【TCHONG 4405 交流专区】陈唱摩托

icy97

券商下砍陈唱摩多至“减持”评级 2016至2018财年每股盈利调降高达127%
By Sangeetha Amarthalingam  / theedgemarkets.com   | August 22, 2016 : 1:30 PM MYT

（吉隆坡22日讯）联昌国际投资银行研究将陈唱摩多（Tan Chong Motor Holdings Bhd）的评级从“守住”下砍至“减持”，目标价调降至1.65令吉，2016至2018财政年每股盈利也大幅下调82%至127%，归因于销量走低和销售成本企高。

联昌国际投行研究分析员Mohd Shanaz Noor Azam表示，由于库存成本企高，陈唱摩多的盈利赚幅料将受到冲击，其现财年其余季度的营运环境越显艰巨。

此外，汽车销量也受到今年4月调涨车价的影响。日产（Nissan）销量按季下滑4%，而2016财年上半年销量则跌挫9%。

他透露：“鉴于日产到2018年为止都没有推出新车款，日产或不敌不断推出新车款的竞争对手。”

Mohd Shanaz表示，陈唱摩多2016财年次季（截至2016年6月30日）的核心净利，低于该联昌国际投行研究及其他券商的全年预测1280万令吉和1960万令吉。

“剔除外汇收益和衍生产品收益后，该集团次季蒙亏3360万令吉，上半年净亏累积至4830万令吉。陈唱摩多盈利赚幅一直受到外汇波动的影响，导致库存成本企高。”

陈唱摩多上周五（8月19日）向大马交易所报备，2016财年次季蒙亏1458万令吉，同期净赚1416万令吉。

此外，该集团营运业务的利息、税务、折旧与摊销前盈利（EBITDA）也跟着走高。

这家日产品牌汽车分销商的次季业绩按年增长8.7%至13亿7000万令吉，同期录得12亿6000万令吉。

与此同时，该集团宣布，在截至2016年12月31日的财年派发每股1仙的单层中期股息，定于9月29日派息。

“就大马汽车市场而言，我们偏好成功汽车（Berjaya Auto Bhd），因为马自达（Mazda）可继续保持销量增长，加上菲律宾子公司或上市。

（编译：倪嫣鴽）

icy97

icy97 发表于 28-4-2016 05:48 PM
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5071169

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	PROPOSED DISPOSAL OF ASSETS BY TC ALUMINIUM CASTINGS SDN BHD TO APM THERMAL SYSTEMS SDN BHD
Reference is made to our announcement dated 27 April 2016 in relation to the proposed disposal (“Proposed Disposal”) of assets by TC Aluminium Castings Sdn Bhd (“TCAC”) (an indirect wholly-owned subsidiary of Tan Chong Motor Holdings Berhad) to APM Thermal Systems Sdn Bhd (a wholly-owned subsidiary of APM Automotive Holdings Berhad) for a total cash consideration of RM5,701,318/- which is subject to price adjustment (“Proposed Disposal Price”) and conditional upon the fulfilment of the conditions precedent (“Conditions Precedent”) as mentioned in the abovesaid announcement. Unless otherwise stated, the abbreviations used in this announcement shall have the same meanings as defined in the said announcement. The Board of Directors of Tan Chong Motor Holdings Berhad (“TCMH” or “the Company”) wishes to inform that all Conditions Precedent have been fulfilled and the Proposed Disposal Price was adjusted and agreed at RM5,643,083.81; and as such the Proposed Disposal has been completed on 6 September 2016. This announcement is dated 6 September 2016.

