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Topline Research
EUR 8.57 For Business Accounts Only

Pakistan Automobiles: Car Sales down 42% YoY during July 2019; largest decline in 97 months

  • Pakistan auto sales have witnessed the significant decline of 29% YoY for July -19 which is mainly attributable to 1)continuous trend of hike in auto prices in the range of (9-40%) in last 12 months, 2)FED implied in the budget for FY20 & increase in fuel cost.
  • The major contributor to industry decline is HCAR, down 66% YoY, followed by INDU down 56% YoY & PSMC  down 23% YOY for the month of July-19.
  • Indus Motors (INDU) has reported a decline of 56%YoY for July, which is the highest decline in the last 60 months (5 years). The significant attrition in the volume is mainly due to a 57%YoY decline in its Corolla variant, which is generally considered as high in demand. While, Fortuner and Hilux sales declined by 66% YoY and 48% YoY, respectively.
  • Pak Suzuki (PSMC)  has recorded a 23% YoY decline in July. The decline in sales was led by Mehran, which is down 89%YoY as its production ceased in Mar 2019. Alto has emerged as an entry car for consumers depicting sales of 4,584 units.  Bolan & Ravi variants are down 75% & 30% YoY, respectively. Sales of Wagon-R recorded only 843 units, down by 70%YoY, it is pertinent to mention that Wagon-R has likely lost its market share to Alto 660 cc as both variants have no material difference in their list price. Swift sales were down by 64% YoY compared to the same period last year.
  • Honda Cars (HCAR) sales fell 66%YoY during July-19, highest decline among its peers. Sale of City & Civic fell by 68% YoY. BR-V sales were down significantly by 35% YoY.
  • Atlas Honda (ATLH) witnessed a decline of 11% YoY in bike sales to 80,005 units for July.

 

Provider
Topline Securities Limited
Topline Securities Limited

Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.

Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.

Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.

JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).

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