Announcement • Aug 05
Indus Motor Company Limited to Report Fiscal Year 2026 Results on Aug 29, 2026 Indus Motor Company Limited announced that they will report fiscal year 2026 results at 9:30 AM, Pakistan Standard Time on Aug 29, 2026 Price Target Changed • Jun 10
Price target increased by 9.0% to PK₨3,269 Up from PK₨2,998, the current price target is an average from 5 analysts. New target price is 62% above last closing price of PK₨2,022. Stock is up 8.2% over the past year. The company is forecast to post earnings per share of PK₨325 for next year compared to PK₨293 last year. Declared Dividend • Apr 29
Third quarter dividend of PK₨51.00 announced Shareholders will receive a dividend of PK₨51.00. Ex-date: 7th May 2026 Payment date: 3rd June 2026 Dividend yield will be 9.5%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (15% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 2.7% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 28
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: PK₨85.21 (up from PK₨83.93 in 3Q 2025). Revenue: PK₨72.8b (up 20% from 3Q 2025). Net income: PK₨6.70b (up 1.5% from 3Q 2025). Profit margin: 9.2% (down from 11% in 3Q 2025). Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) also surpassed analyst estimates by 5.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Apr 09
Indus Motor Company Limited to Report Q3, 2026 Results on Apr 24, 2026 Indus Motor Company Limited announced that they will report Q3, 2026 results on Apr 24, 2026 Price Target Changed • Mar 31
Price target increased by 8.5% to PK₨3,254 Up from PK₨2,998, the current price target is an average from 4 analysts. New target price is 80% above last closing price of PK₨1,810. Stock is down 12% over the past year. The company is forecast to post earnings per share of PK₨311 for next year compared to PK₨293 last year. Reported Earnings • Feb 24
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: PK₨76.11 (up from PK₨61.92 in 2Q 2025). Revenue: PK₨57.5b (up 33% from 2Q 2025). Net income: PK₨5.98b (up 23% from 2Q 2025). Profit margin: 10% (in line with 2Q 2025). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 23
First quarter dividend of PK₨46.00 announced Shareholders will receive a dividend of PK₨46.00. Ex-date: 5th March 2026 Payment date: 31st March 2026 Dividend yield will be 9.4%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (84% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 21
Indus Motor Company Limited Approves Second Interim Cash Dividend for the Quarter Ended December 31, 2025 Indus Motor Company Limited, at the board meeting held on February 19, 2026 approved Second Interim Cash Dividend for the Quarter ended December 31, 2025 at PKR 46 per share i.e. 460%. This is in addition to First Interim Cash Dividend already paid at PKR 51 per share i.e. 510%. The recommended entitlement will be paid to the shareholders whose names will appear in the Register of Members on March 05, 2026. The Share Transfer Books of the Company will be closed from March 06, 2026 to March 10, 2026 (both days inclusive). Transfers received at the Company's Share Register at the close of business of March 05, 2026 will be treated in time for the purpose of above entitlement to the transferees. Announcement • Jan 30
Indus Motor Company Limited to Report Q2, 2026 Results on Feb 19, 2026 Indus Motor Company Limited announced that they will report Q2, 2026 results on Feb 19, 2026 Price Target Changed • Jan 01
Price target increased by 12% to PK₨3,069 Up from PK₨2,728, the current price target is an average from 4 analysts. New target price is 50% above last closing price of PK₨2,050. Stock is up 0.7% over the past year. The company is forecast to post earnings per share of PK₨326 for next year compared to PK₨293 last year. Reported Earnings • Oct 30
First quarter 2026 earnings released: EPS: PK₨85.49 (vs PK₨64.77 in 1Q 2025) First quarter 2026 results: EPS: PK₨85.49 (up from PK₨64.77 in 1Q 2025). Revenue: PK₨61.7b (up 48% from 1Q 2025). Net income: PK₨6.72b (up 32% from 1Q 2025). Profit margin: 11% (down from 12% in 1Q 2025). Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 24
Upcoming dividend of PK₨50.00 per share Eligible shareholders must have bought the stock before 01 October 2025. Payment date: 30 October 2025. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 7.9%. Within top quartile of Pakistani dividend payers (7.5%). Higher than average of industry peers (2.5%). Reported Earnings • Sep 03
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: PK₨293 (up from PK₨192 in FY 2024). Revenue: PK₨215.1b (up 41% from FY 2024). Net income: PK₨23.0b (up 53% from FY 2024). Profit margin: 11% (in line with FY 2024). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 5.4%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 33% per year. Announcement • Sep 02
