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New Straits Times
17-07-2025
- Automotive
- New Straits Times
Tan Chong falls 8.0pct before settling flat at midday
KUALA LUMPUR: Tan Chong Motor Holdings Bhd's share price dipped as much as 8.0 per cent in the morning session, before recovering to trade flat at 79 sen by the midday break. The stock touched an intraday low of 72.5 sen, retracing gains from Wednesday's close of 79 sen. It emerged as one of the most actively traded counters, with 19.56 million shares changing hands. The volatility followed an unusual market activity query by Bursa Malaysia yesterday, after the stock surged 44 per cent or 25.5 sen to 83.5 sen from 58 sen on Tuesday. RHB Research said Wednesday's rally reflected a shift in market sentiment, prompting the firm to upgrade its call on the stock to "Buy" from "Sell", with a significantly higher target price of RM1.12 from 27 sen previously. The firm said the market started to relook at Tan Chong from an underlying asset angle following an unexpected land sale on July 10. Tan Chong sold 1.30 hectares along Jalan Putra for RM148.8 million following the first land sale to Avaland Bhd in Petaling Jaya earlier this month for RM49 million. The total gain on disposal for these lands is expected to be between RM15 million and RM18 million with both deals transacted between RM518 per square feet and RM1,067 per sq ft. RHB Research said Tan Chong owns around 5.67-hectare non-manufacturing land - including showrooms, storage and service centres - across Selangor, Kuala Lumpur and Johor, based on its latest annual report. "Assuming market values of RM250-RM1,050 per sq ft, we estimate these lands could be worth RM220 million, roughly 40 per cent of Tan Chong Motor's market capitalisation. "More importantly, the group does not disclose its exhaustive list of assets. "Hence, there may be other smaller properties that might not be used for its automotive business but are suitable for redevelopment, such as the recent land disposal was not included in the Top 10 largest properties, implying more assets to be potentially realised," the firm added. RHB Research said Tan Chong still retains its traditional automotive model of owing the distribution network, which includes showrooms/properties vis-à-vis the current agency distribution model. The firm said there may be incentives for Tan Chong to resize its business model by selling some of their showrooms as Nissan's market share has fallen from six per cent of TIV in 2010 to one per cent in 2024. The group operates around 50-60 branches, of which 20-30 per cent are based in Kuala Lumpur.
Daily Express
11-05-2025
- Daily Express
RM518,580 cosmetics, medicines seized: GOF
Published on: Sunday, May 11, 2025 Published on: Sun, May 11, 2025 By: Azmie Lim Text Size: Some of the boxes containing beauty products and medicines. SEMPORNA: The General Operation Force (GOF) Kunak seized 183 boxes of various cosmetic products and medicines worth RM518,580 from a house at Taman Hatib, here, on Friday. The operation which carried out under the Ops Bersepadu Intra/Inter Agency and Op Taring Dosej was accompanied by the Traffic Investigation and Enforcement Department of Semporna Police Headquarters and Royal Malaysia Custom Department. Sabah GOF Commander, Datuk Abdul Rani Alias said acting on intelligence, the team tailed a vehicle to the location where the cosmetics and medicine were kept. 'During the 12pm raid, the team detained an 18-years-old suspect and discovered 183 boxes containing beauty products and medicine without taxes and approval from the Malaysian Health Ministry (KKM). According to Abdul Rani, result of investigation found that the suspect who was the storekeeper involved in the supply and sale of the products since August 2024. He said, the products were believed obtained from the neighboring country to be sell in Sabah. 'The suspect and the seizures were handed over to the Semporna Custom Department for further investigation under the Custom Act 1967 and Control of Drugs and Cosmetics Regulations 1984,' he added. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
