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) clocked in at 7.6K units up 49% MoM while down 36% YoY. Including Non-PAMA members car sales clocked in at ~9K up 46% MoM.</li><li>The significant MoM jump in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.</li><li>This takes 2MFY24 sales to 12,671 units down 47% YoY compared to 23,714 units in 2MFY23.</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 7.6K units up 49% MoM while down 36% YoY. Including Non-PAMA members car sales clocked in at ~9K up 46% MoM.The significant MoM jump in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.This takes 2MFY24 sales to 12,671 units down 47% YoY compared to 23,714 units in 2MFY23.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 ~9k units in Aug-2023 (including Non-PAMA), up 46% MoM

Equity Bottom-Up

<ul><li>Indus Motor (INDU) conducted its FY25 analyst briefing today, where management discussed financial performance and future outlook.</li><li>The company recorded 14.5% gross margins in FY25 compared to 12.7% in FY24, mainly due to lower input material costs due to favorable exchange rates, cost optimization initiatives and increased localization effects.</li><li>Yaris facelift was introduced in July 2024 which was widely accepted and contributed positively to the profitability.</li></ul>

Indus Motor (INDU) conducted its FY25 analyst briefing today, where management discussed financial performance and future outlook.The company recorded 14.5% gross margins in FY25 compared to 12.7% in FY24, mainly due to lower input material costs due to favorable exchange rates, cost optimization initiatives and increased localization effects.Yaris facelift was introduced in July 2024 which was widely accepted and contributed positively to the profitability.

Topline Flash Note: Indus Motor (INDU): Corporate Briefing Key Takeaways

<ul><li>Indus Motor Company (INDU) announced its FY25 results today, where the company recorded profit of Rs23bn (EPS of Rs292.74), up 48% YoY.</li><li>The result came slightly lower than industry expectations.</li><li>INDU announced a final cash dividend of Rs50/share, taking FY25 total payout to Rs176/share.</li></ul>

Indus Motor Company (INDU) announced its FY25 results today, where the company recorded profit of Rs23bn (EPS of Rs292.74), up 48% YoY.The result came slightly lower than industry expectations.INDU announced a final cash dividend of Rs50/share, taking FY25 total payout to Rs176/share.

Indus Motor Company (INDU): FY25 EPS At Rs292.74, Up 53% YoY - Earnings Lower Than Industry Expectations

<ul><li>Indus Motor Company (INDU) announced its 4QFY24 result today, where the company recorded profit of Rs5.7bn (EPS of Rs72.08), up 48% YoY. The result came in line with industry expectations.</li><li>This takes FY24 earnings to Rs15.1bn (EPS of Rs191.76) compared to FY23 profit of Rs9.7bn (EPS of Rs122.96), up 56% YoY.</li><li>INDU announced a final cash dividend of Rs43/share, taking FY24 total payout to Rs114.7/share, in-line with our expectations.</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.

Indus Motor Company (INDU) announced its 4QFY24 result today, where the company recorded profit of Rs5.7bn (EPS of Rs72.08), up 48% YoY. The result came in line with industry expectations.This takes FY24 earnings to Rs15.1bn (EPS of Rs191.76) compared to FY23 profit of Rs9.7bn (EPS of Rs122.96), up 56% YoY.INDU announced a final cash dividend of Rs43/share, taking FY24 total payout to Rs114.7/share, in-line with our expectations.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.

Indus Motor Company (INDU): FY24 EPS at Rs191.76, up 56% YoY

<ul><li>Indus Motor Company Limited (INDU) conducted its FY23 corporate briefing session today where management discussed financial performance and future outlook.</li><li>INDU expects to sell 28,000 to 30,000 units in FY24, compared to 31,602 units in FY23.</li><li>The hybrid vehicle is on schedule and expected to be launched early next year. The management did not comment on the price range, stating that it's too early to provide a range given the current economic situation, with the US dollar fluctuating every day.</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.

Indus Motor Company Limited (INDU) conducted its FY23 corporate briefing session today where management discussed financial performance and future outlook.INDU expects to sell 28,000 to 30,000 units in FY24, compared to 31,602 units in FY23.The hybrid vehicle is on schedule and expected to be launched early next year. The management did not comment on the price range, stating that it's too early to provide a range given the current economic situation, with the US dollar fluctuating every day.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.

Topline Flash Note: Indus Motor Company (INDU): Corporate Briefing Key Takeaways

Pakistan

Indus Motor Company Limited was created through a joint venture agreement between the House of Habib, the Toyota Motor Corporation and the Toyota Tsusho Corporation, in order to assemble, manufacture and market Toyota vehicles.  The company is also the sole distributor of Toyota vehicles in Pakistan.

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Indus Motor Company (INDU PA)

Pakistan Automobiles - Car Sales at ~9k units in Aug-2023 (including Non-PAMA), up 46% MoM

Pakistan car sales (as reported by PAMA) clocked in at 7.6K units up 49% MoM while down 36% YoY. Including Non-PAMA members car sales clocked in...

Topline Securities

Topline Flash Note: Indus Motor (INDU): Corporate Briefing Key Takeaways

Indus Motor (INDU) conducted its FY25 analyst briefing today, where management discussed financial performance and future outlook. The company...

Topline Securities

Indus Motor Company (INDU): FY25 EPS At Rs292.74, Up 53% YoY - Earnings Lower Than Industry Expectations

Indus Motor Company (INDU) announced its FY25 results today, where the company recorded profit of Rs23bn (EPS of Rs292.74), up 48% YoY. The result...

Topline Securities

Indus Motor Company (INDU): FY24 EPS at Rs191.76, up 56% YoY

Indus Motor Company (INDU) announced its 4QFY24 result today, where the company recorded profit of Rs5.7bn (EPS of Rs72.08), up 48% YoY. The...

Topline Securities

Topline Flash Note: Indus Motor Company (INDU): Corporate Briefing Key Takeaways

Indus Motor Company Limited (INDU) conducted its FY23 corporate briefing session today where management discussed financial performance and future...

Topline Securities

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