Indus Motor Company Limited, Annual General Meeting, Oct 09, 2025 Indus Motor Company Limited, Annual General Meeting, Oct 09, 2025. Location: institute of chartered accountants of pakistan, (icap), chartered accountants avenue, block 8, clifton, karachi Pakistan Declared Dividend • Aug 31
Third quarter dividend of PK₨50.00 announced Shareholders will receive a dividend of PK₨50.00. Ex-date: 1st October 2025 Payment date: 30th October 2025 Dividend yield will be 7.8%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 1.7% over the next 2 years. However, it would need to fall by 34% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • May 23
Price target increased by 8.2% to PK₨2,682 Up from PK₨2,478, the current price target is an average from 4 analysts. New target price is 41% above last closing price of PK₨1,909. Stock is up 18% over the past year. The company is forecast to post earnings per share of PK₨213 for next year compared to PK₨192 last year. Reported Earnings • May 02
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: PK₨83.93 (up from PK₨56.61 in 3Q 2024). Revenue: PK₨60.7b (up 28% from 3Q 2024). Net income: PK₨6.60b (up 48% from 3Q 2024). Profit margin: 11% (up from 9.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Declared Dividend • Apr 30
Second quarter dividend of PK₨50.00 announced Shareholders will receive a dividend of PK₨50.00. Ex-date: 7th May 2025 Payment date: 2nd June 2025 Dividend yield will be 8.6%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 10% over the next 3 years. However, it would need to fall by 33% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 02
Second quarter 2025 earnings released: EPS: PK₨61.92 (vs PK₨22.15 in 2Q 2024) Second quarter 2025 results: EPS: PK₨61.92 (up from PK₨22.15 in 2Q 2024). Revenue: PK₨43.3b (up 137% from 2Q 2024). Net income: PK₨4.87b (up 180% from 2Q 2024). Profit margin: 11% (up from 9.5% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 01
Indus Motor Company Limited Announces Changes to its Board Indus Motor Company Limited has announced significant changes to its Board of Directors, effective February 27, 2025. The company has appointed Mr. Giri Venkatesh as a Director following the resignation of Mr. Akihiro Murakami. In addition, Mr. Victor Cheyi Lin has been named as the Alternate Director to step in during Mr. Venkatesh's absence from Pakistan for a period exceeding 90 days. Price Target Changed • Nov 27
Price target increased by 9.1% to PK₨2,218 Up from PK₨2,033, the current price target is an average from 4 analysts. New target price is 11% above last closing price of PK₨1,998. Stock is up 73% over the past year. The company is forecast to post earnings per share of PK₨220 for next year compared to PK₨192 last year. Declared Dividend • Nov 03
First quarter dividend increased to PK₨39.00 Dividend of PK₨39.00 is 59% higher than last year. Ex-date: 6th November 2024 Payment date: 29th November 2024 Dividend yield will be 6.7%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 9.1% over the next year. However, it would need to fall by 33% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Oct 30
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: PK₨64.77 (up from PK₨40.91 in 1Q 2024). Revenue: PK₨41.6b (up 27% from 1Q 2024). Net income: PK₨5.09b (up 58% from 1Q 2024). Profit margin: 12% (up from 9.8% in 1Q 2024). Revenue missed analyst estimates by 7.1%. Earnings per share (EPS) exceeded analyst estimates by 37%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 18
Upcoming dividend of PK₨43.00 per share Eligible shareholders must have bought the stock before 25 September 2024. Payment date: 24 October 2024. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 6.6%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (2.8%). Major Estimate Revision • Sep 09
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from PK₨202 to PK₨234. Revenue forecast unchanged at PK₨211.0b. Net income forecast to shrink 12% next year vs 15% growth forecast for Auto industry in Pakistan . Consensus price target of PK₨1,888 unchanged from last update. Share price was steady at PK₨1,768 over the past week. Announcement • Sep 04
Indus Motor Company Limited, Annual General Meeting, Oct 03, 2024 Indus Motor Company Limited, Annual General Meeting, Oct 03, 2024. Location: at the chartered accountants fo pakistan (icap), charetered accountants avenue, block 8,clifton, karachi Pakistan Price Target Changed • Aug 28
Price target increased by 8.1% to PK₨1,860 Up from PK₨1,720, the current price target is an average from 4 analysts. New target price is 8.4% above last closing price of PK₨1,715. Stock is up 82% over the past year. The company is forecast to post earnings per share of PK₨193 for next year compared to PK₨123 last year. Announcement • Aug 02
