[%wtHB%] 
Research by HLIB
SELL – TP RM0.65

" Remain cautious despite improve 2HFY24”

1HFY24 results stayed weak due to continued slow group sales volume and margins (further affected by weakened local currencies). Malaysia market OEMs. The expected launch of new e-POWER Nissan Kicks in 4QFY24 and new GAC models in Vietnam are expected to improve the group’s sales volume from 2025 onwards. Other Indochina markets are expected to remain weak in 2HFY24. The group is expected to benefit from the recent share appreciation of RM/USD. Maintain our SELL recommendation on TCM with an unchanged TP of RM0.65 based on 12x PE on FY25 earnings.

Analyst:
Daniel Wong
[%qFuH%]

$KLSE-TCHONG 
Research by HLIB
SELL – TP RM0.65

" Remain cautious despite improve 2HFY24”

1HFY24 results stayed weak due to continued slow group sales volume and margins (further affected by weakened local currencies). Malaysia market OEMs. The expected launch of new e-POWER Nissan Kicks in 4QFY24 and new GAC models in Vietnam are expected to improve the group’s sales volume from 2025 onwards. Other Indochina markets are expected to remain weak in 2HFY24. The group is expected to benefit from the recent share appreciation of RM/USD. Maintain our SELL recommendation on TCM with an unchanged TP of RM0.65 based on 12x PE on FY25 earnings.

Analyst:
Daniel Wong
kkwong@hlib.hongleong.com.my

$TCHONG / 4405 (TAN CHONG MOTOR HOLDINGS BERHAD)