Bursa Malaysia Stock Watch

RHB Research - Automotive Sector Update (19 April 2012)

kltrader
Publish date: Thu, 19 Apr 2012, 09:47 AM
kltrader
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Following Message
Sector Update
Motor ' A Gradual Recovery                                                                                               Neutral

Sector Update
MBM Resources ' Fair value RM5.05                                                                           Outperform
Tan Chong ' Fair value RM4.60                                                                             Market Perform
DRB-HICOM ' Fair value RM3.45                                                                                  Outperform
  • Auto sales for Mar of 53,583 units were 21.7% higher mom (-15.3% yoy) that marks the second consecutive mom gain. TIV for 1Q12 reached 138,544 units, down 12.5% yoy and 7.6% qoq.
  • The MAA attributed the improved sales to positive consumer sentiment, the introduction of new models and a longer working month and expects the sales trend for Apr to be similar.
  • Combined with the lingering effects of the stricter financing guidelines, nearly all marques continue to show yoy sales contraction with the exception of Toyota .
DRBHCOM (1619)TCHONG (4405)MBMR (5983)
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