icy97

陈唱摩多拟进军柬埔寨

2016年11月11日
（金边10日讯）陈唱摩多（TCHONG，4405，主板消费产品股）计划在柬埔寨投资，以设立日产汽车（Nissan）装配和零件制造厂。

根据柬埔寨《星洲日报》报道，陈唱摩多集团董事长陈兴洲，日前到总理府拜会洪森总理，并向该国领导人公布其在柬埔寨的投资计划书。

陈兴洲说，陈唱摩多集团是一家历史悠久的公司，拥有60年汽车装配经验，以及45年汽车零件生产经验。

他说，目前该集团在马来西亚、越南和缅甸皆有装配厂。

他希望洪森总理支持该集团在柬埔寨设立汽车装配厂和零件制造厂投资计划。

洪森对上述计划表示支持，认为一旦装配厂投运，将能对柬埔寨工业发展作出贡献。

他建议陈唱摩多集团利用柬埔寨为生产基地，以便装配日产汽车及生产零件，然后出口至东盟市场。【e南洋】

icy97

Date of change	28 Nov 2016
Name	DATO' KHOR SWEE WAH @ KOH BEE LENG
Age	68
Gender	Female
Nationality	Malaysia
Designation	Executive Director
Directorate	Executive
Type of change	Others
Description	Change in Corporate Title
Qualifications	Dato' Khor Swee Wah @ Koh Bee Leng (also known as Dato' Rosie Tan) graduated from the University of Newcastle, New South Wales, Australia with a Bachelor of Commerce (Accounting) degree in year 1970.
Working experience and occupation	Dato' Rosie Tan began her career in the Treasury Department of Tan Chong Group after her graduation in 1970 and was subsequently appointed as Deputy Managing Director of Tan Chong & Sons Motor Company Sdn Bhd on 10 January 2004. During her over 40 years stint in the Group, she managed the multi-currency exposure of the Group and introduced the use of various innovative hedging products as part of her effort in minimizing cost for the Group; set up the Group's Treasury Department and Human Resources Division; and transformed a manual and traditional organisation into IT process driven operations.Dato' Rosie Tan was appointed to the Board as Executive Director on 22 March 2013. Her corporate title was changed to Executive Vice President on 1 January 2015 and has now been changed to Group Senior Executive Vice President effective 28 November 2016.Dato' Rosie Tan leads an active life within and outside her profession. Over the years, she has established a name for herself in the Malaysian society for her involvement as the Honorary Treasurer (1994 - 1999) and Honorary Trustee (1999 - 2003) of the Malaysian AIDS Foundation. She is also a Trustee of the Pink Triangle Foundation, a non-profit organisation providing HIV AIDS Education to the Malaysian society.
Family relationship with any director and/or major shareholder of the listed issuer	Spouse of Dato' Tan Heng Chew, the President and a major shareholder of Tan Chong Motor Holdings Berhad ("TCMH" or "the Company"). Dato' Tan Heng Chew is also a director and shareholder of Tan Chong Consolidated Sdn Bhd, a major shareholder of TCMH.
Any conflict of interests that he/she has with the listed issuer	Dato' Rosie Tan has abstained from deliberating and voting in respect of transactions between TCMH Group and related parties involving herself.
Details of any interest in the securities of the listed issuer or its subsidiaries	Direct interest = 10,137,890 shares (1.553%) Indirect interest = 303,517,202 shares (46.504%)##Interests of spouse and children by virtue of Section 134(12)(c) of the Companies Act, 1965.

Remarks :

With effect from 28 November 2016, the corporate title of Dato' Rosie Tan in the Company has been changed from Executive Vice President to Group Senior Executive Vice President. The change in corporate title does not affect Dato' Rosie Tan's capacity as an Executive Director of the Company.

icy97

第三季汽车业务表现逊色
陈唱摩多亏450万

2016年11月29日
（吉隆坡29日讯）陈唱摩多（TCHONG，4405，主板消费产品股）截至9月秒第三季，净亏450万1000令吉，或每股净亏0.69仙，主要是受到汽车业务表现逊色的拖累。

上财年同季净赚2918万1000令吉，或每股净赚4.47仙。

营业额按年微升1.82%，从上财年同季的13亿7360万令吉，增加至13亿9863万令吉；主要归功于较佳的销售组合、贷款发放较高，及净汇兑收益提高。

累计首9个月，陈唱摩多净亏5629万6000令吉或8.63仙，上财年同季则净赚6968万8000令吉或每股10.68仙；营业额则微扬0.75%，达42亿3777万令吉。

展望未来，由于消费者情绪谨慎，以及国内和全球经济前景疲弱，料大马汽车领域仍然面对挑战。

外汇市场波动和令吉疲软，打击本地组装汽车（CKD）的成本，利润赚幅继续承受压力。

陈唱摩多在短期内，将继续改善和加强销售及营销活动，以在竞争环境中维持销售。

按季改善财测上修

马银行投行分析员表示，虽然陈唱摩多仍蒙亏，但按季却持续获得改善。

在更好的销售组合，及越南岘港（Danang）厂房使用率提高之际，陈唱摩多第三季核心净亏按季收窄30%。

“马银行投行把2016和2017财年核心净亏损预测，降低31%及40%，现在预计2018财年将转亏为盈。

“不过，我们相信，疲弱的国内汽车销售及令吉走势，将会持续限制陈唱摩多的复苏步伐。”



令吉疲弱挑战最大

另外，虽然陈唱摩多存货高达18亿令吉，但马银行投行分析员认为，这庞大的存货让陈唱摩多无需在令吉兑美元贬值情况下购买进口配件，反而可扶持未来5至6个月的销售。

“不过，若是令吉持续低迷或进一步贬值，明年首季将再度扩大亏损。”

同时，肯纳格投行分析员亦指，由于令吉兑美元贬值，持续对陈唱摩多的商业模式造成冲击，所以未来展望仍充满挑战。

“虽然该集团能够通过调高售价维持营业额，或抵销部分外汇影响，但我们认为，集团更需要做的是改善销售前景，这是因为直至2018年将缺乏新推款式。”

整体而言，分析员相信目前的窘境，将会继续让整个汽车市场面对挑战。

在短期内缺乏上修催化剂之际，分析员维持该股“落后大市”投资评级，目标价为1.66令吉。

同时，马银行投行分析员则指，该股下行风险有限，但却未见到进一步调高估值的推动因素，所以目前维持“守住”投资评级。【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2016	30 Sep 2015	30 Sep 2016	30 Sep 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	1,398,629	1,373,595	4,237,768	4,206,323
2	Profit/(loss) before tax	-6,272	37,654	-54,499	104,280
3	Profit/(loss) for the period	-4,612	27,994	-58,379	66,860
4	Profit/(loss) attributable to ordinary equity holders of the parent	-4,501	29,181	-56,296	69,688
5	Basic earnings/(loss) per share (Subunit)	-0.69	4.47	-8.63	10.68
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	1.00	2.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	4.1400		4.2800

icy97

末季业绩恐更糟．陈唱摩多后年方露曙光

（吉隆坡29日讯）陈唱摩多（TCHONG，4405，主板消费品组）第三季低于预期，分析员预见，第四季业绩将被竞争、销售走疲及马币贬值压缩，未来获利面临挑战，仅有望在2018财政年转亏为盈。

