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MORNING CALL:18/12/23
The Edge TV
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12/17/2023
Bermaz drives away as Maybank IB’s top pick for the auto sector
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News
Transcript
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00:00
Happy Monday, we are taking a look at Burma's auto today with Maybank IB calling it its
00:06
top pick for the auto segment universe.
00:08
It is keeping both its buy call and RM3.51 target price, implying a possible upside of
00:13
47% from current levels.
00:16
The company anticipates sustained growth into FY25 driven by a robust pipeline of new launches,
00:22
an expanding CKD mix and a strategic focus on niche markets with higher margin models.
00:27
Vee Auto is proactively engaging with its principals to bring additional models to the
00:31
Malaysian market, namely Mazda CX-60, Kia Sportage, Peugeot 408, etc. to expand sales.
00:39
Its efforts to lift sales extend to exploring potential partnerships with pure Chinese BEV
00:43
brands, presenting an opportunity to tap into a burgeoning segment.
00:47
A potential monkey wrench in the whole thing could be the high-value goods tax set to take
00:52
effect in May next year, pending details.
00:55
The primary impact on Vee Auto is anticipated to centre around its Kia Carnival model, but
01:00
Maybank IB thinks that after the initial knee-jerk reaction, it could be cushioned by the introduction
01:05
of new models throughout the year.
01:07
Ultimately, Maybank IB likes Vee Auto's robust fundamentals and strong dividend payout.
01:12
Burma's is well covered and according to the latest Bloomberg data, there are 10 buys
01:16
and 4 holes on the auto stock that managed to temper the overall outlook a little.
01:20
The average target price works out to RM2.98, which is 59 cent more than its last close.
01:27
[Music]
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