1H12 cruising to expectations, TIV to pick up in 2H12. June vehicle sales of 56,604 units (-2.9% MoM, +35.4% YoY) took 1H12 TIV to 301,183 units (+1.3% YoY), accounting for 49% of our 2012 forecast of 612,000 units (+2% YoY). We expect the recovering sales momentum to persist in 2H12, supported by new launches/facelifts and seasonal boosts. Reiterate BUY on TCM. MBM remains a HOLD despite a revision in TP. Our BUY call on UMWH is under review.
Click here for full reportSource: Maybank Research - 23 July 2012