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RHB Research maintains Neutral on Tan Chong, trims fair value to RM5.60

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RHB Research maintains Neutral on Tan Chong, trims fair value to RM5.60 Empty RHB Research maintains Neutral on Tan Chong, trims fair value to RM5.60

Post by Cals Fri 16 May 2014, 02:06

RHB Research maintains Neutral on Tan Chong, trims fair value to RM5.60
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 15 May 2014 07:54

KUALA LUMPUR (May 15): RHB Research has maintained its Neutral rating on Tan Chong Motor Holdings Bhd with a lower fair value (FV) of RM5.60 and said the company’s 1Q14 earnings disappointed on the back of weaker domestic sales volumes, higher depreciation costs, unfavourable exchange rates and start-up costs in regional markets combined with negative operating leverage leading to margin erosion.

In a note Thursday, the research house said it was slashing 2014/15 earnings forecasts for Tan Chong by 14.1%/13.6% respectively and lower FV to RM5.60.

“We prefer Berjaya Auto (Buy, FV: RM2.55). Stay Neutral,” it said.
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