AKD Securities Limited – AKD Daily (November 16, 2022)

Karachi, November 16, 2022 (PPI-OT): HCAR: 2QMY23 Preview

We expect Honda Atlas Cars Limited (HCAR) to post NPAT of PkR68mn (EPS: PkR0.5) in 2QMY23, taking cumulative earnings in 1HMY23 to PkR726mn (EPS: PkR13.1).

Revenue for the quarter is expected to decline by 23%YoY/34%QoQ, clocking in at PkR20.0bn.

We expect margins for HCAR to contract to 4.1% compared to 6.3% in the last quarter.