KLSE: MBMR (5983)       MBM RESOURCES BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
2.90   +0.02 (0.69%)  2.89 - 2.90  354,500
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Ann. Date Date Type Units Price Total NOSH View
21-Jun-2017 22-Jun-2017 Exercise of Warrants 600 3.200 390,887,653 Additional Listing Detail
16-Jun-2017 19-Jun-2017 Exercise of Warrants 500 3.200 390,887,053 Additional Listing Detail
07-Jun-2017 08-Jun-2017 Exercise of Warrants 500 3.200 390,886,553 Additional Listing Detail
05-Jun-2017 06-Jun-2017 Exercise of Warrants 100 3.200 390,886,053 Additional Listing Detail
29-May-2017 30-May-2017 Exercise of Warrants 500 3.200 390,885,953 Additional Listing Detail
13-Jan-2017 16-Jan-2017 Others 174,700 1.000 390,885,453 Additional Listing Detail
01-Jul-2013 02-Jul-2013 Others 3,300 3.200 390,710,453 Additional Listing Detail
06-Jun-2013 07-Jun-2013 Others 70,000 3.200 390,707,453 Additional Listing Detail
11-Oct-2012 12-Oct-2012 Others 300 3.200 390,637,453 Additional Listing Detail
14-Sep-2012 18-Sep-2012 Others 2,000 3.200 390,581,293 Additional Listing Detail
20-Jun-2012 21-Jun-2012 Rights Issue 73,165,836 1.420 390,219,253 Additional Listing Detail
23-May-2012 24-May-2012 Bonus Issue 73,165,251 0.000 317,053,417 Additional Listing Detail
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Hafid Share price expected the result
24/05/2019 5:56 AM
commonsense Morning guys,

An info that some investors might miss out from the recent 1Q19 result is the imminent closure of the Group's loss making alloy wheel business schedule sometime in mid of this year.

Why is this important? The alloy business is currently the main drag to the group being able to reach its optimum profit level. In 2018, the business estimated losses was around rm20mil. Which means if investors were to exclude the alloy wheel from MBMR's result, the profit to shareholders would have jumped from RM167mil to RM187mil, an immidiate 12% jump in profit.

Assuming they managed to close the alloy wheel business as per management schedule, investors should be able to see a jump in profit by an estimate rm5mil per quarter by 4Q19 the latest. This is on top of whatever profit growth that will comes from the better performance of the group.

At the current price, MBMR is still the cheapest auto stock in Bursa with trailing 12 months PE of 5.5x. UMW, which is another company with exposure to Perodua is currently trading at a PE of 17.8x. The industry average is currently trading at around 15x PE.

24/05/2019 7:51 AM
Richard Lee Anyone go AGM next week? I just bought this counter yesterday. How can I attend the AGM? They can check my IC??

Type Annual General Meeting
Date & Time 29-May-2019 10:00
Depositor Date 21-May-2019
Venue Tiara Rini Ballroom, Level 1, Royale Chulan The Curve Hotel, 6, Jalan PJU 7/3, Mutiara Damansara, 47800 Petaling Jaya, Selangor Darul Ehsan.
24/05/2019 7:58 AM
commonsense Hi richard..

If you just bought the stock yesterday, i am affraid you cant attend the agm next week. You need to own shares of MBMR as of 21st May to be eligible.

24/05/2019 8:13 AM
Icon8888 Can attend but cannot vote
24/05/2019 9:47 AM
Icon8888 They usually allow you to go in if you show them you are shareholder
24/05/2019 9:47 AM
Sebastian Sted Power richard go la. Can take doorgifts and makan free
24/05/2019 1:25 PM
anticon Posted by Icon8888 > May 24, 2019 9:47 AM | Report Abuse

Can attend but cannot vote

Scumbag pariah conman Icon8888, don't bullshit as I think you never attend but hear from people.....why, because you are notorious for cheating and con traders here...that's why. The Chinese say that to believe your scumbag pariah conman Icon8888, then shit also can eat. hahaha
24/05/2019 1:52 PM
Mike Chong A bunch of white face and black face , loan shark also swim to here ( deleted somehow) ,hahaha
24/05/2019 9:29 PM
YAPSS Hey! Today, R-Table will be covering MBM Resources Berhad by presenting 10 years financial results in a short, fun & interesting way. Click the link below to watch the video.

