[%Fjnu%] 
Research by Kenanga
MARKET PERFORM– TP RM2.45

" Intensified Competition”

BAUTO’s 1QFY25 net profit met expectations, despite plunging 30% YoY as the sales volumes of Mazda and Kia vehicles fell on intense competition from Chinese-made vehicles, and on rising costs of its imported units on MYR’s weakening against the JPY. It has attractive new launches planned for FY25 to remain competitive. We maintain our forecasts, TP of RM2.45 and MARKET PERFORM call.

Analyst: 
Teh Kian Yeong 
[%DmCU%]

$KLSE-BAUTO 
Research by Kenanga
MARKET PERFORM– TP RM2.45

" Intensified Competition”

BAUTO’s 1QFY25 net profit met expectations, despite plunging 30% YoY as the sales volumes of Mazda and Kia vehicles fell on intense competition from Chinese-made vehicles, and on rising costs of its imported units on MYR’s weakening against the JPY. It has attractive new launches planned for FY25 to remain competitive. We maintain our forecasts, TP of RM2.45 and MARKET PERFORM call.

Analyst: 
Teh Kian Yeong 
tehky@kenanga.com.my