Egypt passenger car sales posted an increase of 34% Y-o-Y to 12,856 vehicles in Nov 2018 (-12% M-o-M, +c39% YTD to 123,509 vehicles), according to the Automotive Marketing Information Council’s (AMIC) monthly report. This marks the tenth consecutive month of Y-o-Y growth, solidifying the market’s recovery trend. GB Auto’s [AUTO.CA] combined passenger car volumes (Hyundai, Geely, Chery and Mazda) fell 3% to 3,321 units, while market share declined c10pps Y-o-Y to 25.8% in Nov 2018 (+2.5pp M-o-M). Hyundai sales volumes fell to 2,816 units (-3% Y-o-Y); Chery’s volumes also declined to 353 units (-2%). Meanwhile, Geely fell 9% Y-o-Y to 96 units, while Mazda volumes dropped 18% Y-o-Y to 56 units. Total automotive market sales increased 37% Y-o-Y during the month to 16,776 units, with bus sales volume up 84% and trucks 34%. 
 
GB Auto: EGP5.21 as of 3 Jan. 2019, Rating: Buy, TP: EGP7.50/share, MCap: USD319mn, AUTO EY/AUTO.CA