Link: https://youtu.be/P6ghssxOoys
#YAPSS #RTable #MBMResourcesBerhad #MakeInvestingFun
25/05/2019 9:32 AM
ciaksai EPF still disposing despite Icon8888 said TP RM 4.
25/05/2019 9:40 AM
ciaksai 24-May-2019 Insider EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) disposed 500,000 shares on 17-May-2019.
25/05/2019 9:40 AM
ciaksai 2.91 yesterday EPF selling price?
25/05/2019 9:41 AM
Mike Chong Commonsense, I think you r a good analyst and had follow up with mbmr , please brighten us why EPF as second major shareholder keep selling.... ?
25/05/2019 2:12 PM
EPF_sell >RM 2.5 EPF sell. <2 RM EPF sailang.
25/05/2019 4:35 PM
EPF_sell >RM 2.5 EPF sell. <RM 2 EPF sailang.
25/05/2019 4:37 PM
commonsense Hi Mike,

I would focus more on how a company would perform and its valuation in my analysis when trying to come up with a decision on an investment rather than putting too much time in understanding why a certain shareholder is buying or selling its shares. That being said, if the person that is selling or buying is a prominent investors, then maybe i would try to find out what he or her thesis on the investment might be.

In the case of EPF, to understand why they are selling MBMR might be a bit hard to do. They are just too many reasons or possibilities. My guess is that they are currently just trying to lock in some profit in shares (not just MBMR. They are also selling Takaful, Bimb, Sunreit, Bauto etc) that is currently performing well in 2019 in order to be able to deliver on the dividend payout to be made to their members later.

If you think that EPF is selling because they have a negative outlook on the Auto industry for example, then you might need to take note that they are also currently buying UMW which as i mentioned before is just an expensive version of MBMR (UMW is trading at 19x PE while MBMR is currently below 6x). Even though UMW has other businesses like the equipment (Toyota forklifts and Komatsu heavy machinery), aerospace (rolls royce fan casing contract which is still in the red), M&E ( lubricants and other auto parts like Kayaba shock absorber) the main profit contributor to UMW is still their automotive division under Perodua and Toyota (which since 2019 has a production agreement with Perodua to produce the Rush in totality and supply engines for Vios, Yaris and Avanza).

Clearly EPF still believes in the Auto industry (they are also buying Sime Darby which has a PE of 18x) which is why i think their selling of MBMR is just to lock in some profit. I don't think they want to sell their stake to zero.

Making your investment decisions on what EPF buys or sell might not be the best strategy. If you were to sell a company just because EPF is selling then you need to ask yourself are you also willing to buy the companies that EPF is buying? (UMW, Sime, Velesto, Harta, up until april Pos Malaysia etc).

What about other institutional investors like PNB, Tabung Haji, LTAT, etc? Are you going to follow their transactions as well for your investment decision? What happen when PNB buys a company and EPF sells the same company at the same time (Velesto for example. EPF is buying while PNB is selling). Who will you follow then?

This is why for an investors, you would be better off studying the underlying asset itself which is the company when making an investment decision. At the very least, you understand why you are buying or selling the company.

Have a nice weekend. And good luck on you investments.


25/05/2019 5:06 PM
nckcm Keep selling for raya duit...
25/05/2019 6:09 PM
Mike Chong Zhulian will be better choice : 0% gearing ratio , continual profit for 5 years , higher dividend due to dividend policy of 60% from net profit, Share price range higher with stable bottom price....
25/05/2019 6:55 PM
Mike Chong Anothe one is Inari which EPF is buying . These 2 companies can invest with lower amount and generate same profit or even higher comparing the pricing .....
26/05/2019 9:04 AM
Icon8888 You are such a savvy investor
26/05/2019 9:19 AM
Mike Chong Thanks for highlight Velesto , this is a high risk high gain counter , with the new chairman and increasing demand , is a potential one but need to monitor after 3rd quarter report. Like Zelan those bought at low price oredi gain double , with the result of arbitration by this month .... less risk after this month.Mbmr will have internal risk as major share holder want to sell even at rm2.56. As Perisai example , suddenly a huge profit after sold assets, then borrow the cash to major share holder company . If UMW suceeded , MBMR will be delisted as said.
26/05/2019 12:09 PM
commonsense Hi Mike,

I think you had misunderstood my earlier message. I wasn't actually proposing Velesto as a potential investment ( i actually don't think they can make any significant profit anytime soon given the very low charter rate).

