External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Millat Tractors (MTL) conducted its corporate briefing session today, where the management discussed the financial performance and the future outlook of the company.</li><li>MTL sold 18,622 tractors in FY23 and is targeting to sell 26,000-30,000 tractors in FY24.</li><li>Management highlighted that the 47% YoY decline in volumetric sales in FY23 is 18.6k units from 35k units in FY22, was attributed to the catastrophe caused by the floods in Pakistan.</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.

Millat Tractors (MTL) conducted its corporate briefing session today, where the management discussed the financial performance and the future outlook of the company.MTL sold 18,622 tractors in FY23 and is targeting to sell 26,000-30,000 tractors in FY24.Management highlighted that the 47% YoY decline in volumetric sales in FY23 is 18.6k units from 35k units in FY22, was attributed to the catastrophe caused by the floods in Pakistan.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: Millat Tractors Limited (MTL): Corporate Briefing Key Takeaways

Thematic (Sector/Industry)

<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 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

According to the latest figures released by Pakistan Automotive Manufacturers Association (PAMA), local car assemblers (including LCVs, Vans and Jeeps) managed to sell 23,341 units in October 2017, up 46% YoY and 24% sequentially. These are highest monthly sales ever and is due to recent change in import procedure as ongoing disruption in imports of used cars has contributed to strong demand. Cumulative industry sales during the first four months of FY18 exhibited 32% growth to 83,809 units. If…

According to the latest figures released by Pakistan Automotive Manufacturers Association (PAMA), local car assemblers (including LCVs, Vans and Jeeps) managed to sell 23,341 units in October 2017, up 46% YoY and 24% sequentially. These are highest monthly sales ever and is due to recent change in import procedure as ongoing disruption in imports of used cars has contributed to strong demand. Cumulative industry sales during the first four months of FY18 exhibited 32% growth to 83,809 units. If…

Pakistan Automobiles: Oct'17 Auto Sales +46% YoY (+24% MoM)

Pakistan

Millat Tractors Limited assembles and manufactures agricultural machinery. The Company offers tractors, engines, movers, trucks, implements, and other related equipment. Millat Tractors serves customers in Pakistan.

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Millat Tractors (MTL PA)

Topline Flash Note: Millat Tractors Limited (MTL): Corporate Briefing Key Takeaways

Millat Tractors (MTL) conducted its corporate briefing session today, where the management discussed the financial performance and the future...

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 ~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

Pakistan Automobiles: Oct'17 Auto Sales +46% YoY (+24% MoM)

According to the latest figures released by Pakistan Automotive Manufacturers Association (PAMA), local car assemblers (including LCVs, Vans and...

Topline Securities

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