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Analyst Research Report Snapshot


Pakistan Automobiles: Dismal FY13 performance




Foundation Securities Private Limited


11 Jul 2013





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Event * According to Pakistan Automotive Manufacturers Association (PAMA), auto numbers for month of June’13 clocked in at 13,674 units compared to 13,302 units in May’13, up by 3% MoM. However, on YoY basis sales remained depressed, down by 29% YoY. Cumulative auto sales for FY13 were 134k depicting a reduction of 25% YoY, mainly on account of discontinuation of 800cc car by PSMC and INDU coupled with higher imported inventory. After unimpressive FY13, we expect initial slow start to FY14 due to element of prebuying in June alongside slowdown in economic activity in Ramadan; however, purchasing would rejuvenate as festive holiday comes close.

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