Autos_August'17 sales are the most exciting of 2017
August'2017 total auto industry sales read at 22,956 units +12.7MoM/+25%YoY of which 18,665 passenger cars (+14.2%MoM/+23%YoY), 3,430 LCVs & pickups (+5.9%MoM/+38.1%YoY) and 5,138 tractors (+11.2%MoM/+114.9%YoY) were sold during the last month. Although MoM sales accretion continued to weaken when compared with sales trends between Aug vs. July over CY10-17, Aug'17 numbers were the highest monthly sales for 2017. Cumulative 8MCY17 industry sales stood at 163,658 (strengthening 14.5%YoY) where growth from Car sales (134,882 units growing 13.7% YoY) and Tractor off-take (44,616 units increasing by 71.1%) were in play. Sales for major OEMs during 8MCY17 rose by 55.6%/13.5% for HCAR/PSMC with HCAR's sales increased offtake from the 'new' (launched July'16) Honda Civic and Honda City with cosmetic changes, while INDU's production halt for little over a week, pulled production lower (-3.6%YoY). During the period, segment-wise sales stood at 66,618/27,816/40,448 units for 1300CC+/800-1000CC/800CC & below moving +8.7%/+48.9%/+4.6%YoY. Recent slide-down in prices and market-erosion has added upside to our investment case in INDU & PSMC where Corolla facelift continues to strengthen the market for INDU. In the meantime, our FCFE based TP of 2,068/share remains, where the stock trades at FY18/19F P/E of 9.2/9.8x accompanied by FY18/19 DY 6.4/7%.
Pak Suzuki Motor is engaged in assembling, progressive manufacturing and marketing of Suzuki cars, pickups, vans, and 4X4 vehicles. Co.'s product models include Baleno, Margalla, Mehran, Kyber, Ravi Pickup, Bolan Van and Potohar Jeep.
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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