Highlights
KLSE: TCHONG (4405)       TAN CHONG MOTOR HOLDINGS BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
1.44   -0.01 (0.69%)  1.42 - 1.44  13,000
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Overview

Market Cap: 968 Million
NOSH: 672 Million
Avg Volume (4 weeks):12,476
4 Weeks Range:1.40 - 1.47
4 Weeks Price Volatility (%):
57.14%
52 Weeks Range:1.33 - 1.91
52 Weeks Price Volatility (%):
18.97%
Average Price Target: 2.00
Price Target Upside/Downside: +0.56
Stamp duty exempted for year 2019

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2018 [#3]  |  27-Nov-2018
Next QR | Est. Ann. Date: 31-Dec-2018  |  27-Feb-2019
T4Q P/E | EY: 22.88  |  4.37%
T4Q DY | Payout %: 2.02%  |  46.30%
T4Q NAPS | P/NAPS: 4.1762  |  0.34
T4Q NP Margin | ROE: 0.91%  |  1.51%

Headlines

Date Subject
22-Feb-2019 Automobile - A show of local strength
18-Jan-2019 Automotive - Dec 2018 TIV: Flat MoM and Lower YoY
04-Jan-2019 Automotive - Muted Growth Post-Tax Holiday
21-Dec-2018 Tan Chong Motors unaffected by JV termination in Vietnam
18-Dec-2018 Tan Chong Motor Holdings - Vietnam Scenario Unfolds
18-Dec-2018 Tan Chong Motor - Anything Between the Lines
18-Dec-2018 陈唱摩多 明年财测下调31%
17-Dec-2018 Mplus Market Pulse - 17 Dec 2018
17-Dec-2018 PublicInvest Research Headlines - 17 Dec 2018
17-Dec-2018 Tan Chong Motor Holdings - Nissan Distributorship in Vietnam Comes to An End
17-Dec-2018 Tan Chong Motor Holdings - Termination of Vietnam Distribution
12-Dec-2018 Automobile - Riding a low tide
03-Dec-2018 “力保盈利”策略护航‧陈唱摩多末季料唱好
29-Nov-2018 Tan Chong Motor Holdings - On the right track
29-Nov-2018 Tan Chong Motor - Margin-minded
28-Nov-2018 Tan Chong Motor Holdings - Robust Earnings
28-Nov-2018 Tan Chong Motor Holdings - Still Accelerating Further
28-Nov-2018 Tan Chong Motor - Strong 3Q18 Underpins Turnaround Thesis
28-Nov-2018 Tan Chong Motor - On solid ground
28-Nov-2018 Tan Chong Motor - 9M18 Above Expectations

Business Background

Tan Chong Motor Holdings Berhad is primarily an automotive manufacturer based in Malaysia. The company conducts its businesses through three segments, namely, Vehicles segment, Financial Services, and others. The Vehicles segment is its core business and is a major revenue generator. It is focused on the assembly and distribution of passenger and commercial vehicles, automotive workshop services, distribution of automotive spare parts and manufacturing of automotive parts. The Financial Services segment provides hire purchase financing, personal loans and insurance agency services and Other operations segment is engaged in property and investment holding activities.
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  2 people like this.
 
nikicheong Victor, calm down.

1) Grab and Tan Chong are wholly unrelated. This has been said many times. Don't dream of anything happening.

2) Nissan Leaf is still too expensive. Do not expect any appreciable contribution from there.

However, look at this: https://paultan.org/2017/10/27/spied-2018-nissan-serena-seen-testing-in-malaysia/

Tan Chong needs to launch new models for Serena, X-Trail, Teana, Almera and Livina. This is where the high level impact will come from!
02/11/2017 13:34
129055444514385 Nikki, yup. launch something like juke to compete with honda hrv, etc. Nissan offers good customer services at service centres. if they have the right products, I would buy :)
02/11/2017 19:03
129055444514385 tchong's net asset per share is almost 3 times the current share price. any chance for privatisation and relisting later e.g. astro, etc? :)
03/11/2017 13:37
nikicheong Not likely to be privatized, since Tan Chong does have major debt. Even then the credit rating is strong, since Tan Chong is publicly listed. If it is wanted to be taken private, the banks won't be too happy. Also Tan Chong's ownership is fragmented and no longer concentrated in a single person's hands (the family got many feuds, so hard to combine and get a controlling stake). Unlike Astro, which was mainly owned by one man and wasn't swimming in debt so relatively easy to take private then re-IPO when the market recovers.