2018财政年才有望转盈

丰隆研究预见，市场因主要竞争对手推出各种新车款而非常竞争，加上马币对美元走疲至2017年料导致进口成本走高，促使该公司销售及利润疲弱状况持续至第四季。

MIDF研究认为，该公司第三季业绩虽然因美元走疲而亏损收窄，但第四季表现却因马币走疲、同侪推出新车款及折扣优惠而变得更糟。

第三季马币兑美元平均率问4.01，但第四季平均率已增至4.05，目前美元现货为过去10年最强，走强至4.47。

马银行研究表示，第三季业绩虽然还蒙亏，但已按季改善，故减少2016/2017财政年核心亏损预测31至40%，看好2018财政年有望转亏为盈。

竞争加剧
马币疲弱抑制复苏

不过，马银行研究认为该公司还未走过低潮期，虽然高库存（18亿令吉）足以供应5至6个月的销售，无需在美元走强期间进口零件，但本地汽车销售惨淡及马币疲弱利空将继续抑制该公司复苏，若马币继续贬值，亏损将扩大至2017年第一季以后。

艾毕斯究研指出，为应对竞争者推出的新车款，该公司必须承担大量营销成本，尤其是今年初调涨日产汽车售价后，导致过去9个月面临高成本压力。

艾毕斯对该公司未来盈利展望谨慎，预见积极推广的营销开销将继续压缩利润，但仅微幅提振第四季汽车销售，因其他业者竞争加剧，将对该公司市占率形成挑战，因此下调2016财政年净利预测，从520万净利调降至5810万令吉净亏损，并预见无迅速复苏迹象。另外，为纳入利润低于预期状况，也下调2017财政年盈利预测69%。



文章来源：
星洲日报‧财经‧报道：郭晓芳‧2016.11.29

icy97

陈唱摩多泰国设子公司

2017年1月21日
（吉隆坡20日讯）陈唱摩多（TCHONG，4405，主板消费产品股）宣布，在泰国设立一家独资子公司，名为陈唱湄公（Tan Chong Mekong）贸易有限公司。

陈唱摩多向马交所报备，陈唱湄公贸易将作为国际贸易中心，为当地批发贸易和出口业务，从事采购汽车相关领域物品，包括原材料、零件以及配件。

陈唱摩多指出，该子公司注册资本为1亿泰铢（约1300万令吉），每股100泰铢（约12.6令吉），共有100万股。目前，母公司已缴足每股25泰铢（约3.15令吉）资本。【e南洋】

icy97

陈唱摩多末季净利挫74%

2017年3月1日
（吉隆坡28日讯）陈唱摩多（TChong，4405，主板消费产品股）截至去年12月杪末季，净利从517万7000令吉，按年锐减73.87%，至135万3000令吉或每股0.21仙。

陈昌摩多今日向马交所报备，末季营业额也按年减15.72%，从15亿1033万1000令吉，减至12亿7297万2000令吉。

全年亏5494万

合计全年，净亏5494万3000令吉；营业额则按年跌3.6%，录得55亿1074万令吉。

全年营业额减少，主要因为消费者情绪疲软，拖累业务表现失色。其中，汽车业务和其他业务营业额，分别按年下跌3.8%和13.64%。

至于金融服务业务，营业额却按年走高16.4%，报6590万令吉，归功于汽车贷款业务较高。

展望今年，由于消费者情绪不佳，加上在目前经济状况下，融资审批持续严谨，陈昌摩多因而预测，本地汽车行业将受到牵制。【e南洋】

icy97

Type	Announcement
Subject	OTHERS
Description	Valuation of Non-Current Assets
1.   INTRODUCTION Pursuant to Paragraph 9.19(46) and Part H of Appendix 9A of the Main Market Listing Requirements, the Board of Directors of Tan Chong Motor Holdings Berhad (“TCMH” or “the Company”) wishes to announce that the Company has carried out a revaluation exercise on the Company’s and its subsidiaries’ (“the Group”) property, plant and equipment and investment properties which consist of buildings, leasehold land and freehold land situated in Malaysia, Vietnam and Laos (“Properties”). The Board of Directors of TCMH had on 28 February 2017 approved the incorporation of the revaluation surplus, net of deferred tax, of RM173.4 million in the consolidated financial statements of TCMH for the financial year ended 31 December 2016. 2.   PURPOSE OF REVALUATION The purpose of the revaluation is to reflect the fair value of the Properties in compliance with the Malaysian Financial Reporting Standard (“MFRS”) 116: Property, Plant and Equipment and MFRS 140: Investment Property. 3.   REVALUATION SURPLUS, NAME OF VALUERS, DATE OF VALUATION AND VALUATION ON PROPERTIES BY VALUERS The valuation of the properties situated in Malaysia were conducted by Rahim & Co Chartered Surveyors Sdn. Bhd., whilst the valuation of properties situated in Vietnam and Laos were conducted by Agency for Real Estate Affairs.   Please refer to Appendix A for the details. 4.   EFFECT OF THE REVALUATION SURPLUS ON NET ASSETS PER SHARE The recognition of the revaluation surplus, net of deferred tax, of RM173.4 million has resulted in an increase in the net assets per share of TCMH Group by RM0.26 as at 31 December 2016. 5.   DOCUMENTS FOR INSPECTION The valuation reports of the Properties are available for inspection at the registered office of TCMH at 62-68, Jalan Sultan Azlan Shah, 51200 Kuala Lumpur, during normal business hours for a period of three (3) months from the date of this announcement. This announcement is dated 28 February 2017.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5352429

