Breaching the 500,000-mark. Total Industry Volume (TIV) for the month of October was flat m-o-m but compared to the same month last year when sales started weakening, the numbers were 23% better y-o-y, with YTD registrations dipping 5.1%. Over the remaining months of 2009, TIV will continue to be weak as buyers tend to hold back on purchases until the new year to realize a higher resale value amid the year-end holiday season. While we expect sales to remain subdued, we are certain that TIV will breach 500,000 units for the full year, possibly ending the year at 510,000-517,000 units, on the on-going year-end promotions and the expected launch of the much awaited Perodua MPV (named Alza) next week. Looking at 2010, given the lack of new models in the new year and higher financing cost given a potential OPR hike in 2010, which will limit any upside, we continue to maintain our TIV growth forecast of 3.7% for 2010.
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