Indus Motor Company Limited to Report Fiscal Year 2024 Results on Aug 30, 2024 Indus Motor Company Limited announced that they will report fiscal year 2024 results on Aug 30, 2024 Major Estimate Revision • Jul 27
Consensus EPS estimates increase by 49% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from PK₨130 to PK₨193. Revenue forecast unchanged at PK₨151.1b. Net income forecast to grow 4.5% next year vs 18% growth forecast for Auto industry in Pakistan. Consensus price target up from PK₨1,720 to PK₨1,776. Share price was steady at PK₨1,683 over the past week. New Risk • Jul 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Buy Or Sell Opportunity • May 24
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.3% to PK₨1,611. The fair value is estimated to be PK₨1,333, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years. Earnings per share has declined by 9.6%. Revenue is forecast to grow by 36% in a year. Earnings are forecast to decline by 4.4% in the next year. Reported Earnings • May 01
Third quarter 2024 earnings released: EPS: PK₨56.61 (vs PK₨40.92 in 3Q 2023) Third quarter 2024 results: EPS: PK₨56.61 (up from PK₨40.92 in 3Q 2023). Revenue: PK₨47.3b (down 1.8% from 3Q 2023). Net income: PK₨4.45b (up 38% from 3Q 2023). Profit margin: 9.4% (up from 6.7% in 3Q 2023). Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Mar 02
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: PK₨22.15 (up from PK₨16.93 in 2Q 2023). Revenue: PK₨18.2b (down 63% from 2Q 2023). Net income: PK₨1.74b (up 31% from 2Q 2023). Profit margin: 9.5% (up from 2.7% in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.8%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 27
Upcoming dividend of PK₨13.20 per share Eligible shareholders must have bought the stock before 05 March 2024. Payment date: 28 March 2024. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of Pakistani dividend payers (13%). Higher than average of industry peers (2.1%). Price Target Changed • Feb 10
Price target increased by 11% to PK₨1,502 Up from PK₨1,350, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of PK₨1,466. Stock is up 71% over the past year. The company is forecast to post earnings per share of PK₨131 for next year compared to PK₨123 last year. Upcoming Dividend • Nov 01
Upcoming dividend of PK₨24.50 per share at 7.2% yield Eligible shareholders must have bought the stock before 08 November 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 7.2%. Lower than top quartile of Pakistani dividend payers (13%). Higher than average of industry peers (2.4%). Reported Earnings • Oct 31
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: PK₨40.91 (up from PK₨16.50 in 1Q 2023). Revenue: PK₨32.7b (down 12% from 1Q 2023). Net income: PK₨3.22b (up 148% from 1Q 2023). Profit margin: 9.8% (up from 3.5% in 1Q 2023). Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 11
Upcoming dividend of PK₨29.00 per share at 7.6% yield Eligible shareholders must have bought the stock before 18 September 2023. Payment date: 19 October 2023. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 7.6%. Lower than top quartile of Pakistani dividend payers (14%). Higher than average of industry peers (2.3%). Reported Earnings • Aug 30
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: PK₨123 (down from PK₨201 in FY 2022). Revenue: PK₨177.7b (down 36% from FY 2022). Net income: PK₨9.66b (down 39% from FY 2022). Profit margin: 5.4% (down from 5.7% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 25
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from PK₨95.04 to PK₨106. Revenue forecast steady at PK₨180.0b. Net income forecast to grow 76% next year vs 19% growth forecast for Auto industry in Pakistan. Consensus price target up from PK₨1,145 to PK₨1,228. Share price fell 2.7% to PK₨950 over the past week. Reported Earnings • Apr 29
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: PK₨40.92 (down from PK₨65.11 in 3Q 2022). Revenue: PK₨48.2b (down 29% from 3Q 2022). Net income: PK₨3.22b (down 37% from 3Q 2022). Profit margin: 6.7% (down from 7.5% in 3Q 2022). Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 128%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Major Estimate Revision • Apr 11
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from PK₨109 to PK₨96.13. Revenue forecast unchanged from PK₨179.9b at last update. Net income forecast to grow 33% next year vs 14% growth forecast for Auto industry in Pakistan. Consensus price target broadly unchanged at PK₨1,211. Share price rose 2.2% to PK₨902 over the past week. Reported Earnings • Feb 19
