October Auto sales were flattish at -0.6% mom, but declined 14.1% yoy to 47,879 units due to the high base in Oct 15 as consumers front-loaded purchases ahead of price hikes. We cut our 2016 TIV forecast to 570,000 units (-14.5% yoy) from 615,000 units. Maintain UNDERWEIGHT. Bermaz Auto is our top pick. Its FY17 yield is attractive at 6% (based on 80% payout) and could go up to 7.5% (based on 100
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