[%faow%] 
Research by HLIB
HOLD– TP RM2.40

" Downward normalisation”

Reported core PATMI of RM69.5m for 1QFY25 (-23.6% QoQ; -31.5% YoY). The results were within our expectation (24.3%), but slightly below consensus (22.7%). Declared first interim dividend of 3.5 sen/share. Maintain HOLD with a lower TP of RM2.40 (from RM2.46) based on 10x CY25 P/E. We expect BAuto’s earnings to sustain in subsequent quarters, driven by the new Xpeng contribution and sustained Philippines operation. BAuto is also subscribing new shares in EPMB for an 11.54% stake, worth a total cash consideration RM19.8m. BAuto has a net cash of RM324.1m (27.7 sen/share).

Analyst: 
Daniel Wong
[%BoRA%]

$KLSE-BAUTO 
Research by HLIB
HOLD– TP RM2.40

" Downward normalisation”

Reported core PATMI of RM69.5m for 1QFY25 (-23.6% QoQ; -31.5% YoY). The results were within our expectation (24.3%), but slightly below consensus (22.7%). Declared first interim dividend of 3.5 sen/share. Maintain HOLD with a lower TP of RM2.40 (from RM2.46) based on 10x CY25 P/E. We expect BAuto’s earnings to sustain in subsequent quarters, driven by the new Xpeng contribution and sustained Philippines operation. BAuto is also subscribing new shares in EPMB for an 11.54% stake, worth a total cash consideration RM19.8m. BAuto has a net cash of RM324.1m (27.7 sen/share).

Analyst: 
Daniel Wong
kkwong@hlib.hongleong.com.my