IGI Securities Limited - Day Break.
Karachi -- November 16, 2018 (PPI-OT)
Automobile Assemblers - INDU: Swimming with the tide; "BUY" maintained
We revisit our investment case on the scrip after incorporating financial accounts for 1QFY19 and changes in our assumption accordingly. For, the 1QFY19 the company reported earnings of PKR 3.51bn (PKR 44.6/share), led by strong growth in volumetric sales.
We have trimmed down our earnings estimates by 5% for FY19/FY20 and increasing thereof by 2-5% for FY21 onwards. Our revised earnings estimates are PKR (163/171/185)/share for...
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