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 3QMY25 result today, where the company recorded profit of Rs566mn (EPS of Rs3.97), up 3.95x YoY and 2.2x QoQ. The result came higher than industry expectations.</li><li>The earnings jump in the 3QMY25 is due to higher gross margins of 9.2% compared to our expectations of 8.3%. These 3QMY25 gross margins are also higher than 8.3% recorded in 3QMY24 and 7.4% in 2QMY25.</li><li>Additionally, distribution expenses saw a significant decline of 20% YoY and 19% QoQ to Rs147mn, while other operating expenses dropped sharply by 72% YoY and 74% QoQ to Rs17mn, further contributing to the rise in earnings. This is mainly due to significant fall in overall inflation.</li></ul><p><em>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.</em></p>

Honda Atlas Car Pakistan (HCAR) announced its 3QMY25 result today, where the company recorded profit of Rs566mn (EPS of Rs3.97), up 3.95x YoY and 2.2x QoQ. The result came higher than industry expectations.The earnings jump in the 3QMY25 is due to higher gross margins of 9.2% compared to our expectations of 8.3%. These 3QMY25 gross margins are also higher than 8.3% recorded in 3QMY24 and 7.4% in 2QMY25.Additionally, distribution expenses saw a significant decline of 20% YoY and 19% QoQ to Rs147mn, while other operating expenses dropped sharply by 72% YoY and 74% QoQ to Rs17mn, further contributing to the rise in earnings. This is mainly due to significant fall in overall inflation.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.

Honda Atlas Cars (HCAR): 3QMY25 EPS at Rs3.97, up 3.95x YoY and 2.2x QoQ