IGI Securities Limited - Day Break (November 15, 2022)

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IGI Securities Limited – Day Break (November 15, 2022)

November 15, 2022

Karachi, November 15, 2022 (PPI-OT): Monthly Sales – Oct-22: Autos Sales recover by 16% post decline

During the month, automobile sales are up by 16%m/m to 129.2k units, while on yearly basis overall sales are down by 37%y/y.

Sales volume for INDU increased by +29%m/m to 3.4k units (down by 51%y/y). Under the passenger car segment Corolla and Yaris witnessed a +3.3%m/m increase to 1.8k units.

PSMC Volumes depicted an increase of 33%m/m to 8.0k units (decrease by 22%y/y). Alto (up by 76.3%m/m), Wagon R (up by +0.3%m/m), Cultus (down by 50.3% m/m), Swift (up by +6.9%m/m) and Bolan (down by 54%m/m).

Sales of Civic and City for the month of Oct-22 increased by 14.2%m/m to 1.37kunits bringing total sales of HCAR to 1.43k units, up by 11.3%m/m.

We review recently published automobile assembler’s sales data published by Pakistan Automobile Manufactures and Assemblers (PAMA) for the month of Oct-22.

Monthly Automobile sales record a 16%m/m increase

During the month, automobile sales are up by 16%m/m to 129.2k units, while on yearly basis overall sales are down by 37%y/y.

Segment-wise, passenger cars sales registered a 21%m/m increase (decline by 36%y/y) to 11.13k units, while jeeps/pickups/SUV segment recorded a 28.7%m/m, increase (down by 38%y/y).

Under commercial vehicles trucks and buses recorded a decline of 13.8%m/m (32.6%y/y) to 0.326k units, whereas Tractors segment recorded a decline of 12.1%m/m (64.7%y/y) in sales to 1.9k units.

INDU sales jumped 29%m/m: Sales volume increased by +29%m/m to 3.4k units (down by 51%y/y). Under the passenger car segment Corolla and Yaris witnessed a +3.3%m/m increase to 1.8k units, whereas combine units sold under the variant Fortuner and Hilux recorded a +83.5%m/m increase to 1536 units, on a yearly basis sales are up by 1%y/y.

PSMC sales improved 33%m/m: Volumes depicted an increase of 33%m/m to 8.0k units (decrease by 22%y/y). Alto (up by 76.3%m/m), Wagon R (up by +0.3%m/m), Cultus (down by 50.3% m/m), Swift (up by +6.9%m/m), Bolan (down by 54%m/m) and, Ravi under pick-up segment recorded a 20%m/m increase.

HCAR volumes expanded 11.3%m/m: Sales of Civic and City for the month of Oct-22 increased by 14.2%m/m to 1.37kunits bringing total sales of HCAR to 1.43k units, up by 11.3%m/m. However, BRV recorded a decline of 31%m/m leading to sales of 54 units during Oct-22.