Pakistan Autos_Recovering from the low base, (AKD Daily, Nov 14, 2022)
- The total industry sales in Oct’22 clocked in at 15,585 vehicles (-42%YoY/+16%MoM), consisting of 11,129 passenger cars (-36%YoY/+21%MoM), 2,240 LCVs (-38%YoY/+29%MoM), 257 trucks (-42%YoY/-20%MoM) and 69 buses (+60%YoY/+25%MoM). Sales in the month have recovered from October, owing to better inventory management by OEMs along with the low-base effect from last month.
- Segment-wise, the 1300cc segment emerged as the least favorite, remaining flat MoM while declining by 45%oYoY. The 800cc and below segment saw it volumes increase by 50%MoM along with a 25%MoM gain by the 1000cc segment, while both segments declined by 28%YoY. As prices of offerings keep rising, demand is bound to shift downwards from the pricier segments towards the more affordable ones. Moreover, the localization of the lower segments is generally higher, helping production. Hence, the start of the recovery in sales can be anticipated from the 800cc segment and make its way upwards.
- Amongst major OEMs, PSMC/INDU/HCAR posted sales of 8,003/3,374/1,425 units, declining by 22%/51%/46%YoY respectively. On the monthly basis, PSMC posted the largest gain of 33%MoM owing to the delivery of excess production in July and August along with improved production in Oct. Moreover, INDU/HCAR have posted gains in offtakes of 29%/11%MoM in the month.
- Tractor sales have decreased by 12%MoM/65%YoY to clock in at 1,890 units in the month. We have seen a flip in the sales of MTL and AGTL, with MTL sales increasing by 136%MoM and AGTL sales decreasing by 74%MoM to post sales of 1,503 units and 387 units respectively. On an yearly basis, the companies have witnessed declines of 54%/79%YoY.
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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