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14 March 2023. Tuesday
KUALA LUMPUR (March 14): CGS-Securities has maintained “add” on Bermaz Auto Bhd at RM2.12 with a higher target price (TP) of RM3.30 (from RM3.30), and said Bermaz’s 9MFY2023 results trumped expectations at 96%/83% of house/consensus FY2023F core NP due to better-than-expected sales volume from Malaysia in 3QFY2023.
In a note on Tuesday (March 14), the research house raised FY2023-2025F EPS (earnings per share) by 1%-12%.
“Reiterate Add with a higher RM3.30 TP (target price).
“Bermaz is our top sector pick due to its attractive FY2023-2025F yields of 6.6%-7.6% and growing market share, with the addition of Kia and Peugeot marque.
“We raise our FY2023-2025F EPS by 1%-12%, as we project stronger 39%/9%/10% sales volume growth in FY2023F/2024F/2025F, driven by new launches and local assembly programme,” it said.
