Honda Atlas Cars Limited (HCAR): 3QMY25 EPS at Rs3.97, up 3.95x YoY and 2.2x QoQ – higher than industry expectations – By Topline Research

Jan 22 2025


Topline Securities


  • Honda Atlas Car Pakistan (HCAR) announced its 3QMY25 result today, where the company recorded profit of Rs566mn (EPS of Rs3.97), up 3.95x YoY and 2.2x QoQ. The result came higher than industry expectations.
  • The earnings jump in the 3QMY25 is due to higher gross margins of 9.2% compared to our expectations of 8.3%. These 3QMY25 gross margins are also higher than 8.3% recorded in 3QMY24 and 7.4% in 2QMY25.
  • Additionally, distribution expenses saw a significant decline of 20% YoY and 19% QoQ to Rs147mn, while other operating expenses dropped sharply by 72% YoY and 74% QoQ to Rs17mn, further contributing to the rise in earnings. This is mainly due to significant fall in overall inflation.
Honda Atlas Cars Limited (HCAR): 4QMY25 EPS to clocked-in at PKR 4.82; PAT down 50%YoY - By Taurus Research

Apr 22 2025


Taurus Securities


  • MY25: EPS: PKR 12.01; DPS: NIL; PAT: PKR 1.7Bn, down 27%YoY.
  • HCAR’s top line is expected to arrive at PKR 25.8Bn in 4QMY25, up 4%YoY and 45%QoQ, driven by a strong recovery in sales volumes to 5,692 units during the quarter up 13%YoY and 52%QoQ. For MY25, HCAR sold 16,061 units, marking a robust 53%YoY growth from 10,530 units last year supported by easing recovery in demand amid favorable macros.
  • Gross profit is projected to decline slightly by 2%YoY to PKR 2.1Bn, with gross margins compressing due to cost-side pressures despite higher revenues. Operating profit is expected at PKR 1.1Bn, down 12%YoY, amid a rise in administrative expenses by 21%YoY.
IBL HealthCare Limited (IBLHL): FY24 Corporate Briefing Takeaways - By Taurus Research

Feb 27 2025


Taurus Securities


  • IBL Healthcare Pakistan, a leading player in the healthcare and wellness industry, operates across diverse segments, including Nutrition, Health & Wellness, Ophthalmic, Medical Disposables, and Pharmaceuticals. Despite facing challenges in FY24, including supply chain constraints and plant shutdowns, the Company continues to focus on strategic growth and product innovation.
  • IBL Healthcare reported a 11%YoY decline in revenue, totaling ~PKR 3.6Bn in FY24, down from ~PKR 4.0Bn in FY23. This was mainly attributed to supply chain disruptions caused by the plant shutdown of Mead Johnson in Thailand.
  • The Company’s profit significantly reduced to ~PKR 7.6Mn (EPS: PKR 0.09) in FY24, compared to PKR 309Mn (EPS: PKR 3.61) in FY23. This decline was driven by discounts offered due to the limited shelf life of food products.
Honda Atlas Cars Limited (HCAR): 3QMY25 EPS clocked-in at PKR 3.97 – By Foundation Research

Jan 22 2025


Foundation Securities


  • Honda Atlas Car (HCAR PA) reported profitability of PKR 566Mn (EPS PKR 4.0), up 4.0x YoY in 3QMY25 against profit of PKR 143Mn (EPS PKR 1.0) in 3QMY24. While, in 9MMY25, company reported a profit of PKR 1,027Mn (EPS Rs7.2), up 7% YoY. Additionally, the company did not announce any cash dividends in 3QMY25.
  • HCAR posted net sales of PKR 17.8Bn (↑44/8% YoY/QoQ) in 3QMY25 driven by volumetric growth in car sales. Company’s sales volume clocked-in at 3,736 units in 3QMY25 (↑57/12% YoY/QoQ), with impetus coming primarily from City+Civic of 3,398 units, up 64/13% YoY/QoQ. Additionally, contribution from HR-V+BR-V of 338 units underwent a growth/decline of 14/1% YoY/QoQ. Resultantly, in 9MMY25, net sales clocked-in at PKR 50.4Bn (↑67% YoY) supported by volumetric growth of 89% YoY.
  • Company’s gross profit margin arrived at 9.2% in 3QMY25, up 0.9/1.8ppts YoY/QoQ owing to stable PKR/USD parity and CRC prices and absence of import restrictions. Moreover, cost of sales increased 42/5% YoY/QoQ inline with volumetric growth.
Honda Atlas Cars Limited (HCAR): 3QMY25 Result Review Margins revive amid shifting sales mix – By AKD Research

