The Automotive Marketing Information Council (AMIC) reported a c19% Y-o-Y drop in Egypt passenger car sales to 13,999 vehicles in October 2016 (+c9% M-o-M). Total automotive market sales volume fell c22% Y-o-Y, reaching 18,468 units during October, with buses declining c44% and trucks 22% Y-o-Y. GB Auto’s (AUTO.CA) combined passenger car sales volumes (Hyundai, Geely, Chery and Mazda) increased c38% Y-o-Y with its market share increasing to c41% in October 2016 compared to 24% in the same month last year, driven mainly by the Chery brand, of which it sold 1,185 units in the month (c8% market share) and a c16% Y-o-Y increase in Hyundai volumes. Meanwhile, Geely volumes declined 13% Y-o-Y, while Mazda volumes dropped c25% Y-o-Y. (AMIC Egypt)   GB Auto: EGP2.83 as of 01 December 2016, Rating: Buy, FV: EGP3.80 per share, MCap: USD176mn, AUTO EY / AUTO.CA