{"id":322655,"date":"2023-04-13T10:56:44","date_gmt":"2023-04-13T02:56:44","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=322655"},"modified":"2023-04-13T10:56:46","modified_gmt":"2023-04-13T02:56:46","slug":"gtcap-vehicle-sales","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/gtcap-vehicle-sales\/","title":{"rendered":"GTCAP to benefit from recovery of vehicle sales"},"content":{"rendered":"\n
<\/div>\n\n\n\n

Analysis and Recommendation<\/h2>\n\n\n\n

The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) recorded vehicle sales of 36,880 units in March, up 24.2% year on year. Month on month, sales were up 19.3% from 30,905 in February. <\/p>\n\n\n\n

Commercial vehicles, which accounted for 72.7% of the industry’s total sales, increased by 16.3% to 26,822 units. Sales of passenger cars jumped by 51.8% year on year to 10,058. Year to date, total vehicle sales rose 30.1%. CAMPI and TMA members are aiming to sell 395,000 units this year, 12% higher than the 352,596 units sold in 2022. This would be the second-highest ever sales for CAMPI-TMA, since the 425,673 units sold in 2019.<\/p>\n\n\n\n

Our View:<\/strong> As outlook for the automotive industry remains positive, this should benefit GT Capital Holdings Inc. (GTCAP). <\/p>\n\n\n\n

Toyota Motors Phils. (TMP), GTCAP’s automotive arm, ended 2022 with a 50% share of the auto market and should benefit the most as auto sales continue to trend higher this year. TMP should also see an improvement in margins thanks to the recovery of the Philippine Peso. Maintaining its 50% market share, TMP could grow by 13% this year for a unit sales growth of around 197,000 units. <\/p>\n\n\n\n

We have a Buy recommendation on GTCAP supported by the 34% upside to our fair value estimate of Php650\/share.<\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a commentary on an important issue or event affecting the stock market<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-322655","post","type-post","status-publish","format-standard","hentry","category-special-reports","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/322655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=322655"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/322655\/revisions"}],"predecessor-version":[{"id":322657,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/322655\/revisions\/322657"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=322655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=322655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=322655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}