Jan 22 2025


AKD Securities


  • Honda Atlas Cars Pakistan Limited (HCAR) announced its 3QMY25 results today where the company posted PAT of PkR566mn (EPS: PkR3.97) vs. PAT of PkR143mn (EPS: PkR1.00) in SPLY. The annual incline is primarily driven by higher volumetric sales and improved margins given lower CRC/HRC prices. Overall, earnings remained largely in-line with our expectation.
  • Topline of the company clocked in at PkR17.8bn in 3QMY25, an increase of 44% on yearly basis. This rise is majorly attributable to higher volumetric sales, with the company selling 3,804 units compared to 2,375 units in 3QMY24.
  • Gross margins clocked in at 9.2% vs. 8.3% in SPLY. We believe the improving margins are due to i) shift in sales mix reverting towards Civic sales and ii) 12.9%YoY decline in CRC/HRC prices.
Honda Atlas Cars Limited (HCAR): 3QMY25 EPS at Rs3.97, up 3.95x YoY and 2.2x QoQ – higher than industry expectations – By Topline Research

Jan 22 2025


Topline Securities


  • Honda Atlas Car Pakistan (HCAR) announced its 3QMY25 result today, where the company recorded profit of Rs566mn (EPS of Rs3.97), up 3.95x YoY and 2.2x QoQ. The result came higher than industry expectations.
  • The earnings jump in the 3QMY25 is due to higher gross margins of 9.2% compared to our expectations of 8.3%. These 3QMY25 gross margins are also higher than 8.3% recorded in 3QMY24 and 7.4% in 2QMY25.
  • Additionally, distribution expenses saw a significant decline of 20% YoY and 19% QoQ to Rs147mn, while other operating expenses dropped sharply by 72% YoY and 74% QoQ to Rs17mn, further contributing to the rise in earnings. This is mainly due to significant fall in overall inflation.
Honda Atlas Cars Limited (HCAR): 3QMY25 EPS to clock-in at PKR 2.7; PAT up 49%QoQ – By Taurus Research

Jan 20 2025


Taurus Securities


  • 3QMY25: EPS: PKR 2.7; DPS: NIL; PAT: PKR 384Mn, up 1.7xYoY.
  • During 3QMY25, we expect HCAR’s sales revenue to clock-in at ~PKR 17.7Bn, up 7%QoQ/42%YoY. On a sequential basis, HCAR’s volumetric sales increased by 12%QoQ, arriving at 3,736 units, primarily due to surge in sales of Honda Civic & City. However, the demand remains subdued amid slight shift in the market trend towards electric vehicles.
  • Further, administration expense is expected to remain on a higher side, arriving at ~PKR 490Mn, up 12%QoQ/23%YoY. Similarly, finance cost is expected to arrive at ~PKR 358Mn, up 85%QoQ/down 19%YoY. Finally, we expect HCAR’s quarterly PAT to clock-in at ~PKR 384Mn, up 49%QoQ/1.7xYoY.
IBL HealthCare Limited (IBLHL): FY24 Corporate Briefing Takeaways – By Taurus Research

Nov 27 2024


Taurus Securities


  • IBL Healthcare Pakistan, a leading player in the healthcare and wellness industry, operates across diverse segments, including Nutrition, Health & Wellness, Ophthalmic, Medical Disposables, and Pharmaceuticals. Despite facing challenges in FY24, including supply chain constraints and plant shutdowns, the Company continues to focus on strategic growth and product innovation.
  • IBL Healthcare reported a 11%YoY decline in revenue, totaling ~PKR 3.6Bn in FY24, down from ~PKR 4.0Bn in FY23. This was mainly attributed to supply chain disruptions caused by the plant shutdown of Mead Johnson in Thailand.
  • The Company’s profit significantly reduced to ~PKR 7.6Mn (EPS: PKR 0.09) in FY24, compared to PKR 309Mn (EPS: PKR 3.61) in FY23. This decline was driven by discounts offered due to the limited shelf life of food products.
IBL HealthCare Ltd. (IBLHL): FY24 Analyst Briefing takeaways – By AKD Research

