Sector Update
APM – Fair Value at RM4.70 on 11x FY10 PER
NHF – Fair Value at RM2.52 on 7x FY10 PER
Delloyd – Fair Value at RM3.48 on 7x FY10 PER
- The revised NAP policy and the AFTA agreement which came into full effect early this year are expected to open up more opportunities for the local autoparts companies.
- APM is still highly dependent on local OEM as 79% of their revenue comes from the local OEM and replacement (REM) markets. The company however sees a brighter year ahead as its sister company Tan Chong expands into smaller-engine segment and into Indochina.
RHB Equity 360° - 11 June 2010 (Motor, Telecom, 10MP; Technical: HSL)
No comments:
Post a Comment