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Flash Note – UMW (REDUCE, maintain) - Launch of the new Toyota Vios




Affin Hwang Investment Bank Bhd


02 Oct 2013





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New Toyota Vios launched by UMW The Group’s 51%-subsidiary UMW Toyota Motor launched the new Toyota Vios last evening. Priced between RM73,200 to RM93,200, we estimate that the price increase is capped at only 1% (no change in price for the lower spec model) as this pricing strategy is likely driven by heighten competition in the 1.5L passenger car market. Importantly, the Group was able to increase local content to approximately 50% (from 15% when the Group first launched the Toyota Vios model in Malaysia back in 2003). We estimate that the local content for Toyota Vios current is approximately 35-40%. Thus, the ability to increase local content to 50% whilst maintaining prices is positive for margin preservation (UMW Toyota continues to demonstrate superior PBT margins of 16% - above sector averages).

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