Nov 26 2024


AKD Securities


  • IBL HealthCare Ltd. (IBLHL) held its corporate briefing today to discuss its FY24 financial results and future outlook. Following are the key highlights:
  • Company posted topline of PkR3.6bn in FY24 compared to PkR4.0bn in FY23, down 11% YoY, due to supply chain constraints amid plant shutdown of Mead Johnson in Thailand.
  • Moreover, company’s profit for the year clocked in at PkR7.6mn (EPS: PkR0.09) in FY24 compared to PkR309mn (EPS: PkR3.61) in FY23, due to discounts offered amid limited shelf life of food products.
AirLink Communication Ltd ((AIRLINK): Innovation unplugged - By Foundation Research

May 27 2025


Foundation Securities


  • We initiate coverage on AirLink Communication Ltd. with an ‘Outperform’ rating and a Dec’25 TP of PKR 273.3/sh, implying a 67.8% upside. AIRLINK has established a strong position in the mobile manufacturing market through the local assembly of prominent brands including Xiaomi, Tecno, and Itel. The company has ambitious plans to expand its product portfolio further by venturing into the manufacturing of laptops, TV’s and EV’s.
  • Our positive outlook on AIRLINK is supported by (1) increasing broadband and smartphone penetration in Pakistan, (2) strategic expansion aided by a 10-year tax holiday, (3) rising market share of low budget smartphones, (4) diversification into laptops and TVs, (5) potential in Xiaomi smartphone exports, and (6) expanding horizons with EV’s. Despite growing competition, the company’s forward looking initiatives position it strongly to capitalize on untapped market opportunities.
  • Increasing broadband and smartphone penetration: Pakistan’s smartphone penetration (31%) is significantly lower than in neighboring India (47%) and other developing countries (avg: 54%) with a GDP per capita close to Pakistan’s. Similarly, smartphone penetration in South-East Asia stood at 79% in 2024, highlighting the gap and growth opportunity in Pakistan. Improved internet access and evolving popularity of social apps coupled with digitalization are likely to keep demand for smartphones robust in the near term.
Pakistan Economy: May-25 CPI likely at 2.7%, base effect wears off - By JS Research

May 27 2025


JS Global Capital


  • Pakistan's Consumer Price Index (CPI) is expected to clock in at 2.7% for May-2025. The base effect is now fading, signalling a return to normalized price trends. This is likely to take 11MFY25 average inflation to 4.7%, down from 11MFY24 average of 24.9%.
  • Due to the rapid disinflation during the year, our base case CPI forecast for FY25 averages 4.6%. The rolling 12-month forward CPI estimate stands at around 5.7%.
  • State Bank of Pakistan (SBP) reduced policy rate to 11% in the last MPC meeting, owing to rapidly declining inflation. A further rate cut of 50-100bps cannot be ruled out in the near future. SBP is scheduled next to meet on 16th June 2025 for its Monetary Policy Committee (MPC) meeting.
Morning News: IMF in disagreement over key targets, subsidies - By Vector Research

May 27 2025


Vector Securities


  • The Finance Ministry said on Monday that the presentation of the Federal Budget 2025-26 has been delayed from June 2 to June 10 due to disagreements with the International Monetary Fund (IMF) over key budgetary figures, including subsidy allocations.
  • Prime Minister Muhammad Shehbaz Sharif said that the bilateral trade between Pakistan and Iran which stood at $3billion would be taken to $10 billion volume in the next few years, as there was immense potential of growth. Prime Minister Shehbaz Sharif on Monday departed to Iran after concluding his two-day official visit to Turkiye.
  • Despite projected remittance inflows of $38 billion in the current fiscal year (FY25), Pakistan’s per expatriate remittance remains significantly lower than that of peer countries. “Although remittances have grown at a compound annual rate of 6.1 per cent from 2013 to 2023, per expatriate remittance remains low in comparison to other countries in the region,” said a report released by the Policy Research and Advisory Council (PRAC) on Monday.
Morning News: Budget features bold measures for ‘strategic direction - By HMFS Research

