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eturn on average

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ur vs consensus

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the Philippinwell receiveul of Motion. We think th

arques andbuyers.

erformance.a higher 9.4was due to: i5sports utilite in docketom completes slated for t

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/MYR130.3

a MYR1.95 Fine with peerowth. BAUTur FV also im

luations

Rm)

(MYRm)

t (MYRm)

t growth (%)

YR)

equity (%)

(%)

EPS (%)

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T

s

rjaya Autoles in Malayo sell well,cclaimed St will help Bis b ased on

gh Mazda hpines in rec

3% YTD frole importer as importer/d, particularlyesign langut Mazda ha

is a unique

BAUTO re% EBIT mar) duties reduvehicle (SUrice. Going fly knockede 3and 6mo

ins to drivehieve 104.9y: i) sales ofls in the nextur FY14/1/MYR147.2

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Apr -12 A

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net cash net

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iating Cover

rget Price

Price

(BAUTO), thsia and theaided by thyActiv tech

AUTO yield12x FY15F P

s not been ant years, its

a mere 0.nd distributoristributor in 2 for their attrge and highla strong deselling point t

orded strongin (1HFY13tion on highe), and ii) rebrward, we s

down (CKD)dels in the pi

37.4% EPS/25%/13%

the bestsellithree years,/16 PATA.

based on 12xions, with thees at an und

pside. BUY.

pr-13 Apr-1

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by EFA

TM

Platform

ge, 16 Janu

: M

: M

Macro

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Growth

Value

sole impor Philippines,

ir attractivenology anda 3-year EP/E.

mainstreammarket shar

% in 2008.in Malaysia t13). Mazdactive and inacclaimedign edge ovhat appeals

1HFY14: 7.3%). Ther localisationates for thee sustainabl

models, witeline.

AGR FY13-1earnings grg CX-5andand iii) its exI estimate

FY15F P/E,stock offerin

emanding FY

F Apr-15F

1,765

130

130

25.0

3 0.16

3 0.04

10.4

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2.4

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) (1.7)

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ry 2014

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ter andwith aKODOstrongCAGR

rand inin the

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er otherto more

arningsmargincontentsaloonhigher

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pandings are

hich isrobust

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Apr -16F

1,993

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(1.0)

8/12/2019 Cist 24984

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Co

Figure

Source: C

Figure

Source: C

ya Autary 2014

ortant disclos

pany

1: BAUTOs

ompany data

2: BAUTOs

ompany data

(BAUTO

ures at th e en

rofile

group struct

post IPO str

K)

of this report

ure pre-IPO

ucture

Backgro

BAUTOThe IPO82.76m nslated for

Mazdaslocal comceased o(CNCB MSB wascollaboratMazda ve

nd

as listed on t saw the groew shares working capit

ppearance ipany set upperations inK, NR) thenappointed bying with Berhicles in Mal

he Main Boaup raising at an offer prial use.

Malaysia beby the PhngMalaysia inheld the franc Mazda as taz Motor SB,ysia.

d of Bursa Mpproximatelye of MYR0.7

gan way bacfamily, first othe late 198hise for a gohe new imp, BAUTOs w

alaysia SecurMYR57.9m

0/share with

k in Oct 1964btained the fs and Cycled 20 years. Irter. In theolly owned s

ities on 18 Nrom the iss72% of the

when Asiaanchise. Asi & Carriagen 2008, Primsame year, iubsidiary, to

2

v 2013.ance ofroceeds

otors, aMotors

Bintanga Merduit beganistribute

8/12/2019 Cist 24984

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Berj16 Jan

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Dato

Mala

ya Autary 2014

ortant disclos

Yeoh has e

sian automot

(BAUTO

ures at th e en

tensive expe

ive industry

K)

of this report

rience in the

Key Man

BAUTOswhile Dadirectors.MK, NR)shareholdDato YeDato Ye2011. Hepositionssuccessfrange ofdistributio

Tan SayMr Tan Saudit sincstarted hiProcessinexposureaudit supMalaysiaAssociati

Tan LayMr Tan Lover 301983 asKPMG MpositionsaccountaPublic Ac

gement

board is mato Yeoh ChBesides Dat on the boer.

h Choon Sah has beenhas over 40ranging fromlly turned arassenger ve

n and retailin

hyey Chye has

e 2008 andis career ing SB (nowto the poultrervisor and

Institute ofn of Charter

iany Hian has bears of workn audit trainlaysia). He lin the auditt and holdsountants.