The point that i would like to make was that by following EPF transactions blindly without having done the research on the companies might proof to be a very bad investment strategy. It would be better for investors to do the research of the company first before making decision on whether to invest or not in a company.

On Zelan, i think its a pure speculative stock. Based on the public info, it does not seem to have any corporate exercise planned. Appeal of this stock would most probably be purely based on technical.

The company posted a net loss of RM23.6mil in FY18 (refer to 2018 annual report). It would have been worst if not for the reversal of write off of receivables (RM13mil) and sudden high profit from its associate companies (profit jumped from a loss of RM1.1mil in FY17 to RM14.5mil in FY18. Not sure why though).
Excluding all of the one off items (i did not exclude the associate result), Zelan core net loss in FY18 actually reaches RM30mil.

However, the biggest issue with the company is its very weak balance sheet. As of Dec 18, the company has a total current liabilities amounting to RM416mil (of which RM 184mil is debt) and only RM101mil in current asset (of which only RM4 mil cash).

This was also highlighted by their auditor, PwC, in the 2018 annual report when it issue a statement of material uncertainty related to the going concern of the group (page 53 of the annual report).

I would advice you to maybe not put all your investment in this one company alone as the risk is actually quite high. In the case that the outcome of the arbitrage award by the Abu Dhabi Court is not to Zelan's advantage, the company will most probably need to impair a big chunk of the RM184mil receivables in its balance sheet. Basically any arbitrage award that is less than the RM184mil would result in an impairment to the receivables.

Given that the shareholder equity of Zelan was RM44.3mil as of Dec 18 or 52.45% of the paid up capital (of RM 84.5mil), any arbitrage award that result in the company having to impair amount that is higher than RM20mil would potentially result in Zelan shareholder equity to fall below 25% of the paid up capital. This is one of the events that could put Zelan under the PN17 list.

Good luck. Hope the arbitration ends well for Zelan.

26/05/2019 2:43 PM
k55s Icon8888, comoonsense is conman.
26/05/2019 3:21 PM
Mike Chong Commonsense, as said Zhulian and Inari is better choice than mbmr. Zelan is high risk high gain counter, if you have done the research , the borrowing is 540 mil. IIUM will provide recurring income effective this year until concession period . Drawbridge just completed and test run on 2/6 to 17/6 . Suke shall complete on 25/9/19 . This year will be a good year for Zelan. The last hurdle is on arbitration which result deadline by May’19. Looking at the events happening and re recruit of the Head of Legal and become COO whom just confirmed , and AGM is set on 11/6/19, some positive hint.
26/05/2019 3:25 PM
26/05/2019 3:28 PM
Mike Chong https://www.theedgemarkets.com/article/velesto-prospects-bright-jackup-rig-demand-expected-increase

And Velesto bag rm 433 mil contract from Petronas carigali for 4 jack up drilling rigs operations starting April to June/July , that’s why I wrote shall monitor after 3rd quarterly report .
26/05/2019 6:18 PM
Mike Chong Commonsense, do you think 2.90 still a good buy ?? And what is your target price so that do not blindly follow ....
27/05/2019 10:23 PM
Mike Chong Hope not letting the black face reply again......
28/05/2019 10:05 AM
Mike Chong Commonsense, I follow your said not to blindly follow EPF , and put more time to do research, my findings to share : EPF is selling mbmr since 2016 when profit margin start decrease until 2017 with 148.8 million loss. 2018 major share holder want to sell it to UMW at rm 2.56 even Daihatsu mention will break with Perodua if deal is successed.UMW future plan is to de list mbmr.On EPF buying umw , sime, velesto, harta and Pos , reviewing 10 years price range are at low price, of course EPF is middle to long term investment.
28/05/2019 10:58 AM
Mike Chong Commonsense, as you like to go to other stocks forum to promote , I share my
stock portfolio:1) Zhulian ,2) Inari, 3) Ahb : a PN17 company which now is debt free and 5 years continual making profit , 4) Zelan, 5) Velesto : monitor after 3rd quarterly report.
28/05/2019 11:04 AM
commonsense Hi Mike,

I still think MBMR at RM2.90 is a buy mainly due to the very undemanding valuation that it carries of around 6.5x 12 months trailing PE (this however still includes losses from the alloy wheel business). As mentioned in my earlier post, MBMR currently is the cheapest auto company in Bursa even though it has a direct exposure to Perodua which is the market leader. In most cases, this would actually command a premium over the industry average.

