MY : Tan Chong Motor Holdings - Driven by forex gain

1Q21 results were broadly in line with our expectation as we project weaker earnings delivery from 2Q21F onwards due to outstanding BOD settlement. We see a potential recovery in the Malaysian operation’s sales volume offset by weaker contribution from its overseas market. Retain Reduce with RM1.00 TP, still based on 0.23x CY22F P/BV.

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