External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Pakistan car sales (as reported by PAMA) touched 18 months high, recording sales of 13.3k units in Jun-2024, up 21% MoM and 120% YoY.</li><li>In volumetric terms, MoM jump in car sales is primarily due to an increase in the sales of Indus Motors (INDU) up 44% MoM to 2,957 units and Pak Suzuki (PSMC) up 15% MoM to 6,885 units in Jun-2024.</li><li>Hyundai Nishat Motor recorded sales of 1,059 units (up 55% MoM) and Sazgar Engineering (SAZEW) recorded sales of 871 units (up 12% MoM). However only Honda Atlas Cars (HCAR) recorded sales of 1,095 units which is down 8% MoM in Jun-2024.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan car sales (as reported by PAMA) touched 18 months high, recording sales of 13.3k units in Jun-2024, up 21% MoM and 120% YoY.In volumetric terms, MoM jump in car sales is primarily due to an increase in the sales of Indus Motors (INDU) up 44% MoM to 2,957 units and Pak Suzuki (PSMC) up 15% MoM to 6,885 units in Jun-2024.Hyundai Nishat Motor recorded sales of 1,059 units (up 55% MoM) and Sazgar Engineering (SAZEW) recorded sales of 871 units (up 12% MoM). However only Honda Atlas Cars (HCAR) recorded sales of 1,095 units which is down 8% MoM in Jun-2024.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Car Sales Touched 18 Months High at 13.3k Units (As Reported by PAMA) In Jun-2024

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 10.5k units up 12% MoM and 135% YoY in Apr-2024.</li><li>The MoM jump in car sales is primarily due to an increase in the sales of Pak Suzuki (PSMC), where PSMC's Alto variant recorded a 64% MoM increase to 4,786 units in Apr-2024, the highest sales recorded after 15 months.</li><li>On a YoY basis, the significant jump in total car sales is attributed to a low base from last year amid plant shutdowns.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan car sales (as reported by PAMA) clocked in at 10.5k units up 12% MoM and 135% YoY in Apr-2024.The MoM jump in car sales is primarily due to an increase in the sales of Pak Suzuki (PSMC), where PSMC's Alto variant recorded a 64% MoM increase to 4,786 units in Apr-2024, the highest sales recorded after 15 months.On a YoY basis, the significant jump in total car sales is attributed to a low base from last year amid plant shutdowns.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Automobiles | Pakistan Car Sales at ~10.5k Units in Mar-2024, Down 3% MoM

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 9.4K units down 3% MoM and 1% YoY in Mar-2024. Including Non-PAMA members car sales clocked in at ~10.5K down 3% MoM while up 1% YoY in Mar-2024.</li><li>Honda Atlas Cars (HCAR) recorded strong growth of 44% MoM and 162% YoY to 2,188 units in Mar-2024 due to the low base effect as company shut down its plant during the same period last year.</li><li>However, Pak Suzuki (PSMC) and Indus Motors (INDU) both recorded 16% MoM fall in car sales in Mar-2024. Hyundai Nishat Motor recorded sales of 582 units, down 30% YoY while up 3% MoM.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan car sales (as reported by PAMA) clocked in at 9.4K units down 3% MoM and 1% YoY in Mar-2024. Including Non-PAMA members car sales clocked in at ~10.5K down 3% MoM while up 1% YoY in Mar-2024.Honda Atlas Cars (HCAR) recorded strong growth of 44% MoM and 162% YoY to 2,188 units in Mar-2024 due to the low base effect as company shut down its plant during the same period last year.However, Pak Suzuki (PSMC) and Indus Motors (INDU) both recorded 16% MoM fall in car sales in Mar-2024. Hyundai Nishat Motor recorded sales of 582 units, down 30% YoY while up 3% MoM.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Automobiles - Pakistan Car Sales at ~10.5k Units in Mar-2024 Down 3% MoM

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>One year ago we looked at the arrangement between <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault (RNO FP)</a> regarding their relationship, which left Renault with a 28% Nissan stake to be sold.</li>
<li>Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.</li>
<li>In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.</li>
</ul>


One year ago we looked at the arrangement between Nissan (7201 JP) and Renault (RNO FP) regarding their relationship, which left Renault with a 28% Nissan stake to be sold.
Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.
In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.


Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 6.5K units up 5% MoM while down 65% YoY. Including Non-PAMA members car sales clocked in at ~7.7K up 6% MoM and down 60% YoY.</li><li>MoM growth in car sales is led by Honda Atlas Cars (HCAR) due to easing of supply side issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.</li><li>In 5MFY24 PAMA car sales were recorded at 33,638 units down 50% YoY compared to 67,104 units in 5MFY23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan car sales (as reported by PAMA) clocked in at 6.5K units up 5% MoM while down 65% YoY. Including Non-PAMA members car sales clocked in at ~7.7K up 6% MoM and down 60% YoY.MoM growth in car sales is led by Honda Atlas Cars (HCAR) due to easing of supply side issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.In 5MFY24 PAMA car sales were recorded at 33,638 units down 50% YoY compared to 67,104 units in 5MFY23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Automobiles - Car Sales at ~7.7k units in Nov-2023 (including Non-PAMA), up 6% MoM

Pakistan

Honda Atlas Cars Pakistan Limited manufactures, assembles and sells Honda vehicles through its many divisions within Pakistan.

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Honda Atlas Car (HCAR PA)

Car Sales Touched 18 Months High at 13.3k Units (As Reported by PAMA) In Jun-2024

Pakistan car sales (as reported by PAMA) touched 18 months high, recording sales of 13.3k units in Jun-2024, up 21% MoM and 120% YoY. In...

Topline Securities

Pakistan Automobiles | Pakistan Car Sales at ~10.5k Units in Mar-2024, Down 3% MoM

Pakistan car sales clocked in at 10.5k units up 12% MoM in Apr-2024. On a YoY basis, the significant jump in total car sales is attributed to a low...

Topline Securities

Pakistan Automobiles - Pakistan Car Sales at ~10.5k Units in Mar-2024 Down 3% MoM

Pakistan car sales (as reported by PAMA) clocked in at 9.4K units down 3% MoM and 1% YoY in Mar-2024. Including Non-PAMA members car...

Topline Securities

Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

A year ago we looked at the arrangement between Nissan and Renault regarding their relationship, which left Renault with a 28% Nissan stake to be...

Sumeet Singh

Pakistan Automobiles - Car Sales at ~7.7k units in Nov-2023 (including Non-PAMA), up 6% MoM

Pakistan car sales (as reported by PAMA) clocked in at 6.5K units up 5% MoM while down 65% YoY. Including Non-PAMA members car sales clocked in at...

Topline Securities

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