PETALING JAYA: Proton took the lead in the local automotive sector, with its sales volume increasing 87% year-on-year (yoy) and 9% month-on-month (mom), according to Affin Hwang Capital.
“Judging from strong bookings for the facelifted Saga and popular demand for the X70, Proton is poised to achieve its 2019 sales target of 100,000 units, we believe,” it said in a report.
Proton’s cumulative 10-month (10M 19) sales volume of 79,000 units (+46%) has already exceeded its annual sales volume over the past three years.
The research house said Proton has solidified its grip in second place in Malaysia’s automotive market as its 10M19 market share stood at 16% against Honda’s share of 14.4%.
Perodua also reported a commendable sales volume of 22,800 units (+17% yoy; +34% mom), driven by strong demand for Perodua key models (Myvi, Axia and Aruz).
“We learnt that Perodua has delivered over 10,400 units of the facelifted Axia from the accumulated 20,000 bookings received since the launch in mid-October,” said Affin Hwang.
The research house noted that the national car makers saw their sales grow 31% yoy to 32,300 units, while non-national car players registered a 5% yoy decline to 21,600 units.
“Sequentially, most key brands saw higher monthly sales growth in October 2019, except BMW/MINI, which bucked the trend,” it said.
As a result of the stronger demand for local cars, the Japanese car sales volume continued to slump yoy in 10M19 – Toyota (-6%), Honda (-18%), Nissan (-34%) and Mazda (-22%).
The premium segment also saw lacklustre performance in the period, as BMW/Mini and Mercedes-Benz 10M19 sales volume fell 17% and 25% respectively.
Overall, Affin Hwang said the 10M19 sales volume of 496,900 units is within its expectations, accounting for 83% of the forecast for 2019.
It is maintaining a neutral stance on the sector, with MBM Resources being the top pick due to its appealing valuation.
source https://www.thesundaily.my/business/proton-takes-pole-position-in-october-car-sales-DG1679599
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