Broker Name: UOB Kay Hian

Date of Report: Friday, 13 March 2026

Excerpt from UOB Kay Hian report

Report Summary
• Bermaz Auto’s 3QFY26 earnings exceeded expectations, supported by higher sales volumes and improved margins, particularly from Mazda and Xpeng brands. The company declared a third interim dividend and is expected to maintain positive momentum into FY27 with robust demand for Mazda 3 and the upcoming CX-5 launch.
• UOB Kay Hian raised its earnings forecasts for FY26 and FY27, maintaining a BUY call with a higher target price of RM1.08. The premium valuation is justified by strengthening earnings, improved margin profile, and clear growth prospects, alongside an attractive dividend yield above 7%.

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