e up five direoon San an Lee, whord, none o

nBAUTOs chiears of expetechnical maund the sal

hicles in Maloperations h

een BAUTOas over 20 y982 with Ch

known as Aybusiness bymanagement

ccountantsd Certified A

een BAUTOsing experiencee at Peat Meft KPMG Ma and finance

professional

ctors threeDato Lee

cts as the re the other

f executiveience in theager to execs performanysia, and maere between

s general maears of experew & Associamas Foodserving in rol

accountant.(MIA) since 1countants (A

general mane in audit anrwick & Mitc

laysia in 198 field in varil degree from

of them are iKok Chuan

presentativedirectors rep

fficer and exutomotive inutive director.e of Hyund

naged the S1997 and 200

ager of corpience within tates beforeCorp SB), wes like accouTan has be995 and hasCCA), UK sin

ager of financd finance. Hhell Kuala Luand has, sius industrie

the Malaysia

ndependentas non-Inde

for Berjaya Cresents a c

ecutive directustry, holdinHe led the ti (005380 Kuth Korean7.

rate planninhe Berjaya g

oving to Khere he gainnts executive,n a membe

been a felloe 1998.

e since 2009began his

mpur (now kce then, held. Tan is a

n Institute of

3

irectors,pendentorp (BCorporate

or sincevariousam that, NR)sarques

/internaloup. HeC Fooded wideinternal

r of thew of the

and hasareer in

nown asvarious

qualifiedCertified

8/12/2019 Cist 24984

4/23

Berj16 Jan

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Figure

Source: F

Figure

Source:

ya Autary 2014

ortant disclos

3: BAUTOs

Y13 Company da

4: Mazda m

ompany data

(BAUTO

ures at th e en

business se

ta

del range

K)

of this report

gments

Busines

BAUTO iprincipall

i.

ii.

The grouassociate

Mazda vassemblyplant in K

Model

s the sole diinvolved in t

Distributi

Provision

operates acompany, M

hicles usingis done by t

ulim, Kedah.

istributor ande:

n and retailin

of after sales

nationwide saazda Malaysi

locally manufhird-party co

importer of

g of Mazda v

services for

les network oSB (MMSB

actured and itract assemb

Mazda vehic

hicles

azda vehicle

f four branch) undertakes

mported Mazler Inokom C

les in Malay

s

es and 69 dethe local ass

da parts. Thorp SB at th

4

ia. It is

lers. Itsmbly of

vehiclelatters

8/12/2019 Cist 24984

5/23

Berj16 Jan

See imp

Ind

Figur

Source:

100,0

200,0

300,0

400,0

500,0

600,0

700,0

800,0

ya Autary 2014

ortant disclos

stry O

e 5: Malaysi

: MAA, RHB esti

0

0

0

0

0

0

0

0

0

Units

(BAUTO

ures at th e en

tlook:

n Automoti

ates

2010

K)

of this report

Malays

e Associatio

20

iaFlattish g

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expect 2introductiforecast a

n (MAA)s ac

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11

rowth going

total industregistering aely due to thay that yearn of lower c

13s TIV ton of value-fTIV of 675,0

tual and for

I to drive c

tional incomeper capita isThis level ints goal to tmic Transfor

r vehicles sin 2014. Theliving costsy pressure rerest rate espending to

2012

forward

y volume (TIrowth of 5.7uncertaintie. Consumersar prices. Au

exceed 650,r-money (VF

00 units, or a

cast TIV (20

nsumer spe

(GNI) enjoyxpected to b expected transform Malmation Progrles. Howeve risks inclu

rom the ratisulting fromvironment g

remain resilie

V) has exce y-o-y. Thesurroundingwere cautioo sales hav

000 units. VM) models b3.5% y-o-y gr

0-2014F)

nding

d a steadye more than

grow in thaysia into a hmme (ETP).r, there aree: i) the highnalisation ofthe subsidiesing forward.t in 2014.

2013

eded initial e industrys grthe 13th Gens with theirsubsequentl

lume growt various dist

owth.

8.8% CAGRYR31,000 in

e coming yeigh-income nThe rising G risks to cohousehold d government

rationalisatioOur base ca

xpectations,wth in 1H 2

eral Electionvehicle purcy rebounded

was helpeributors. In 2

growth in 202013 vs MYars, in linetion by 2020I will be a k

nsumer discebt to GDP o subsidies, iiin exercise, ase expectati

2014F

5

with the013 wasthat wasases inand we

by the014, we

0-2012.R30,803with thethroughy driveretionaryf 85.1%,) highernd iv) an is for

8/12/2019 Cist 24984

6/23

Berj16 Jan

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Figur

Source:

