3QMY19 EPS likely to be down by 40% to PKR 4.32
Honda Atlas Cars Pakistan Ltd (HCAR) is scheduled to announce its 3QMY19 result on January 24, 2019. We expect the company to report earnings decline of 40% QoQ to stand at PKR 617mn (EPS: PKR 4.32) in 3QMY19. Despite price hike, margins are likely to contract to 4.7% in 3QMY19 as compared to 6.4% in 2QMY19. The decline is mainly attributed to currency devaluation amid decrease in volumetric sales during the period under review. For 9MMY19, we estimate EPS of PKR 18.89 (PAT: PKR 2,698 mn) which is 47% down as compared to the same period last year.
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.
Ismail Iqbal Securities (Private) Limited (IISPL) is a TREC holder of the Pakistan Stock Exchange, as well as an SECP registered Underwriter and Book Runner. IISPL provides comprehensive financial services including Equity Sales, Research on Equities and the Macro-Economy, Investment Advisory, Portfolio Management, Corporate Finance, and extensive services for Private Equity investors. IISPL services a diversified client base, from Institutional to Retail Investors including High Net worth Individuals.
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