Mandiri Sekuritas Auto Sector: October 4-wheeler sales at 50k, highest so far this year

􀂄 Based on initial Gaikindo data, , 4-wheeler domestic wholesale unit sales in Oct09 was about 50k (+34%mom,-9%yoy), the highest monthly recorded sales so far in 2009. This brings cumulative 10M09 total domestic sales to 387k (-26%yoy), our about 86% of our FY09F target, thus running ahead of our year-end expectations of 450k units (-25%yoy). The strengthening rupiah and friendlier financing schemes (ie lower down payment and lower car loan rates) largely attributed to the spike in units sales. Should this trend continue until year end, we expect an upwards revision of our FY09F domestic unit sales forecast by at least 6% to 480k units (-21%yoy).