May 27 2025


HMFS Research


  • Finance Minister Muhammad Aurangzeb on Monday pledged that the upcoming federal budget would introduce “bold measures” to steer the national economy in a strategic direction and make available whatever support is required by the armed forces. Further said that every possible support would be provided to the armed forces, stressing that it was a national need in light of recent cross-border aggression, not just a military requirement. He said the government would ensure simplified tax returns and forms for the salaried class. He said that around 70 to 80 percent of salaried people did not hold equity and fixed-income portfolios. “They receive salaries through bank accounts with tax deducted at source. They should not have to fill in 140-150 data points,” he said, adding that the government aimed to reduce that number to just nine — five for wealth tax and four for income tax. He said the process would now be accelerated, with transactions involving Pakistan International Airlines (PIA), three power distribution companies and some financial institutions expected to reach completion by the end of this year.
  • The Finance Ministry said on Monday that the presentation of the Federal Budget 2025-26 has been delayed from June 2 to June 10 due to disagreements with the International Monetary Fund (IMF) over key budgetary figures, including subsidy allocations. “The budget announcement has been delayed by a week because the Finance Ministry’s figures are still under reconciliation. The IMF has placed a cap on subsidies,” he added. He further noted that the IMF has declined to make any changes to the revised budget figures recently presented to the Fund’s team.
  • The government is seriously considering reducing federal excise duty (FED) on beverages (aerated water) in the coming budget (2025-26) to attract foreign investment in this sector. Foreign investors including Turkish investors have promised more foreign direct investment in beverage sector in case of tax relief in the coming budget (2025-26). Leading global players with Turkish and Korean franchise investors have invested over USD 2 billion in Pakistan since 2018. However, no new investments have been made since 2023 due to the current fiscal environment. The industry contributes over Rs 175 billion in taxes annually (FED, GST, income tax, super tax) - one of the highest taxed sectors.
K-Electric (KEL): Transmission and Distribution Tariff Unveiled All three businesses now will get USD tariff - By Topline Research

May 26 2025


Topline Securities


  • In Seven months after securing dollarized tariff for generation business, the K-Electric (KEL) has also secured dollarized tariff for its transmission and distribution business for 7 years, i.e. from FY24 to FY30.
  • Distribution Business awarded USD ROE of 14%: NEPRA has awarded USD IRR of 14% to KEL for distribution business against requested USD IRR of 16.67%. The USD IRR of 14% translates into PKR ROE of 25.6% for Y1 (i.e. FY24). Which is better than previous tariff PKR return of 16.67%.
  • Transmission Business awarded USD ROE of 12%: NEPRA has awarded USD IRR of 12% to KEL for transmission business against requested USD IRR of 15%. The USD IRR of 12% translates into PKR ROE of 21.4% for Y1 (i.e. FY24). Which is better than previous tariff PKR return of 15%
Market Wrap: Highlights of the day May 26, 2025 - By JS Research

May 26 2025


JS Global Capital


  • The KSE-100 Index fell 0.8% to an intraday low of 118,150, as investor sentiment weakened due to the government's delay in presenting the federal budget and ongoing uncertainty surrounding IMF fiscal targets. The postponement of Budget 2025–26 and unresolved negotiations with the IMF are driving the risk-off behavior. Market direction remains contingent on clarity from upcoming IMF discussions and the budget announcement; volatility is likely to persist until fiscal policy details are finalized.
Pakistan Economy: OPEC’s aggressive output hike puts Pakistan in a sweet spot - By Insight Research

