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Title:Auto component OEM: Buy Macauto, Hota, Turvo
Download File:Auto component OEM industry note 170426--sinopac.pdf 
Summary:Auto component OEM industry: Heightened risk amid geopolitical tension, rising US auto inventories

Event: We retain our Buy ratings on Macauto (9951 TT), Hota (1536 TT), and Turvo (2233 TT), but we lower our TPs on the first two because still-heightened geopolitical concerns and rising inventory days in the US auto industry have increased the downside risk for the original equipment manufacturing (OEM) supply chain.
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