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开始时的核心净利润(CNP)为RM7000万，同比下降31%。尽管如此，结果达到了预期，分别达到Maybank和Consensus的预测的20%和23%。来自各个股票经纪公司的分析师对BAuto持有积极态度，其中Maybank、MIDF、RHb、CGS International和Kenanga都重申了他们的买入/增持/市场表现建议。目标价位设定为RM3.04、RM3.03、RM3.05、RM3.10、RM2.45，反映了未来上涨约28%的潜在收益。
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下降归因于车辆销售下降23%，尤其是由于缺乏马自达3和CX3等马自达型号的积压订单所造成。嘉年华的销售额也同比下降了59%，主要是2024年6月柴油补贴的理性化影响。从联营公司（包括Inokom和KMSb）的利润贡献增加了25%，为整体下降提供了一些缓解。虽然公司的盈利较上一季度下降了23%，但尽管停止了Peugeot在2024年2月的运营，它仍然设法将EBIt利润率保持在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.
展望未来，BAuto有望在FY25下半年表现强劲，这归功于包括Kia Sportage、CX60和XPeng G6在内的新车型的推出。公司预计FY25的销售量约为23,000辆，其中大部分增长预计来自Kia品牌。尽管中端车市场面临来自中国制造商的竞争压力，但BAuto凭借强大的资产负债表处于有利地位，净现金持有人净现金32410万。
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1980万马币收购了EP Manufacturing Bhd (EPMB) 15%的股权，这可能为未来的合作夯实基础，特别是在汽车零部件制造领域。这一战略举措预计将支持公司的持续扩张计划。BAuto健康的财务状况和具有吸引力的股息收益率（预计FY25为9%）使其成为一个可靠的股息投资选择，进一步增强了分析师对其前景的信心。
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
来源：马来亚银行、MIDF、RHb、中国银河、肯南加
标题：弱势开局但持平，收益符合预期，没有惊喜，稳健的股息策略；继续买入，拟收购EP制造业11.54%股份，激烈竞争
