[%plok%] 
Research by Maybank
Not Rated – TP RM 0.80

" The worst may be behind?”

We keep our forecasts and HOLD rating for TCM with an unchanged TP of MYR0.80 (0.2x FY25E BV). TCM’s 7 th consecutive quarterly loss in 2Q24 was due to weak Nissan vehicle demand, adverse FX impact, and unprofitable overseas operations. We do not anticipate a turnaround this financial year, but the worst may be behind it, depending on effective execution. Catalysts include improved sales from new product launches and new assembly contracts in the coming quarters. Strengthening MYR is also favourable to TCM, as >90% of its purchases are denominated in USD.   

Analyst:
Loh Yan Jin
[%JzYT%]

$KLSE-TCHONG 
Research by Maybank
Not Rated – TP RM 0.80

" The worst may be behind?”

We keep our forecasts and HOLD rating for TCM with an unchanged TP of MYR0.80 (0.2x FY25E BV). TCM’s 7 th consecutive quarterly loss in 2Q24 was due to weak Nissan vehicle demand, adverse FX impact, and unprofitable overseas operations. We do not anticipate a turnaround this financial year, but the worst may be behind it, depending on effective execution. Catalysts include improved sales from new product launches and new assembly contracts in the coming quarters. Strengthening MYR is also favourable to TCM, as >90% of its purchases are denominated in USD.   

Analyst:
Loh Yan Jin
lohyanjin.loh@maybank-ib.com

$TCHONG / 4405 (TAN CHONG MOTOR HOLDINGS BERHAD)