Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research has upgraded its outlook for TAN CHONG MOTOR HOLDINGS BHD [] and rated it as an outperform and its top pick in the auto sector. It said on Friday, April 9 that its sum-of-parts based target price is pushed from RM4.55 to RM7. CIMB Research said this is an excellent entry point to ride on the following major themes for Tan Chong over the next three years. The factors are strong earnings growth trajectory; model mix expansion, and regional ambitions and Indochina strategy. "We are now projecting an impressive EPS CAGR of 47% as our FY10-12 earnings are raised 38-62% after 1) upping our sales volume forecasts by 5-13%, and 2) raising operating margins by 1-2 percentage points for a stronger ringgit, better product mix and economies of scale," it said.
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research has upgraded its outlook for TAN CHONG MOTOR HOLDINGS BHD [] and rated it as an outperform and its top pick in the auto sector. It said on Friday, April 9 that its sum-of-parts based target price is pushed from RM4.55 to RM7. CIMB Research said this is an excellent entry point to ride on the following major themes for Tan Chong over the next three years. The factors are strong earnings growth trajectory; model mix expansion, and regional ambitions and Indochina strategy. "We are now projecting an impressive EPS CAGR of 47% as our FY10-12 earnings are raised 38-62% after 1) upping our sales volume forecasts by 5-13%, and 2) raising operating margins by 1-2 percentage points for a stronger ringgit, better product mix and economies of scale," it said.
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