Automotive - 4W sales volume declined 10.1% in Sept23

Automotive - 4W sales volume declined 10.1% in Sept23 The Association of Indonesian Automotive Industries (Gaikindo) noted a decline in national car sales in Sept23. Total 4W sales of 79,883 units in Sept23 down 10.1% yoy, while retail sales fell 6.3% yoy to 80,972 unit. Accumulatively, 9M23 car sales 755,173 units, or inched down by 0.4% yoy compared to a year earlier of 758,217 units in 9M22, while retail sales inched up 1.9% yoy to 746,239 units in 9M23. (Source: Kontan) Comment : Sept23 sales was inline with KBVS expectation, formed around 98% to our 9M23F car sales of 739,094, with a run rate of 78.1%/75.5% (ours and Gaikindo) or above last year run rate of 72%. We believe 4W23 sales will remain arrived within ours and association expectation for ‘23F car sales volume. The remaining auto series held in the 4Q23 will overall support 4W sales and even could help FY23 figures to beat ours and market expectation.