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Company Update – UMW (ADD, maintain) - Positives still brewing on automotive and O&G




Affin Hwang Investment Bank Bhd


09 Oct 2012





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Strong orderbook allows management to raise 2012 Toyota sales target Management raised Toyota’s 2012 sales target from 93K to 96K (+3%). This internal target looks conservative as demand for Toyota cars continue unscathed by competition. Importantly, we sense management’s optimism for this division, which accounts for > 75% of Group earnings. To recap, Toyota sales surged 23% yoy in 1H2012 (to 52,331 units) fuelled by the launch of new Hilux, Fortuner and Innova towards end-2011. Annualised, Toyota’s sales could exceed internal targets by 9%. We expect 2H2012 Toyota sales to remain strong backdrop by popularity of hybrid models (Prius C, Prius and Lexus CT200H) and the newly launched Camry CKD in June 2012. Camry’s current orderbook stands at 3,500 (2,600 units delivered to-date) and accounts for 41% of full year target of 8,500 units. Separately, Perodua’s (38%-owned) management reiterates its 2012 sales target of 188K units (1H2012: 92,923 units). Perodua is seeing encouraging July sales and we understand Perodua Viva buyers are adjusting to stricter financing ruling.

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