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)
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