[ET Net News Agency, 12 November 2018] Chinese passenger vehicle (PV) wholesale volume
decreased by 13% YoY (down 0.7% MoM) in October. Deutsche Bank attributed the worsened
sales momentum mainly to macro uncertainty amid the trade conflict.
Considering a high comparison base in November-December, the research house now thinks
that a low-teen YoY 4Q auto sales drop and a low single-digit 2018 sales decline is
likely, versus its original mild growth expectation.
Amid a challenging market environment, DB's OEM top "buy" is Geely Auto (00175), given
its continual sales outperformance. (KL)