1

1,

GNI a

TheMal

Weintro

ya Autary 2014

ortant disclos

e 6: GNI at c

: MAA, Bank Neg

0

00

00

00

00

00

00

00

00

00

00

2000

t current price(MYRbn)

upcoming Nysia as an E

expect moduced

(BAUTO

ures at th e en

urrent price

ara Malaysia (BN

2001 20

s

P will focusV hub

re VFM m

K)

of this report

and Malaysi

M)

02 2003

on promotin

odels to b

as TIV (2000

Revised

We are emid-Janualso expehub forexemptiowill continwe are ex

The newaway witthemselvMazda,

conventioconsumptmaterialssystemsSkyActivare likelyIn the futresearch(LVA) an

Competit

We expemarket josensitive,

that offertrends byslash netvehicle sfinancing

2004 20

GNI

-2012)

ational Aut

pecting the ury to set t

cted to impleenergy efficis for hybridue, but in lipecting incen

NAP will likel the bias fos what techhose engine

nal approachion and CO2and the optind direct injehicles will

to be entitledre, EEV man& developmlower the eff

ion to intens

t competitionstle for marwith many o

better perceintroducingselling priceecifications

deals, and fre

05 2006

motive Poli

pcoming thirde long-termment measurent vehiclesvehicles, whie with the N

tives for the l

establish clr hybrid technology caners have es

, ie SkyActiv, emissions.imisation ofection. Receualify as EEto their ownufacturers innt (R&D) incective rate of

ify

in the industret share. Tting to trade

ived VFM. Aore VFM vari, but have b

(at no extrae servicing a

2007 20

y (NAP) co

iteration of tirection of ths to promot(EEV). It ish started inPs target tocal productio

ar definitionsology and lest meet thhewed hybri

to derive inhese initiativowertrain tet media reps and, under

manufacturinMalaysia maentives thatexcise duties.

y to intensifye consumerdown to chea

to manufactiants. Distribueen competincost). Theyd maintenan

08 2009

TIV

ing soon

e NAP slatautomotiveMalaysia asstill unclea

Jan 2011 anpromote Malan of EEVs to

of what conaving manufe EEV hurdl technology

reased efficies include lighnologies likrts alreadythe new NA

g licenses, aalso be ableill help rais

.

s new and e is likely toper/smaller

rers are likeltors thus farg by raisingave also bee packages.

2010 20

d to be annoindustry. Thea regional pr whether prended in Dysia as an Ee announce

titutes an EEcturers to d. This could

in favour of

encies to redhtweight cone regeneratiuggest that, EEV manuong other in

to take adva the local v

isting marqube increasinodels or to a

y to respondave been relequipment len offering a

11 2012

TIV ('0

6

unced inpolicy isoductionior dutyc 2013,V hub .

V, doingterminebenefit

a more

uce fuelstructione brakeMazdasacturerscentivesntage oflue add

es in thely pricemarque

to theseuctant toels andfordable

0

100

200

300

400

500

600

700

800

900

1,000

0 units)

8/12/2019 Cist 24984

7/23

Berj16 Jan

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Berj

Figure

Source:

GDPUSD)

Berjandnati

Figure

Source:

20,

40,

60,

80,

100,

120,

140,

160,

180,

ya Autary 2014

ortant disclos

aya Au

8: The Phili

orld Bank

0

500

1,000

1,500

2,000

2,500

3,000

2000

per capita (in c

ya Auto Philiimporter of Mn

7: Chamber

AMPI

0

000

000

000

000

000

000

000

000

000

20

Units

(BAUTO

ures at th e en

to Phili

piness GD

2001

rrent

ppines is theazda vehicle

of Automoti

06

K)

of this report

ppines

per capita (i

2002 2003

ole distributoin this Asea

e Manufact

2007

C

Backgro

The distrGroup PestablishBermaz40% stak

companydistributiothe Philipdomestic

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The PhiliCAGR of2013 TIopportuni

n current US

2004

r

rers of the P

2008

ommercial

nd

ibution rightshilippines. Od to take oveotor Internat

e. BAP com

entered inton of specificpines for a 3lly under this

riven by co

pines auto 7.9%, mainl is expecteies in this ma

D) (2000-201

2005 200

hilippines In

2009

to Mazda inn 1 Jan 20r the reins froional Ltd, whmenced oper

a completelyfully-importedyear periodagreement in

mercial vehi

otive markety driven by

to reachrket, buoyed

2)

2007

c (CAMPI)s

2

the Philippi13, Berjayam the former.ile Berjayaations on 2

built up (Cvehicles, spp to 30 Sepclude the 2, 3

icle sales

has seen aemand for c

around 200,by its econom

2008 200

ctual TIV (2

010

Passenger

es were preAuto PhilippBAP is a 60hilippines IncJan 2013. O

U) agreemere parts, ac2015. The, 6, CX-5, CX

teady growthommercial ve00 units.ic growth.

