Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Results disappointed, challenges ahead Shariah-compliant
Sequentially stronger but overall still below expectation. 9M11earnings were below ours and consensus forecasts. We expect aweaker 4Q as the disruption to production output in Thailand kicks in.Accounting for global macroeconomic headwinds and strengthening ofthe USD, we broadly cut 2011 net profit forecast by 15%. Our 2012-13forecasts are under review pending an update with management.Maintain Sell with an unchanged target price at RM4.00 (8x 2012 EPS).
Maybank research (18 November 2011)
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Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MAYBANK | Price Call: SELL | Target Price: 4.43 |
Results disappointed, challenges ahead Shariah-compliant
Sequentially stronger but overall still below expectation. 9M11earnings were below ours and consensus forecasts. We expect aweaker 4Q as the disruption to production output in Thailand kicks in.Accounting for global macroeconomic headwinds and strengthening ofthe USD, we broadly cut 2011 net profit forecast by 15%. Our 2012-13forecasts are under review pending an update with management.Maintain Sell with an unchanged target price at RM4.00 (8x 2012 EPS).
Maybank research (18 November 2011)
Click here for full report ''
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