Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: JF APEX | Price Call: HOLD | Target Price: 2.99 |
Showing posts with label TCHONG. Show all posts
Showing posts with label TCHONG. Show all posts
May 14, 2015
Signs of recovery in sight
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 3.20 |
September 18, 2014
Morphing into an asset-light business outfit
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 5.55 |
August 15, 2014
TCHONG - Light at the end of the tunnel
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 6.05 |
May 15, 2014
TCHONG - 1Q14: Off to a slow start
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: JF APEX | Price Call: BUY | Target Price: 6.24 |
Tan Chong - Weak start amid intense competition
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 5.80 |
October 17, 2013
Tan Chong Motor - 3QFY2013 Results Preview: Hit by provision of Vietnam import duties
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: JF APEX | Price Call: BUY | Target Price: 7.00 |
Tan Chong - Vietnam tax arrears
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 7.70 |
October 10, 2013
Tan Chong - Nissan Leaf to be launched in November 2013
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 7.70 |
October 2, 2013
Tan Chong - Termination of SYM motorcycle distributorship in Laos
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 7.70 |
May 20, 2013
Analaysts maintain 'neutral' on auto sector
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Stock Name: DRBHCOM
Company Name: DRB-HICOM BHD
Kenanga Research has maintained a 'neutral' call on the automotive industry and retains its 2013 Total Industry
Volume's (TIV) forecast of 641,560 units.
The research house said April's total vehicle sales month-on-month slid by nine per cent due to consumers' wait-and-see approach in the uncertainty surrounding the recent general election.
However, year-on-year total vehicle sales charted a year-on-year growth of 10 per cent to 52,489 units with sales of passenger vehicles increasing by 10 per cent to 45,564 units while commercial vehicles posted increased sales of nine per cent to 6,925 units.
"We look forward to the unveiling of the revised National Automotive Policy which will focus on positioning the country as a regional hub for hybrid vehicles and energy-efficient vehicles.
"The new policy would also look into gradually eliminating structural issues such as high duties, high selling prices, non-tariff barriers, fuel subsidies and other political considerations," it said in a research note today.
Meanwhile, RHB Research in its note said the expected sales decline in April was not as severe as expected.
"With the general elections out of the way and expectations for continuity and stability of policies affecting the automotive industry, we expect auto sales to normalise in the months ahead as buyers return to the market helped by low interest rates and an attractive pipeline of new models," it added.
The research house said following the Barisan Nasional's victory in the general elections, it expects consumer expectations for a significant reduction in car prices to gradually moderate.
RHB Research remains neutral on the automotive industry and favours shares of companies like Tan Chong Motor Holdings Bhd with a target price of RM7.50 and DRB-HICOM Bhd with a target price of RM3.30.
On the other hand, HLIB Research has maintained an "overweight" call for the industry and favours shares like DRB-HICOM Bhd with a target price of RM3.36.
The research house said the slowdown in the Malaysian economy, global automotive supply chain disruption and sudden jump in fuel prices and interest rate will post a risk to the industry.-- Bernama
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: RHB | Price Call: HOLD | Target Price: 7.50 |
Stock Name: DRBHCOM
Company Name: DRB-HICOM BHD
| Research House: RHB | Price Call: HOLD | Target Price: 3.30 |
Kenanga Research has maintained a 'neutral' call on the automotive industry and retains its 2013 Total Industry
Volume's (TIV) forecast of 641,560 units.
The research house said April's total vehicle sales month-on-month slid by nine per cent due to consumers' wait-and-see approach in the uncertainty surrounding the recent general election.
However, year-on-year total vehicle sales charted a year-on-year growth of 10 per cent to 52,489 units with sales of passenger vehicles increasing by 10 per cent to 45,564 units while commercial vehicles posted increased sales of nine per cent to 6,925 units.
"We look forward to the unveiling of the revised National Automotive Policy which will focus on positioning the country as a regional hub for hybrid vehicles and energy-efficient vehicles.
