GB Auto's CEO Dr. Raouf Ghabbour said that he expects an automotive market turnaround during 4Q17 as dealers run down their stock and the company's inventory returns to historical levels. GB Auto held back on sales to distributors in 1Q17, allowing them to clear out inventory levels and adjust prices to reflect new market conditions. He added that passenger car volumes are back to 70% pre EGP float levels while two- and three-wheelers have been back to such levels in June and July.
GB Auto: EGP2.02 as of 17 Aug. 2017, Rating: Neutral, TP: EGP2.60/share, MCap: USD125mn, AUTO EY/AUTO.CA
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