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: PK₨16.93 (down from PK₨60.43 in 2Q 2022). Revenue: PK₨49.6b (down 29% from 2Q 2022). Net income: PK₨1.33b (down 72% from 2Q 2022). Profit margin: 2.7% (down from 6.8% in 2Q 2022). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 09
Consensus revenue estimates increase by 10%, EPS downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from PK₨163.1b to PK₨179.9b. EPS estimate fell from PK₨115 to PK₨111. Net income forecast to shrink 22% next year vs 29% growth forecast for Auto industry in Pakistan . Consensus price target down from PK₨1,260 to PK₨1,222. Share price was steady at PK₨856 over the past week. Major Estimate Revision • Jan 27
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from PK₨145 to PK₨115. Revenue forecast unchanged from PK₨163.1b at last update. Net income forecast to shrink 32% next year vs 29% growth forecast for Auto industry in Pakistan . Consensus price target broadly unchanged at PK₨1,260. Share price fell 4.6% to PK₨802 over the past week. Price Target Changed • Nov 26
Price target decreased to PK₨1,304 Down from PK₨1,468, the current price target is an average from 9 analysts. New target price is 30% above last closing price of PK₨1,000. Stock is down 18% over the past year. The company is forecast to post earnings per share of PK₨140 for next year compared to PK₨201 last year. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Riyaz Ali Chinoy was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Nov 01
Upcoming dividend of PK₨8.20 per share Eligible shareholders must have bought the stock before 08 November 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 10%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (2.5%). Reported Earnings • Oct 30
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: PK₨16.50 (down from PK₨69.02 in 1Q 2022). Revenue: PK₨37.2b (down 43% from 1Q 2022). Net income: PK₨1.30b (down 76% from 1Q 2022). Profit margin: 3.5% (down from 8.3% in 1Q 2022). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 18
Price target decreased to PK₨1,481 Down from PK₨1,604, the current price target is an average from 11 analysts. New target price is 53% above last closing price of PK₨966. Stock is down 12% over the past year. The company is forecast to post earnings per share of PK₨126 for next year compared to PK₨201 last year. Major Estimate Revision • Oct 04
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from PK₨248.0b to PK₨213.0b. EPS estimate reaffirmed at PK₨177. Net income forecast to grow 24% next year vs 32% growth forecast for Auto industry in Pakistan. Consensus price target of PK₨1,511 unchanged from last update. Share price was steady at PK₨945 over the past week. Price Target Changed • Sep 28
Price target decreased to PK₨1,532 Down from PK₨1,669, the current price target is an average from 5 analysts. New target price is 62% above last closing price of PK₨945. Stock is down 17% over the past year. The company is forecast to post earnings per share of PK₨177 for next year compared to PK₨201 last year. Upcoming Dividend • Sep 15
Upcoming dividend of PK₨3.25 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 21 October 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 9.6%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (2.3%). Reported Earnings • Sep 11
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: PK₨201 (up from PK₨163 in FY 2021). Revenue: PK₨275.5b (up 54% from FY 2021). Net income: PK₨15.8b (up 23% from FY 2021). Profit margin: 5.7% (down from 7.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Auto industry in Asia are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 01
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: PK₨65.11 (up from PK₨45.98 in 3Q 2021). Revenue: PK₨68.2b (up 32% from 3Q 2021). Net income: PK₨5.12b (up 42% from 3Q 2021). Profit margin: 7.5% (up from 7.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Over the next year, revenue is forecast to stay flat compared to a 18% growth forecast for the industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 29
Upcoming dividend of PK₨26.00 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 31 May 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 7.7%. Lower than top quartile of Pakistani dividend payers (10%). Higher than average of industry peers (2.4%). Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 8 new directors. 3 experienced directors. No highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Azam Faruque is the most experienced director on the board, commencing their role in 2014. Independent Director Riyaz Ali Chinoy was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Mar 02
