Shahmir Malik

HCAR has reported NLAT of PKR824mn (LPS: PKR5.77) in 4QMY23 as compared to our expected NLAT of PKR705mn (LPS: PKR4.94). Improved GMs of 12.5% (up 7.9ppt YoY) were overshadowed by significant Fx losses, which are reflected in other expenses. HCAR may...

We reinitiate our coverage on the auto sector with a Marketweight stance, where the sector trades at FY24f P/E of 5.7x. Our top choice is PSMC, owing to improving operational performance and dominant position in hatchback segment. We have downgraded....

ASTL posted a NPAT of PKR476mn (EPS: PKR1.60) in 3QFY23 vs. a loss of PKR389mn (LPS: PKR1.31) in the previous quarter. The result was higher than our expected EPS of PKR0.71, owing to higher-than-expected GMs and lower finance cost. GMs surged by 11....

IMS Auto universe is anticipated to post a NLAT of PKR8.6bn for Mar'23, as economic conditions continue to deteriorate. Pile up in foreign payables will lead to combined Fx losses of 12.6bn, during the quarter owing to PKR depreciation. Avg price hik...

Petroleum product volumes remain depressed falling by 25.0% YoY and 9.0% MoM to 1.1mn MT in Mar’23. Retail fuel prices remained elevated despite downward correction in crude oil, due to higher taxation . PSO’s market deteriorated by 0.8% while APL wa...

Petroleum product volumes fell by 21% YoY and 16% MoM to 1.22mn tons in February 2023. PSO, SHEL and HASCOL improved their market share while APL’s market position deteriorated slightly. PKR Volatility and decade high inflation will likely suppress d...