Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Research House: MAYBANK
Maybank has maintained its "overweight" recommendation on the car sector, but downgraded Tan Chong Motors to "hold" on less palatable valuations, as it has reached the target price of RM4.40.
"New auto sales remain robust in June and 1H 2010 but we expect a softer 2H as higher financing rates and lower consumer sentiment from higher petrol prices kick in," says Maybank.
Auto remains an overweight sector with buy calls for Proton and MBM, says Maybank.
A Proton-Perodua merger is regurgitated tabloid news, an unlikely event unless it is forced.
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Research House: MAYBANK
Maybank has maintained its "overweight" recommendation on the car sector, but downgraded Tan Chong Motors to "hold" on less palatable valuations, as it has reached the target price of RM4.40.
"New auto sales remain robust in June and 1H 2010 but we expect a softer 2H as higher financing rates and lower consumer sentiment from higher petrol prices kick in," says Maybank.
Auto remains an overweight sector with buy calls for Proton and MBM, says Maybank.
A Proton-Perodua merger is regurgitated tabloid news, an unlikely event unless it is forced.
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