Pakistan Autos: Normalized car sales impressive, overall mixed trend
- ​​Pakistan Auto Industry sales posted a normalized growth of 14% YoY in 1HFY17 driven mainly by HCAR’s Civic and PSMC’s Bolan and Ravi (normalized growth of 47% YoY). Overall, the performance for 1HFY17 shows a mixed trend, where we believe growth contribution by Civic is temporary.
- Improving farm economy driven by higher crop prices, better crop output (Cotton and Maize) and lower input costs coupled with lower retail price, are propelling demand for tractors. The performance of Pakistan Tractors has exceeded our expectations where MTL has maintained its position of strength over AGTL.
- Truck sales posted a phenomenal growth of 51% YoY in 1HFY17, underpinned by thriving construction activity and anticipated uptick in trade activities as CPEC comes in play in the medium term.
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.
Intermarket Securities Limited (IMS) is a full service corporate brokerage firm based in Karachi, Pakistan. We service both domestic and international clients. IMS was ranked #2 Best Local Brokerage and #3 Best for Overall Country Research for 2016 by AsiaMoney.
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