Flash Note: Automobile Assemblers - Offtakes for Nov-18 to Mark the Long Awaited Slowdown
- As per our channel checks, sales of Passenger Cars during Nov-18 are expected to clock in at 18,279 units (down 26%MoM/13%YoY).
- We attribute this decline to 1) slowdown in economy, 2) interest rate lift off making car financing expensive, 3) high car prices on the back of PKR depreciation and 4) ban on purchase of vehicle for non-filers. One additional reason for MoM decline can be high base last month (which we had already highlighted as a one-off event in our earlier note).
- During 5MFY19, total sales for passenger cars are expected to clock in at 101,480 units (down 3%YoY).
- Amongst the assemblers, Honda Atlas Cars (HCAR) is expected to post offtakes of 3,800 units for the month (down 24%MoM and 15%YoY), in line with the weak dynamics in the overall sector. During 8MMY19, HCAR’s sales are projected at 34,740 units, up 6.5%YoY (note: HCAR Financial Year ends in March).
Elixir Securities Pakistan is a Corporate Member of the Pakistan Stock Exchange & Pakistan Mercantile Exchange and is one of the leading securities brokerage & investment banking firms in Pakistan, established since 1994. Our principal business activities include all aspects of Pakistan’s Capital Markets covering Securities Brokerage (Equities, Fixed Income and Commodities), Corporate Finance & Capital Markets Advisory (M&A, ECM, DCM) and Investment Research (Economics & Securities). We are one of the most active & aggressive Broker-Dealers in Pakistan executing trades for most of the Top 20 Global Brokers with unmatched corporate access credentials and have successfully advised and closed on some landmark ECM transactions in the history of Pakistan including the largest deal in frontier Asia (USD 1.02 billion). Our Clients include foreign and domestic financial institutions (Banks, Asset Managers, Insurance Companies, Pension Funds) corporates, HNWI’s and retail investors. This is supported by a very strong and independent research capability, which is quoted regularly in both local and international media.
Elixir Securities Pakistan is the proud recipient of many awards & recognitions including AsiaMoney’s Brokers Poll 2017, FinanceAsia’s Pakistan Best Investment Bank and Best Broker 2017, The Asset’s Best Brokerage House in Pakistan 2016, Asiamoney’s “Best Domestic Equity House 2015 in Pakistan”, The Asset Triple A Country Awards 2015 - Pakistan “Deal of the Year” and “Deal of the Year-Highly Commended”, CFA Society of Pakistan Awards for Year 2015 “Best Research Analyst (1st Rank), CFA Society of Pakistan Awards for Year 2014 “Best Research Analyst (1st Rank)”, “Best Trader” 2nd Runner-up (3rd Rank), The Asset Triple A Country Awards 2014’s “Best Deal in Pakistan” and Capital Finance International’s nomination for “Best Equity Research in Pakistan 2010”.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.