May 26 2025


Insight Securities


  • OPEC+ is expected to announce another output hike of 411 k bbl/day starting July, according to multiple news reports . During the group’s upcoming meeting on June 1st, members are likely to approve a production increase that is three times larger than the previously planned hike of 137 k bbl/day . If materialized, this move could add pressure to already struggling international crude oil prices, which have been weighed down by a weak global economic outlook.
  • Sources close to the group indicate that larger -than -expected output hike may be part of a broader strategy to bring as much as 2 . 2mn bbl/day back into the market by Nov’25 . The decision is widely seen as an effort, particularly by Saudi Arabia to regain lost market share and push high cost producers out of the market . Notably, Saudi Arabia’s market share has been on a declining trend since 2022 , following OPEC+ production cuts that reduced the cartel’s overall share in global oil supply . KSA’s market share declined even faster than the group’s average . The current strategy also appears to target non -compliant OPEC+ members, with Saudi Arabia leveraging its cost advantage to reclaim share from both shale producers and cartel members who are not adhering to quotas . Additionally, experts suggest a geopolitical angle to the move, particularly in the context of U . S . -Saudi relations . The Trump administration is reportedly keen on lower oil prices to curb inflation and restore market confidence especially due to tariff-induced uncertainty . On the other hand, Saudi Arabia is seeking deeper defense cooperation and has recently announced plans to invest US $600bn in US .
  • We believe that Saudi Arabia aims to capture market share from high -cost producers while maintaining some degree of control on prices through monthly OPEC+ meetings, as highlighted in group’s recent press releases . A sharp price decline would not be in KSA’s interest, especially considering its ambitious development plan .
Pakistan Economy: National Consumer Price Index (NCPI) - By AHCML Research

May 26 2025


Al Habib Capital Markets


  • Inflation in May’25 is expected to clock in at 3.0% YoY, up from 0.3% in Apr’25 and down from 11.8% in May’24, as base effects continue to fade. On a monthly basis, CPI is likely to decline by 0.6% MoM, posting the second consecutive drop, mainly due to a 2.3% fall in food prices amid improved supply of perishables. However, poultry shortages are expected to push egg and chicken prices up by 32.8% and 20.7% MoM, respectively.
  • The transport index is expected to decline by 0.7% MoM due to lower fuel prices, while the clothing and footwear index is projected to rise by 1.2% MoM.
  • On a YoY basis, food inflation is anticipated to ease to 0.9%, but non-food inflation is likely to remain elevated, led by healthcare (+12.5%), education (+10.4%), clothing (+9.9%), and restaurants (+8.4%).
K-Electric (KEL): NEPRA approves Multi-Year T&D Tariff for K-Electric - By Taurus Research

May 26 2025


Taurus Securities


  • NEPRA has approved Multi-Year Tariff for Transmission & Distribution (T&D) network segments of K-Electric for FY24- FY30. Salient features of the multi-year tariff approved by NEPRA are as follows:
  • Control Period: 7 Years, from FY24- FY30.
  • Allowed Debt-to-Equity Ratio: 70:30.
Pak Aluminium Beverage Cans Ltd (PABC): Exports outlook gets weaker; Reiterate Sell - By JS Research

May 26 2025


JS Global Capital


  • We tweak down our CY25E/CY26E EPS estimates for Pak Aluminium Beverage Cans Ltd (PABC) by 9% and TP by 4%. The revision is mainly led by the expected fall in volumes led by border issues with Afghanistan coupled with the upcoming capacity expansions in Central Asia, which may adversely impact PABC’s export prospects to the region. We reiterate our Underperform rating for the stock with a TP of Rs110.
  • Furthermore, any reduction in regulatory duty in the upcoming budget (from 22%-26% currently to 15% or less) given to the local industry, may create pressure on sales volumes from dumping of cheaper products in the country.
  • We consider resumption of dividend payout and announcement of any Capex or investment plan as key triggers for the stock going forward. To highlight, PABC stands at net cash position of Rs10.7bn (Mar-2025).
Honda Atlas Cars Limited (HCAR): 3QMY25 EPS at Rs3.97, up 3.95x YoY and 2.2x QoQ – higher than industry expectations – By Topline Research

Jan 22 2025


Topline Securities


  • Honda Atlas Car Pakistan (HCAR) announced its 3QMY25 result today, where the company recorded profit of Rs566mn (EPS of Rs3.97), up 3.95x YoY and 2.2x QoQ. The result came higher than industry expectations.
  • The earnings jump in the 3QMY25 is due to higher gross margins of 9.2% compared to our expectations of 8.3%. These 3QMY25 gross margins are also higher than 8.3% recorded in 3QMY24 and 7.4% in 2QMY25.
  • Additionally, distribution expenses saw a significant decline of 20% YoY and 19% QoQ to Rs147mn, while other operating expenses dropped sharply by 72% YoY and 74% QoQ to Rs17mn, further contributing to the rise in earnings. This is mainly due to significant fall in overall inflation.
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