The Automotive Marketing Information Council (AMIC) reported a c26% Y-o-Y drop in Egypt passenger car sales to 12,947 vehicles in August 2016 (-c5% M-o-M). YTD, passenger car volumes fell 25%. Total automotive market sales volume fell c30% Y-o-Y, reaching 17,641 units during August, with buses declining c37%, and trucks declining c40% Y-o-Y. GB Auto’s (AUTO.CA) combined passenger car sales volumes (Hyundai, Geely, Chery and Mazda) increased c23% Y-o-Y, with its market share increasing to c43% in August 2016 compared to 26% in the same month last year, mainly driven by the new Chery model, of which it sold 1,196 units in the month (c9% market share). Meanwhile, Hyundai volumes were flattish (-1% Y-o-Y), while Geely volumes dropped c44% Y-o-Y. (AMIC Egypt)   GB Auto: EGP2.28 as of 03 October 2016, Rating: Buy, FV: EGP3.80 per share, MCap: USD281mn, AUTO EY / AUTO.CA