External broker reports(aggregated public sources), Topline Securities

Topline Securities

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.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Automobiles / Thematic (Sector/Industry)

<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%