Mandiri Sekuritas Auto Sector: Honda overtakes Yamaha in March10 2-wheeler unit sales

Based on initial AISI data, March motor-cycle sales saw Astra’s Honda wholesale sales at some 291k units (+20%yoy), thus outmatching its main competitor Yamaha which posted units sales of 269k units. Thus as of 3M10, total domestic unit sales has amounted to some 1.65mn units (+35%yoy), equivalent to about 27% of our FY10F forecast of 6.2mn unit sales. Despite Honda’s performance in March, Yamaha remains the market leader in 1Q10 with 759k unit sold (46.1% market share), followed closely by Honda (750k units sold with market share of 45.6% market share).