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MIDF Research maintains Buy on Tan Chong, cuts target price to RM5.55

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MIDF Research maintains Buy on Tan Chong, cuts target price to RM5.55 Empty MIDF Research maintains Buy on Tan Chong, cuts target price to RM5.55

Post by Cals Thu 18 Sep 2014, 21:45

MIDF Research maintains Buy on Tan Chong, cuts target price to RM5.55
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 18 September 2014 08:51

KUALA LUMPUR (Sept 18): MIDF Research has maintained its Buy rating on Tan Chong Motor Holdings Bhd (TCM)at RM4.62 with a lower target price of RM5.55 (from RM6.05) and said TCM expects FY14 earnings to remain depressed as effects from high exchange rate filters through.
In a note Thursday, MIDF Research said TCM’s management reaffirmed plans to delay the debut of the A/B segment model and is unlikely to achieve the 100k sales target by 2016 under Nissan’s Mid-Term Plan (MTP).
“We cut FY14 earnings by 40% while we trim FY15 and FY16 earnings by 8% and 4% respectively. Consequently, we revised our target price lower to RM5.55.
“Nevertheless, recent weakness in TCM share price has prompted us to retain our Buy recommendation with an expected total return of 23.7%,” it said.
 
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