Report

ODD Data September 2021 Comment

YoY to 57,141 units in September 2021 (September 2020: 90,619). Passenger cars declined by 39% YoY, and LCV sales declined by 29% YoY.
ØTOASOs sales declined by 41% YoY to 10,537 units. TOASOs PC sales were down by 49% YoY, and its LCV sales were down by 23% YoY. TOASOs market share were down to 18% in September, compared to 20% in August.
ØFROTOs sales declined by 57% YoY to 4,695 units. FROTOs PC sales were down by 78% YoY, and its LCV sales were down by 50% YoY. FROTOs market share were down to 8% in September, compared to 12% in August.
ØDOASs sales declined by 47% YoY to 7,037 units. DOASs PC sales were down by 49% YoY, and its LCV sales were down by 30% YoY. DOASs market share were down to 12% in September, compared to 15% in August.
ØWe estimate that strong base effect and vehicle availability issues due to the ongoing semiconductor shortage were effective in the decrease in sales figures.
Underlying
Tofas Turk Otomobil Fabrikasi A.S.

Turk Otomobil Fabrikasi is an automobile manufacturing group based in Turkey. Co. is engaged in manufacturing, assembly and trading of passenger cars and engines, equipment and spare parts. Co. manufactures passenger cars and light commercial vehicles at its plant near Bursa under licenses from Fiat Auto S.p.A. Co., which is a member of Koc Holding A.fi. and Fiat Group, also produces various automotive spare parts used in its automobiles. Co. manufacturing facilities are located in Bursa. Co. also is engaged in the production of Doblo modellight commercial vehicles in Turkey for Fiat.

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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