Equity Analysis /
Pakistan

Pakistan Autos: Robust sales momentum sustained in September

  • Auto sales clocked in at 22,235 units in September, up a sharp c.60% yoy amid robust demand for PSMC vehicles

  • PSMC volumes grew c.70% yoy, while sales for HCAR rose 13% mom amid new City deliveries

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

Abdul Ghani Mianoor
Intermarket Securities
12 October 2021