Slow Start For Bermaz Auto In FY25 But Inline Say Analysts
Slow Start For Bermaz Auto In FY25 But Inline Say Analysts
Additionally, BAuto's acquisition of a 15% stake in EP Manufacturing Bhd (EPMB) for RM19.8 million could pave the way for future partnerships, particularly in automotive parts manufacturing. This strategic move is expected to support the company's ongoing expansion plans. BAuto's healthy financials and attractive dividend yield, projected at 9% for FY25, make it a solid dividend play, reinforcing analysts' confidence in its prospects.Bermaz Auto Berhad (BAuto) reported a weak start to FY25 with a core net profit (CNP) of RM70 million, a decline of 31% year-on-year. Despite this, the results met expectations, achieving 20% and 23% of forecasts from Maybank and consensus, respectively. Analysts from various stock broking houses maintain a positive outlook on BAuto, with Maybank, MIDF, RHB, CGS International, and Kenanga all reiterating their BUY/ADD/MARKET PERFORM recommendations. Target prices are set at RM3.04, RM3.03, RM3.05, RM3.10, RM2.45 reflecting potential upside gains of approximately 28% amid expectations for stronger upcoming quarters.
Bermaz Auto Berhad (BAuto)在FY25開始時的核心淨利潤(CNP)爲RM7000萬，同比下降31%。儘管如此，結果達到了預期，分別達到Maybank和Consensus的預測的20%和23%。來自各個股票經紀公司的分析師對BAuto持有積極態度，其中Maybank、MIDF、RHb、CGS International和Kenanga都重申了他們的買入/增持/市場表現建議。目標價位設定爲RM3.04、RM3.03、RM3.05、RM3.10、RM2.45，反映了未來上漲約28%的潛在收益。
BAuto's 1QFY25 CNP drop was attributed to a 23% fall in vehicle sales, notably impacted by the absence of backlog orders for Mazda models such as the Mazda 3 and CX3. Sales of the Kia Carnival also fell 59% year-on-year, largely due to the diesel subsidy rationalisation in June 2024. On the upside, profit contributions from associates, including Inokom and KMSB, increased by 25%, providing some relief to the overall decline. While the company's earnings were down 23% quarter-on-quarter, it managed to maintain its EBIT margin at 11.6%, despite challenges from the cessation of Peugeot operations in February 2024.
BAuto的1QFY25 CNP下降歸因於車輛銷售下降23%，尤其是由於缺乏馬自達3和CX3等馬自達型號的積壓訂單所造成。嘉年華的銷售額也同比下降了59%，主要是2024年6月柴油補貼的理性化影響。從聯營公司（包括Inokom和KMSb）的利潤貢獻增加了25%，爲整體下降提供了一些緩解。雖然公司的盈利較上一季度下降了23%，但儘管停止了Peugeot在2024年2月的運營，它仍然設法將EBIt利潤率保持在11.6%。
Looking ahead, BAuto is poised for a stronger second half of FY25, driven by the launch of new models, including the Kia Sportage, CX60, and XPeng G6. The company targets vehicle sales of approximately 23,000 units for FY25, with the majority of growth expected from the Kia brand. Despite competitive pressures in the mid-range vehicle market, particularly from Chinese manufacturers, BAuto is well-positioned with a strong balance sheet, boasting a net cash position of RM324.1 million.
展望未來，BAuto有望在FY25下半年表現強勁，這歸功於包括Kia Sportage、CX60和XPeng G6在內的新車型的推出。公司預計FY25的銷售量約爲23,000輛，其中大部分增長預計來自Kia品牌。儘管中端車市場面臨來自中國製造商的競爭壓力，但BAuto憑藉強大的資產負債表處於有利地位，淨現金持有人淨現金32410萬。
Additionally, BAuto's acquisition of a 15% stake in EP Manufacturing Bhd (EPMB) for RM19.8 million could pave the way for future partnerships, particularly in automotive parts manufacturing. This strategic move is expected to support the company's ongoing expansion plans. BAuto's healthy financials and attractive dividend yield, projected at 9% for FY25, make it a solid dividend play, reinforcing analysts' confidence in its prospects.
此外，BAuto以1980萬馬幣收購了EP Manufacturing Bhd (EPMB) 15%的股權，這可能爲未來的合作夯實基礎，特別是在汽車零部件製造領域。這一戰略舉措預計將支持公司的持續擴張計劃。BAuto健康的財務狀況和具有吸引力的股息收益率（預計FY25爲9%）使其成爲一個可靠的股息投資選擇，進一步增強了分析師對其前景的信心。
Source: Maybank, MIDF, RHB, CGS, Kenanga
Title: Weak start but inline, Earnings Matched Expectations, No Surprises, Solid Dividend Play; Keep BUY, Proposed acquisition: 11.54% of EP Manufacturing, Intensified Competition
來源：馬來亞銀行、MIDF、RHb、中國銀河、肯南加
標題：弱勢開局但持平，收益符合預期，沒有驚喜，穩健的股息策略；繼續買入，擬收購EP製造業11.54%股份，激烈競爭
譯文內容由第三人軟體翻譯。
