According to MAA, cumulative vehicles sales for the period Jan-Jun 2018 has improved to 289.7k units (+1.9% YoY) on strong Jun month sales (+28.3% YoY), attributed to the first month of the tax holiday period.
With the tax holiday in place, aggressive year-end sales campaigns as
well as introduction of new models (Figure #2) in 2H18, we believe
overall TIV to catch up in 2H18. We maintain our 2018 TIV assumption of
588.1k units (+2.0% YoY). We maintain NEUTRAL on the sector. The
benefits from the expected spike in car sales in Jun-Aug period (during
0% GST) will be partly offset by the sales downturn in Sep-Dec period
(implementation of 10% SST) as well as weakened RM/USD outlook.
据以上的Automotive leather (Leather Hides)资料，Leather
Hides的价格短期下滑，对Pecca的total cost of sales绝对有帮组，因为Automotive leather
(Leather Hides)占 Pecca total cost of sales 60至65%!!
Forex fluctuation Impact:
了解了公司的Cost analysis和Geographical Segment后，我们可以知道公司Export只有将近20%，但是Cost Of Materials却大部分以USD计算。所以呢，USD走强对Pecca来说不是一件好事。
- Lower Profit and revenue was further compounded by the end-of-life of a customer’s high volume model before introduction of the replacement model in mid-November.
- Higher levy cost for foreign workers, higher overtime and higher maintenance cost
- Despite the relatively weak sentiment surrounding the automotive market, the
Board remains optimistic of the Group’s performance going forward in
view of encouraging sales number from the current replacement model of a
popular car make (不懂这边指的是不是新款的Myvi呢？).