9 2010

06-2012)

2011

viously heldines Inc (B

owned sub holds the rn 12 Sept 2

t with Mazdessories andazda model

-9and the B

in 2006-201hicles. Thee see huge

2011 201

2012

7

by FordP) wasidiary ofmaining

012, the

for thetools insold in

-50.

2 with aountrysgrowth

2

8/12/2019 Cist 24984

8/23

Berj16 Jan

See imp

Figur

Source:

0

500

1,000

1,500

2,000

2,500

3,000

Unit

ya Autary 2014

ortant disclos

9: Mazdas

Company data

Mazda 2

(BAUTO

ures at th e en

sales in the

012

Mazda 3 Ma

K)

of this report

Philippines (

zda 6 CX-5

The impa

The FTAJapaneseAsean neTrade ArCKD vehiin termsdomesticsuch agre

2012-2013)

2013

CX-9 BT-

ct from free

agreements i-Philippinesighbours (CEa), favours t

cles. This isf economiesmarket are Cements are i

Figur

50

201

2014F

2015F

2016F

Finaye

trade agree

nked betweeEconomic PaPT-AFTA, orhe importingecause most

of scale. CurrBU vehiclesplace.

10: Revenu

0% 2

cialr

ents (FTAs)

the Philippinrtnership AgCommon Effe of CBU vehirival nationsently, about tnd this trend

from vehicl

% 40

Malaysia

to continue

es and Japaeement), anctive Preferecles rather thhave an edghree-fifths ofis expected t

e sales by g

60%

Ph

(the JPEFF the formertial Tariff-Asan locally-ase over the Phll vehicles so

o continue a

ography (%)

80%

ilippines

8

, or thewith itsan Free

sembledilippinesld in thelong as

100%

8/12/2019 Cist 24984

9/23

Berj16 Jan

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Inv

Figure

Source: C

Figure

Source:

2,

4,

6,

8,

10,

12,

14,

16,

ya Autary 2014

ortant disclos

stment

11: Actual a

ompany data, R

12: Mazdas

AA

0

000

000

000

000

000

000

000

000

20

Units

(BAUTO

ures at th e en

Case

nd forecaste

B estimates

market shar

10

Mazda 2

Mazproduc

K)

of this report

d volume sal

e among non

2011

Maz

da3 CKDtion started

Mazdas

Mazda sastronglymark forcomprisemarket in

Malaysia.of 56.8%upcomingmarquesnational vin 2008.rivals indiscernin

es (FY10-16F

-national bra

2012

a 3

remarkable g

les in Malaysince then. WBAUTOs upthe 2, 3and

May 2012

From 2010- and, in 201launches ofexpanding Cehicles segmIn our opiniothat they habuyers.

)

nds

2013

Mazda 6

CX-5

launche

rowth to con

ia in 2008 wee expect theoming finan

6models, bu the latter h

013, BAUTO-2016, we enew models,KD model linent has alson, Mazdas he a unique

20

CX-5

d

CXproduc

tinue

re less thansales volumial year. Mat since thes emerged

has enjoyedxpect a CAas well as ce-up. Mazdarown to 3.3ve a strongselling point,

14F

Others

-5 CKDtion started

,000 units, b to come clodas sales v

CX-5was firss the bestse

tremendousR of 36%. Tmpetitive pri

s market shaas at Nov 2design edge

ie the mar

2015F

Com

ut have beense to the 10,olume initialllaunched inlling Mazda

growth, withhis will be ding on the J

re of Malaysi13 from a mover other Jue appeals

2016F

ercial

9

growing000-unit

largelythe local

odel in

CAGRriven bypanese

as non-re 0.4%panese

to more

8/12/2019 Cist 24984

10/23

Berj16 Jan

See imp

Figur

Source:

As at

Figur

V

Source:

ya Autary 2014

ortant disclos

e 13: SUV m

: MAA

2.4

2.2

2.8%

3.4

3.4

5.0

0%

2008

2009

2010

2011

2012

Nov-13

14: Mazda

ariant

WD 2.

