Equity Analysis /
Pakistan

Pakistan Autos - Handsome sales growth continues but early signs of slowdown

  • Auto sales clocked in at c.21,000 units in October, up a sharp c.50% yoy amid healthy demand for PSMC vehicles

  • PSMC volumes grew c.70% yoy, while sales for INDU rose 10% mom amid launch of Special Edition Corolla 1.6 variant

  • We prefer INDU (TP of PKR1,500/sh) and MTL (TP of PKR1,460/sh) as our top picks

Abdul Ghani Mianoor
Intermarket Securities
11 November 2021