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buy apple developer account :Quick take: Bermaz Auto rises 3.7% on earnings beat

admin2021-07-1737

KUALA LUMPUR: Shares in Bermaz Auto Bhd (BAuto) rose in early trade Thursday after posting a 21.8% jump in net profit in the third quarter ended Jan 31. The Mazda car distributor added 3.7%, or five sen to RM1.40, its highest in two weeks. BAuto’s net profit rose 21.8% to RM33.08mil for the third quarter ended Jan, 2021 from RM27.15mil in the same period last year. Revenue also grew 27.9% to RM 597.98mil from RM467.46mil previously. The group has declared a dividend of 1.50 sen per share for the third quarter. For the nine months to Jan 31, BAuto posted a net profit of RM67.1mil on revenue of RM1.64bil. Maybank Investment Bank Research said BAuto’s 9MFY4/21 results were ahead of expectation. It said the 3QFY4/21 core earnings of RM34mil took 9MFY4/21 core net profit to RM67mil meeting 75% and 74% of the house and consensus FY estimate respectively. “9MFY4/21 results were stronger than expected. The strong profit turnaround at 30%-owned Mazda Malaysia Sdn Bhd in 3QFY4/21 was a positive surprise, leading to a 12% increase in 9MFY4/21 earnings. “We remain positive on its growth prospect. Getting another CKD model for FY22 is a positive,” the research house said. AmInvestment Bank Research said BAuto’s 9MFY21 core net profit of RM67.1mil came in within its expectations but missed consensus, accounting for 75% and 69% of our full-year forecasts and consensus full-year estimates respectively. “We look forward to the introduction of the CX-30 CKD in 2HCY2021 and the potential win of Kia’s manufacturing, assembly and distribution rights, possibly by April 2021. “We believe this augurs well for BAuto’s product line-up and will elevate the group’s sales volume along with its profit margins. We estimate the localisation of the CX-30 will reduce the model’s domestic selling price by RM15,000,” it said. The research house has maintained its “buy” call on BAuto with an unchanged fair value of RM1.74 per share, based on 13x FY22F EPS.
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