Proton (Hold)
Proton 3-21A- Arriving Soon
Analysts were given opportunity to test
drive Proton’s P3-21A 1.6L or better known as Persona Replacement model
We were impressed by P3-21A performances, showing great improvements as
compared to previous Proton’s model.
Great efforts were being put into the
safety features of P3-21A in meeting ECE safety requirements.
P3-21A is targeted towards medium to high
income group.
The development cost of P3-21A is relatively low at
RM300m for it uses the existing platform and engine from Exora. Hence, we
expect the car to garner higher margins.
Despite the great performance by P3-21A, the pricing
will remain as a major determinant in car sales volume. Furthermore, the
responsible lending guideline is expected hit low-mid end car sales especially Proton
and Perodua.
We view the fuel consumptions of ~19sen/km
as relatively high as increasing number of consumers are giving more emphasize
on fuel efficiency.
Maintain Hold with TP of RM5.50.
Source: HLIB Research 12 March 2012
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