In short, almost zero chance of being taken private or delisted. We are at the very bottom, if not darn near to it (~10% from the bottom). I.e. I see the absolute bottom being at ~RM1.42. Good buy!
09/11/2017 23:33
nikicheong @DualShock, I have already spoken about the reason for the slow model update. Look at my posts from before.

At these prices and valuation...close eye and buy lah. Sure double, possibly 4x, maybe even 6x upwards in a 5 year period. Tan Chong isn't going anywhere.
22/11/2017 21:23
nikicheong Not BV per say, but the trough situation. We are at the bottom of the cycle. Improving Ringgit, improving GDP in Malaysia and Indochina, new models in the pipeline...from bottom to top, companies easily move 4-6x. Now the question is, are we at (or near) the bottom? That is the key.

Btw I like the Q3 report. Regardless there will be a selldown tomorrow and I will be there to pick up the pieces. Some of them at least.
28/11/2017 20:46
Yu_and_Mee why buy in downtrend counter?
28/11/2017 21:21
Choivo Capital For the last few years, the car sector is not in the trough, but actually increasing, only recently start to taper.

Even when the sector is booming, tanchong can still die. This is not related to the industry but the company.

Just cause you lost money in this counter, does not mean you need to make it back here.

This company is being choked alive, due to mismanagement clearly.


Posted by nikicheong > Nov 28, 2017 08:46 PM | Report Abuse

Not BV per say, but the trough situation. We are at the bottom of the cycle. Improving Ringgit, improving GDP in Malaysia and Indochina, new models in the pipeline...from bottom to top, companies easily move 4-6x. Now the question is, are we at (or near) the bottom? That is the key.

Btw I like the Q3 report. Regardless there will be a selldown tomorrow and I will be there to pick up the pieces. Some of them at least.
28/11/2017 21:25
Yu_and_Mee Cut loss and use the money to invest in other profitable counter, may give better return instead of holding an uncertain profit company.
Below companies either loss making company or price falling serious company may be useful as reference.

Aeon, Century, Carepls, Cscsteel, Dayang, Dnex, Ekovest, Esceram, Ffhb, Flbhd, Gamuda, Gadang, Harbour, Hohup, Huayang, IQgroup, Iwcity, Karex, KSL, Latitud, Microln, Mitra, Muda, Opcom, Parkson, Pesona, Sapnrg, Scable, Sendai, Sign, Superln, Tnlogis, TRC, Tchong, Titijya, Uzma, YTL and lain-lain lagi

Though one day they may rebound and go high and higher but why invest in uncertain instead of follow the trend to get profitable counters? If they are good, once confirmed profitable in QR, only come back still not too late.
Just 2 cents.
28/11/2017 22:03
nikicheong Thanks for your kind concerns dear folks. I am more than capable of thinking for myself. My investment style has served me very well indeed. Tan Chong Motors will be a winner. When? I don't know. But till that happens, I can rest easy knowing I am buying into a company that will surely rebound in the mid to long term.

Look at MHB.

The stock market is forward looking. Tan Chong is selling at depressed valuations. Any minor news (new car launch for example) will serve as a catalyst to bridge the valuation gap.

