Upgrade to Overweight. April's MoM contraction in TIV was expected,
owing to inventory constraints and a high base in March, as major
marques roll out deliveries from earlier pent-up demand. Overall, we are
turning upbeat on the auto sector. We reckon most of the operating
setbacks have been priced in. We now elevate the automotive sector to an
Overweight following our recent upgrades of UMW and TCM to
BUY. MBM remains a HOLD.
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Source: Maybank Research - 23 May 2012
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