Attachments Appendix A - Revaluation of properties.pdf

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2016	31 Dec 2015	31 Dec 2016	31 Dec 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	1,272,972	1,510,331	5,510,740	5,716,654
2	Profit/(loss) before tax	11,419	10,972	-43,080	115,252
3	Profit/(loss) for the period	-655	3,042	-59,034	69,902
4	Profit/(loss) attributable to ordinary equity holders of the parent	1,353	5,177	-54,943	74,865
5	Basic earnings/(loss) per share (Subunit)	0.21	0.79	-8.42	11.47
6	Proposed/Declared dividend per share (Subunit)	1.00	3.00	2.00	5.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	4.4000		4.2800

icy97

陈唱摩多
短期展望谨慎

2017年3月3日

分析：JF APEX证券行
目标价：1.76令吉

最新进展:

陈唱摩多（TCHONG，4405，主板消费产品股）截至去年12月杪末季，净利从517万7000令吉，按年锐减73.87%，至135万3000令吉或每股0.21仙。

末季营业额也按年减15.72%，至12亿7297万2000令吉。

合计全年，净亏5494万3000令吉；营业额则按年跌3.6%，报55亿1074万令吉。

行家建议:

陈唱摩多2016财年全年净亏5490万令吉，符合我们预测净亏5810万令吉，不过，比市场预期净亏6250万令吉的要好一些。

预计汽车销售会温和复苏，加上令吉今年下半年回稳，会增加公司赚幅，我们提高2017财年净利预测，从1800万令吉调高至1970万令吉，涨幅为9.4%.

寄望汽车销售恢复元气及令吉回稳，我们预计陈唱摩多2018财年净赚2930万令吉。

我们对陈唱摩多短期净利持谨慎态度，主要是因为目前的不利因素，包括：

1.不利的外汇因素，因约85%的进口是以美元计算，剩余则以日元计算。

2.贷款审批严谨。

3.未推出新车款。

4.生活成本上涨，导致目前大件物品的消费情绪疲弱。



【e南洋】



未决定推新车款．陈唱赚幅恐续萎缩
2017-03-03 17:53
http://www.sinchew.com.my/node/1620102/

icy97

报道：陈唱摩多扩大缅甸立足点 放眼新车市场20%市占率
By Adela Megan Willy  / theedgemarkets.com   | March 17, 2017 : 2:06 PM MYT

（吉隆坡17日讯）陈唱摩多（Tan Chong Motor Holdings Bhd）正扩大缅甸的立足点，冀在2020年将其经销网络扩大至15家。

《日经亚洲评论》（Nikkei Asian Review）一则新闻引述陈唱摩多的一名公司内部人员报道，陈唱摩多在仰光（Yangon）和缅甸其他地方皆经营3家日产（Nissan）经销店，目标是于一年内在缅甸全国各地，包括南部勃生（Pathein）设立两家经销店。

据悉，这家汽车集团正放眼缅甸新车市场的20%市占率，因为二手车转用新车料推动新车销售增长。

此外，缅甸政府今年正加强新车进口政策，这将限制进口左驾车款的新车，从而遏制主要从日本购买二手车（右驾车款）的做法。

由于以美元计价的进口车需求颇高，这项禁令也用以限制缅元（kyat）兑美元走贬的情况。

陈唱摩多2013年在缅甸开始销售日产汽车。日产汽车有限公司（Nissan Motor Co Ltd）在2月17日宣布，将在今年首次与陈唱摩多合作开始组装汽车。

日产在该公司的网站上表示：“在缅甸勃固（Bago）区的新制造厂房计划进展顺利。”

该集团目前提供日产和雷诺（Renault）车型，在大马更有两家组装厂，每年产量合共为10万辆轿车。

（编译：倪嫣鴽）

icy97

TAN CHONG MOTOR HOLDINGS BERHAD

EX-date	30 May 2017
Entitlement date	01 Jun 2017
Entitlement time	04:00 PM
Entitlement subject	Final Dividend
Entitlement description	Final Single Tier Dividend of 1 sen per share
Period of interest payment	to
Financial Year End	31 Dec 2016
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHDUnit 32-01, Level 32, Tower A,Vertical Business Suite, Avenue 3, Bangsar South,No. 8, Jalan Kerinchi59200 Kuala LumpurTel:+603-27839299Fax:+603-27839222
Payment date	21 Jun 2017
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	01 Jun 2017
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit	30 May 2017
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.01
Par Value	Malaysian Ringgit (MYR) 0.000

icy97

新车销量疲弱
陈唱首季亏3532万

2017年5月5日
（吉隆坡4日讯）基于新车的需求疲弱，拖累陈唱摩多（TChong，4405，主板消费产品股）截至3月杪首季，净亏3532万2000令吉，上财年同期净亏3720万8000令吉。

