Equity Analysis /
Pakistan

Pakistan Autos: Downgrade estimates amid several uncertainties

  • We downgrade our IMS Autos Universe estimates by an average c.30% amid margin attrition and macroeconomic uncertainties

  • The sooner-than-expected rise in interest rates and sharp PKR depreciation are likely to keep margins in pressure

  • Despite downwards revision in estimates, INDU remains our top pick in the sector with a June 2022 TP of PKR1,500/sh

Abdul Ghani Mianoor
Intermarket Securities
22 September 2021