August TIV was flattish yoy but rose 6.5% mom. The flattish yoy growth was attributed to a high base in Aug 16 and the mom growth was due to fulfillment of back orders as the “edafter” system returned to normalcy. Except for Honda and Proton, all marques recorded subdued mom and yoy sales growth for August. Maintain UNDERWEIGHT on the sector as operating environment remains challenging amid soft consumer sentiment and prolonged weakness in the ringgit.
Source: UOB Kay Hian Research - 21 Sept 2017
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