External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Honda Atlas Car Pakistan (HCAR) announced its 2QMY25 result today, where the company recorded profit of Rs258mn (EPS of Rs1.80), down 62% YoY and 27% QoQ. The result came lower than industry expectations.</li><li>The earnings declined in outgoing quarter due to lower gross margins of 7.4% compared to 10.9% in 2QMY24 and significant fall in other income by 91% from Rs897mn to Rs85mn.</li><li>This takes 1HMY25 earnings to Rs460mn (EPS of Rs3.22) compared to 1HMY24 profit of Rs820mn (EPS of Rs5.74), down 44% YoY.</li></ul>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 Car Pakistan (HCAR) announced its 2QMY25 result today, where the company recorded profit of Rs258mn (EPS of Rs1.80), down 62% YoY and 27% QoQ. The result came lower than industry expectations.The earnings declined in outgoing quarter due to lower gross margins of 7.4% compared to 10.9% in 2QMY24 and significant fall in other income by 91% from Rs897mn to Rs85mn.This takes 1HMY25 earnings to Rs460mn (EPS of Rs3.22) compared to 1HMY24 profit of Rs820mn (EPS of Rs5.74), down 44% YoY.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) - 2QMY25 EPS at Rs1.80, Down 62% YoY up 27% QoQ - Lower than Expectations

<ul><li>Honda Atlas Car (HCAR) conducted its corporate briefing on 1QMY25 performance and to discuss current and future operational dynamics.</li><li>This year, there were no issues with the opening of LCs; however, subdued demand and a shrinking economy led to lower revenues.</li><li>Localization levels for different HCAR models are as follows: Civic over 60%; City 73%; BRV and HRV is less than 50%.</li></ul>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 Car (HCAR) conducted its corporate briefing on 1QMY25 performance and to discuss current and future operational dynamics.This year, there were no issues with the opening of LCs; however, subdued demand and a shrinking economy led to lower revenues.Localization levels for different HCAR models are as follows: Civic over 60%; City 73%; BRV and HRV is less than 50%.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.

Topline Flash Note: Honda Atlas Cars (HCAR): Corporate Briefing Key Takeaways

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

Mitsubishi UFJ Financial (MUFG) / Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>’s cross-shareholding.</li>
<li>MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


Following up on our earlier cross-shareholding notes, in this note we look at Mitsubishi UFJ Financial (MUFG) (8306 JP)’s cross-shareholding.
MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Thematic (Sector/Industry)

<ul><li>Based on PAMA numbers, Car sales in Pakistan clocked in at 10,163 units in Nov 2024, reflecting a 57% YoY rise but a 22% MoM fall in sales. This takes 5MFY25 sales to 50,856 units a 51% YoY rise from 33,637 units in 5MFY24.</li><li>MoM decline is mainly due to the end-of-year effect, as buyers delay deliveries/purchase of the car in a bid to get new year registrations.</li><li>Sazgar Engineering (SAZEW) saw the most significant MoM fall of 42% to 584 units in Nov 2024. While, production of SAZEW remained almost flattish (down 1%) on MoM basis at 993 units.</li></ul>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.

Based on PAMA numbers, Car sales in Pakistan clocked in at 10,163 units in Nov 2024, reflecting a 57% YoY rise but a 22% MoM fall in sales. This takes 5MFY25 sales to 50,856 units a 51% YoY rise from 33,637 units in 5MFY24.MoM decline is mainly due to the end-of-year effect, as buyers delay deliveries/purchase of the car in a bid to get new year registrations.Sazgar Engineering (SAZEW) saw the most significant MoM fall of 42% to 584 units in Nov 2024. While, production of SAZEW remained almost flattish (down 1%) on MoM basis at 993 units.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.

Pakistan Automobiles: Car sales fell by 22% MoM to 10.2K units in Nov 2024 amidst year end impact

<ul><li>Car sales in Pakistan clocked in at 10,297 units in Sep 2024, reflecting a 24% YoY and 18% MoM increase in sales, as reported by PAMA. The increase in car sales is driven by backlog of Suzuki cars which were delivered this month.</li><li>This takes 1QFY25 sales to 27,585 units a 31% YoY rise from 20,982 units in 1QFY24.</li><li>Sazgar Engineering (SAZEW) saw the most significant YoY rise of 174% but down 13% MoM to 827 units in Sep 2024, driven by Haval sales.</li></ul>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.

Car sales in Pakistan clocked in at 10,297 units in Sep 2024, reflecting a 24% YoY and 18% MoM increase in sales, as reported by PAMA. The increase in car sales is driven by backlog of Suzuki cars which were delivered this month.This takes 1QFY25 sales to 27,585 units a 31% YoY rise from 20,982 units in 1QFY24.Sazgar Engineering (SAZEW) saw the most significant YoY rise of 174% but down 13% MoM to 827 units in Sep 2024, driven by Haval sales.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.

Pakistan Automobiles: Car sales rose by 24% YoY and 18% MoM in Sep 2024

Pakistan

Honda Atlas Cars Pakistan Limited manufactures, assembles and sells Honda vehicles through its many divisions within Pakistan.

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Honda Atlas Car (HCAR PA)

Honda Atlas Cars (HCAR) - 2QMY25 EPS at Rs1.80, Down 62% YoY up 27% QoQ - Lower than Expectations

Honda Atlas Car Pakistan (HCAR) announced its 2QMY25 result today, where the company recorded profit of Rs258mn (EPS of Rs1.80), down 62% YoY and...

Topline Securities

Topline Flash Note: Honda Atlas Cars (HCAR): Corporate Briefing Key Takeaways

Honda Atlas Car (HCAR) conducted its corporate briefing on 1QMY25 performance and to discuss current and future operational dynamics. This year,...

Topline Securities

MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Following up on our earlier cross-shareholding notes, in this note we look at MUFG (8306 JP)’s cross-shareholding. MUFG had a stake of over US$100m...

Sumeet Singh

Pakistan Automobiles: Car sales fell by 22% MoM to 10.2K units in Nov 2024 amidst year end impact

Based on PAMA numbers, Car sales in Pakistan clocked in at 10,163 units in Nov 2024, reflecting a 57% YoY rise but a 22% MoM fall in sales....

Topline Securities

Pakistan Automobiles: Car sales rose by 24% YoY and 18% MoM in Sep 2024

Car sales in Pakistan clocked in at 10,297 units in Sep 2024, reflecting a 24% YoY and 18% MoM increase in sales, as reported by PAMA. The...

Topline Securities

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