Much Developments At TCM, But Challenges Persits
Much Developments At TCM, But Challenges Persits
According to MIDF Research (MIDF) in a note today (Sept 4), although TCM is not the distributor of this model, the production is expected to increase plant utilisation from below 30% to over 50%, solely due to this single model.Tan Chong Motor Holdings Berhad (TCM) is gearing up to launch an all-new e-POWER model in the fourth quarter of 2024.
新創汽車控股有限公司（TCM）正準備在2024年第四季度推出全新的e-POWER車型。
This model, expected to enter the B-segment SUV category as a completely built unit (CBU), is anticipated to be competitively priced, with hopes of driving significant sales growth.
該車型預計將作爲整車單元（CBU）進入b級SUV類別，預計其價格將具有競爭力，有望推動銷量大幅增長。
Additionally, Warisan Tan Chong Automotif (WTCA), a subsidiary of TCM, has commenced local production (CKD) of the GAC GS3 Emzoom at its Segambut plant.
此外，TcM的子公司Warisan Tan Chong Automotif（WTCA）已開始在其賽甘布工廠本地生產廣汽GS3 Emzoom（CKD）。
According to MIDF Research (MIDF) in a note today (Sept 4), although TCM is not the distributor of this model, the production is expected to increase plant utilisation from below 30% to over 50%, solely due to this single model.
根據MIDF Research（MIDF）在今天（9月4日）的一份報告中稱，儘管TcM不是該車型的分銷商，但預計該生產將使工廠利用率從30％以下提高到50％以上，這完全歸因於這種單一模型。
While in Vietnam, TCM recently introduced the GAC GS8 (E-segment SUV) and M8 (MPV) in August 2024, generating over USD 1.0 million in bookings from a single-day event, although this translates to fewer than 15 units.
在越南，TcM最近於2024年8月推出了廣汽GS8（E級SUV）和M8（MPV），單日活動的預訂量超過1億美元，儘管這意味着不到15輛。
The Group is also planning to launch a new C-segment MPV in October 2024, which is expected to be a significant volume driver in the market. TCM aims to convert this model to local production (CKD) by the fourth quarter of FY2025, which could serve as a catalyst for a turnaround in the Vietnamese market.
該集團還計劃在2024年10月推出一款新的C級MPV，預計這將成爲市場銷量的重要推動力。TcM 的目標是在 FY2025 第四季度之前將這種模式轉化爲本地生產（CKD），這可能成爲越南市場轉型的催化劑。
MIDF also noted that while sales of TQ Wuling N300P light trucks and Euro 5 King Long buses have been slower than expected, they are gradually picking up, improving plant utilisation.
MIDF還指出，儘管TQ Wuling N300P 輕型卡車和歐 5 King Long 客車的銷量低於預期，但它們正在逐漸回升，提高了工廠利用率。
TCM's operations in Myanmar have been limited by inventory constraints and import restrictions since October 2021. Despite these challenges, the company reported a small profit in July 2024, driven by improved sales and production.
自2021年10月以來，中藥在緬甸的業務一直受到庫存限制和進口限制的限制。儘管面臨這些挑戰，但該公司報告稱，受銷售和產量改善的推動，該公司在2024年7月實現了小額利潤。
In other markets, stock supply issues have persisted, with the Nissan Navara only recently becoming available in Cambodia. However, the Nissan X-Trail has gained traction in Laos due to its competitive pricing, contributing to better performance in the third quarter of FY2024.
在其他市場，股票供應問題仍然存在，日產Navara直到最近才在柬埔寨上市。但是，由於其具有競爭力的價格，日產X-Trail在老撾獲得了關注，這有助於改善 FY2024 第三季度的表現。
Despite these developments, MIDF said they opted to maintain a 'Neutral' rating on TCM's stock, with no changes to its earnings estimates or target price, which remains at RM0.77, based on a forecasted price-to-book value (P/BV) of 0.20x for FY2025.
儘管取得了這些進展，但MIDF表示，他們選擇維持對TCM股票的 「中性」 評級，其收益預期或目標價格保持不變。根據 FY2025 0.20倍的預計賬面價值（P/BV），目標價格仍爲0.77令吉。
While the recent appreciation of the US dollar against the Malaysian ringgit (USDMYR) may provide some support, TCM expects the Malaysian market to remain challenging due to intense competition.
儘管最近美元兌馬來西亞林吉特（USDMYR）的升值可能提供一些支撐，但TcM預計，由於激烈的競爭，馬來西亞市場仍將充滿挑戰。
譯文內容由第三人軟體翻譯。
