Brakes On Singapore Growth

New registrations in 2006 of 149,083 units show a continuation of the trend towards slower growth, falling from 10% in 2005 to 2.77%. As a result, we have lowered our forecast for the remainder of the period, now extended to 2011, by which time we expect new registrations to be just over 165,000 units. We also expect growth in sales of smaller vehicles to be slightly lower than we first envisaged, as even during a period of rising oil prices in 2006, the segment declined by 0.6% y-o-y. Surprisingly, it was in

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