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Pakistan Autos: Non-filer ban is 'sink-or-swim' for OEMs, (AKD Daily, ...
Citing sizeable headwinds from cost pressures resulting in price hikes, accompanied by rising inflationary pressures hitting buying power and the recent ban on sale of new cars to tax non-filers, we revise down our estimates for automotive sales. Revising our sales growth assumption for CY18/FY19 onwards, we bring down earnings by ~14.5%/~10.2% across our forecast horizon, resulting in FCFE based TPs being cut by 25%/11% to PkR347/1,866/sh for PSMC/INDU, where the relative resilience of premi...
PSMC: LCV demand to the rescue
PSMC is scheduled to release earnings for 2QCY18 in the backdrop of drastic moves in input costs (PkR vs. US$ -10.0%, PkR/JpY -11.9% till June'18), and slower sales (total sales for PSMC -3%QoQ) from seasonal swings. We expect the OEM to report 2QCY18E earnings of PkR614mn (EPS:PkR7.45/sh.) recording a slide of 10%YoY, taking cumulative 1HCY18 NPAT to PkR1.52bn (EPS:PkR18.45/sh), marking a decline of 31.2%YoY. Clouds dissenting over the stock follow from the absence of any new model launches an...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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