A group of auto distributors have reportedly refused receiving car shipments for the month of March given the current downtrend in auto sales. Despite recent announced discounts by car manufacturers, such as GB Auto (AUTO.CA), Nissan Egypt and Kia Motors, other brands are still suffering. It is expected that other car manufactures will reduce their prices in the coming period to revive the market.
GB Auto: EGP2.96 as of 7 Mar. 2017, Rating: Buy, TP: EGP3.80/share, MCap: USD185mn, AUTO EY/AUTO.CA