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CIMB Research maintains Outperform on Tan Chong, target price RM8
by Cals Wed 24 Jul 2013, 16:45
CIMB Research maintains Outperform on Tan Chong, target price RM8
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 24 July 2013 14:44
KUALA LUMPUR (July 24): CIMB Research has maintained its Outperform rating on TAN CHONG MOTOR HOLDINGS BHD [] at RM6.71 with a target price of RM8 and said the launch of the country's first hybrid MPV was potentially another strong catalyst for Tan Chong's earnings-upgrade cycle.
In a note July 23, the research house said the development could raise its EPS forecasts by another 8-17%.
“But we choose not to change our EPS forecasts and target price at this stage until there is long-term visibility in the government's policy on Energy Efficient Vehicles (EEVs).
“Maintain Outperform. Key catalysts include the introduction of more models and a depreciating yen. Our RNAV-based target price is pegged to the Malaysian auto sector's 11x 2014 PER average,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 24 July 2013 14:44
KUALA LUMPUR (July 24): CIMB Research has maintained its Outperform rating on TAN CHONG MOTOR HOLDINGS BHD [] at RM6.71 with a target price of RM8 and said the launch of the country's first hybrid MPV was potentially another strong catalyst for Tan Chong's earnings-upgrade cycle.
In a note July 23, the research house said the development could raise its EPS forecasts by another 8-17%.
“But we choose not to change our EPS forecasts and target price at this stage until there is long-term visibility in the government's policy on Energy Efficient Vehicles (EEVs).
“Maintain Outperform. Key catalysts include the introduction of more models and a depreciating yen. Our RNAV-based target price is pegged to the Malaysian auto sector's 11x 2014 PER average,” it said.
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