Catalysts lacking; maintain Sell. While results improved QoQ and its share price has appreciated 15% MoM on a rumoured management buy-out, Proton's 'big picture' remains cloudy. Lotus' turnaround will take until 2014 to realize, during which time, its losses will offset positive contributions from Proton's domestic operations and drain cashflow. For this, we see better values from its peers in the short-to mid-term. Our RM2.64 target price is based on 0.3x FY12 P/B.

Maybank research (30 November 2011)

Click here for full report