KUALA LUMPUR: Hong Leong Investment Bank Bhd (HLIB) Research has almost halved Tan Chong Motor Holdings Bhd’s target price and raised loss projections for the financial year 2024, as sales volume suffers.
The bank-backed research firm cut its target price to 35 sen, from 65 sen previously, maintaining its “Sell” call on the stock.
It also adjusted forecasts for FY24 to a loss of RM158.3 million, from a loss of RM98.4 million previously, on concerns over continued weak sales volume amidst deteriorated market conditions.
Tan Chong provides assembly, sales and distribution, after sales and financial products for Nissan, Infiniti and Renault in Malaysia.
-NewStraitsTime