陈唱摩多今日向交易所报备，末季营业额按年下跌29.67%，从14亿1578万3000令吉，降低至9亿9565万2000令吉。

汽车业务营收跌30%

汽车业务的营业额，按年下跌30.2%至9亿7660万令吉，归咎于整体消费者需求疲弱，导致扣除利息、税务、折旧与摊销前盈利（EBITDA），也按年跌21.03%至1060万令吉。

由于汽车贷款业务增加及收益率走高，激励金融服务业务的营业额，按年涨21.6%至1680万令吉；该业务的扣除利息、税务、折旧与摊销前盈利，也按年大涨1.02倍至650万令吉。

在现有的经济环境，融资审批准则严谨，陈唱摩多董事部相信，本地汽车领域依然充满挑战，因为消费者需求依然疲弱。

该公司将继续确保财务状况永续，加强销售及营销活动，以维持在我国的竞争力。【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2017	31 Mar 2016	31 Mar 2017	31 Mar 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	995,652	1,415,783	995,652	1,415,783
2	Profit/(loss) before tax	-35,543	-36,744	-35,543	-36,744
3	Profit/(loss) for the period	-37,460	-38,433	-37,460	-38,433
4	Profit/(loss) attributable to ordinary equity holders of the parent	-35,322	-37,208	-35,322	-37,208
5	Basic earnings/(loss) per share (Subunit)	-5.41	-5.70	-5.41	-5.70
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	4.3600		4.4000

icy97

陈唱摩多
利空打压财测

2017年5月6日

分析:肯纳格研究
目标价：1.80令吉

最新进展:

基于新车的需求疲弱，拖累陈唱摩多（TCHONG，4405，主板消费产品股）截至3月杪首季按年亏损亏损，至3532万令吉；营业额按年下跌29.7%，萎缩至9亿9565万令吉。

汽车业务营业额年跌30%至9亿7660万令吉，归咎于需求疲弱。

不过，鉴于汽车贷款业务增加及收益率走高，金融服务业务营业额，年涨22%至1680万令吉。

行家建议:

首季表现逊色，归咎于汽车销量表现低于预期，导致该季净利落后我们和市场的预测。

我们也看到近期令吉兑美元和日元汇率走强，但这不足以抵消陈唱摩多面对的其他不利因素。

虽然该公司能通过涨价来维持营业额和抵消外汇冲击，不过，在2018年杪前缺乏新车款，因此更需提升销售表现保住市场。

由于进口成本高涨，加上汽车销量低，我们下调该公司的赚幅，削减今明两年净利预测，分别为1.9倍和57.5%。

其他不利因素包括生活成本提高，造成消费欲望减少；汽车贷款条例收紧、市场竞争加剧，以及促销活动增加营运成本。

维持对陈唱摩多的“落后大市”投资评级，下砍目标价至1.80令吉。



【e南洋】

icy97

保护柬埔寨日产经销权
陈唱摩多向成田索偿1.4亿

2017年5月17日
（吉隆坡16日讯）陈唱摩多（TCHONG，4405，主板消费产品股）向柬埔寨成田汽车护理中心（Narita Motorcare，简称成田汽车）及两名代表，提出反诉讼及反索赔3300万美元（约1亿4190万令吉）。

该公司昨日向交易所报备，独资子公司ETCM（C）私人有限公司及陈唱摩多（柬埔寨）私人有限公司的律师，于上周二（9日）提出动议，向成田、隆纳乐及碧索柯三方提出反诉讼及反索赔。

此外，也要求这三方撤销早前的索赔。

陈唱摩多向马交所报备，该公司在2010年，透过ETCM（C）私人有限公司获得日产汽车公司独家经销权，在柬埔寨经销整装进口（CBU）的日产汽车。

这个安排，也促使ETCM（C）取代了丹麦公司Kjaer集团的日产汽车经销权。

值得注意的是，Kjaer集团曾经把非独家经销权，颁授给成田汽车。

接着，陈唱摩多另外一家独资子公司——陈唱摩多（柬埔寨）私人有限公司，也被委任为柬埔寨日产汽车的经销商，包括了有权委任所有日产汽车在当地的分销商。

同时，陈唱摩多也和成田汽车洽谈，委任后者为金边日产汽车非独家经销商，然而，成田汽车却指，该公司向来获得Kjaer集团的独家授权，在柬埔寨独家经销所有日产汽车，也包括进口日产汽车到柬埔寨。

ETCM（C）与成田汽车的洽谈延宕多年，直到后者向法庭提出“保全救济令”（Preservative Relief Order），然而，陈唱摩多指出，上诉庭在2016年9月12日判决“保全救济令”无效。

