Written by Chong Jin Hun
Monday, 23 November 2009 18:00
KUALA LUMPUR : PROTON HOLDINGS BHD []'s 2Q net profit surged 87.3% from a year earlier as the national carmaker grew its revenue, helped mainly by sales of its Exora multi-purpose vehicle.
In a statement to Bursa Malaysia today, Proton said it posted a net profit of RM82.06 million in the 2Q ended Sept 30, from RM43.81 million, while revenue expanded 13.5% to RM2.1 billion from RM1.85 billion.
Cumulative first half net profit rose 42.5% to RM136.61 million from RM95.84 million, while revenue was up 11.2% to RM3.96 billion from RM3.56 billion.
"Given that the outlook for vehicle demand is still uncertain, the group remains cautious," Proton said.
The company said its vehicle sales in Malaysia during 2Q had risen 11% in quarterly terms, helped by sales of the Saga, Persona and Exora models.
Looking ahead, the national carmaker said it would invest in new product development, and expand into selected key markets to grow earnings.
At the same time, the company would also improve its operations through methods including rationalisation of dealers, and suppliers, besides optimisation of capacity, it added.
MIDF raises FY10 net profit forecast for Proton
Written by Chong Jin Hun
Tuesday, 24 November 2009 09:26
KUALA LUMPUR: MIDF Amanah Investment Bank Bhd has revised upwards its net profit forecast for PROTON HOLDINGS BHD [] by 51% to RM277.3 million in current financial year ending March 2010 (FY10), following the release of Proton's second quarter financials yesterday.
The net profit estimate upgrade, based on Proton's higher sales and earnings before interest and tax margin, also has prompted MIDF to raised its fair value for Proton shares to RM5 from RM4.85 with a Buy call.
"Going forward, we expect sales to be sustainable at the current rate with seasonal softening towards the year end.
"Impact from the new Perodua MPV is not expected to be severe," MIDF analyst Wan Azhar Mustapha wrote in note to clients today.
Wan Azhar said the new target price of RM5 for Proton shares was based on 0.5 times price-to-book ratio and a price-to-earnings ratio of 6.4 times FY10 earnings.
Interest in the stock is expected to pick up in the near term by virtue of speculation that Proton may rope in a strategic partner, according to MIDF.
Written by Chong Jin Hun
Tuesday, 24 November 2009 09:26
KUALA LUMPUR: MIDF Amanah Investment Bank Bhd has revised upwards its net profit forecast for PROTON HOLDINGS BHD [] by 51% to RM277.3 million in current financial year ending March 2010 (FY10), following the release of Proton's second quarter financials yesterday.
The net profit estimate upgrade, based on Proton's higher sales and earnings before interest and tax margin, also has prompted MIDF to raised its fair value for Proton shares to RM5 from RM4.85 with a Buy call.
"Going forward, we expect sales to be sustainable at the current rate with seasonal softening towards the year end.
"Impact from the new Perodua MPV is not expected to be severe," MIDF analyst Wan Azhar Mustapha wrote in note to clients today.
Wan Azhar said the new target price of RM5 for Proton shares was based on 0.5 times price-to-book ratio and a price-to-earnings ratio of 6.4 times FY10 earnings.
Interest in the stock is expected to pick up in the near term by virtue of speculation that Proton may rope in a strategic partner, according to MIDF.
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