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