Pakistan Autos_Long awaited City is here,(AKD Daily, May 21, 2021)
AKD Daily
Pakistan Autos: Long awaited City is here!
- Honda Atlas Cars (HCAR) has started pre-booking of much awaited new Honda City this week which comes in five variants. While globally, 7th generation has been rolled out, it is most likely that Pakistan (based on news reports) will end up with the 6th generation instead. Among the said variants, the interest in top-of-the-line Aspire 1.5L CVT variant has outpaced the other variants while total units booked to date stands at 5K-5.5K.
- The new Honda City is set to contest with Toyota Yaris, Changan Alsvin and Proton Saga. The official prices have not been unwrapped yet, however according to sources, it is estimated that the 1.2L variants will be priced at PkR2.5-2.6mn, 1.5L variant at PkR2.7mn and Aspire 1.5L at PkR2.8-3.0mn.
- Though price points of new City are on the higher side compared to their Chinese and Malaysian counterparts, we believe it is not large enough to warrant concerns for HCAR having established dealer and parts-supply network. On the other hand, Toyota Yaris presents risk to demand outlook for Honda City particularly in the base variant.
- HCAR has lost 5.1% CYTD, underperforming KSE-100 index by 9.3%, indicating that the new model euphoria is yet to begin as seen historically in Civic launch where the stock gained 49.2/42.5% in 3M/6M pre launch and 70.4/86.3% in 3M/6M after the launch of new variants.
AKD Research
Honda Atlas Cars (Pakistan) Limited. Honda Atlas Cars (Pakistan) Limited is engaged in assembling and progressive manufacturing and sale of Honda vehicles and spare parts. The Company's segments include Manufacturing and Trading. The Company's Manufacturing segment relates to the sale of locally manufactured cars and parts. The Trading segment relates to the trading of completely built units (CBUs) and parts. The Company's factory is located at Multan Road, Manga Mandi, Lahore. The Company offers car models, such as Honda Accord, Honda CR-V, Honda CR-Z, Honda HR-V, Honda Civic (over four models), Honda City Aspire (over four models) and Honda City (over four models) in various colors with a range of technology features. The Company's cars are available in colors, including crystal black pearl, bold beige, taffeta white, urban titanium, modern steel metallic, habenaro red, alabaster silver metallic, camelian red pearl and white orchid pearl. The Company is a subsidiary of Honda Motor Co., Ltd., Japan.
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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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