Autos_FY17 growth ends on a soft note, (AKD Daily, Jul 12, 2017)
​June'17 total automotive industry sales tapered to 16,184 units (-25%MoM/-6%YoY) closing FY17 with total industry sales of 221,748 (-1%YoY). Major constituents of total industry sales moved +3%/+33%/46%YoY for Passenger Cars/Trucks/Tractors while LCVs & Pickups lagged (-25%YoY) mostly from the high base effect (during 1HFY16). Bearish sentiment has squeezed the sector where valuations have reached attractive levels. We believe PSMC with its blend of demand growth from Punjab scheme, sturdy margins on CBU's and successful reception of the newly launched Cultus presents a solid investment case in uncertain times. Moreover, we have a FCFE based TP of PkR801/sh for the stock, which trades at CY17E/18F P/E of 14.8x/11.6x.
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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