The Automotive Marketing Information Council (AMIC) reported a c33% Y-o-Y drop in Egypt passenger car sales to 12,237 vehicles in June 2016 (-c10% M-o-M) after they had started showing signs of recovery for the first time in ten months in May 2016. Total automotive market sales volume fell c32% Y-o-Y, reaching 16,359 units for the month, with buses declining c43% and trucks c15%. We believe June numbers were affected by having more Ramadan days in the month this year. GB Auto’s (AUTO.CA) combined passenger car sales volumes (Hyundai, Geely, Chery and Mazda) dropped c32% Y-o-Y, with its market share increasing slightly to c31% in June 2016 from c30% in the same month last year. The company’s new Chery models sold 470 units in the month, while Hyundai volumes declined 36% Y-o-Y. (AMIC Egypt, Hatem Alaa)   GB Auto: EGP2.28 as of 28 July 2016, Rating: Buy, FV: EGP4.30 per share, MCap: USD281mn, AUTO EY / AUTO.CA