Page 126 - RusRPTOct20

lead to higher prices in the coming months, which could hurt demand further, VTB Capital (VTBC) commented on September 7.
VTBC reiterated its forecast of 18% y/y market decline in 2020 overall. And Russia's largest car maker AvtoVAZ, as well as the AvtoVAZ/Renault/Nissan/Mitsubishi Group, remained the market leaders with market shares of 23% and 38% in 8M20 respectively.
AvtoVAZ's saw its flagship Lada model sales fall 5% y/y to 28,621 units in August and 18% y/y to 192,397 units in 8M20.
Sollers car major and assembler saw its UAZ sales falling 10% y/y to 2,910 units in August and 22% y/y to 17,813 units in 8M20. Ford Transit sales (consolidated by Sollers) were also down 10% y/y to 1,112 units in August and flat y/y at 7,247 units in 8M20.
But VTBC continues to see Sollers' valuation as undemanding, and maintains a Buy recommendation on the name, even if admitting that the stock lacks near-term triggers.
126 ​RUSSIA Country Report​ October 2020 ​ ​www.intellinews.com