Equity Analysis /
Pakistan

Pakistan Autos: May 2021 – Industry sales falter on extended Eid holidays

  • Auto sales declined in May on account of reduced working hours in Ramadan and extended Eid holidays

  • PSMC led the charge with c.8,300 units sold, while sales for HCAR fell likely due to the phasing out of the City

  • We prefer PSMC (TP PKR450/sh), INDU (TP PKR1,458/sh), and MTL (TP of PKR1,460/sh) as our top picks

Abdul Ghani Mianoor
Intermarket Securities
12 June 2021

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