Automotive business APE has benefitted through COVID as the car market has tightened up in Australia e.g. many 2nd hand cars have actually increased in value ~20% as a dearth of new vehicles is arriving on our shores due to COVID created supply chain issues, a very obvious theme if you’re in search of a Toyota Landcruiser! However I question if this is about as good as it gets for APE at least for now, we feel the next 10% for APE is more likely on the downside.
MM is neutral to bearish APE short-term
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