Kenanga Today
COMPANY UPDATE
BAUTO (OP↔; TP: RM3.22↑). Charging Ahead. BAUTO’s 1QFY24 results beat expectations on strong demand for the refreshed CX-30 CKD model. Its 1QFY24 core net profit doubled YoY, driven by robust sales of Mazda, Peugeot and Kia vehicles, and higher margins. It raised its FY24F sales guidance by 1k units to 24k units from 23k units three months ago. We increase our FY24-25F net profit by 4% each, lift our TP by 4% to RM3.22 (from RM3.10) and reiterate our OUTPERFORM call.
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