[%GGgS%] 
Research by Public
Neutral – TP RM2.37

" In Line with Expectation”

Bermaz Auto Bhd’s (BAuto) 1QFY25 net profit fell by 29.9% YoY to RM70.2m, mainly attributable to a decline in sales volume from the Group’s Mazda and Kia operations in Malaysia. The results were in line with both our and consensus expectations, accounting for 23.1% and 21.2% of full-year estimates respectively. We keep our forecast unchanged and retain our Neutral rating on BAuto with an unchanged PE-based TP of RM2.80. A first interim dividend of 3.5 sen per share was declared for the quarter, translating to a payout ratio of 58.5% (1QFY24: 5.00 sen at 58.1% payout ratio).

Analyst: 
Denny Oh
[%tvBf%]

$KLSE-BAUTO 
Research by Public
Neutral – TP RM2.37

" In Line with Expectation”

Bermaz Auto Bhd’s (BAuto) 1QFY25 net profit fell by 29.9% YoY to RM70.2m, mainly attributable to a decline in sales volume from the Group’s Mazda and Kia operations in Malaysia. The results were in line with both our and consensus expectations, accounting for 23.1% and 21.2% of full-year estimates respectively. We keep our forecast unchanged and retain our Neutral rating on BAuto with an unchanged PE-based TP of RM2.80. A first interim dividend of 3.5 sen per share was declared for the quarter, translating to a payout ratio of 58.5% (1QFY24: 5.00 sen at 58.1% payout ratio).

Analyst: 
Denny Oh
Oh.BoonYeow@publicinvestbank.com.my