KUALA LUMPUR (Oct 18): Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating on DRB-Hicom Bhd at RM1.43 with an unchanged target price (TP) of RM2 and said it remains positive on DRB’s outlook.

In a note on Wednesday, the research house said Proton is expecting continued growth momentum in 2023 and sales target of 310,000 units in 2030 and 500,000 units in 2035, as management remains focused on introducing new attractive models with improved production and cost efficiencies, as well as improving customer experiences.

“Management guided for the new Proton Electric Vehicle (EV) to be introduced as early as 2025."

HLIB said the first stage is to start “smart” EV distribution in Malaysia (starting 4QCY2023) and Asean.

The research house said Proton is also collaborating with Gentari on EV development, mobility and ecosystem of new energy.

“Furthermore, Proton is leveraging Geely's knowledge and technology to develop its own EV range. Management has guided the new Proton EV model to be launched as early as 2025.

“We reiterate our Buy rating with unchanged TP of RM2.00 based on 25% discount to SOP: RM2.50,” it said.