Egypt passenger car sales posted an increase of 17% Y-o-Y to 7,947 vehicles in Jan 2019, according to the Automotive Marketing Information Council’s (AMIC) report. This marks the 12th consecutive month of Y-o-Y growth, solidifying the market’s recovery trend. GB Auto’s [AUTO.CA] combined passenger car volumes (Hyundai, Geely, Chery and Mazda) increased 13% to 2,097 units during January, while market share fell c1pp Y-o-Y to 26% in Jan 2019. Hyundai sales volumes were flattish (-1% Y-o-Y) to 1,714 units. Meanwhile, Chery’s volumes grew 419% to 249 units, and Geely volumes reached 117 units (vs. 1 unit sold in Jan 2018). Mazda volumes declined 79% to 17 units during the month. Total automotive market sales increased 11% Y-o-Y during the month to 11,467 units, with bus sales volumes down 12% and trucks up 3%. (AMIC Egypt)
 
GB Auto: EGP5.02 as of 3 Mar. 2019, Rating: Buy, TP: EGP7.50/share, MCap: USD313mn, AUTO EY/AUTO.CA