然而，成田汽车、隆纳乐及碧索柯三方，却意外地起诉ETCM（C）陈唱摩多（柬埔寨），并要求赔偿655万美元（2816.5万了）给陈唱摩多（柬埔寨），以及个别赔偿20万美元（86万令吉）给隆纳乐及碧索柯。

作为回应，ETCM（C）陈唱摩多（柬埔寨）便一同发起反诉讼和反索赔。

陈唱摩多的律师认为，公司拥有充分的辩护理由。

然而，该公司也提出，若EETCM（C）陈唱摩多（柬埔寨）败诉，公司有能力履行赔偿，且不会影响柬埔寨业务，但陈唱摩多的净每股资产将会减少4.6仙。【e南洋】

Type	Announcement
Subject	MATERIAL LITIGATION
Description	Motion to Correct Counter Claim from Narita Motorcare (Cambodia) Co. Ltd and Others
Tan Chong Motor Holdings Berhad (“TCMH” or “Company”) wishes to announce that ETCM (C) Pty Ltd (“ETCM (C)”) and Tan Chong Motor (Cambodia) Pty Ltd (“TCMC”), both wholly-owned subsidiaries of TCMH, had on 9 May 2017 via their solicitors filed a defence on a Motion to Add and Correct Complaint against Narita Motorcare (Cambodia) Co. Ltd (“Narita”), Mr Long Narith and Mrs Pich Sokhom, the representatives of Narita. Background As announced by the Company on 11 March 2010, ETCM (C) had, on the same day, entered into a Distribution Agreement with Nissan Motor Co. Ltd (“Nissan”) in respect of the sole and exclusive right to distribute Nissan completely built up vehicles in Cambodia. ETCM (C) took over the Nissan distributorship from the then distributor, Kjaer Group based in Denmark and who had appointed Narita as its non-exclusive dealer for Nissan vehicles in Cambodia.   Following this, TCMC is appointed to undertake the distribution of the Nissan vehicles in Cambodia including the right to appoint dealers to sell the Nissan vehicles. ETCM (C) then went into negotiation with Narita with a view to appoint Narita as a non-exclusive dealer in Phnom Penh, Cambodia. Narita however contended that in practice, they have always been allowed by Kjaer Group to play the role of sole distributor of Nissan vehicles in the whole of Cambodia with a right, amongst others, to import Nissan vehicles into Cambodia. The negotiation has gone on for years when Narita filed a motion for a Preservative Relief Order in July 2015 for the protection of its purported sole distributorship status (“2015 Preservative Relief Order”). On 12 September 2016, the Court of Appeal on an Appeal Motion by ETCM (C) and TCMC, made the ruling in the favour of ETCM (C) and TCMC. The Ministry of Commerce of Cambodia had also via its letter dated 23 December 2015 recognised the exclusive rights of TCMC to distribute Nissan vehicles in Cambodia. Motion to Add and Correct Complaint On 26 April 2017, Narita, Mr Long Narith and Mrs Pich Sokhom had unexpectedly filed a Motion to Add and Correct Complaint and a counter complaint to, amongst others, order ETCM (C) and TCMC to pay damages and compensation of USD6,550,000 to Narita, USD200,000 each to Mr Long Narith and Mrs Pich Sokhom. Status On 9 May 2017, ETCM (C) and TCMC, through their solicitors, have jointly filed a 3rd Motion to Correct the Counter Complaint, amongst others, requesting to: dismiss all claims of Narita, Mr Long Narith and Mrs Pich Sokhom; confirm the non-existence of the agreement between Narita and ETCM (C) and TCMC; order Narita, Mr Long Narith and Mrs Pich Sokhom to pay ETCM (C) and TCMC damages totalling approximately USD33,000,000 for actual losses and emotional damages which have been caused by the rulings arising from the 2015 Preservative Relief Order. Financial and Operational Impact Based on the advice of the solicitors, ETCM (C) and TCMC are of the view that they have a legitimate defence against the claims. Should ETCM (C) and TCMC fail in their contestation of the claims, TCMH is of the opinion that the Group is able to fulfill the commitment to the abovementioned claims. The net asset per share of the Gorup will be reduced by 4.6 sen. There is no impact to ETCM (C) and TCMC’s business operation in Cambodia. Other than the above, TCMH is of the opinion that the claims have no other significant financial impact to the Group for the current financial year. Further announcements will be made from time to time in respect of any material developments on this matter. This announcement is dated 15 May 2017.

icy97

陈唱摩多展望砍至负面
RAM:料再亏1年

2017年7月8日
（吉隆坡8日讯）因营运情况充满挑战，大马评估机构（RAM）下调陈唱摩多（TCHONG，4405，主板消费产品股）长期展望的评级至“负面”，并预测至少还会亏损一年。

该机构发表文告指，在未来2至3年，营运艰辛将阻挠公司复苏。

无论如何，该机构重申公司短期债券的“P1”评级，以及企业信贷的“A1”评级。

机构认为，汽车领域竞争激烈、消费者情绪低迷，加上银行放贷严谨，日产汽车的销量在2016财年下跌13.8%，今年首季销售量更是暴跌44.4%。

在2016财年，公司的负债增至18.1亿令吉，相等于0.63倍的负债率。

资不抵债

另外，公司的资金流动也疲弱，截至今年3月，相对于10.5亿令吉的短期负债，公司只持有2亿6420万令吉现金。

RAM消费与工业评级主管林凯文（译音）预计，陈唱摩多的亏损情况至少多持续1年。

“但明年后，公司将会走向复苏，并在2019财年录得重大的改善。”

