Egypt passenger car sales declined c32% Y-o-Y to 9,458 vehicles in Oct 2017 (-2% M-o-M) and fell 36% YTD, according to the Automotive Marketing Information Council’s (AMIC) monthly report. GB Auto’s (AUTO.CA) combined passenger car sales volume (Hyundai, Geely, Chery and Mazda) decreased c42% Y-o-Y to 3,347 units sold, with the company’s market share falling to c35% in Oct 2017, compared to c41% in the same month last year. The decline was mainly driven by Hyundai volumes decreasing c37% Y-o-Y (to 2,435 units), Chery volumes falling 51% (583 units) and Mazda -c56% (88 units). Meanwhile, Geely volumes fell 52% Y-o-Y to 241 units. Total automotive market sales fell c32% Y-o-Y to 12,491 units during the month, with buses down c23% and trucks c36%. 

GB Auto: EGP4.02 as of 28 Nov. 2017, Rating: Neutral, TP: EGP2.60/share, MCap: USD247mn, AUTO EY/AUTO.CA