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

<ul>
<li>One year ago we looked at the arrangement between <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault (RNO FP)</a> regarding their relationship, which left Renault with a 28% Nissan stake to be sold.</li>
<li>Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.</li>
<li>In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.</li>
</ul>


One year ago we looked at the arrangement between Nissan (7201 JP) and Renault (RNO FP) regarding their relationship, which left Renault with a 28% Nissan stake to be sold.
Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.
In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.


Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

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.

Thematic (Sector/Industry)

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 6.5K units up 5% MoM while down 65% YoY. Including Non-PAMA members car sales clocked in at ~7.7K up 6% MoM and down 60% YoY.</li><li>MoM growth in car sales is led by Honda Atlas Cars (HCAR) due to easing of supply side issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.</li><li>In 5MFY24 PAMA car sales were recorded at 33,638 units down 50% YoY compared to 67,104 units in 5MFY23.</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.

Pakistan car sales (as reported by PAMA) clocked in at 6.5K units up 5% MoM while down 65% YoY. Including Non-PAMA members car sales clocked in at ~7.7K up 6% MoM and down 60% YoY.MoM growth in car sales is led by Honda Atlas Cars (HCAR) due to easing of supply side issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.In 5MFY24 PAMA car sales were recorded at 33,638 units down 50% YoY compared to 67,104 units in 5MFY23.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 at ~7.7k units in Nov-2023 (including Non-PAMA), up 6% MoM

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 6.2K units down 26% MoM and 54% YoY. Including Non-PAMA members car sales clocked in at ~7K down 26% MoM and 53% YoY.</li><li>MoM decline in car sales is due to disruptions in supply chain followed by lower demand. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.</li><li>In 4MFY24 PAMA car sales recorded at 27,163 units down 44% YoY compared to 48,573 units in 4MFY23.</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.

Pakistan car sales (as reported by PAMA) clocked in at 6.2K units down 26% MoM and 54% YoY. Including Non-PAMA members car sales clocked in at ~7K down 26% MoM and 53% YoY.MoM decline in car sales is due to disruptions in supply chain followed by lower demand. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.In 4MFY24 PAMA car sales recorded at 27,163 units down 44% YoY compared to 48,573 units in 4MFY23.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 at ~7k units in Oct-2023 (including Non-PAMA), down 26% MoM

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 8.3K units up 10% MoM while down 26% YoY. Including Non-PAMA members car sales clocked in at ~10K up 9% MoM and down 23% YoY.</li><li>MoM increase in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.</li><li>In 1QFY24 car sales recorded at 20,983 units down 40% YoY compared to 35,002 units in 1QFY23.</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.

Pakistan car sales (as reported by PAMA) clocked in at 8.3K units up 10% MoM while down 26% YoY. Including Non-PAMA members car sales clocked in at ~10K up 9% MoM and down 23% YoY.MoM increase in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.In 1QFY24 car sales recorded at 20,983 units down 40% YoY compared to 35,002 units in 1QFY23.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 at ~10k units in Sep-2023 (including Non-PAMA), up 9% MoM

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 7.6K units up 49% MoM while down 36% YoY. Including Non-PAMA members car sales clocked in at ~9K up 46% MoM.</li><li>The significant MoM jump in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.</li><li>This takes 2MFY24 sales to 12,671 units down 47% YoY compared to 23,714 units in 2MFY23.</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.

Pakistan car sales (as reported by PAMA) clocked in at 7.6K units up 49% MoM while down 36% YoY. Including Non-PAMA members car sales clocked in at ~9K up 46% MoM.The significant MoM jump in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.This takes 2MFY24 sales to 12,671 units down 47% YoY compared to 23,714 units in 2MFY23.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 at ~9k units in Aug-2023 (including Non-PAMA), up 46% MoM

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)

Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

A year ago we looked at the arrangement between Nissan and Renault regarding their relationship, which left Renault with a 28% Nissan stake to be...

Sumeet Singh

Pakistan Automobiles - Car Sales at ~7.7k units in Nov-2023 (including Non-PAMA), up 6% MoM

Pakistan car sales (as reported by PAMA) clocked in at 6.5K units up 5% MoM while down 65% YoY. Including Non-PAMA members car sales clocked in at...

Topline Securities

Pakistan Automobiles - Car Sales at ~7k units in Oct-2023 (including Non-PAMA), down 26% MoM

Pakistan car sales (as reported by PAMA) clocked in at 6.2K units down 26% MoM and 54% YoY. Including Non-PAMA members car sales clocked in at ~7K...

Topline Securities

Pakistan Automobiles - Car Sales at ~10k units in Sep-2023 (including Non-PAMA), up 9% MoM

Pakistan car sales (as reported by PAMA) clocked in at 8.3K units up 10% MoM while down 26% YoY. Including Non-PAMA members car sales clocked in...

Topline Securities

Pakistan Automobiles - Car Sales at ~9k units in Aug-2023 (including Non-PAMA), up 46% MoM

Pakistan car sales (as reported by PAMA) clocked in at 7.6K units up 49% MoM while down 36% YoY. Including Non-PAMA members car sales clocked in...

Topline Securities

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