As a comparison:

1) UMW, which is the other listed company with exposure to Perodua via its 38% interest is currently trading at around 17x PE.
2) Pecca, a manufacturer of car leather seat of which Perodua contribute to the majority of the company's revenue and profit is currently trading at a PE of 12x.
3) The auto industry average in Bursa is currently trading at 15x trailling PE.

When UMW made the offer of RM2.56 to Med Bumikar to acquire their 50.1% interest in MBMR it was based on PE multiple of 10x of Perodua expected profit (UMW projected RM400mil for FY17 as the numbers was yet to finalized when the offer was made back in March 18. Perodua profit for that year was actually RM440mil. And in FY18 it jumped to RM668mil ) and a total value or RM100mil for the remaining business excluding Perodua. This brings the total offer value to around RM1bil or RM2.56 per share.

Now if you were to use this same valuation methodology based on FY18 results, it would mean that the value of MBMR would be at least :

1) MBMR portion in Perodua = PE multiples x Profit of Perodua x MBMR's shares in Perodua = 10 x RM 668mil x 22.6% = RM1.51bil or RM3.86 per share

2) plus the other business = RM100mil or RM0.26 sens

Total min value of MBMR is RM4.12 per share.

The other business outside of Perodua are actually profitable (except for the alloy wheel business which is expected to ceased operation by mid of this year). So valuing the other businesses at only RM100mil for me is really low.

As an example, please take note that MBMR is currently in the process of disposing 22% each of the company's interest in Hino Motors Sales and Hino Motors Manufacturing for a total consideration of RM74.4mil valuing the combined companies at RM74.4mil/ 22% = RM338mil . Upon completion, the company would still have a remaining 20% interest in both companies which means the remaining 20% interest in Hino alone is already valued at RM68mil.

Other business like the Daihatsu, Volvo and VW distributorships, Hirotako Holdings (which manufactures safety auto components) and 51% interest in Autolive Hirotako are all profitables businesses, If you take out the alloy wheel result in FY18, the remaining business excluding Perodua actually delivers a patami to shareholders of around RM35mil. Valuing it at only RM100mil would means that the PE for the other businesses is less than 3x.

So for me the lowest valuation that MBMR should get is 10x PE ( again this is still lower when compared to the industry average). And given that the alloy wheel business is expected to ceased operation in mid of this year, it is fair to put a zero value on the business.

So to answer your question on how much should MBMR should be valued, then my answer would be at least RM RM4.75 per share based on the method i mentioned above.

If for some reason, investors think that the PE should only be 8x, the TP would still be RM3.80. But again, i just don't see the rational for the market to value MBMR at half the industry average given that it actually has a very strong balance sheet and cash flow.

Every year, the NTA of the company is expected to increased by 50 sens per share (before div payment). As of March 19 the NTA is already RM4.14 per share. At the current price the PB is only 0.7x.

28/05/2019 12:55 PM
commonsense Hi Mike,

Here is my reply for your second portion of the question. Please don't get me wrong, I am not saying that the businesses that you mentioned in your post are bad investment (except maybe Zelan for the very risky outlook that it's facing at the moment). Just that when compared to other companies (like MBMR for example) the companies that you listed looks a lot more expensive (at least in PE and PB terms).

1) Zelan. As mentioned before, i still believe it to be a very risky investment. If you really are interested then maybe you should wait for the arbitrage decision which should be out by this week anyway. The issue is the equity to shareholders is already at 54% of the paid up capital. Based on the Annual report, any further losses amounting to RM20mil would reduce the equity to lower than the 25% paid up capital which could pose a risk of being a PN17 companies. I believe the 1Q19 result would deliver a loss of between RM5 to RM10 mil still. So if the Abu Dhabi court decide to reward Zelan anything that is lower than the RM184 mil of receivable amount due by Meena recorded in Zelan's book, then they will need to impair the receivables. If its more than RM20mil then there is a risk for Zelan to be listed as a PN17 company. Another way for Zelan to strengthen its balance sheet back is either by making a capital fund raising like Scomi and Perdana or by restructuring the debt (basically converting the debt amount to equity like KFM). That being said it is still bad for the shareholders.

