小资女向前冲（大马股市）

原来Proton 不是政府的了是有多落后啊><

汽车销量增长记录会带动汽车股

Controller

 - Tan Sri Syed Mokhtar Al-Bukhary

Business

- Automotive

- Property development

- Services (Logistic)

Markets 

- Malaysia

- Brunei (not in big way)

- Australia (not in big way)

- Chile (not in big way)

业绩

- 业绩没有什么好讲的，就亏钱

- 从图片可以知道，DRBHCOM的盈利贡献主要来自automotive（Automtive: 71.7%; Services 25%; Property, Assets and cosntruction 2.7%）

- 然而正是这个业务导致DRBHCOM一直亏顺

影响业绩的原因

- lower sales caused by weaker domestic demand  (Automotive)

- Lower completion of AV 8 project (Automotive)

- banking and logistic business (Services)

- Bank borrowing denominated in foreign currency

- 在Prospect 看到，DRBHCOM拥有53.5% Pos Malaysia的股权，主要是要乘上e-commerce 这个趋势。而且Pos Malaysia 也有跟Alibaba 合作，Pos laju好，DRBHCOM一定也跟着好。就算卖掉了Proton,凭着这个业务，未来也应该不会差到那里，但是前提Pos laju要好

- Debt to asset ratio:0.77,，觉得很高下

News

8-10 Feb 2017

- DRBHCOM 拥有51% Proton股权，如果想引入外国策略合作伙伴，政府不会干预

- Proton现在是私有公司，不是政府拥有

- 竞标日期2月15日。DRBHCOM预计今年前半年(finalized by April)会完成寻找Proton 策略伙伴

- DRBHCOM would remain significant stake to make sure Proton is still national carmaker

- The existing plant, annual production capacity is 150,000 and the maximum capacity is to product 1million unit per year. Production capacity decrease is because sales decrease from158,700 to 72,300

- 重组

(以RM1脱售loss-making MASA, which own by EON. And EON is indirectly whollyowned subsidiary of DRBHCOM. It would improve DRBHCOM performance)

(EON 脱售DLSB to EZ-Drive. EZ-Drive 发新股给EON以支付1497万令吉)

(重组计划将使EON能够将租车和租凭业务整合，以实现更高的营运效率和成本节约，为DRBHCOM的未来盈利做出贡献)

*The requirement to collaborate with a well known strategic partner was imposed upon Proton as part of the conditions issued by the Government for its approval of an RM1.5bil soft loan to Proton, in which a bulk of the money would be used to pay its vendors.
Proton 必须找一个有名的策略伙伴作为得到RM1.5billion soft loan的条件

New about bidder

-Geely, which took control of Volvo brands in 2010, has steered the Swedish-based company to achieve new record sales in 2016.

-When Geely bought Volvo from Ford, the Swedish carmaker was a loss-making one.
-PSA, the manufacturer of Peugeot and Citroen, is Europe’s second largest car producer, having sold three million cars in 2016.

Potential bidder

- China's Geely Automobile 

- French carmakers PSA Group

- Renault SA

Benefit of cooperate with foreign strategic partner(FSP)

- Proton能通过新的平台，动力系统和技术恢复活力。提高Proton 产品,技能,产能，研发技术 (help Proton with a new model development, technology transfer, management of development costs, implementation of a more cost effective manufacturing processes, penetration of new markets and revitalise the Proton brand

- Profit may imporve if successfully cooperate with strategic partner, China technology applied in Proton car. Also it may help Proton enter wider Asean market (A better sales for Proton)

- To FSP, able to immediate increase their production capacity through Proton's Tanjung Malim Plant in Proton City. The plant has low utilization rate. Through this production maximization, it would benefit local workforce.

- 这个消息是为Proton找路，所以要知道Proton为DRBHCOM带来了多少损失，如果卖掉Proton/有策略伙伴在，是不是会为DRBHCOM带来一线曙光！？

Benfit from Pos

 - Other than seeking for strategic partner for Proton, DRBHCOM also gain more portion of POS Malaysia, from 30++% to 51++%. 

- There is a news whereby POS plans to provide logistic service for Alibaba, thorugh this planning, the process will bypass the middle, fasten the whole logistic process.

- However, this is a plan of POS, confirmation is not confirm yet from Alibaba.

Risk

- Weak Ringgit increase raw material cost

- Weak market sentiment  (Automotive)

- High debt. Debt higher than revenue

- Collaboration with Alibaba and seeking of strategy partner no yet confirm, any changes may appear/ future earning no yet confirm.

-take at least a few years for Proton to turn around.

Automotive industry

- Automotive industry is vulnerable to economic cycles

Target price
- RM1.49 (Bloomberg)

Reference:

http://wp.news365.my/?p=2623632

http://www.sinchew.com.my/node/1612350/%E5%A4%9A%E5%85%83%E8%B5%84%E6%BA%90%EF%BC%9A%E8%8B%A5%E5%AF%BB%E8%8E%B7%E5%A4%96%E8%B5%84%E4%BC%99%E4%BC%B4%EF%BC%8E%E6%99%AE%E8%85%BE%E5%B0%86%E8%83%BD%E6%9B%B4%E6%88%90%E5%8A%9F

http://www.theedgemarkets.com/my/article/drb-hicom-says-will-keep-significant-stake-proton

http://www.thestar.com.my/business/business-news/2017/02/08/drbhicom-proton-partner-must-fit-strategically/

http://www.theedgemarkets.com/my/article/%E5%86%85%E9%83%A8%E9%87%8D%E7%BB%84%E8%AE%A1%E5%88%92%E5%B8%A6%E5%8A%A8-%E5%A4%9A%E5%85%83%E9%87%8D%E5%B7%A5%E4%B8%9A%E6%89%AC171

http://cj.sharesinv.com/20160315/17810/

http://www.thestar.com.my/business/business-news/2017/02/11/can-proton-do-it-this-time/