[%vLVe%] 
Research by Maybank
BUY – TP RM 3.04

" 1QFY25: Weak start but inline”

BAuto’s 1QFY25 core net profit (CNP) of MYR70m met expectations, achieving 20%/23% of ours/consensus FY25E. We anticipate stronger quarters ahead due to (i) seasonal factors, (ii) higher contribution from new MY launches like Kia Sportage, CX60, and XPeng G6, and (iii) increased associate contributions. Our forecasts, BUY and TP of MYR3.04, based on 10x FY25E PER (20% below the 5Y avg), are unchanged, pending further updates from its results briefing. The valuation discount is to factor in rising competition risks in the mass premium vehicle segment. 

Analyst: 
Loh Yan Jin
[%DULf%]

$KLSE-BAUTO 
Research by Maybank
BUY – TP RM 3.04

" 1QFY25: Weak start but inline”

BAuto’s 1QFY25 core net profit (CNP) of MYR70m met expectations, achieving 20%/23% of ours/consensus FY25E. We anticipate stronger quarters ahead due to (i) seasonal factors, (ii) higher contribution from new MY launches like Kia Sportage, CX60, and XPeng G6, and (iii) increased associate contributions. Our forecasts, BUY and TP of MYR3.04, based on 10x FY25E PER (20% below the 5Y avg), are unchanged, pending further updates from its results briefing. The valuation discount is to factor in rising competition risks in the mass premium vehicle segment. 

Analyst: 
Loh Yan Jin
lohyanjin.loh@maybank-ib.com