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)

According to the latest figures released by Pakistan Automotive Manufacturers Association (PAMA), local car assemblers (including LCVs, Vans and Jeeps) managed to sell 23,341 units in October 2017, up 46% YoY and 24% sequentially. These are highest monthly sales ever and is due to recent change in import procedure as ongoing disruption in imports of used cars has contributed to strong demand. Cumulative industry sales during the first four months of FY18 exhibited 32% growth to 83,809 units. If…

According to the latest figures released by Pakistan Automotive Manufacturers Association (PAMA), local car assemblers (including LCVs, Vans and Jeeps) managed to sell 23,341 units in October 2017, up 46% YoY and 24% sequentially. These are highest monthly sales ever and is due to recent change in import procedure as ongoing disruption in imports of used cars has contributed to strong demand. Cumulative industry sales during the first four months of FY18 exhibited 32% growth to 83,809 units. If…

Pakistan Automobiles: Oct'17 Auto Sales +46% YoY (+24% MoM)

We revise down our sector stance from ‘Overweight’ to ‘Market weight’ after tweaking our estimates in light of recent shift in macro economic factors. Our investment thesis is revised on the back of 1) expected currency devaluation, 2) downward volumetric sales adjustment, 3) margin compression and 4) entry of new players. We highlight that concern of an abrupt devaluation followed by higher inflation and interest rate tightening has affected investors’ sentiments and resultantly the sector has…

We revise down our sector stance from ‘Overweight’ to ‘Market weight’ after tweaking our estimates in light of recent shift in macro economic factors. Our investment thesis is revised on the back of 1) expected currency devaluation, 2) downward volumetric sales adjustment, 3) margin compression and 4) entry of new players. We highlight that concern of an abrupt devaluation followed by higher inflation and interest rate tightening has affected investors’ sentiments and resultantly the sector has…

Pakistan Automobiles: Sector Downgraded to 'Market Weight'

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations. On MoM basis, inflation declined by 0.68%, which is a 22-month low, as against an increase of 0.2% in previous month, on the back of significantly lower food inflation. Food inflation that contributes around 35% to the total headline CPI inflation was up 2.4% YoY in Dec 2016 vs. 2.5% in Nov 2016. On MoM basis, food inflation declined by 2.3%, which is…

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations. On MoM basis, inflation declined by 0.68%, which is a 22-month low, as against an increase of 0.2% in previous month, on the back of significantly lower food inflation. Food inflation that contributes around 35% to the total headline CPI inflation was up 2.4% YoY in Dec 2016 vs. 2.5% in Nov 2016. On MoM basis, food inflation declined by 2.3%, which is…

Equity Bottom-Up

<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: Oct'17 Auto Sales +46% YoY (+24% MoM)

According to the latest figures released by Pakistan Automotive Manufacturers Association (PAMA), local car assemblers (including LCVs, Vans and...

Topline Securities

Pakistan Automobiles: Sector Downgraded to 'Market Weight'

We revise down our sector stance from ‘Overweight’ to ‘Market weight’ after tweaking our estimates in light of recent shift in macro economic...

Topline Securities

Pakistan Inflation Review - Dec 2016

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations....

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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