Egypt passenger car sales declined 24% Y-o-Y to 7,947 vehicles in April (-10% YTD), according to the Automotive Marketing Information Council’s (AMIC) report. This marks the third consecutive month of market contraction after 12 months of consistent Y-o-Y growth. GB Auto’s [AUTO.CA] combined passenger car volumes (Hyundai, Geely, Chery and Mazda) fell 52% Y-o-Y to 1,719 units during April, while the company’s combined market share dropped c12pp Y-o-Y to 22% during the month. Hyundai  and Chery sales both declined 63% Y-o-Y to 1,072 units and 216 units, respectively, while Mazda volumes decreased 38% Y-o-Y to 20 units. Meanwhile, Geely volumes reached 411 units (vs. 46 units sold in Apr 2018). Total automotive sales decreased 18% Y-o-Y during the month to 11,471 units, with bus sales volumes up 4% and trucks down 3%. 

GB Auto: EGP4.20 as of 2 Jun. 2019, Rating: Buy, TP: EGP7.50/share, MCap: USD275mn, AUTO EY/AUTO.CA