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RHB Research downgrades Tan Chong to Sell, cuts fair value to RM4.30

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RHB Research downgrades Tan Chong to Sell, cuts fair value to RM4.30 Empty RHB Research downgrades Tan Chong to Sell, cuts fair value to RM4.30

Post by Cals Tue 26 Aug 2014, 09:28

RHB Research downgrades Tan Chong to Sell, cuts fair value to RM4.30
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 25 August 2014 09:40

KUALA LUMPUR (Aug 25): RHB Research has downgraded Tan Chong Motor Holdings Bhd to a Sell at RM5.15 with a lower fair value of RM4.30 (from RM5.60) and said that after a record 2013, the tables had turned for Tan Chong, now beset by severe competitive pressure and hampered by a lack of competitive products.
In a note Monday, the research house said Tan Chong’s Indo-China business will likely not break even until late 2015 at the earliest.
“We cut our fair value to RM4.30 (from RM5.60) after ascribing a lower 11.5x (from 12x) target P/E to 2015 earnings
“As forward P/Es look stretched, we downgrade the stock to Sell,” it said.
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