Reflections on Volume

Big volume without further upside equals distribution
Big volume without further downside equals accumulation

Volume tends to peak at turning points
Volume often precedes price movement
Volume is a relative study

Friday, January 22, 2010

RHB Research keeps outperform on Proton, FV 5.67

KUALA LUMPUR: RHB Research Institute believes Proton Holdings is closer to the next phase of transformation to achieve better economies of scale and improvement in quality.

In a research note issued on Friday, Jan 22, it said Proton could see a strategic tie-up; consolidation of the two existing plants; contract manufacturing; and expansion of export market.

"Maintain Outperform and fair value of RM5.67," it said.

RHB Research said Proton was one of the companies presenting at its recent GLC (government-linked companies) Day.

Itsaid Proton's management said bookings, since launching for the Exora in April 2009, Saga (January 2008) and Persona (August 2007) were 24,000, 165,000 and 100,000 units respectively.

"We note that the balance to be delivered for Exora, Saga and Persona stand at 10,000, 32,500 and 7,500 respectively. Hence, we estimate waiting period of 1-2 months given the current capacity of 3,500 per month, 7,000 and 3,000 for Exora, Saga and Persona respectively," it said.

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