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Automotive NAP not a near term re-rating catalyst, says RHB Research
by Cals Tue 21 Jan 2014, 10:37
| Automotive NAP not a near term re-rating catalyst, says RHB Research |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Tuesday, 21 January 2014 08:55 |
KUALA LUMPUR (Jan 21): RHB Retail Research has maintained its Neutral rating on the Automotive sector and said the announcement of the National Automotive Policy (NAP) was somewhat anti-climactic as the key policy thrusts had already been well-signalled to the market.
In a note Tuesday, the research house said the success of the policy would depend on whether the global OEMs are sufficiently convinced to begin making more significant investments in Malaysia.
RHB Research said the trickle-down impact to the auto parts industry will take time to materialise.
Meanwhile, the operating for automotive manufacturers in 2014 will remain challenging, it said.
“While we expect domestic demand to stay resilient, intense market competition and increasingly price-sensitive consumers could impact margins.
“Overall, we think the sector valuations are fair and see few catalysts to re-rate the sector higher. We retain our Buy calls on DRB-Hicom, Berjaya Auto and Tan Chong. Neutral,” it said.
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Re: Automotive NAP not a near term re-rating catalyst, says RHB Research
by Cals Tue 21 Jan 2014, 10:37
not clear also NAP, all also hazy foggy
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