WD

Company

(BAUTO

ures at th e en

rket share o

10%

4X4

X-5

Engine

0L, DOHC, 4-cylValve

K)

of this report

f the Malaysi

20%

/SUV

linder, 16-

Mazdas

Since itsincreasedSUV nowmodel eqalso attrilike fuellocal assand offsesecondand its hpassengeamong cto lower tfrom thepopular S

an passenge

7

30% 4

Passe

Power(HP/rpm)

155/6000

154/6000

highly-acclai

introduction iexponentiallaccount foruipped with tute its stronconomy andmbly of this

t the cessatioazda modelatchback varr vehicle segnsumers. Th

he ASP and iCX-5 for theUV have bee

r vehicle (20

85.6%

83.7%

6.3%

78.1%

77.4%

77.2%

0% 50

ger Car

Torque(Nm/rpm)

200/4000

198/4000

med CX-5to

n CBU form ito 2,883 uni

33% of BAUhe full range

sales to gro its innovative

UV in May 2n of local assto be assemiant. The groment suggeste introductionncrease markupcoming finn sold, or 45.

08-11M2013)

60%

MP

Transmi

6-spee

boost sales

n May 2012,ts in FY13 frOs sales vo

of the awarwing marketKODOdesi

013 helping tembly of theled at Inokowing markets the risingof the locall

et share. Hencial year.% of BAUTO

70%

ssion

Hi

d AT

the sales volm 148 unitslume. The C-winning Skydemand, andn. In FY14,meet the gr

outgoing 3ms Kedah pl

share of Sopularity of-assembledce, we expecs at Nov 201s 7MFY14 sa

19.8%

17.

18.1

16.

80%

Window Va

Fuel econo

hway Cit

6.3 9.1

ume of the Cin FY12. Sale-5 is the firs

Activ technol its intrinsice see the stwing market

odel. The CXnt after theVs in the Much class ofX-5will helpt higher sale3, 2,386 unitles.

11.1%

13.1%

%

%

.8%

90%

n

y (litres/100k

Combi

7.

10

X-5 hass of thist Mazdagy. We

ttributesarting ofdemand-5is the3 sedanalaysianvehiclesBAUTOcoming

s of this

0.9%

1.0%

1.1%

1.0%

1.1%

1.0%

100%

)

nation

3

8/12/2019 Cist 24984

11/23

Berj16 Jan

See imp

Figur

Source:

Figur

Mazd

Hond

Toyot

Nissa

Ford

Mitsu

Source:

ya Autary 2014

ortant disclos

15: 2014 3

Company

16: Conten

Model

a 3

a Civic

a Corolla Altis

n Sylphy

Focus

bishiLancer

Companies data

(BAUTO

ures at th e en

edan equipp

ers in the lo

Vari

2.0 (A)

1.8s

2.0s

2.0Navi

1.8E (A)

2.0G (A)

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2.0XL Lu

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of this report

ed with Sky

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ium

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ctivtechnol

nt

price (MYR)

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131,980

136,980

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119,895

124,895

116,938

129,938

116,938

129,938

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ming new 3

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ogy

Power

(HP/rp

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8/12/2019 Cist 24984

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8/12/2019 Cist 24984

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Figur

Source:

Inv

Figur

Source:

2.8

2.9

3.0

3.1

3.2

3.3

3.4

3.5

3.6

3.7

3.8

3.9

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4.1

4.2

4.3

ya Autary 2014

ortant disclos

e 19: A rend

: Mazda Japan

stment

e 20: JPY/MY

: Bloomberg

0

0

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0

0

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K)

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ompleted ve

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icle assemb

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ly facility in

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1/

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5%. With t from fore

uaranteed 12az Motor SB

1/12

in the JPYenominated iales due to te establishm fluctuations% GPM agre.

1/1/13

against thethe former.

he appreciatient of MMSB in its CKDement with M

1/1

13

YR, asIn FY12,n of thein Septvehicle

MSB for

/14

8/12/2019 Cist 24984

14/23

Berj16 Jan

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Figur

Source:

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

ya Autary 2014

ortant disclos

e 21: MYR/J

: Bloomberg, Co

2010

(BAUTO

ures at th e en

Y movemen

pany data

20

K)

of this report

vs GPM (FY

11

MYR/J

10-16F)

Supply c

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mpetitive se

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s a result of tincrease in

ce services,launches get

2013

on to affect

tural catastring Thailandplants reportomotive suppzda CBU vehi

er behaviou

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ctor

ector landscaetitiveness evo the local mfrom 14.3%e strong coarketing andetc, whichmore price-c

2014F

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ales

phes can bfloods and J

ed productionly chain. BA

icles ran low

r

f 85.1% andApril 2015 me base cases the 10% s

e supply chait to such an i

pe is highlyery year. Inarket. For en. This was ppetition in thselling expe

ill push dompetitive.

20

s Profit Margin

ing a hugeapans tsunasuspensionsTO too wasuring this per

the plannedy result in unexpectation iles tax. Hown, it is difficulmpact.

ompetitive w2013 alone,-FY13 (FYErtly due to thmarket. Weses, i.e. pron GPM in t

5F

impact to thmi both in, which subsaffected at tiod.

