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Accelerating TIV recovery in Oct

■ TIV grew 43% mom in Oct 21 due to higher vehicle deliveries as automakers ramped up production to fulfil backlog orders. 10M21 TIV still fell 5% yoy.
■ We expect Nov-Dec 21 TIV to sustain at current levels in view of new model launches, year-end promotions and ongoing backlog orders.
■ Reiterate Neutral rating on the sector, with Sime Darby as our top pick.

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