External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Honda Atlas Car Pakistan (HCAR) announced its 2QMY26, result today, where the company recorded profit of Rs742mn (EPS of Rs5.2), up 2.9x YoY while down 10% QoQ.</li><li>The result came lower than industry expectations due to lower-than-expected gross margins.</li><li>Net sales clocked in at Rs25.4bn up 53% YoY amid higher sales volume which are up by 46% YoY to 4,880 units. The same is down by 4% QoQ mainly led by lower unit sales by 12% QoQ.</li></ul>

Honda Atlas Car Pakistan (HCAR) announced its 2QMY26, result today, where the company recorded profit of Rs742mn (EPS of Rs5.2), up 2.9x YoY while down 10% QoQ.The result came lower than industry expectations due to lower-than-expected gross margins.Net sales clocked in at Rs25.4bn up 53% YoY amid higher sales volume which are up by 46% YoY to 4,880 units. The same is down by 4% QoQ mainly led by lower unit sales by 12% QoQ.

Honda Atlas Car (HCAR): 2QMY26 EPS At Rs5.2/Share, Up 2.9x YoY - Lower Than Industry Expectations