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 in June 2025 reached 21,773 units, marking a 64% YoY and 47% MoM increase.</li><li>Pak Suzuki Motor Company experienced a significant MoM growth, primarily due to increased Alto sales ahead of a GST increase.</li><li>The overall positive trend in auto sales is expected to continue into FY26, driven by lower interest rates and new model launches.</li></ul>

Pakistan car sales in June 2025 reached 21,773 units, marking a 64% YoY and 47% MoM increase.Pak Suzuki Motor Company experienced a significant MoM growth, primarily due to increased Alto sales ahead of a GST increase.The overall positive trend in auto sales is expected to continue into FY26, driven by lower interest rates and new model launches.

Pakistan Automobiles: Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high

<ul><li>We have revised up our earnings estimates for Indus Motors (INDU) and Honda Cars (HCAR) after incorporating recent volumetric sales and gross margins trend.</li><li>Passenger Car Sales reported by PAMA is up 43% YoY in FY25, thanks to the availability of more options to consumers, lower interest rates and stable inflation.</li><li>We have also revised up our earnings estimates for Honda Atlas Cars (HCAR), our earnings estimates are up ~26% for MY26-MY28 EPS at Rs28.5, Rs29.71, and Rs34.7 per share.</li></ul>

We have revised up our earnings estimates for Indus Motors (INDU) and Honda Cars (HCAR) after incorporating recent volumetric sales and gross margins trend.Passenger Car Sales reported by PAMA is up 43% YoY in FY25, thanks to the availability of more options to consumers, lower interest rates and stable inflation.We have also revised up our earnings estimates for Honda Atlas Cars (HCAR), our earnings estimates are up ~26% for MY26-MY28 EPS at Rs28.5, Rs29.71, and Rs34.7 per share.

Pakistan Autos: Indus Motor (INDU) And Honda Atlas (HCAR); Earnings Revised up 25-38%

<ul><li>Car sales in Pakistan for May 2025 reached 14,762 units, marking a 35% year-on-year and 39% month-on-month increase.</li><li>Sazgar Engineering (SAZEW) experienced the highest month-on-month growth of 67% and an 18% year-on-year rise.</li><li>Indus Motor Company (INDU) achieved a 2.4x year-on-year and 48% month-on-month increase, with sales reaching the highest monthly figure in nearly 3 years.</li></ul>

Car sales in Pakistan for May 2025 reached 14,762 units, marking a 35% year-on-year and 39% month-on-month increase.Sazgar Engineering (SAZEW) experienced the highest month-on-month growth of 67% and an 18% year-on-year rise.Indus Motor Company (INDU) achieved a 2.4x year-on-year and 48% month-on-month increase, with sales reaching the highest monthly figure in nearly 3 years.

Pakistan Automobiles: Car sales in 11MFY25 up 39% YoY; 2/3 wheelers record ~ 3 year high

<ul><li>Car sales in Pakistan reached 111,464 units in 10MFY25, marking a 40% year-over-year (YoY) increase.</li><li>The month-on-month (MoM) decline in car sales was attributed to highway closures in Sindh, which delayed deliveries.</li><li>Factors contributing to YoY growth include a stable macroeconomic environment, lower interest rates, easing inflation, and new model launches.</li></ul>

Car sales in Pakistan reached 111,464 units in 10MFY25, marking a 40% year-over-year (YoY) increase.The month-on-month (MoM) decline in car sales was attributed to highway closures in Sindh, which delayed deliveries.Factors contributing to YoY growth include a stable macroeconomic environment, lower interest rates, easing inflation, and new model launches.

Pakistan Automobiles: Car sales in 10MFY25 up 40% YoY to 111,464 units

Cross Asset Strategy

<ul><li>KSE-100 index companies posted earnings of Rs409bn in 3QFY25, up 2% YoY, while excluding Banks, profitability declined by 5% YoY to Rs243bn.</li><li>The banking sector's earnings increased by 14% YoY to Rs166bn, driven by an increase in both Net Interest Income and Non-Interest Income.</li><li>KSE 100 index companies announced cash dividends of Rs119bn, down 6% YoY, translating into a 29% dividend payout in 3QFY25.</li></ul>

KSE-100 index companies posted earnings of Rs409bn in 3QFY25, up 2% YoY, while excluding Banks, profitability declined by 5% YoY to Rs243bn.The banking sector's earnings increased by 14% YoY to Rs166bn, driven by an increase in both Net Interest Income and Non-Interest Income.KSE 100 index companies announced cash dividends of Rs119bn, down 6% YoY, translating into a 29% dividend payout in 3QFY25.

Pakistan Strategy – Corporate Profitability in 3QFY25; Earnings up 2%

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 in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high

Pakistan car sales in June 2025 reached 21,773 units, marking a 64% YoY and 47% MoM increase. Pak Suzuki Motor Company experienced a significant...

Topline Securities

Pakistan Autos: Indus Motor (INDU) And Honda Atlas (HCAR); Earnings Revised up 25-38%

We have revised up our earnings estimates for Indus Motors (INDU) and Honda Cars (HCAR) after incorporating recent volumetric sales and gross...

Topline Securities

Pakistan Automobiles: Car sales in 11MFY25 up 39% YoY; 2/3 wheelers record ~ 3 year high

Car sales in Pakistan for May 2025 reached 14,762 units, marking a 35% year-on-year and 39% month-on-month increase. Sazgar Engineering (SAZEW)...

Topline Securities

Pakistan Automobiles: Car sales in 10MFY25 up 40% YoY to 111,464 units

Car sales in Pakistan reached 111,464 units in 10MFY25, marking a 40% year-over-year (YoY) increase. The month-on-month (MoM) decline in car sales...

Topline Securities

Pakistan Strategy – Corporate Profitability in 3QFY25; Earnings up 2%

KSE-100 index companies posted earnings of Rs409bn in 3QFY25, up 2% YoY, while excluding Banks, profitability declined by 5% YoY to Rs243bn. The...

Topline Securities

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