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AmResearch maintains Buy on Berjaya Auto

KUALA LUMPUR: AmResearch has initiated its coverage on Berjaya Auto with a Buy and a fair value of RM2.10 a share.

It said on Wednesday its high conviction Buy on BAuto was based on several factors which include a massive 68% earnings compounded annual growth rate over FY13-16F riding on a strategic transition to a completely knocked down business model.

Other factors included it being a key beneficiary of Malaysia’s soon-to-be announced EEV program, the best Malaysian proxy to high growth and underpenetrated auto markets within ASEAN and a capex-light, high growth business structure with a solid balance sheet - net cash of RM114mil post-IPO,” it said.

AmResearch said BAuto was an early cycle play into the expansion of Mazda’s ASEAN CKD operations - overseas production ratio is expected to grow to 50% by FY16F from 30% in FY12.

“Malaysia is earmarked as one of Mazda’s key production base with a recent RM100mil investment into manufacturing facilities kicking off production in May 2013.

“The transition from a high cost CBU-centric to a CKD-driven business model is key in driving a more efficient cost structure. Mazda TIV is expected to grow by 18%-33% over FY14-15F riding on new CKD launches,” it said.

AmResearch added BAuto is also a key proxy to Malaysia’s EEV program, riding on the global rollout of Mazda’s new generation fuel efficient SkyActiv-equipped models.

“The Philippines is another growth market where BAuto recently secured a Mazda distributorship.

“Given Philippines’ penetration rate of just 9 cars/1,000 population, BAuto Philippines is expected to grow at annual rate of 27% per annum, accounting for 7%-8% of group earnings,” it said
05 Dec 2013, 01:13 PM
RHB Research sees more upside for Berjaya Auto

KUALA LUMPUR: RHB Research is retaining its Buy call on Berjaya Auto with a new target price of RM2.20 from RM1.95 based on a FY15F 12.5 times price-to-earnings.

It said on Wednesday it came out from its recent corporate luncheon with Berjaya Auto feeling very positive on its prospects.

“We believe Berjaya Auto’s growth rate in the next few years will easily outstrip that of its peers as well as the broader market, helped by its compelling product range and increased localisation,” it said.
06 Mar 2014, 09:28 AM
RHB has given a new TP of $3.60. The trend seems quite strong.drool
18 Sep 2014, 09:19 PM
Is Bjauto paying 2 dividends for this quarter? I have receive only interim dividend but not the special dividend. Any one can update?
03 Aug 2015, 08:06 PM
O'Mighty still likes BJAUTO

See our views @
11 Sep 2015, 02:01 PM

Good information share

14 Sep 2018, 12:30 AM

Day 24 of Fundamental Daily, YAPSS will be covering Bermaz Auto Berhad's fundamental via a short animated video. I hope it helps and please enjoy the video, see ya! #FundamentalDaily #BermazAutoBerhad

Click the on the link below to find out more:

27 Mar 2019, 05:20 PM
Yong Meng BAUTO

21 Oct 2019, 09:42 AM
Yong Meng BAUTO

21 Oct 2019, 09:45 AM

Best dividend stock analysis:

02 Feb 2020, 12:41 AM

Directos are selling for all kind of reason but they are buying for only one. agree ? Directors are selling for all kind of reason but they are buying for only one, agree ?

07 Mar 2020, 09:00 PM

bautoWaiting for break-out... up or down still don't know... yeahyeahyeah

23 Jun 2020, 02:02 PM

Ramuk and 9 others like this company.
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