2) Velesto: As mentioned before, i doubt that the company can make any significant profit in the near and mid term at least not until the charter rates improve significantly. Given the company's market cap of RM2.2bil for it to achieve a PE of 10x, it would need to deliver a profit of RM220mil per annum. The last time they managed to achieve profit of that magnitude was in FY14 just before the oil price tumble. The charter rate back then was double what they received at the moment.

3) Zhulian. An MLM company. Actually at the current price, the company is not that expensive. Only 11.4x trailing PE and 0.9x PB. Just that at the moment, i still have a lot of companies to study that is trading at below 8x PE and has potential growth in profit achievable in the next 12 months. Maybe when my list of companies are exhausted, i will take a look at Zhulian as an investment.

4) Inari. Again a good company. Might have some short term headwind at the moment given the increasing escalation of US China trade war. I am not interested mainly due to its valuation of 22x PE ( at the same valuation MBMR would be trading at RM10.52 per share) and 4.2x PB. At this rich valuation, they need to deliver a very strong profit growth to shareholders which might be hard at the moment.

5) AHB. I have to be honest, i never heard of the company before. In their website, they mentioned that they are an interior office designer business. I would assume that you can categorize them as a property industry correlated company. They are not actually a PN17 company. Market cap of RM26mil and profit of RM 1.6mil for the past 12 months bringing its valuation to 16x PE. PB is actually low at only 0.7x (similar to MBMR). That being said if you want exposure to property industry companies, there are a lot of candidates at the moment. My preference is Symphony Life which is currently developping the Star Residence near KLCC. The take up rate is high. Symlife has a valuation of only 4.5x PE and PB of 0.3x.

Best Regards.
28/05/2019 1:41 PM
Mike Chong Commonsense, thanks for your reply. As it is just fundamental analysis and will affect by others factors , let’s share 4 of your pick stocks and see by year end how is the ROI . My pick are : 1) Zhulian ( rm1.38 ) 2) Inari ( rm 1.51 ) , 3) AHB ( Artwright , rm 0.145 ) , 4) Zelan ( rm 0.07 , although I bought much lower ) . By year end is just a period indicator as it can be sell at any time to lock in the profits and see the performance by year end .Hope you can share with us your 4 pick stocks.
29/05/2019 5:36 AM
commonsense Hi mike,

I dont actually see the value in the exercise that u are proposing here. I think people already did a competition on that in i3 ( but most of the invitation are for promenant/ famous forumer). I did not get the invitation.

That being said, if u are looking for potential investment candidates for ur portfolio, i would suggest the following:

1) MBMR for the reasons mentionned earlier in my post. There is an update from this morning agm. Will share it if no one else have done yet later.

2) Lii Hen. Furniture stock that might proof to be a beneficiaries of the US China trade war as US furniture business will look to diversify their supply chain outside of china. As of 2018 China represent 65% (or around usd20 bil of us furniture import. Tariff on china furniture was raised to 25% from 10% earlier this month). 1q19 growth still have yet to show the potential affect of the US diversification. Most of the growth was mainly from usd appreciation. Expecting sales in usd term to start growing in 3q19. For 2q19 profit growth will still come from the strengthening of USD.
Current valuation is still cheap at only 8x pe.

3) Symlife. Property companies where the maiden profit will comes from the star residence project near KLCC. Take up rate is high. As mentioned b4, Pe is only 4.5x. Actually quit straight forward just like any other property stock. As long as the take up rate is high and projects can be deliver on time, company should be able to make money.

4) Muda Holdings. Industrial paper manufacturer. Expected increase of margin due to the fall of waste paper price which is the raw material for industrial paper. Since last year, China has been more strict in approving the type of wastepaper into the country which has resulted in the oversupply of wastpaper from Us and Europe. At the same time china had also imposed a 25% tariff on all wastepaper from US which is why wastepaper price has fallen substantially. The restrictions by China had also resulted in a lot of paper mill in china to stop or cut their production of industrial paper substantially. This increase the industrial paper price in China which resulted in other paper mills in Asia to sell their products in China instead of markets like malaysia. Given the lesser competition from overseas player, Muda will be able to sell more volume at a price that is good for the company. Current valuation is on 7x PE.

