Equity Analysis /
Pakistan

Pakistan Autos - Divergent trends among the OEMs

  • Auto sales clocked in at c.18,800 units in November, up a sharp c.30% yoy amid healthy demand for HCAR vehicles

  • PSMC volumes grew c.25% yoy (down c.10% mom due to Alto production constraints); INDU sales rose 28% yoy

  • We are Marketweight on the sector, while preferring INDU (TP of PKR1,500/sh) as our top pick

Abdul Ghani Mianoor
Intermarket Securities
13 December 2021