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.
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Source: Maybank Research - 23 July 2012
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