KUALA LUMPUR (Aug 22): Proton is continuing its positive momentum in the automotive sector after emerging as the only automotive company that recorded positive growth year-on-year (y-o-y), compared with its competitors. 

MIDF Research said the company recorded a six per cent growth in Total Industry Volume (TIV) y-o-y as national cars are currently outperforming in the industry. 

"Perodua y-o-y total industry volume (TIV) contracted 16.4 per cent, Toyota dropped 38 per cent, Honda slid 41 per cent, Nissan declined 39.4 per cent, Mazda erased 16.5 per cent while other brands weakened 39.2 per cent," it said. 

Proton's market share also saw an increase to 16.9  per cent in July from 11.8 per cent in June, trailing Perodua which remained on top with 39.2 per cent in July from 34.8 per cent.

For foreign cars, the market share of Honda and Toyota decreased from 18.7 per cent and 13.3 per cent, respectively to 14.8 per cent and 11.1 per cent. 

Meanwhile, Kenanga Research said Proton’s positive growth was backed by its popular Proton X70 SUV and supported by face-lifted Proton Iriz, Persona and Exora. 

The research house also said that Proton is the only automotive company which recorded growth compared to last year, which was due to the tax holiday. 

"We maintain our 2019 TIV target at 600,000 units, in line with Malaysian Automotive Association target," it said. 

As at 10.55 am, automotive-related stocks, Bermaz Auto gained one sen to RM2.56 with 209,200 traded, Tan Chong was flat at RM1.48 with 14,000 shares traded, UMW was down three sen to RM5.21, and MBM declined one sen to RM3.99 with 1.27 million shares traded.