Auto Sales Analysis
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October 12, 2009
MARKET MOVER
Topline Research
Cars & LCVs sale dropped in Sep due to lesser working days Pakistan’s local assembled car industry, that witnessed rise in sales for six months in a row amid economic stability, posted a month-on-month decline in Sep 2009. Car sales (PCs and LCVs) during the outgoing month fell by 10% compared to Aug 2009 mainly due to lesser working days on account of Eid related holidays. Thus, we believe, going forward the rise in monthon-months sales to continue due to the fact that most of the cars are delivered with a time lag and immediate delivery is on premium that is higher than the official company price.
Research Analyst Furqan Punjani [email protected] Tel: +92(21) -35303330-2 Ext. 125
Sales grew by 13% YoY during the quarter Compared to the comparable quarter last year, the car sales inched up by 13% due to falling car prices, decline in car imports and strengthening consumer confidence. The increase in sales is led by newly launched Toyota Corolla by Indus Motors. This improvement in car sales is in spite of the fact that banks were reluctant to provide car financing, which was the major demand driver in the past. Passenger Cars (PCs) witnessed an impressive quarterly growth of 22% YoY to reach 26,812 units compared to 21,954 units in the same quarter last year. However, Light Commercial Vehicles (LCVs) posted a decline of 24% YoY to 3,975 units with a cumulative increase of 13% to 30,787 units.
Local firms sold 21% more cars from previous quarter Interestingly on QoQ basis cumulative car sales grew by 21% compared to 25,397 units sold in the previous quarter (Apr-Jun 2009) mainly due to reduction of 5% excise duty which made car affordable to consumers amid improving sentiments in the economy after IMF funding.
P A K I S T A N R E S E A R C H
Model Toyota Corolla Suzuki Mehran Suzuki Cultus Suzuki Alto Others Total
Major Cars & LCVs Sales Y-o-Y M-o-M July-Sep 08 July-Sep 09 % ∆ Aug '09 Sept '09 1,919 8,951 366% 3,172 2,655 5,169 5,158 0% 1,983 1,798 3,377 2,852 -16% 968 975 2,281 2,365 4% 733 1,003 14,413 11,461 -20% 4,161 3,443 27,159 30,787 13% 11,017 9,874
%∆ -16% -9% 1% 37% -17% -10%
Topline Securities (Private) Limited 306, Continental Trade Centre, 3 Floor Block 8 Clifton, Karachi Pakistan Tel: +9221-5303330-32 Fax: +92215303349
DISCLAIMER This report has been prepared for information purposes by the Research Department of Toplinne Securities (Pvt.) Limited. The information and data on which this report is based are obtained from sources which we believe to be reliable but we do not guarantee that it is accurate or complete. In particular, the report takes no account of the investment objectives, financial situation and particular needs of investors who should seek further professional advice or rely upon their own judgment and acumen before making any investment. This report should also not be considered as a reflection on the concerned company’s management and its performances or ability, or appreciation or criticism, as to the affairs or operations of such company or institution. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
MARKET MOVER
Topline Research
Cars & LCVs sale dropped in Sep due to lesser working days Pakistan’s local assembled car industry, that witnessed rise in sales for six months in a row amid economic stability, posted a month-on-month decline in Sep 2009. Car sales (PCs and LCVs) during the outgoing month fell by 10% compared to Aug 2009 mainly due to lesser working days on account of Eid related holidays. Thus, we believe, going forward the rise in monthon-months sales to continue due to the fact that most of the cars are delivered with a time lag and immediate delivery is on premium that is higher than the official company price.
Research Analyst Furqan Punjani [email protected] Tel: +92(21) -35303330-2 Ext. 125
Sales grew by 13% YoY during the quarter Compared to the comparable quarter last year, the car sales inched up by 13% due to falling car prices, decline in car imports and strengthening consumer confidence. The increase in sales is led by newly launched Toyota Corolla by Indus Motors. This improvement in car sales is in spite of the fact that banks were reluctant to provide car financing, which was the major demand driver in the past. Passenger Cars (PCs) witnessed an impressive quarterly growth of 22% YoY to reach 26,812 units compared to 21,954 units in the same quarter last year. However, Light Commercial Vehicles (LCVs) posted a decline of 24% YoY to 3,975 units with a cumulative increase of 13% to 30,787 units.
Local firms sold 21% more cars from previous quarter Interestingly on QoQ basis cumulative car sales grew by 21% compared to 25,397 units sold in the previous quarter (Apr-Jun 2009) mainly due to reduction of 5% excise duty which made car affordable to consumers amid improving sentiments in the economy after IMF funding.
P A K I S T A N R E S E A R C H
Model Toyota Corolla Suzuki Mehran Suzuki Cultus Suzuki Alto Others Total
Major Cars & LCVs Sales Y-o-Y M-o-M July-Sep 08 July-Sep 09 % ∆ Aug '09 Sept '09 1,919 8,951 366% 3,172 2,655 5,169 5,158 0% 1,983 1,798 3,377 2,852 -16% 968 975 2,281 2,365 4% 733 1,003 14,413 11,461 -20% 4,161 3,443 27,159 30,787 13% 11,017 9,874
%∆ -16% -9% 1% 37% -17% -10%
Topline Securities (Private) Limited 306, Continental Trade Centre, 3 Floor Block 8 Clifton, Karachi Pakistan Tel: +9221-5303330-32 Fax: +92215303349
DISCLAIMER This report has been prepared for information purposes by the Research Department of Toplinne Securities (Pvt.) Limited. The information and data on which this report is based are obtained from sources which we believe to be reliable but we do not guarantee that it is accurate or complete. In particular, the report takes no account of the investment objectives, financial situation and particular needs of investors who should seek further professional advice or rely upon their own judgment and acumen before making any investment. This report should also not be considered as a reflection on the concerned company’s management and its performances or ability, or appreciation or criticism, as to the affairs or operations of such company or institution. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
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