[%WUtx%] 
Research by HLIB
Buy – TP of MYR 1.65

“Supported by Proton, Muamalat & CTRM” 

Post management briefing, we remain positive on DRB’s long term outlook. Proton is targeting to achieve 2024 sales of 160k units (vs. 151k units in 2023) with new models introduced and attractive promotional campaigns. Both Bank Muamalat and CTRM will continue to support 2024’s performance. We reiterate our BUY rating with unchanged TP of RM1.65 based on 20% discount to SOP: RM2.04

Analyst(s):
Daniel Wong
[%hPGC%]

$KLSE-DRBHCOM 
Research by HLIB
Buy – TP of MYR 1.65

“Supported by Proton, Muamalat & CTRM” 

Post management briefing, we remain positive on DRB’s long term outlook. Proton is targeting to achieve 2024 sales of 160k units (vs. 151k units in 2023) with new models introduced and attractive promotional campaigns. Both Bank Muamalat and CTRM will continue to support 2024’s performance. We reiterate our BUY rating with unchanged TP of RM1.65 based on 20% discount to SOP: RM2.04

Analyst(s):
Daniel Wong
kkwong@hlib.hongleong.com.my