External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Sazgar Engineering Works Limited / Equity Bottom-Up

Sazgar Engineering Works Limited (SAZEW PK)

<ul><li>SAZEW announced its 2QFY25 result where the company recorded earnings of Rs2.4bn (EPS of Rs29.83), up 3.2x YoY, however, down 43% QoQ. The result came lower than industry expectations as we believe company have moved forward majority of its Dec sales to Jan 2025.</li><li>The large part of deviation was seen in the net revenues, which we expected to be around Rs20bn for Dec quarter, however, actual sales has clocked in at Rs18.4bn. Nonetheless, its up 2.8x YoY. We await the release of half year accounts to ascertain 4-wheeler sales units for month of Dec 2024.</li><li>Alongside the results, the company announced a dividend of Rs10/share in 2QFY25. This brings 1HFY25 dividend to Rs20/share.</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>

SAZEW announced its 2QFY25 result where the company recorded earnings of Rs2.4bn (EPS of Rs29.83), up 3.2x YoY, however, down 43% QoQ. The result came lower than industry expectations as we believe company have moved forward majority of its Dec sales to Jan 2025.The large part of deviation was seen in the net revenues, which we expected to be around Rs20bn for Dec quarter, however, actual sales has clocked in at Rs18.4bn. Nonetheless, its up 2.8x YoY. We await the release of half year accounts to ascertain 4-wheeler sales units for month of Dec 2024.Alongside the results, the company announced a dividend of Rs10/share in 2QFY25. This brings 1HFY25 dividend to Rs20/share.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.

Sazgar Engineering (SAZEW): 2QFY25 EPS at Rs39.83, up 3.2x YoY While Down 43% QoQ