[%mATu%]
Research by Kenanga
Outperform - TP RM5.80

"Riding on Perodua Powerhouse"

MBMR is optimistic of another record year for Perodua vehicle sales, topping 330k units sold last year. Rising acceptance by local
buyers of China-brand vehicles augurs well for its dealership of Jaecoo brand vehicles. We maintain our forecasts, TP of RM5.80 and OUTPERFORM call. The stock offers attractive dividend yield of about 8%.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
[%WFHX%]

$KLSE-MBMR
Research by Kenanga
Outperform - TP RM5.80

"Riding on Perodua Powerhouse"

MBMR is optimistic of another record year for Perodua vehicle sales, topping 330k units sold last year. Rising acceptance by local
buyers of China-brand vehicles augurs well for its dealership of Jaecoo brand vehicles. We maintain our forecasts, TP of RM5.80 and OUTPERFORM call. The stock offers attractive dividend yield of about 8%.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
wanmustaqim@kenanga.com.my