We shall judge the rationality of my decision in the 12-24 month period.
28/11/2017 22:58
Yu_and_Mee Add new members: Simeprop, Success

Aeon, Century, Carepls, Cscsteel, Dayang, Dnex, Ekovest, Esceram, Ffhb, Flbhd, Gamuda, Gadang, Harbour, Hohup, Huayang, IQgroup, Iwcity, Karex, KSL, Latitud, Microln, Mitra, Muda, Opcom, Parkson, Pesona, Sapnrg, Scable, Sendai, Sign, Simeprop, Success, Superln, Tnlogis, TRC, Tchong, Titijya, Uzma, YTL and lain-lain lagi
30/11/2017 15:47
Yu_and_Mee And Simeplt
30/11/2017 15:48
Yu_and_Mee sunset counter unless "someone" come to secure. basically it is end
17/12/2017 09:57
godhand The big boss plan to end the car business and venture into other business
17/12/2017 12:30
nikicheong Entered once more today @1.38. Avg price now at 1.60. Tan Chong Motors is well-positioned to benefit from the strengthening Ringgit, rebound in consumer sentiment (which always eventually mirrors GDP growth rate) and launch of new models in the new year (namely Serena Hybrid 2018 and Xtrail 2018, plus one or two other launches). Possible upside from quick growth in Indochina as well, namely Vietnam and Myanmar.

Tan Chong trades at very undemanding valuations. True, it could be a value trap, but this is also precisely the type of company that becomes a multi-bagger over the long term (5-10 years) due to the depressed valuations.
26/12/2017 19:42
Rusli Widad Tan Chong Motor Holdings Bhd has secured the rights to be the exclusive distributor, assembler and after-sales service provider of King Long products in Vietnam.

Its wholly-owned subsidiary TC Motor Vietnam Co Ltd (TCMV) entered into the exclusive distributorship agreement with Xiamen King Long United Automotive Industry Co Ltd.

The partnership with the Chinese company which specialises in the design, production and sale of various buses and coaches, will help facilitate Tan Chong’s penetration into the different bus and coach segments.
11/01/2018 07:15
goody99 Not bad, earnings this year should improve over last year. Still a baby bull
15/01/2018 11:09
Lau Choong Ling Many buy under nominee, any idea why ??
20/01/2018 17:38
tuapuikia when this counter will move?
12/03/2018 13:37
tuapuikia Plan to buy
12/03/2018 13:38
Alex GunaSeelan beli buy beli buy
03/05/2018 14:26
nikicheong Back to black, baby!
18/05/2018 19:53
leetm https://klse.i3investor.com/m/priceTarget/44757.jsp
22/05/2018 19:01
Lee Yih Yeong auto part tariff...run
24/05/2018 15:02
LimKL1 wa herm so hard to decide
24/05/2018 15:35
LimKL1 beli buy beli buy
24/05/2018 15:36
Stevecheahsw GST become 0% really help automotive industrial a lot!!!
19/06/2018 00:20
Stevecheahsw Latest model Nissan Serena stocks 8xx units whole malaysia clear all in 2 week time (16-31/5/2018)
19/06/2018 00:22
Stevecheahsw Even X-Trail also clear stocks in 2 week time
19/06/2018 00:22
Stevecheahsw Nissan Serena have 2xxx people waiting cars, 1-6-18 to 31-8-18 is a best time to buy cars! (No GST,No SST)
19/06/2018 00:24
apolloang people no money to buy stocks,no money for gst,no money to eat rice,got money to buy car?
19/06/2018 00:26
Stevecheahsw apolloang, better go to showroom to do a survey Lol
19/06/2018 00:38
apolloang I know just dunno why all say no money this no money that but curi curi buy new car
19/06/2018 00:41
Kawelegen Anyway after September car price must be cheaper than during the BN in power if not sure PH kena gelak
24/06/2018 11:19
KLCI King Extremely low profit margin
15/08/2018 16:16
tuapuikia TP RM4
23/08/2018 14:19
Jordan Khoo Price will gap up this morning, good luck to all and enjoy the rollercoaster.... hehe
23/08/2018 15:01
tuapuikia TP RM4
24/08/2018 15:58
BULL1000BEAR1000 The Geely Boyue is currently priced around RM68,500 (110,000 yuan) in China, while competitors such as the Honda CR-V and Mazda CX-5 are sold at over RM100,000

