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
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