Report
EUR 9.38 For Business Accounts Only

Pakistan Auto - Feb’24 Auto sales New year rhythm fades - however up 33%YoY, (AKD Daily, Mar 13, 2024)

Pakistan Auto - Feb’24 Auto sales New year rhythm fades - however up 33%YoY

 

  • New Year's impact continues into the second month of the year, with total industry sales reaching 13.4k units (↓8%MoM/↑33%YoY).
  • PSMC has shown the highest increase with sales of 4.9k units, up by 5.0xYoY, on the back of a low base where the company's production was significantly affected in SPLY. Likewise, INDU sales totaled 2.04k units (↓26%MoM/↑13%YoY).
  • HCAR sales volume clocked in at 1.5k units, up by 13%MoM while down by 7%YoY, likely due to the lagged New Year's impact.
  • With heightened auto prices, declining purchasing power, and high interest rates, auto sales are expected to remain subdued in the near future. In our coverage, HCAR presents a compelling buy currently, with a Dec’24 target price of PkR290/sh.
Provider
AKD Securities Limited
AKD Securities Limited

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.

Analysts
Usama Rauf

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