IMS Research Team

Intermarket Securities

IMS Research Team @ Intermarket Securities

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Honda Atlas: 2Q23 Result: Lower revenues and elevated other expenses lead to loss for the Qtr

HCAR has reported NLAT of PKR385mn (LPS: PKR2.70) for 2QMY23. Gross margin stands at 3.4%, much lower than our expectation of 5.2% and down 2.9ppt/3.5ppt QoQ and YoY. We believe large exchange losses have resulted in elevated other expenses.
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 16 November 2022

Oct’22 - Partial resumption of production has led to improved sales numbers

Latest automobile sales show some relief post resumption in production; the MoM numbers were up 22% to 13,369 units. HCAR’s plant was shut down for a longer period as compared to peers, the company has witnessed a softer 11% jump MoM. MTL outperform...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 14 November 2022

Pakistan OMCs: Mild volume recovery unlikely to prolong in the wake of floods

POL product demand depicted modest recovery to 1.53mnMT in Aug’22 after a rapid decline of 26% in the previous month. We corroborate impact of current floods from the calamity in 2010, where POL product demand will be impacted. Hike in OMC margin, a....
Intermarket Securities Wajid
Wajid Rizvi @ Intermarket Securities 2 September 2022

Pakistan State Oil: FY22 review – Payout comes under the light of inventory gains

High inventory gains and volumetric sales along with elevated average prices of MS & HSD helped to overshadow super tax. Massive provision on impairment of financial assets was a negative surprise that depressed earnings. The PKR10 per share dividend...
Intermarket Securities Wajid
Wajid Rizvi @ Intermarket Securities 26 August 2022

Pakistan Federal Budget FY23 – A Robin Hood budget

In the last few weeks, the government has significantly reduced fuel subsidies, while passing legislation to reform state-owned entities and set up an Export-Import Bank to take over the SBP’s refinance facilities. These measures are part of the stru...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 12 June 2022

Pakistan: Emergency Economic Plan – Government bans luxury items

The government has announced a complete ban on the import of nearly 40 items deemed unnecessary/luxury in view of the weak Fx reserves position (less than 1.5 months import cover) and continued pressure on the currency. Some of these imports include ...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 20 May 2022

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