The Certificate of Entitlement (COE) bidding exercise on February 5 2014 was the first COE auction since the formal adoption of the revised COE category criteria (see 'New COE Regulation Could Reverse Sales Trends', September 17 2013). The outcome of the bidding, however, elicited surprise among some motor traders.

BMI Industry View 7

SWOT Analysis 9

SWOT 9

Political 11

Economic 12

Business Environment 13

Industry Forecast 14

      Table: Comparison Of COE Prices (SGD) 14

      Table: Sales Of Top Ranked Brands In 2013 17

      Table: Singapore Automotive Sector Registered Vehicles: Historical Data And Forecasts (CBUs) 20

Suppliers 24

Macroeconomic Forecast 29

Services Still Vulnerable To External Conditions 30

Export Picture Only Slightly Better For 2014 31

Domestic Economic Fundamentals Remain Sound 33

Household Debt A Risk 33

      Table: Singapore - Economic Activity 34

Industry Risk/Reward Ratings 35

Asia Pacific - Risk/Reward Ratings 35

      Table: Asia Pacific Autos Risk/Reward Ratings 38

Company Profile 39

Company Monitor 39

BMW 42

Toyota 43

Regional Overview 44

      Table: Vehicle Sales 2013 (CBUS) 44

Global Industry Overview 49

      Table: Passenger Car Sales November 2013 (CBUs) 49

Europe On Road To Recovery 49

Tax Hike Skews Japan's Outlook; US Hits Sweet 16 51

China Is BRIC Bright Spot 53

Demographic Forecast 56

Demographic Outlook 56

      Table: Singapore's Population By Age Group, 1990-2020 ('000) 57

      Table: Singapore's Population By Age Group, 1990-2020 (% of total) 58

      Table: Singapore's Key Population Ratios, 1990-2020 59

      Table: Singapore's Rural And Urban Population, 1990-2020 59

Methodology 60

Industry Forecasts 60

Sector-Specific Methodology 61

Sources 61

Risk/Reward Ratings Methodology 62

      Table: Automotive Risk/Reward Ratings Indicators And Weighting Of Indicators 63

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