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) recorded a 9MFY26 core net profit of MYR57.4m, in line with expectations, despite a 58% YoY decline due to lower sales and associate losses. However, 3QFY26 saw a strong rebound in net profit, more than doubling QoQ, driven by new Mazda model launches (CX-60, Mazda 3 1.5L), higher vehicle sales, and favorable forex boosting margins.
• The company is on a recovery path with order backlogs improving, new model launches from Mazda and XPeng supporting medium-term growth, and the trough in performance likely over. The target price is revised upward to MYR0.95 with a maintained BUY rating, supported by >6% dividend yields and a positive sales outlook for FY27.

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