Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MAYBANK | Price Call: SELL | Target Price: 4.00 |
Maintain Sell. Results missed expectations on subpar 4Q11 earnings (-43% QoQ), leading us to cut 2012-13 net profit forecasts by up to 33%. We expect 1Q12 results to be weak, symptomatic of the sector's sluggish sales on the tightening of hire purchase (HP) financing and lingering supply chain issues. Our TP remains unchanged as we roll over our valuations to 2013 with an unchanged target PER of 8x.
Maybank Research 27 Feb 2012
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