2. 1QFY13: Car sales down 29pc, YoY
Table of Contents Preface
Vehicle‐Wise data: Production & Sales,
Latest data released by PAMA reveals that
1QFY13
passenger cars sales have plummeted by 29pc
Vehicle Make‐Wise Data: Production & (YoY) to 26,806 units during 1QFY13.
Sales, 1QFY13
We have ‘HOLD’ stance for both, PSMC (Fair
Vendor‐Wise data: Production & Sales, Value: PKR93/‐) & INDU (Fair Value: PKR281/)
1QFY13 at current levels.
Graphical representation: Production & This short report of ours presents both, key
Sales, 1QFY13 auto data during 1QFY13 and major
challenges being faced by Pakistan’s auto
Auto sales: Issues during 1QFY13 industry!
Variables that may affect auto sector
during FY13
Disclaimer
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3. 1QFY13: Car sales down 29pc, YoY
Vehicle‐Wise Data – Production & Sales, 1QFY13
Vehicle 1QFY12 1QFY13 %
Production
Passenger cars 33,158 29,253 ‐11.78%
Trucks & buses 615 599 ‐2.60%
Jeeps (4x4) 186 136 ‐26.88%
Pick ups 4,618 4,098 ‐11.26%
Farm tractors 4,453 11,433 156.75%
Motor cycles & three wheelers 219,941 203,400 ‐7.52%
Sales
Passenger cars 38,065 26,806 ‐29.58%
Trucks & buses 480 479 ‐0.21%
Jeeps (4x4) 187 156 ‐16.58%
Pick ups 5,442 3,579 ‐34.23%
Farm tractors 4,215 8,271 96.23%
Motor cycles & three wheelers 220,447 205,480 ‐6.79%
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5. 1QFY13: Car sales down 29pc, YoY
Vendor-Wise Data – Production & Sales, 1QFY13
Vendor 1QFY12 1QFY13 %
Production
HCAR 4,253 5,189 22.01%
PSMC 17,405 15,909 ‐8.60%
INDU 11,500 8,155 ‐29.09%
FIAT 635 5,339 740.79%
MASSEY FERGUSON 3,818 6,094 59.61%
Sales
HCAR 4,272 4,421 3.49%
PSMC 21,829 15,282 ‐29.99%
INDU 11,964 7,103 ‐40.63%
FIAT 950 3,489 267.26%
MASSEY FERGUSON 3,265 4,782 46.46%
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6. 1QFY13: Car sales down 29pc, YoY
Graphical Representation: Production & Sales, 1QFY13
9,000
8,000
7,000
6,000
UNITS SOLD
5,000
4,000
3,000
2,000
1,000
-
MEHRAN
FERGUSON
DAIHATSU
FIAT
SUZUKI ALTO
SUZUKI
SUZUKI
SUZUKI
SUZUKI RAVI
SUZUKI LIANA
TOYOTA
HONDA CITY
SUZUKI
COROLLA
CULTUS
HONDA CIVIC
BOLAN
SWIFT
TOYOTA
HILUX
MASSEY
CUORE
BRAND
PROD. SALE
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7. 1QFY13: Car sales down 29pc, YoY
Auto sales: Issues during 1QFY13
Issues Reasons
Drop in auto sales Rising imports of used cars;
Rising financing by banks & leasing companies of
used cars;
Rising prices of domestically assembled cars;
Discontinuation of Alto & Cuore;
Discontinuance of Alto & Cuore Discontinuation of Alto mitigated by surge in sales
of Mehran;
Discontinuation of Cuore negatively affected
INDU’s volumetric sales forcing it to rely on Corolla
sales;
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8. 1QFY13: Car sales down 29pc, YoY
Variables that may affect auto sector during FY13
Steps Impact
Phasing out of Yellow Cab Scheme Negative for volumetric sales of Suzuki Mehran &
Bolan;
Discontinuation of Alto & Cuore Resultant drop in volumetric sales of PSMC & INDU;
Rising domestic auto prices Negative for sales of domestic auto assemblers;
Import of used cars Negative for domestic auto sector sales ‐ Imported
cars are preferred due to both competitive price
and perceived higher quality;
Rising rural incomes
Positive for sales of Corolla;
Introduction of new model cars Positive
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9. Disclaimer
All rights reserved. The information
presented in this report is compiled from Head Office:
sources we believed to be reliable in GF‐01, Techno City,
preparation of this report. However, we do Hasrat Mohani Road, Karachi
not accept any responsibility for its Ph: +92 21 32270808‐13
accuracy and completeness. This report is
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situation & particular needs of investors
who should seek further professional
advice or rely upon their own judgment
before making any investment.
Date of distribution: Oct 11, 2012
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