Intermarket Pulse: Pakistan Autos: Economy cars continue to drive growth
- Pakistan’s Auto industry recorded sales of 22,654 units in Feb’18, up 15%YoY, translating 8MFY18 sales to 170,354 units, up 23%YoY. This growth continued to be driven by economy cars with WagonR and Mehran making significant contributions while Hilux sales also picked up in the run-up to general elections.
- Tractors sales are up by 14% YoY to 6,454 units in Feb’18, with 8MFY18 sales of 44,606 units, up 40%YoY, as wheat harvesting has started while subsidy by Sindh government will support growth in 2HFY18.
- In the wake of recent JPY appreciation (JPY up by 6% against PKR during CY18TD) and strong metal prices, PSMC raised prices of all of its models (from Mar’18) as it has the highest exposure to JPY among incumbents. Other OEMs can come up with price revisions soon, in our view.
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.
Indus Motor is engaged in the assembly, progressive manufacture, import and marketing of Toyota motor vehicles. Co. is also the sole distributor of Toyota and Daihatsu vehicles in Pakistan.
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.
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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