Earnings Report /

Pakistan Suzuki: 4QCY21 review – Earnings miss due to sequential decline in margins

  • PSMC posted a 4QCY21 EPS of PKR5.94, missing our expectations, whereas CY21 EPS clocked in at PKR32.56 (DPS of PKR6.50)

  • GMs declined by c.6ppt yoy amid elevated commodity and shipping rates, as well as sharp PKR depreciation

  • Sales are likely to contract in the coming quarters, in our view; we have a December 2022 TP of PKR255/sh

Abdul Ghani Mianoor
Intermarket Securities
22 March 2022


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