他解释，令吉中期走势将逐步增强，这将降低公司的成本压力。

该机构指，如果陈唱摩多在未来两2至3年的市占率不见改善、赚幅持续承受压力、负债率上升至超过0.8倍，他们不排除下调公司的评级。

无论如何，该机构认为，陈唱摩多在本地汽车领域仍占据重要地位。他们预计，陈唱摩多的负债情况在未来2年将有望改善。

“我们预计，集团的负债率将在2019财年降低至0.6倍，而债务覆盖率届时将会改善至0.15倍。”

然而，公司将面临几大风险，包括现金流不足、监管政策更改、经济周期，和分销分行不续约。【e南洋】

icy97

陈唱摩多遭欠债公司索2268万

（吉隆坡19日讯）陈唱摩多（TCHONG,4405,主板消费品组）遭拖欠该公司款项的长途巴士公司索偿2267万9425令吉。

陈唱摩多在文告中表示，旗下独资子公司陈唱工业设备公司（TCIE）在8月15日收到Transnasional快车公司、Plusliner公司、SyarikatKenderaan Melayu Kelantan公司（SKMK）、Rembau Tampim公司（SRT）、KonsortiumTransnasional公司（KTB）和MHSB产业私人限公司的庭令申请。

TCIE之前和上述公司达致一系列车辆租赁和服务保养协议，这些公司拖欠该公司3292万令吉租金和服务款项。

TCIE和债主多次洽谈，在2016年7月，债主和KTB同意支付1692万令吉现金和转移MHSB拥有的安邦地段以解决剩余的1600万令吉。

TCIE同时和Nadicorp控股签署买卖协议以1600万令吉收购该地。

但是，债主未准时还债，因此TCIE行使其合约下的权利收回出租车辆。

有关债主因此提出诉讼，阻止TCIE收回和卖出车辆、禁止脱售有关地段和支付2267万9425万令吉，高庭订于8月23日聆审。

文章来源：
星洲日报／财经‧2017.08.19

Type	Announcement
Subject	MATERIAL LITIGATION
Description	Tan Chong Motor Holdings Berhad ("TCMH" or "Company") - Writ of Summons and Statement of Claim by Transnasional Express Sdn Bhd, Plusliner Sdn Bhd, Syarikat Kenderaan Melayu Kelantan Berhad, Syarikat Rembau Tampin Sdn Bhd, Kenderaan Langkasuka Sdn Bhd, Konsortium Transnasional Berhad  and MHSB Properties Sdn Bhd against Tan Chong Industrial Equipment Sdn Bhd in the High Court of Malaya at Kuala Lumpur (Civil Suit No.: WA-22NCvC-404-08/2017)
The Board of Directors of TCMH wishes to announce that Tan Chong Industrial Equipment Sdn. Bhd. (“TCIE”), a wholly owned subsidiary of the Company, had on 15 August 2017 received a sealed Writ of Summons dated 12 August 2017 and Statement of Claim dated 11 August 2017, a sealed copy of a Notice of Application for Injunction dated 12 August 2017 and supporting Affidavit dated 11 August 2017 (“the action”) from the solicitors acting for Transnasional Express Sdn. Bhd. (“Transnasional”), Plusliner Sdn. Bhd. (“Plusliner”), Syarikat Kenderaan Melayu Kelantan Berhad (“SKMK”), Syarikat Rembau Tampin Sdn. Bhd. (“SRT”), Kenderaan Langkasuka Sdn. Bhd. (“Langkasuka”), Konsortium Transnasional Berhad (“KTB”) and MHSB Properties Sdn Bhd (“MHSB”) (collectively known as “Plaintiffs”). Background TCIE had entered into a series of lease agreements with Transnasional, Plusliner and SKMK and a series of service maintenance agreements with Transnasional, Plusliner, SKMK, SRT and Langkasuka  (collectively known as “Debtors”) for the lease and service maintenance of the vehicles. The Debtors were owing to TCIE outstanding rentals and service bills amounting to RM32,920,575.06 (“Debt”). TCIE had negotiated with the Debtors on the settlement of the Debt on many occasions and after lengthy negotiations, the Debtors and KTB had mutually agreed  to enter into a Settlement Agreement with TCIE on 4 July 2016 to settle the same by way of (i) repayment of the amount of RM16,920,575.06 in cash in several instalments; and (ii) transfer of a piece of land held under H.S.(D) 87546, PT No. 7929, Bandar Ampang, Daerah Ulu Langat, Negeri Selangor (“Land”) owned by MHSB to TCIE for the settlement of the balance Debt of RM16,000,000 (“Balance Debt”) (“Settlement Agreement”). Simultaneously with the Settlement Agreement and as settlement of the Balance Debt, TCIE entered into a Sale and Purchase Agreement with MHSB and Nadicorp Holdings Sdn Bhd for the acquisition of the Land at a mutually agreed consideration of RM16,000,000. However, the Debtors had failed to make timely repayments of the Debt in accordance with the Settlement Agreement  hence, TCIE had exercised its contractual rights to repossess the vehicles leased to the Debtors. Claims Pursuant to the action, the Plaintiffs are claiming, amongst others, the following:- (a)          an injunction to restrain TCIE from repossessing and disposing the vehicles the subject of a Settlement Agreement between the Plaintiffs and TCIE until disposal of the action; (b)          an injunction to restrain TCIE from entering into any dealing in relation to the Land and a declaration pertaining to the value of the Land of MHSB  is RM55,600,000.00; (c)           an injunction to restrain TCIE from taking any enforcement action under the Settlement Agreement between the Plaintiffs and TCIE until disposal of the action; (d)          Repayment of compensation from the acquisition of part of the Land; and (e)          Repayment of the sum of RM22,679,424.94. The High Court of Malaya at Kuala Lumpur has fixed the injunction application for hearing on 23 August 2017. TCIE’s solicitors are of the opinion that the action is without any legal basis and TCIE has instructed its solicitors to file an application to strike out the action. Financial and Operational Impact The financial and operational impact of the Writ of Summons and Statement of Claim on TCIE is RM22,679,424.94, being the amount claimed as per the Writ of Summons and Statement of Claim. Should TCIE fail in its opposition of the claim, TCMH is of the opinion that the Group is able to fulfill the commitment to the abovementioned claim and there is no impact to TCIE’s business operations. Other than the above, TCMH is of the opinion that the claim has no other significant financial and operational impact to the Group for the current financial year. Further announcements will be made from time to time in respect of any material developments on this matter. This announcement is dated 18 August 2017.