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lt to predict it

ith new launce saw the

April 2013),e hefty discoforesee the potions, freeb

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f goodsnsumer

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15.5%

16.0%

8/12/2019 Cist 24984

15/23

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Figur

B-Se

C-Se

D-Se

SUV

MPV

Pick-

Source:

ya Autary 2014

ortant disclos

e 22: Local v

gment

gment

gment

Segment

Segment

up Segment

: Companies data

(BAUTO

ures at th e en

ehicle launc

FordFiest

ToyotaVi

Kia Rio

Suzuki Sw

Proton Sa

Mitsubishi

Proton Su

Peugeot 2

Peugeot 2

Volkswag

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Mazda3

Kia Cerato

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Mazda C

Hyundai S

Honda CR

Subaru Fo

Ford Kuga

Suzuki Ji

Mazda Bi

Honda OdNissan Gr

Nissan Se

Toyota Hil

Nissan Na

Mitsubishi

Ford Rang

Isuzu D-M

K)

of this report

es (2013-201

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a

s

ift

ga SV

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prima S

08

008

n Polo

rolla Altis

ana

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83,823 - 84,542

73,200 - 93,200

73, 888 - 83,011

67,812 - 73,968

33,426 - 36,876

59,213 - 75,797

76,338 - 79,579

83,494 - 93,234

No data

No data

15,000 - 137,00

135,159

99,888 - 118,88

41,815 - 173,10

59,456 - 193,83

35,998 - 168,11

59,888 - 178,88

296,166

63,888 - 189,88

44,764 - 165,18

00,989 - 201,18

159,999

84,888 - 89,888

149,782

28,000 - 248,0087,368 - 100,57

149,500

77,105 - 109,20

82,817 - 105,83

64,054 - 99,618

67,964 - 97,092

105, 664

)

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15

8/12/2019 Cist 24984

16/23

Berj16 Jan

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Key

Figure

Source: C

Figure

Financia

Volume

Aver age

Source: C

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

MYRm

ya Autary 2014

ortant disclos

Assu

23: Revenue

ompany data

25: Key assu

l year

sales (units)

MYR/JPY

ompany data, R

2010 2011

Spare Parts

(BAUTO

ures at th e en

ptions

mptions

Malaysia

The Phili

B estimates

2012 2

& Others

K)

of this report

pines

013 2014F

CKD

Our assu

Our valua

i.

ii.

iii.

iv.

2015F 2016

CBU

mptions

tion model is

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Figure

2013

,142

657

3.69

F0

50

100

150

200

250

300

350

MYR

derived base

growth of 31volume sal

in FY14F/15

oods to decrY14 vs prevdiscounts o

years. Thus,15F/16F. It isrise in FY15

to that of FY

BAUTOs 1s EBIT marg in duties as

expect thethe group exat marginsg competitioe market piars are arou

payout ratioent indicatedplace, BAUuse purchas

ressive advernded a first.

24: Gross p

2014F

9,624

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on the follo

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ease due to tious financialn the stiff cowe expect oworth notingand FY16,

14.

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of 25% ofthat a divideO will needes, improvetisements, et interim sin

rofit

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ing assumpti

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, we have seal trends. Thie higher locas to be sustD operations.ed as the gr

plans to gair EBIT mar

PATAMI ind payout poliash for its fuents to its. In respect tle-tier exem

2015F

11,951

3,122

3.25

013 2014F

CKD

ns:

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f the JPY aglso take into

automotivef 15.5%/14.6t the JPY agwer overall

en a massivewas largely

lisation conteinable in the

However, wup cuts its pa bigger sliin estimates

Y14F-16F.cy of up to 40ture expansio

anufacturingFY14, the gpt dividend

2016

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3,746

3.27

2015F 20

CBU

16

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ainst thePM as

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comingdo not

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6F

8/12/2019 Cist 24984

17/23

Berj16 Jan

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Val

Figur

Stoc

APM

DRB-

MBM

Tan

UMWSect

Berja

^FY13-

Source:

ya Autary 2014

ortant disclos

ations

e 26: Peer va

(

HICOM^

hong

r Avg

ya Auto^

14 valuations refe

: Company data,

(BAUTO

ures at th e en

luation

rice FairValue

MYR) (MYR

5.73 5.50

2.79 3.40

3.40 3.40

5.70 7.25

1.88 12.50

1.68 1.95

r to FY14-15 dat

HB estimates

K)

of this report

Mkt Cap

(MYRm)

1,155.2

5,393.7

1,326.7

3,830.4

13,879.3

1,350.0

Initiate c

Our FV oused tocapitalisaNEUTRAwe belieKODO-inprogram

FYE E

FY

Dec 1.