Google Search Result
09/10/2018 21:13
BULL1000BEAR1000 https://jalopnik.com/the-ten-most-expensive-places-to-buy-a-car-1256855393
09/10/2018 21:13
BULL1000BEAR1000 https://www.startrescue.co.uk/news/motoring-news-2/10-most-expensive-countries-to-buy-and-run-a-car
09/10/2018 21:14
BULL1000BEAR1000 https://paultan.org/2016/02/19/why-are-proton-cars-so-cheap-in-the-export-markets/
19/10/2018 20:32
James Ng https://klse.i3investor.com/blogs/general/181583.jsp
[转贴] [TAN CHONG MOTOR HOLDINGS BHD:推出全新本地组装车型,例如全新日产Serena S-Hybrid及日产Urvan NV350,以提升其在国内市场的竞争力] - James的股票投资James Share Investing
08/11/2018 12:31
nikicheong Finally some sustainable turnaround. Sadly I already sold out some time back. May recover to ~RM1.80 - RM2.00 levels.
27/11/2018 20:31
129055444514385 18/12/2018 1.39 2.10 +0.71 (51.08%) BUY MIDF
18/12/2018 1.40 1.57 +0.17 (12.14%) HOLD HLG


DATO' TAN HENG CHEW 16-Jan-2019 Acquired 20,000 0.000 View Detail
DATO' TAN HENG CHEW 24-Oct-2018 Acquired 30,000 0.000 View Detail
DATO' TAN HENG CHEW 22-Oct-2018 Acquired 40,000 0.000 View Detail
DATO' TAN HENG CHEW 21-Sep-2018 Acquired 18,300 0.000 View Detail
DATO' TAN HENG CHEW 03-Sep-2018 Acquired 30,000 0.000 View Detail
DATO' TAN HENG CHEW 30-Aug-2018 Acquired 5,700 0.000 View Detail
DATO' TAN HENG CHEW 27-Aug-2018 Acquired 20,000 0.000 View Detail
DATO TAN HENG CHEW 20-Aug-2018 Acquired 30,000 0.000 View Detail
DATO TAN HENG CHEW 15-Aug-2018 Acquired 38,600 0.000 View Detail
DATO TAN HENG CHEW 12-Jul-2018 Acquired 1,300 0.000 View Detail
DATO TAN HENG CHEW 11-Jul-2018 Acquired 1,500 0.000 View Detail
DATO TAN HENG CHEW 10-Jul-2018 Acquired 20,000 0.000 View Detail
DATO TAN HENG CHEW 10-Jul-2018 Acquired 7,000 0.000 View Detail
DATO TAN HENG CHEW 06-Jul-2018 Acquired 1,200 0.000 View Detail
DATO TAN HENG CHEW 06-Jul-2018 Acquired 20,000 0.000 View Detail
DATO TAN HENG CHEW 05-Jul-2018 Acquired 4,000 0.000 View Detail
DATO TAN HENG CHEW 03-Jul-2018 Acquired 4,000 0.000 View Detail
DATO TAN HENG CHEW 02-Jul-2018 Acquired 17,400 0.000 View Detail
DATO TAN HENG CHEW 02-Jul-2018 Acquired 10,000 0.000 View Detail
DATO TAN HENG CHEW 29-Jun-2018 Acquired 28,400 0.000 View Detail
DATO TAN HENG CHEW 27-Jun-2018 Acquired 2,500 0.000 View Detail
DATO TAN HENG CHEW 25-Jun-2018 Acquired 2,100 0.000 View Detail
DATO TAN HENG CHEW 19-Jun-2018 Acquired 10,500 0.000 View Detail
DATO TAN HENG CHEW 18-Jun-2018 Acquired 10,000 0.000 View Detail
DATO TAN HENG CHEW 07-Jun-2018 Acquired 7,800 0.000 View Detail
25/01/2019 12:31
129055444514385 Maintain contrarian BUY. Earnings turnaround driven mainly by the Malaysian operations remains intact, while operational losses will reduce from the elimination of NVL losses. Maintain our contrarian BUY at unchanged TP of RM2.10. Our valuations conservatively peg Tan Chong to trough PBV of 0.5x. Having seen depressed share price performance in the past 24 months, Tan Chong now trades at just 0.4x FY18F PBV (which is lower than even its historical trough PBV of 0.5x) amid a turnaround in earnings from FY18F. Key catalysts: (1) Resumption of new model launches from FY18F (2) A narrowing in losses from Indochina operations (3) A bottoming in market share. Risk to our call is if the termination of the 74%-owned JV in NVL eventually impacts TCIEV’s franchise agreement with NML (where Tan Chong has invested some USD82m).

