[%snlb%] 
Research by RHB
BUY – TP RM 3.05

" Solid Dividend Play; Keep BUY”

Bermaz Auto’s 1QFY25 core earnings of MYR68m largely met ours and Street’s expectations. We think BAUTO is undervalued, trading at 8x CY25 P/E, below its historical mean of 9x. Not only that, its higher-thansector average c.10% yield remains as its plus point.

Analyst: 
Syahril Hanafiah
[%GmUf%]

$KLSE-BAUTO 
Research by RHB
BUY – TP RM 3.05

" Solid Dividend Play; Keep BUY”

Bermaz Auto’s 1QFY25 core earnings of MYR68m largely met ours and Street’s expectations. We think BAUTO is undervalued, trading at 8x CY25 P/E, below its historical mean of 9x. Not only that, its higher-thansector average c.10% yield remains as its plus point.

Analyst: 
Syahril Hanafiah
syahril.hanafiah@rhbgroup.com