The Automotive Marketing Information Council (AMIC) reported a c22% Y-o-Y drop in Egypt passenger car sales to 12,800 vehicles in September 2016 (-c1% M-o-M). Passenger car volumes fell 25% in 9M16. Total automotive market sales volume fell c24% Y-o-Y, reaching 17,535 units during September, with buses declining c20% and trucks 35% Y-o-Y. GB Auto’s (AUTO.CA) combined passenger car sales volumes (Hyundai, Geely, Chery and Mazda) increased c34% Y-o-Y, with its market share increasing to c41% in September 2016 compared to 24% in the same month last year, driven mainly by the new Chery model, of which it sold 1,263 units in the month (c7% market share) and a c170% Y-o-Y increase in Geely volumes. Meanwhile, Hyundai volumes were flat, while Mazda volumes dropped c43% Y-o-Y. (AMIC Egypt)   GB Auto: EGP1.98 as of 27 October 2016, Rating: Buy, FV: EGP3.80 per share, MCap: USD244mn, AUTO EY / AUTO.CA