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Apr 83.

verage with

f MYR1.95 isvalue industion and mar, FV: MYR1e there is tpired vehiclee and the ag

PS growth

(%)

3 FY14

13.1

3 57.1

16.1

9 46.5

8) 27.58 32.1

6 25.0

a BUY

based on 12ry peers. Alket share vi.50) and Ta

remendous ps, improvedressive laun

PER

(x)

FY13

9.8

21.1

10.4

13.9

17.314.5

13.0

x FY15F P/Ehough BAU--vis its larChong Mototential upsiricing compeh of new mo

P/

(x

FY14 FY1

8.6 1.1

13.4 0.7

9.1 0.8

9.5 1.5

13.6 2.110.8 1.2

10.4 3.6

, largely in liO is smaller peers likr (TCM MK,e fuelled btitiveness froels in the co

ROE

(%)

4 FY14

0 13.3

0 5.6

5 10.2

4 17.4

2 16.06 12.5

0 34.6

e with the tain terms ofUMW (UW

BUY, FV: M Mazdas in

m its CKD pring years.

NDY

(%)

FY14

3.8 N

1.5

2.9 N

2.1

5.1 N3.1

2.4

17

rget P/Emarket

MH MK,R7.25),

novativeoduction

Rec

UTRAL

BUY

UTRAL

BUY

UTRAL

BUY

8/12/2019 Cist 24984

18/23

Berj16 Jan

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Fin

ya Autary 2014

ortant disclos

ncial E

(BAUTO

ures at th e en

xhibits

K)

of this report

Source: Co

Source: Co

Profit & L

Total turno

Cost of sal

Gross prof

Gen & ad

Selling exp

Operating

Operating

Depreciati

Operating

Net incom

Other recu

Interest inc

Interest ex

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Taxation

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Profit afte

Reported

Recurring

Cash fl ow

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Depreciat

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Interest re

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Cash fl ow

Capex

Other inve

Cash fl ow

Dividends

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Cash fl ow

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Total cash

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pany data, RHB

pany data, RHB

ss (MYRm)

er

es

it

in expenses

enses

profit

BITDA

n of fixed asset

EBIT

from investmen

rring income

ome

pense

ofit

erests

r tax & minoriti

net profit

net profit

(MYRm)

profit

ion & amortisat

working capit

ting cash flow

cash flow

eived

id

from operation

ting cash flow

from i nvesting

aid

rom issue of sha

debt

cing cash flow

from financing

ginning of period

generated

sh at end of p

estimates

estimates

ts

es

ion

l

s

a cti vi ti es

res

a cti vi ti es

riod

Apr -12 Ap

664 1,

(569) (

95

(23)

(15)

57

62

(5)

57

-

1

0

(2)

55

(15)

-

41

41

41

Apr -12 Ap

57

5

46

1

109

0

(2)

(18)

88

(3)

0

(2)

-

-

(41)

(2)

(43)

34

43

77

r-13 Apr-14

064 1,404

925) (1,187

139 217

(39) (45

(28) (36

72 137

79 146

(7) (9

72 137

(2) 9

3 3

1 1

(5) (5

70 145

(17) (36

(1) (5

52 104

52 104

52 104

r-13 Apr-14

72 137

7 9

(29) (27

27 (1

78 118

1 1

(5) (5

(21) (36

53 78

(14) (28

(25) 1

(39) (28

- (26

6 42

90 (75

(5) (1

91 (60

77 182

105 (10

182 172

Apr -15F

1,765

) (1,507)

257

) (47)

) (43)

168

181

) (13)

168

16

3

1

) (5)

183

) (46)

) (7)

130

130

130

Apr -15F

168

13

) (8)

) (1)

173

1

) (5)

) (46)

123

) (31)

1

) (31)

) (33)

-

) -

) (1)

) (33)

173

) 59

232

18

Apr -16F

1,993

(1,700)

292

(52)

(51)

189

206

(17)

189

19

3

1

(5)

207

(52)

(8)

147

147

147

Apr -16F

189

17

(17)

(1)

188

1

(5)

(52)

132

(26)

1

(26)

(37)

-

-

(1)

(38)

