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公佈，3QFY24 的核心淨虧損爲-8700萬令吉，使 9MFY24 的核心虧損總額達到-14050萬令吉。這低於預期，超過了MIDF IB和共識的全年虧損預期。
在 3QFY24 中，該集團的收入同比急劇下降了-28.8％，這主要是由於受消費者信心疲軟和競爭激烈的市場格局的影響，汽車板塊的收入下降（同比下降25.8％）。然而，在令吉走強的支持下，該細分市場的LBITDA同比縮小了61.8％。受租購應收賬款減值損失減少的推動，金融服務（租購和保險）板塊收入同比增長9.0％，而其息稅折舊攤銷前利潤同比增長了27.8％。
核心拉美指數同比上漲-83.5％，這主要是受規模不經濟影響的推動。與 2QFY24 相比，由於汽車銷售疲軟，收入環比下降了——15.1％，這推動了拉美核心市場——8700萬令吉（環比下降163.9％）——展望。在馬來西亞，TcM定於12月24日推出全新的日產Kicks e-Power，這是一款b級SUV。
預計該車的價格將低於13萬令吉，使其在混合動力SUV細分市場中具有競爭力。據報道，中藥將在 4QFY24 中首次開始向海外市場出口馬來西亞組裝的汽車。在越南，
集團預計，最近推出的廣汽M6 Pro（C級MPV）將提高銷量，並計劃在 4QFY25 之前過渡到CKD組裝。
MIDF Ib已將其24財年/25財年的估計下調了-97％/-255％，這反映了汽車銷量的疲軟。結果，由於缺乏重評催化劑，目標價格已下調至0.36令吉（從0.77令吉），市盈率估值從0.2倍下調至0.1倍（從0.2倍）。這促使看漲期權從中性下調至賣出。衆議院對收益前景保持謹慎的看法，預計短期內將持續疲軟。
