoY. Recent run-up in prices have eroded upsides to our investment case in INDU & PSMC, where we await details around face-lifts (by INDU for Corolla) and probable budgetary incentives (citing strong news flows) to raise estimates. In the meantime, our FCFE based TP of 1,928/sh for INDU implies a NEUTRAL stance.
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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