Earnings Report /
Pakistan

Pakistan Suzuki: 3QCY21 review – Positive tax adjustments lead to an earnings beat

  • PSMC posted an EPS of PKR12.07, beating our expected EPS of PKR8.91, largely due to positive tax adjustments

  • GMs declined to c.0.5ppt qoq to c.5.3%, in line with expectations, amid sharp qoq PKR depreciation

  • We have a Buy rating on PSMC with a December 2022 TP of PKR300/sh

Abdul Ghani Mianoor
Intermarket Securities
28 October 2021