China Auto - First Decline in Auto Production in 19 Months, Only a First Step Towards Normalisation

YTD China SAAR Impressions:  Selling Rates May Strengthen in 2H17

Some Quick Thoughts on YTD U.S. Auto Demand with FY17 Implications

Consumer Discretionary / Industrials

Henry Kwon

Thematic (Sector/Industry)

Japan Automobiles / Thematic (Sector/Industry)

<p>Preliminary sales figures released by CAAM suggest that industry demand is up by 0.6% MoM and up by 0.2% YoY.  Jan-May figures based on the preliminaries suggest 4.2% increase YoY.  In SAAR terms while May SAAR looks to have taken a dive, it is not yet clear that demand is on an overall downward trend.</p><div class="content-highlight"><p>YTD Average SAAR stands at 27.1m units.  Long term trend demand should see 2017 demand growing to 28-28.5m units, from 27.9m units achieved in 2016.  To achieve trend demand, 2H17 SAAR needs to…</p></div>

Preliminary sales figures released by CAAM suggest that industry demand is up by 0.6% MoM and up by 0.2% YoY.  Jan-May figures based on the preliminaries suggest 4.2% increase YoY.  In SAAR terms while May SAAR looks to have taken a dive, it is not yet clear that demand is on an overall downward trend.YTD Average SAAR stands at 27.1m units.  Long term trend demand should see 2017 demand growing to 28-28.5m units, from 27.9m units achieved in 2016.  To achieve trend demand, 2H17 SAAR needs to…

Actually - China SAAR YTD Looks Stronger than It Did in Jan-May 2016