Autos_May’17 Sales is largely priced in
​Total automotive industry sales for May'17 reached 21,624 units growing 12.9%MoM/20.6%YoY lifted by 31.5%MoM/82.8%YoY rise in LCV & Pickups (LCV&P) and 10.2%MoM/13.4%YoY increase in Passenger Car (PC) offtake. On the production side, total industry production picked up 10%MoM/19%YoY where LCV&P segment (+22%MoM/58%YoY) was the major propellant. Monthly capacity utilizations for major Passenger Vehicle OEMS were at 70/109/88% for PSMC/INDU/HCAR whereas the same stood at 61/118/80% for the month before indicating firm offtake for PSMC & HCAR in the coming month. Outlook for premium 1300CC+ category remains robust, with news flows about delayed production plans for new entrants prolonging present dynamics in favor of incumbents. Therefore, INDU remains our top pick in the space (FCFE TP of 2,214/sh) with a Neutral stance
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