Tan Chong Motor Holdings Berhad posted a core net loss of -RM87.0m for 3QFY24, bringing total core losses for 9MFY24 to -RM140.5m. This fell short of projections, surpassing both MIDF IB's and the consensus full-year loss projections.
The Group's revenue registered a steep decline of -28.8%yoy in 3QFY24, mainly due to a drop in the automotive segment's revenue (- 25.8%yoy) which was impacted by subdued consumer sentiment and a highly competitive market landscape. The segment's LBITDA, however, narrowed by +61.8%yoy, supported by a stronger Ringgit. The financial services (hire purchase and insurance) segment recorded a revenue increase of +9.0%yoy, while its EBITDA improved by +27.8%yoy, driven by a reduction in impairment losses on hire purchase receivables.
The core LATAMI deepened by -83.5%yoy, driven largely by the impact of diseconomies of scale. Compared to 2QFY24, revenue dropped by – 15.1%qoq as a result of weaker automotive sales, driving a much steeper core LATAMI of -RM87.0m (-163.9%qoq).Outlook. In Malaysia, TCM is set to introduce the all-new Nissan Kicks e-Power, a B-segment SUV, in Dec-24.
The vehicle is expected to be priced below RM130k, positioning it competitively in the hybrid SUV segment. Reportedly, TCM will begin exporting Malaysian-assembled vehicles to overseas markets for the first time in 4QFY24. In Vietnam, the
Group expects the recent launch of the GAC M6 Pro (C-segment MPV), to boost sales volumes, with plans to transition to CKD assembly by 4QFY25.
MIDF IB has revised its FY24E/FY25F estimates by – 97%/-255%, reflecting weaker automotive sales volumes. As a result, target price has been revised downward to RM0.36 (from RM0.77), with a lower P/BV valuation of 0.1x (from 0.2x) due to the lack of catalysts fora rerating. This prompted a downgrade in call from NEUTRAL to SELL. The house maintains a cautious view of the earnings outlook, anticipating continued weakness in the near term.
Tan Chong Motor Holdings Berhad公布，3QFY24 的核心净亏损为-8700万令吉，使 9MFY24 的核心亏损总额达到-14050万令吉。这低于预期，超过了MIDF IB和共识的全年亏损预期。
在 3QFY24 中，该集团的收入同比急剧下降了-28.8％，这主要是由于受消费者信心疲软和竞争激烈的市场格局的影响，汽车板块的收入下降（同比下降25.8％）。然而，在令吉走强的支持下，该细分市场的LBITDA同比缩小了61.8％。受租购应收账款减值损失减少的推动，金融服务（租购和保险）板块收入同比增长9.0％，而其息税折旧摊销前利润同比增长了27.8％。
核心拉美指数同比上涨-83.5％，这主要是受规模不经济影响的推动。与 2QFY24 相比，由于汽车销售疲软，收入环比下降了——15.1％，这推动了拉美核心市场——8700万令吉（环比下降163.9％）——展望。在马来西亚，TcM定于12月24日推出全新的日产Kicks e-Power，这是一款b级SUV。
预计该车的价格将低于13万令吉，使其在混合动力SUV细分市场中具有竞争力。据报道，中药将在 4QFY24 中首次开始向海外市场出口马来西亚组装的汽车。在越南，
集团预计，最近推出的广汽M6 Pro（C级MPV）将提高销量，并计划在 4QFY25 之前过渡到CKD组装。
MIDF Ib已将其24财年/25财年的估计下调了-97％/-255％，这反映了汽车销量的疲软。结果，由于缺乏重评催化剂，目标价格已下调至0.36令吉（从0.77令吉），市盈率估值从0.2倍下调至0.1倍（从0.2倍）。这促使看涨期权从中性下调至卖出。众议院对收益前景保持谨慎的看法，预计短期内将持续疲软。