Source: MIDF Research - 18 Dec 2018
25/01/2019 12:33
129055444514385 Tanchong has been turnaround... back to profitability :)

Q3, 2018 - Analysis Of Performance Of All Operating Segments

The Group's revenue increased by 13.0% to RM3,691.4 million with profit before taxation (PBT) of RM94.9 million (+211.1% YoY) for the quarter ended 30 September 2018. The financial position of the Group continued to improve with the reduction of net debt and inventory to RM805.1 million (-38.8% YoY) and RM909.1 million (-22.0% YoY) respectively. This is arising from the Group's on-going measures to improve inventory holding management to ensure a sustainable financial position. As at 30 September 2018, the Group's retained earnings was RM1.78 billion. The net assets per share was at RM4.30 (+0.5% YoY). Further analysis of the segments is explained as follows:

Vehicles Assembly, Manufacturing, Distribution & After Sales Service (automotive)
The automotive division recorded a higher revenue of RM3,610.4 million (+12.8% YoY). There is an improvement in the segment's EBITDA of RM190.1 million (+291.2% YoY). Revenue was higher due to higher number of vehicles sold during "tax holiday" sales period and sales of the newly launched Nissan Serena in Malaysia.

Financial Services (hire purchase and insurance)
The financial services division recorded a higher revenue of RM69.6 million (+21.5% YoY) and EBITDA of RM17.6 million (+14.2% YoY). The increase in revenue was due to higher loan book size as of 30 September 2018 compared to previous year.

Other Operations (investments and properties)
Revenue from other operations was higher at RM11.3 million as compared to RM6.0 million in the previous year. EBITDA was RM10.5 million as compared to loss RM1.3 million in the previous year. The higher revenue was contributed by contact centre operations. The improvement in EBITDA was mainly due to net foreign exchange gain of RM13.2 million recognised in the quarter ended 30 September 2018 arising from financing overseas entities denominated in foreign currencies.
25/01/2019 13:40
129055444514385 New nissan cars to be launched by TANCHONG soon.


New Nissan Juke to debut in summer 2019 – report - Paultan
https://paultan.org › Cars
Dec 10, 2018 - The Nissan Juke is one of the more recognisable models in the Nissan stable, thanks to its distinctive moon buggy design, and even with the ...


2019 Nissan Altima – new Teana debuts with variable compression ...
https://paultan.org › Cars
Mar 29, 2018 - 2019 Nissan Altima – new Teana debuts with variable compression turbo ... Compared to the previous Altima, the new car is 25 mm longer, ...
27/01/2019 08:57
Good123 :)

ABOUT TAN CHONG MOTOR HOLDINGS

Award-winning Malaysian conglomerate and automotive group, Tan Chong Motor Holdings Sdn. Bhd. (TCMH), has reached world-class status following its 50-year evolution from a start-up in the early 1970s. Although the head office is still firmly rooted on home territory in Kuala Lumpur, the company now has more than 13,000 employees across 23 global brands in 15 countries around the world, with annual revenues exceeding $4B.
27/01/2019 14:28
129055444514385 Could tanchong supply and finance the nissan cars for Grab drivers? Could collaboration be established between tanchong and Grab in Malaysia first before carrying out in other ASEAN countries? :)

https://www.nst.com.my/business/2018/07/395684/how-grabs-msian-ceo-steered-it-out-garage-kl-us10-billion-company
28/01/2019 08:23


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