Actually mike, what is important besides the choice of the shares is maybe the reasoning. Some people might want to know why exactly you pick the stock. Maybe u can post it on the companies respective forum to share with others. Off course later there will also be some investors that would want to scrutinize on ur thesis. But isn't that whats this forum is for? I doubt u or me can affect too much on the share price of a company. Even if we promote a company like crazy, they will still fall if they fail to deliver on the result. The opposite is also true as well.

Best Regards. Good luck on ur investment.
29/05/2019 1:40 PM
commonsense Hi Guys,

Just some updates on the AGM. It was quite fast and very straight forward. Only one shareholder who asked questions ( but really good ones). Here are the summary:

1) alloy wheel business has ceased operation since yesterday. So there should be no more losses from this division starting from at least 3Q19 onwards. Investors can expect to finally see profit coming from the auto component division which was before dragged by the alloy wheels result. Expect an increase of profit by between 10 -15% for 3Q19 from the closure of alloy wheel.

2) With the decreasing of debt and steady generation of cash from operation and investments amounting to Rm150mil per annum (mostly dividend from associates and JV), the company is expected to have a steady build up of cash reserves in the future ( on top of the current cash reserve of around rm200mil). For the mean time, management has indicated that potential dividend for FY19 would most probably be higher than the 12 sen dividend in FY18. Hopefully, given the stronger balance sheet, management can reward shareholders with dividend payment that is higher than the record 18 sens paid before.

3) a shareholder highlighted to management that they should revised the company's investment properties of value form cost basis to the current market value. In the annual report (page 116) the investment properties has a value of RM59mil which is the cost paid by the company. The actual market value of the investment properties (which is actually indicated in the notes on the same page) is RM 137 mil or rm78mil more than in the balance sheet. This would mean the actual NTA for MBMR is not RM4.14 per share (as of mar 19) . The amount should be higher to reflect the true value of the investment properties. Real NTA is RM4.34 per share.

Anyway, seems like 2019 wilk be another good year for MBMR.

Best regards.
29/05/2019 2:42 PM
yongch Today free 20kfc voucher,rm7parking,free coffee or tea plus previous dividend...ok la!!!!rushing attended another 10 more AGM...really time is money!!!
29/05/2019 3:53 PM
Op3rs thx common sense :)
29/05/2019 5:13 PM
Mike Chong Proton suv hit purchases 30000 unit . April sales lower , May sales ?
03/06/2019 8:34 AM
Mike Chong Aruz order book is 25000 unit.
03/06/2019 5:23 PM
Sebastian Sted Power https://www.youtube.com/watch?v=TBvwnzDI5zQ

watch from 1:58 onwards
04/06/2019 1:25 AM
Mike Chong New Persona with AI...??
07/06/2019 2:09 PM
GLNT EPF please continue to sell more! Thanks!
11/06/2019 3:14 PM
Sebastian Sted Power sold half of my holding change to Proton X70. Fair fair because my house got one Aruz, another one X70. Share holding also need 50-50
11/06/2019 3:59 PM
Mike Chong X70 will bring u X50....
12/06/2019 8:43 AM
Mike Chong What happen drbhcom and bauto up ....
13/06/2019 9:49 AM
OhYES bauto achieve higher profit and declare 10.5 sen huge dividends.
13/06/2019 11:07 AM
Sebastian Sted Power MBMR better 6cents div, but today ex-DIV still stable. Mean 6cents free in pocket
13/06/2019 5:00 PM
Mike Chong Just 5600 share down 5 cent..
17/06/2019 10:31 AM
Hafid Hino Motors has been in Malaysia for 40 years and is Japan’s oldest motor vehicle manufacturer, with its trucks and buses marketed in over 70 countries worldwide.

So how is Hino maneuvering the rapid changes in the transportation sector?

We speak to Hino Malaysia's newly minted Managing Director Atsushi Uchiyama, on the companies longstanding presence in Malaysia as well as its future plans for growth.
19/06/2019 4:49 PM
Mike Chong MAA said that year to date (YTD), total vehicle sales increased by 12.73% or 28,674 vehicles to 253,808 vehicles, from 225,134 vehicles in the corresponding period last year.

YTD passenger vehicle sales increased y-o-y to 232,362 units from 203,214 units. Meanwhile, YTD commercial vehicle sales declined to 21,446 units from 21,920 units.
23/06/2019 11:31 AM


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