Earnings Report /
Pakistan

Honda Atlas: 2QMY22 Review: Weak margins despite new City launch; below expectation

  • HCAR announced a 2QMY22 NPAT of PKR939mn (EPS: PKR6.58), much lower-than-our expected EPS of PKR8.98

  • Gross margins declined c.0.3ppt qoq, likely due to the change in sales mix towards City and PKR depreciation

  • We have a Buy rating on HCAR with March 2022 TP of PKR300/sh

Abdul Ghani Mianoor
Intermarket Securities
17 November 2021