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,Kenanga Research said despite the launching of the all-new Nissan Almera in November last year, overall sales are still weak.

PETALING JAYA: Tan Chong Motor Holdings Bhd faces an uphill task amid challenges and lack of fresh catalyst that is needed to steer the company to profitability.

Analysts said the company’s prospects remain challenging and it could still be in the red for the year.

The company’s net loss narrowed to RM22.2mil in the financial year ended June 30, 2021, compared with a loss of RM79.4mil a year ago.

Revenue for the period was at RM638.03mil against RM512.89mil in the previous corresponding period.

CGS-CIMB Research, which is maintaining its “reduce” stance with a lower RM0.99 target price (TP), said it was cutting its financial year 2021 (FY21)-FY23 earnings per share (EPS) forecast to reflect lower margin from unfavourable sales mix and lower sales volume.

“We expect the group to remain in the red in FY21.

“We project sales volume in Malaysia to gradually improve from August onwards as the government eases the restrictions on economic activities on the back of the rising Covid-19 vaccination rate in the country and the ongoing sales tax holiday.

“Meanwhile we expect sluggish sales from Indo China due to ongoing lockdown measures imposed to contain the pandemic as this could offset its potential recovery in the Malaysia market in the second half of the year,” the research house added.

According to CGS-CIMB, it sees a challenging earnings recovery outlook for the group.

This is due to a lack of visibility on new model launches beyond the second half and weaker prospects from its overseas operations following the termination of its Nissan distributorship in Vietnam and uncertainty due to the political situation in Myanmar.

Kenanga Research said despite the launching of the all-new Nissan Almera in November last year, overall sales are still weak.

With only one model to drive the group, it is still uncertain at the moment whether this would prove to be the fresh catalyst needed for the company to return to profitability, and to offset the negative impact from its under-utilised Danang plant in Vietnam and the expiration of both completely knocked down (CBU) and completely built up agreements there with its principal on Sept 30, 2020 and Sept 19, 2020, respectively.

On the other hand, Kenanga added the overseas distribution agreement (ODA) with SAIC Motor International Co Ltd (SMIL) for MG brand SUV (CBU) and recently, SAIC GM Wuling Automobile for pickup vehicle and cargo van in Vietnam could be a saving grace in the next five years.

The research house is maintaining its “underperform” stance with the unchanged TP of RM1.00



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