Broker Name: Maybank Investment Bank Berhad
Date of Report: March 13, 2026
Excerpt from Maybank Investment Bank Berhad report.
Report Summary
- Bermaz Auto Berhad (BAUTO) reported 9MFY26 core net profit of MYR57.4m, in line with expectations, despite a 58% YoY decline due to lower vehicle sales and associate losses.
- The company is on a recovery path, supported by new Mazda model launches (CX-60, Mazda 3), improving sales backlog, favorable forex boosting margins, and the stabilization of associate operations.
- QoQ, 3QFY26 core net profit more than doubled, with a rebound in vehicle sales and improved EBIT margins; a 1.75 sen dividend per share was declared.
- Medium-term outlook is positive, underpinned by upcoming Mazda and XPeng models, with FY27E sales targeted to grow by 13% YoY to around 16,000 units.
- Maybank maintains a BUY call, revising the target price to MYR0.95 on improved prospects and historical mean PER valuation.
- Key risks include soft consumer sentiment, lackluster model launches, forex volatility, and operational execution issues.
- Bermaz Auto remains net cash, with attractive dividend yields projected above 6% for FY26–28E.
above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website : www.maybank.com/investment-banking
