Automobile Assembler: Indus Motor (INDU) and Honda Atlas (HCAR) Earnings revised up 25-38% INDU BUY maintained, HCAR HOLD maintained - By Topline Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We have revised up our earnings estimates for Indus Motors (INDU) and Honda Cars (HCAR) after incorporating recent volumetric sales and gross margins trend.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Passenger Car Sales reported by PAMA is up 43% YoY in FY25, thanks to the availability of more options to consumers, lower interest rates and stable inflation. The auto financing during 11MFY25 is also up 18% or by Rs41bn.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Pakistan Car Sales: We expect total car sales of country (including both PAMA, Non PAMA and Imports) to clock in at over 217k units in FY25, up ~31% YoY, however still 33-38% lower tha...