232

69

301

8/12/2019 Cist 24984

19/23

Berj16 Jan

See imp

Fin

ya Autary 2014

ortant disclos

ncial E

(BAUTO

ures at th e en

xhibits

K)

of this report

Source: Co

Source: Co

Balance S

Total cash

Inventories

Accounts r

Other curr

Total curr

Total inves

Tangible fi

Intangible

Total other

Total non-c

Total asse

Short-term

Accounts

Other curr

Total curr

Total long-t

Other liabil

Total non-

Total liabi

Share capi

Retained e

Other rese

Sharehol

Minority int

Other equit

Total equi

Total liabi

Key Ratio

Revenue gr

Operating

Net profit g

EPS growt

Bv per sha

Operating

Net profit

Return on

Return on

Net debt to

DPS

Recurrent

pany data, RHB

pany data, RHB

heet (MYRm)

and equivalents

eceivable

nt assets

ent assets

ments

ed assets

ssets

assets

urrent assets

ts

debt

ayable

nt liabilities

ent liabilit ies

erm debt

ities

current liabiliti

l it ies

tal

arnings reserve

rves

ers' equity

erests

y

ty

lities & equity

(MYR)

owth (%)

rofit growth (%)

rowth (%)

h (%)

re growth (%)

argin (%)

argin (%)

verage assets (

verage equity (

equity (%)

ash flow per sh

estimates

estimates

es

)

)

re

Apr -12 Ap

77

130

31

3

241

-

17

1

9

27

267

29

89

12

130

11

18

29

159

40

68

- (

108

-

-

108

267

Apr -12 Ap

12.0

12.6

12.9

12.9

60.3

8.5

6.2

14.4

46.6

(34.9) (3

0.00

0.12

r-13 Apr-14

182 173

194 269

31 38

16 10

423 490

23 32

20 40

1 1

19 19

63 91

485 581

127 54

124 169

34 34

285 257

2 -

32 32

35 32

319 289

360 402

79 158

280) (280

159 280

7 12

0 -

166 292

485 581

r-13 Apr-14

0.4 31.9

7.1 89.7

6.1 101.8

6.1 80.8

6.7 57.9

6.8 9.7

4.9 7.4

3.7 19.5

8.7 47.5

1.9) (40.7)

.00 0.03

.07 0.10

Apr -15F

232

314

48

12

607

48

58

1

19

125

732

54

215

34

303

-

32

32

335

402

256

) (280)

378

19

-

397

732

Apr -15F

25.7

22.5

25.0

25.0

35.0

9.5

7.4

19.8

39.6

(44.9)

0.04

0.15

19

Apr -16F

302

355

55

14

725

67

67

1

19

154

878

54

242

34

330

-

32

32

362

402

367

(280)

489

27

-

516

878

Apr -16F

12.9

12.8

13.0

13.0

29.3

9.5

7.4

18.3

34.0

(48.0)

0.05

0.16

8/12/2019 Cist 24984

20/23

Berj16 Jan

See imp

SW

Source:

CoBerjayvehicllocally

0

5

10

15

20

25

30

35

Jan-12

ya Autary 2014

ortant disclos

T Ana

ompany data, R

panya Auto (BAUs in Malaysia

assembled M

Jan-13

(BAUTO

ures at th e en

lysis

HB estimates

rofileO) is involv

. The group iazda vehicle

Jan-14

P/E (x) vs E

P/E (x) (lhs )

K)

of this report

ed in the distalso involve.

Jan-15

S growth

EPS growth (rh

Strong

Strongcompa

Mazdaacclai

Strongopportthe Phautomsector

ribution, assd in the dom

0

1

2

3

5

6

7

9

Jan-16

)

and experien

support fromnies

is an establied brand

growthunities inilippinestive

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mbling, retaistic distributi

%

3%

6%

9%

1%

4%

7%

0%

0

2

4

6

8

10

12

14

ced manage

the Berjaya g

hed and inter

Stiff corecent

rce: Company da

ling and alson of locally a

Jan-12

Jan-13

ent team

roup of

nationally

petition in thnd upcomin

a, RHB estimate

the provisiossembled Ma

Jan-14

P/BV (

P/B (x) (lh s)

e automotivelaunches of

of after salzda vehicles

Jan-15

) vs ROAE

Return o n avera

Regulatorychangesaffecting thcompetitivelandscapelocal autom

sector

sector, withnew models

s service ofand the expo

Jan-16

e equity (rhs)

20

f thetive

any

Mazdart of the

0%

9%

17%

26%

34%

43%

51%

60%

8/12/2019 Cist 24984

21/23

Berj16 Jan

See imp

Rec

ya Autary 2014

ortant disclos

ommen

(BAUTO

ures at th e en

dation

K)

of this report

Chart

Source: RH

0.5

0.7

0.9

1.1

1.3

1.5

1.7

1.9

Source: RH

Date

2014-01-16

estimates, Bloo

Nov-13

estimates, Bloo

Recomme

mberg

Dec

mberg

ndation Targ

-13

Price Clos

t Pr ice Pr ice

Dec-13

21

8/12/2019 Cist 24984

22/23

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