Upcoming dividend of PK₨30.00 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 04 April 2022. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 7.4%. Lower than top quartile of Pakistani dividend payers (9.9%). Higher than average of industry peers (2.4%). Announcement • Feb 27
Indus Motor Company Limited Appoints Shigeki Furuya as Director, Effective April 01, 2022 Indus Motor Company Limited informed that Mr. Shigeki Furuya has been appointed as Director of the company with effect from April 01, 2022 in place of Mr. Tetsuya Ezumi. Upcoming Dividend • Oct 29
Upcoming dividend of PK₨34.50 per share Eligible shareholders must have bought the stock before 05 November 2021. Payment date: 30 November 2021. Trailing yield: 9.0%. Lower than top quartile of Pakistani dividend payers (10%). Higher than average of industry peers (2.1%). Reported Earnings • Oct 27
First quarter 2022 earnings released: EPS PK₨69.02 (vs PK₨23.48 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: PK₨65.6b (up 92% from 1Q 2021). Net income: PK₨5.42b (up 194% from 1Q 2021). Profit margin: 8.3% (up from 5.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 15
Upcoming dividend of PK₨36.50 per share Eligible shareholders must have bought the stock before 22 September 2021. Payment date: 22 October 2021. Trailing yield: 8.0%. Lower than top quartile of Pakistani dividend payers (9.3%). Higher than average of industry peers (2.0%). Reported Earnings • Aug 29
Full year 2021 earnings released: EPS PK₨163 (vs PK₨64.66 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨179.2b (up 108% from FY 2020). Net income: PK₨12.8b (up 152% from FY 2020). Profit margin: 7.2% (up from 5.9% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 04
Upcoming dividend of PK₨30.00 per share Eligible shareholders must have bought the stock before 11 May 2021. Payment date: 04 June 2021. Trailing yield: 2.7%. Lower than top quartile of Pakistani dividend payers (8.8%). Higher than average of industry peers (2.3%). Reported Earnings • May 03
Third quarter 2021 earnings released: EPS PK₨45.98 (vs PK₨34.09 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: PK₨51.5b (up 56% from 3Q 2020). Net income: PK₨3.61b (up 35% from 3Q 2020). Profit margin: 7.0% (down from 8.1% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 29
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from PK₨127 to PK₨141. Revenue forecast unchanged at PK₨158.5b. Net income forecast to grow 68% next year vs 48% growth forecast for Auto industry in Pakistan. Consensus price target of PK₨1,621 unchanged from last update. Share price was steady at PK₨1,085 over the past week. Upcoming Dividend • Mar 04
Upcoming Dividend of PK₨25.00 Per Share Will be paid on the 5th of April to those who are registered shareholders by the 11th of March. The trailing yield of 2.7% is below the top quartile of Pakistani dividend payers (8.1%), but it is higher than industry peers (2.1%). Reported Earnings • Feb 27
Second quarter 2021 earnings released: EPS PK₨37.60 (vs PK₨12.54 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨45.5b (up 106% from 2Q 2020). Net income: PK₨2.96b (up 200% from 2Q 2020). Profit margin: 6.5% (up from 4.5% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 35%, compared to a 16% growth forecast for the Auto industry in Pakistan. Is New 90 Day High Low • Feb 18
New 90-day low: PK₨1,141 The company is down 4.0% from its price of PK₨1,188 on 20 November 2020. The Pakistani market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨440 per share. Is New 90 Day High Low • Nov 13
New 90-day low: PK₨1,181 The company is down 12% from its price of PK₨1,340 on 13 August 2020. The Pakistani market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨418 per share. Upcoming Dividend • Nov 03
Upcoming Dividend of PK₨12.00 Per Share Will be paid on the 3rd of December to those who are registered shareholders by the 10th of November. The trailing yield of 2.5% is below the top quartile of Pakistani dividend payers (8.0%), and is lower than industry peers (3.0%). Analyst Estimate Surprise Post Earnings • Oct 29
First-quarter earnings released: Revenue and earnings miss expectations First-quarter revenue missed analyst estimates by 5.4% at PK₨34.2b. Earnings per share (EPS) also missed analyst estimates by 18% at PK₨23.48. Revenue is forecast to grow 48% over the next year, compared to a 7.7% growth forecast for the Auto industry in Pakistan. Reported Earnings • Oct 29
First quarter earnings released Over the last 12 months the company has reported total profits of PK₨5.61b, down 51% from the prior year. Total revenue was PK₨99.6b over the last 12 months, down 31% from the prior year. Is New 90 Day High Low • Oct 29
New 90-day low: PK₨1,207 The company is down 15% from its price of PK₨1,422 on 30 July 2020. The Pakistani market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨504 per share. 
