KUALA LUMPUR, March 4 — MIDF Research is projecting Perusahaan Otomobil Kedua Sdn Bhd’s (Perodua) total industry volume (TIV) to grow 7.6 per cent year-on-year (y-o-y) to 237,000 units this year, which is slightly more conservative than the carmaker’s own 2021 target.
In a note today, it said Perodua’s 2021 target volume of 240,000 vehicles, which is expected to test its previous record high in 2019, had likely factored in the newly launched compact sport utility vehicle (SUV), Ativa.
“According to the management, Perodua has collected 5,000 bookings since Feb 19 against its target sales of 3000 units per month, potentially making the Ativa Perodua’s fourth largest volume generator,” the research house said.
According to MIDF Research, key beneficiaries of the Ativa launch and Perodua’s strong TIV projection are UMW Holdings Bhd and MBM Resources Bhd, which own 38 per cent and 22.5 per cent stake in Perodua, respectively.
Therefore, the research house reaffirmed its “positive” call on the automotive sector and “buy” call for both UMW Holdings and MBM Resources with unchanged target prices of RM4.30 and RM4.10, respectively.
“MBM’s Perodua’s dealership and parts manufacturing are spillover beneficiaries of Perodua’s TIV growth,” it said.
On Wednesday, Perodua launched the Ativa with prices starting from RM61,500 for variant X on-the-road before insurance in Peninsular Malaysia, RM66,100 for variant H and RM72,000 for the top variant (AV). — Bernama