Equity Analysis /
Pakistan

Pakistan Autos: Ending the year on a high note

  • Auto Industry sales clocked in at c.27,000 units (nearly doubled yoy), taking CY21 volumes to c.237,000 units

  • PSMC led the charge for the sector amid sharp rise in Alto sales, recording record monthly sales, followed by HCAR

  • We prefer both INDU (TP of PKR1,475/sh) and MTL (TP of PKR1,200/sh) as our top picks

Abdul Ghani Mianoor
Intermarket Securities
11 January 2022