[%PweY%] 
Research by Kenanga
Market Perform – TP of MYR 1.40

“Transitioning to EV” 

DRBHCOM guided for flattish vehicle sales in FY24. It is riding on parent Zhejiang Geely group’s technology and eco-system for the transition to EV. It will put onto the market the all-new Proton e.MAS EV (CBU) using the Global Modular Architecture (GMA) platform by end-2024. We maintain our forecasts, TP of RM1.40 and MARKET PERFORM call.

Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz 
[%guHF%]

$KLSE-DRBHCOM 
Research by Kenanga
Market Perform – TP of MYR 1.40

“Transitioning to EV” 

DRBHCOM guided for flattish vehicle sales in FY24. It is riding on parent Zhejiang Geely group’s technology and eco-system for the transition to EV. It will put onto the market the all-new Proton e.MAS EV (CBU) using the Global Modular Architecture (GMA) platform by end-2024. We maintain our forecasts, TP of RM1.40 and MARKET PERFORM call.

Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz 
wanmustaqim@kenanga.com.my