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Pakistan Automobiles: Auto sales: Dismal performance in 1H; better prospects in 2H




Foundation Securities Private Limited


14 Jan 2013





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Event * Pakistan Auto Manufacturer Association (PAMA) has released auto sales numbers for Dec’12. We present analysis on key trends and our outlook of future sales. Outlook * Unlikelihood of change in age despite lobbying by importers: Ministry of Commerce issued an SRO in early Dec notifying the reduction in age limit of used imported car to three years from five years previously, reducing fears of reversal in decision in contravention to Economic Coordination Committee’s earlier decision. As per the media reports the imported cars committee is strongly lobbying against the aforementioned decision. However we, see low chances of withdrawal of SRO. * Auto sales to improve in 2HFY13: We are of view 2HFY13 may bode well for the auto sector as key trends in industry sales drivers point to better performance. Higher farm income on the back of 14% increase in Wheat Support Price, initiation of car financing by several banks, favorable change in car import policy and re-launch of Alto by PSMC may deliver improved unit sales in 2H.

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