bermaz auto on path to robust growth

PETALING JAYA: Bermaz Auto Bhd (BAuto) is expected to maintain a healthy sales volume in the second quarter of the financial year 2023 (2Q23) on the back of a robust order backlog, say analysts.

The automotive group on Monday reported a higher net profit of RM50.16mil in its 1Q23 results on revenue of RM716.87mil, which was largely within market expectations.

CGS-CIMB Research, in a note to clients, said BAuto had an outstanding order backlog of about 8,500 units for Mazda vehicles as of Sept 12.

The group is also absorbing 50% of the sales and services tax increase from July till the end of the year, for new bookings under Mazda, Kia and Peugeot.

“We believe this will provide a healthy order book going into 2023,” said CGS-CIMB Research.

“Overall, we project the group to deliver 13,000 units for Mazda and 4,000 for Kia and Peugeot combined, translating to 24% volume growth in FY23,” the research house added.

CGS-CIMB Research also expects an upside to BAuto’s sales volume once it starts the local assembly of new sports-utility vehicles for Mazda and Kia at Inokom by the fourth quarter of this year.

Hong Leong Investment Bank (HLIB) Research also expects BAuto’s operations to remain sustained for the remainder of FY23.

“This is in line with the anticipated economic recovery, supported by the strong order backlogs of 8,500 units for Mazda, 500 units for Peugeot and 1,000 Kia units,” it added.

BAuto is currently benefitting from a depreciating yen against the ringgit. Similarly, its operation in the Philippines is experiencing a strong recovery following the removal of lockdown restrictions, allowing economic activities to resume at full capacity.

AmInvestment Bank Research said a strong order book will provide BAuto with sales visibility, while the impact of additional costs could be offset by lower advertising and promotional spending.

Keyword: Bermaz Auto on path to robust growth

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