Equity Analysis /
Pakistan

Indus Motors: 4QFY21 analyst briefing takeaways

  • With the overall surge in industry sales, INDU’s market share in FY21 rose to 23%, up 2ppt yoy, largely due to the Yaris

  • According to the management, INDU is unlikely to be significantly impacted by the global semiconductor chip shortage

  • We flag INDU as our top pick in the sector, with a Buy rating (TP of PKR1,625/sh), where HEV assembly may spur demand

Abdul Ghani Mianoor
Intermarket Securities
14 September 2021