icy97

索偿诉讼添变数．陈唱短期股价欠动力

（吉隆坡21日讯）陈唱摩多（TCHONG，4405,主板消费品组）遭拖欠该公司款项的长途巴士公司索偿2300万令吉。

陈唱摩多在文告中表示，旗下独资子公司陈唱工业设备公司（TCIE）之前和Konsortium Transnasional公司（KTB）及其数家相关公司达致一系列车辆租赁和服务保养协议，但被拖欠3292万令吉租金和服务款项。

在2016年7月，KTB同意支付1692万令吉现金和转移安邦地段以解决剩余的1600万令吉。

但是，债务人未准时还债，因此TCIE行使其合约下的权利收回出租车辆。债务人因此提出诉讼，阻止TCIE收回和卖出车辆、禁止脱售有关地段、将该土地价值改为5560万令吉和支付2300万令吉，高庭订于8月23日聆审。

分析

MIDF研究表示，陈唱摩多的律师相信此诉讼没有任何法律基础，将申请撤销该诉讼。

在最坏的情况下，若陈唱摩多败诉，将被索偿2300万令吉，净负债比将从54%微增至55%。

目前不确定陈唱摩多是否对被拖欠的3300万令吉或被索偿的2300万令吉作出拨备，前者相等于该公司2017年净亏损8100万令吉的41%。

MIDF对陈唱摩多保持“中和”评级，目标价1令吉90仙。该公司目前股价处于低水平，但短期催化动力不足，尤其是其盈利可见度疲弱和未推出新车款，这次诉讼的不明朗因素可能短期打击股价。

文章来源：
星洲日报‧财经‧2017.08.21

icy97

陈唱摩多次季亏损扩大

2017年8月26日
（吉隆坡25日讯）需求走软，拖累陈唱摩多（TCHONG，4405，主板消费产品股）截至6月杪次季，亏损扩至2299万9000令吉；惟仍建议派息1仙。

同期营业额跌8.7%，报11亿9635万8000令吉。

累计上半年，净亏扩大至5832万1000令吉；营业额萎缩19.6%，报21亿9201万0000令吉。

陈唱摩多向交易所报备，业绩疲软归咎于市场对新车的需求走缓。

由于消费者需求低迷，拖累旗下汽车业务营业额按年挫20%至21亿5340万令吉。扣除利息、税务、折旧与摊销前盈利（EBITDA）也滑落22%至21亿5340万令吉。

市况依旧充满挑战，不利的汇率和国内激烈的竞争，均导致该公司持续面临挑战。

惟陈唱摩多表示，将继续更改销售及营销策略，以扶持销量势头，并专注于效率及营运可以创造现金的业务，以确保财务状况稳定。

另外，区域拓展计划亦仍在轨道上，该公司将通过扩展销路和优化厂房使用率，强化越南及中南半岛的立足点。【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2017	30 Jun 2016	30 Jun 2017	30 Jun 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	1,196,358	1,310,940	2,192,010	2,726,723
2	Profit/(loss) before tax	-22,713	-11,483	-58,256	-48,227
3	Profit/(loss) for the period	-25,997	-15,334	-63,457	-53,767
4	Profit/(loss) attributable to ordinary equity holders of the parent	-22,999	-14,587	-58,321	-51,795
5	Basic earnings/(loss) per share (Subunit)	-3.52	-2.23	-8.94	-7.94
6	Proposed/Declared dividend per share (Subunit)	1.00	1.00	1.00	1.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	4.3200		4.4000