Bursa Malaysia Stock Watch
Proton (HOLD) - Below Expectations
kltrader
Publish date: Thu, 01 Mar 2012, 06:18 PM
kltrader
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Proton (HOLD)
Below Expectations
- Reported 3QFY3/12 core losses of RM102.5m, taking 9M12 to core losses ofRM79.8m, below HLIB's FY12 forecast profit of RM82m and consensus of RM64.5m.
- Proton car sales dropped significantly in 3Q12, underheavy competition from Perodua's new MyVi. Furthermore, the changes of carsales mix to lower end had lowered Proton's overall revenue.
- Revenue from Lotus units also trended down in 3Q12 due to restructuringexercise and the on-going economy crisis in the Europeand US.
- The acquisition exercise of Proton by DRB Hicom isexpected to be complete by end Mar 2012, and Proton will be delisted from Bursa Malaysia.
- We maintained our forecast with a HOLD recommendationand unchanged TP of RM5.50 (General offer price by DRB).
Source: HLIB Research 1 March 2012
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