Results out liao, but my PROTON-CB and CC still stuck.
KUALA LUMPUR: Proton Holdings Bhd’s share price rose after it posted net profit of RM84.68 million for the 1Q ended June 30, 2010, up 55.2% from RM54.55 million a year ago, underpinned by higher sales volume and improved profit margins from better product mix. At 2.50pm, Proton was up three sen to RM4.68 with 363,900 shares traded. The national car maker said on Monday, Aug 23 that revenue rose RM2.29 billion from RM1.85 billion in 2009, while earnings per share improved to 15.40 sen from 9.90 sen. Proton said that in line with the improved market sentiments, its domestic sales volume grew by 17% arising from demands for its three core models, namely, Saga, Persona and Exora.
But hor....
CIMB Research Neutral on Proton, maintains TP of RM5.15
KUALA LUMPUR: CIMB Equities Research is retaining its earnings projections for aProton Holdings Bhd as the car maker will be releasing its 1QFY11 results on Monday, Aug 23. “The stock remains a Neutral. Also intact is our target price of RM5.15 as we continue to apply a 10% premium to its five-year historical P/BV of 0.5 times,” it said in a research note. The Edge Weekly reported that Proton’s unit Lotus Group will need cash injection of close to RM500 million over the next two years to develop new models. Proton’s management also plans to issue new Lotus shares to investors to raise another RM420 million. CIMB Research said although the RM500 million cash injection is vital in helping Lotus’s management turn around the company, it is negative for Proton as it is a drain on its cashflow. “But we take a positive view of the emergence of new shareholders as it would ease Proton’s burden of financing Lotus while allowing Proton to continue tapping Lotus’s expertise and technology,” it said.