"The new policy would also look into gradually eliminating structural issues such as high duties, high selling prices, non-tariff barriers, fuel subsidies and other political considerations," it said in a research note today.
Meanwhile, RHB Research in its note said the expected sales decline in April was not as severe as expected.
"With the general elections out of the way and expectations for continuity and stability of policies affecting the automotive industry, we expect auto sales to normalise in the months ahead as buyers return to the market helped by low interest rates and an attractive pipeline of new models," it added.
The research house said following the Barisan Nasional's victory in the general elections, it expects consumer expectations for a significant reduction in car prices to gradually moderate.
RHB Research remains neutral on the automotive industry and favours shares of companies like Tan Chong Motor Holdings Bhd with a target price of RM7.50 and DRB-HICOM Bhd with a target price of RM3.30.
On the other hand, HLIB Research has maintained an "overweight" call for the industry and favours shares like DRB-HICOM Bhd with a target price of RM3.36.
The research house said the slowdown in the Malaysian economy, global automotive supply chain disruption and sudden jump in fuel prices and interest rate will post a risk to the industry.-- Bernama
May 16, 2013
ALMERA to the fore
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 7.70 |
February 28, 2013
Riding high with Almera
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 5.90 |
December 20, 2012
Rolling out Subaru XV
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 4.60 |
August 16, 2012
Below expectations but expect improvement in 2H12
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 4.70 |
April 19, 2012
RHB Research - Automotive Sector Update (19 April 2012)
Stock Name: MBMR
Company Name: MBM RESOURCES BHD
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Stock Name: DRBHCOM
Company Name: DRB-HICOM BHD
Sector Update
Company Name: MBM RESOURCES BHD
| Research House: RHB | Price Call: BUY | Target Price: 5.05 |
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: RHB | Price Call: HOLD | Target Price: 4.60 |
Stock Name: DRBHCOM
Company Name: DRB-HICOM BHD
| Research House: RHB | Price Call: BUY | Target Price: 3.45 |
Sector Update
Motor ' A Gradual Recovery Neutral
Sector Update
MBM Resources ' Fair value RM5.05 Outperform
Tan Chong ' Fair value RM4.60 Market Perform
DRB-HICOM ' Fair value RM3.45 Outperform
- Auto sales for Mar of 53,583 units were 21.7% higher mom (-15.3% yoy) that marks the second consecutive mom gain. TIV for 1Q12 reached 138,544 units, down 12.5% yoy and 7.6% qoq.
- The MAA attributed the improved sales to positive consumer sentiment, the introduction of new models and a longer working month and expects the sales trend for Apr to be similar.
- Combined with the lingering effects of the stricter financing guidelines, nearly all marques continue to show yoy sales contraction with the exception of Toyota .
April 16, 2012
Tan Chong ' A Better 2H12
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Source: RHB Research - 16 April 2012
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: RHB | Price Call: HOLD | Target Price: 4.60 |
Tan Chong ' A Better 2H12 Market Perform
Visit Note
- Tan Chong will likely report relatively weak 1Q earnings after MAA data for the first two months of 2012 showed combined Nissan and Renault sales down 16.7% yoy, attributed to a combination of component supply constraints and the newly-introduced responsible lending guidelines.
- We reiterate our Market Perform call on Tan Chong and lift our fair value to RM4.60 (from RM4.20), derived from applying a 13x (from 10x) target PER to revised 2012 earnings.
Source: RHB Research - 16 April 2012
April 12, 2012
Tan Chong Motor Holdings - Nuggets of info from lunch meeting
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: CIMB | Price Call: HOLD | Target Price: 4.75 |
Target RM4.75
The key takeaways from our lunch meeting with Tan Chong's management were 1) 1Q12 results could be weak, 2) assembly operations in Segambut could be halted as early as 2017, and 3) Tan Chong aims to triple vehicle sales during 2012-16. We retain our earnings estimates but raise our SOP-based target price for a higher target P/E of 9.4x (prev. 9.1x), still pegged to a 30% discount to our KLCI target P/E which has been raised to 13x from 12.6x. Maintain Neutral. We like DRB-Hicom for exposure to the auto sector.
