Nomura on U.S. May Auto Sales and Trends
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Today's Overall Ratings:
Up: 8 | Down: 12 | New: 5
Rating Summary:
27 Buy, 14 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 5
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Nomura on May U.S. Auto Sales by Masataka Kunugimoto:
"The US light vehicle market slowed in the month, with the SAAR dropping sharply to 11.79mn units from 13.17mn in the previous month, but higher than 11.64mn a year ago. However, despite the weak headline number, retail sales remained firm with GM (NYSE: GM) reporting 9% y-y growth, Ford (NYSE: F) retail sales up 5% y-y and Chrysler up 27% y-y, indicating underlying strength in the US auto market. Total vehicle sales came in at 1,061,719 units, down 3.7% y-y, according to data published by Autodata today. Passenger car sales, which had been leading the market thus far, dropped below the 6mn SAAR level to 5.77mn for the first time in six months. Japanese OEMs lost a substantial 7.3ppts in market share over the previous year. The gainers were the US Big Three (+2.4ppts), the Koreans (+2.8ppts) and others +2.1ppts (mainly Europeans)."
Nomura analyst Kunugimoto is Bullish on the sector
"The US light vehicle market slowed in the month, with the SAAR dropping sharply to 11.79mn units from 13.17mn in the previous month, but higher than 11.64mn a year ago. However, despite the weak headline number, retail sales remained firm with GM (NYSE: GM) reporting 9% y-y growth, Ford (NYSE: F) retail sales up 5% y-y and Chrysler up 27% y-y, indicating underlying strength in the US auto market. Total vehicle sales came in at 1,061,719 units, down 3.7% y-y, according to data published by Autodata today. Passenger car sales, which had been leading the market thus far, dropped below the 6mn SAAR level to 5.77mn for the first time in six months. Japanese OEMs lost a substantial 7.3ppts in market share over the previous year. The gainers were the US Big Three (+2.4ppts), the Koreans (+2.8ppts) and others +2.1ppts (mainly Europeans)."
Nomura analyst Kunugimoto is Bullish on the sector
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