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 1QMY26, result today, where the company recorded profit of Rs828mn (EPS of Rs5.8), up 4.1x YoY while down 51% QoQ.</li><li>The result came lower than industry expectations due to lower-than-expected gross margins and higher than expected effective tax rate.</li><li>Profitability is expected to improve in the coming quarter(s), supported by the launch of the e:HEV HR-V model.</li></ul>

Honda Atlas Car Pakistan (HCAR) announced its 1QMY26, result today, where the company recorded profit of Rs828mn (EPS of Rs5.8), up 4.1x YoY while down 51% QoQ.The result came lower than industry expectations due to lower-than-expected gross margins and higher than expected effective tax rate.Profitability is expected to improve in the coming quarter(s), supported by the launch of the e:HEV HR-V model.

Honda Atlas Cars (HCAR): 1QMY26 EPS At Rs5.8/Share, Up 4.1x YoY - Lower Than Industry Expectations