The key takeaways from our lunch meeting with Tan Chong's management were 1) 1Q12 results could be weak, 2) assembly operations in Segambut could be halted as early as 2017, and 3) Tan Chong aims to triple vehicle sales during 2012-16. We retain our earnings estimates but raise our SOP-based target price for a higher target P/E of 9.4x (prev. 9.1x), still pegged to a 30% discount to our KLCI target P/E which has been raised to 13x from 12.6x. Maintain Neutral. We like DRB-Hicom for exposure to the auto sector.
April 6, 2012
Tan Chong Motor: Upgrade to Buy - Time to rev up
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Upgrade to Buy with a higher TP of RM5.38, ahead of an anticipated sector recovery in 2H 2012. This follows a 17-18% rise in 2012-13 net profit forecasts, on higher vehicle sales assumptions (+9-21%). We reckon the disruption to the regional parts supply chain, margin weakness and poor Jan-Mar 2012 performance have all been priced in. Our TP (+35%), premised on 10x 2013 PER (previously 8x), offers 20% upside. Our re-rated PER target reflects improved optimism ahead.
Click here for full report
Source: Maybank Research - 6 April 2012
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 5.38 |
Upgrade to Buy with a higher TP of RM5.38, ahead of an anticipated sector recovery in 2H 2012. This follows a 17-18% rise in 2012-13 net profit forecasts, on higher vehicle sales assumptions (+9-21%). We reckon the disruption to the regional parts supply chain, margin weakness and poor Jan-Mar 2012 performance have all been priced in. Our TP (+35%), premised on 10x 2013 PER (previously 8x), offers 20% upside. Our re-rated PER target reflects improved optimism ahead.
Click here for full report
Source: Maybank Research - 6 April 2012
April 5, 2012
RHB Sector Update - Motor
Stock Name: MBMR
Company Name: MBM RESOURCES BHD
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Stock Name: UMW
Company Name: UMW HOLDINGS BHD
Stock Name: APM
Company Name: APM AUTOMOTIVE HOLDINGS BHD
Stock Name: PROTON
Company Name: PROTON HOLDINGS BHD
Stock Name: DRBHCOM
Company Name: DRB-HICOM BHD
Source: RHB Research - 5 April 2012
Company Name: MBM RESOURCES BHD
| Research House: RHB | Price Call: BUY | Target Price: 5.05 |
Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
| Research House: RHB | Price Call: HOLD | Target Price: 4.20 |
Stock Name: UMW
Company Name: UMW HOLDINGS BHD
| Research House: RHB | Price Call: HOLD | Target Price: 7.30 |
Stock Name: APM
Company Name: APM AUTOMOTIVE HOLDINGS BHD
| Research House: RHB | Price Call: HOLD | Target Price: 4.50 |
Stock Name: PROTON
Company Name: PROTON HOLDINGS BHD
| Research House: RHB | Price Call: HOLD | Target Price: 5.50 |
Stock Name: DRBHCOM
Company Name: DRB-HICOM BHD
| Research House: RHB | Price Call: BUY | Target Price: 3.45 |
Motor ' Awaiting NAP v3.0 Neutral
Sector Update
MBM Resources ' Fair value RM5.05 Outperform
Tan Chong ' Fair value RM4.20 Market Perform
UMW ' Fair value RM7.30 Market Perform
APM ' Fair value RM4.50 Market Perform
Proton ' Fair value RM5.50 Market Perform
DRB-HICOM ' Fair value RM3.45 Outperform
- The auto industry made a shaky start to 2012 with total industry volume (TIV) in Jan declining 14.7% and 25.2% mom and yoy respectively. The softer sales were attributed to seasonal factors given the earlier than usual Lunar New Year holidays, the more stringent financing guidelines implemented by Bank Negara Malaysia (BNM) and the lingering effects of component supply disruption arising from the floods in Thailand .
Source: RHB Research - 5 April 2012
Subscribe to:
Posts (Atom)