Cist 24984
Transcript of Cist 24984
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8/12/2019 Cist 24984
1/23
See imp
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ata, RHB estimat
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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
es and margUTO to ac/16F, drivenve new modegramme.
/MYR130.3
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luations
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(MYRm)
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s
rjaya Autoles in Malayo sell well,cclaimed St will help Bis b ased on
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is a unique
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(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
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ir attractivenology anda 3-year EP/E.
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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
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1,765
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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
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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
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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
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s the sole diinvolved in t
Distributi
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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
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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
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0
0
0
0
0
0
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ures at th e en
tlook:
n Automoti
ates
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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
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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
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5
with the013 wasthat wasases inand we
by the014, we
0-2012.R30,803with thethroughy driveretionaryf 85.1%,) highernd iv) an is for
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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
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00
00
2000
t current price(MYRbn)
upcoming Nysia as an E
expect moduced
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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
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Berj
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Source:
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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
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per capita (in c
ya Auto Philiimporter of Mn
7: Chamber
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000
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000
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20
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(BAUTO
ures at th e en
to Phili
piness GD
2001
rrent
ppines is theazda vehicle
of Automoti
06
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of this report
ppines
per capita (i
2002 2003
ole distributoin this Asea
e Manufact
2007
C
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companydistributiothe Philipdomestic
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r
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ommercial
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riven by co
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D) (2000-201
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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
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es were preAuto PhilippBAP is a 60hilippines IncJan 2013. O
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teady growthommercial ve00 units.ic growth.
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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
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7
by FordP) wasidiary ofmaining
012, the
for thetools insold in
-50.
2 with aountrysgrowth
2
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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%
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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
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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
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-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
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ut have beense to the 10,olume initialllaunched inlling Mazda
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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
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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%
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77.4%
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ger Car
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200/4000
198/4000
med CX-5to
n CBU form ito 2,883 uni
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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)
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MP
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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
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ssion
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d AT
the sales volm 148 unitslume. The C-winning Skydemand, andn. In FY14,meet the gr
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19.8%
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ume of the Cin FY12. Sale-5 is the firs
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odel. The CXnt after theVs in the Much class ofX-5will helpt higher sale3, 2,386 unitles.
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%
%
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n
y (litres/100k
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ttributesarting ofdemand-5is the3 sedanalaysianvehiclesBAUTOcoming
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3
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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
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(BAUTO
ures at th e en
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of this report
ed with Sky
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ctivtechnol
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115,980
131,980
136,980
110,848
119,614
132,302
114,895
119,895
124,895
116,938
129,938
116,938
129,938
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ming new 3
014 3, whiche form of a 2ngine and wie the 3 is walso plans todel to be m
ogy
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(HP/rp
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Malaysia, wilpan. The 3ynamics andet share in ththe new 3bst its rivals.
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-
8/12/2019 Cist 24984
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-
8/12/2019 Cist 24984
13/23
Berj16 Jan
See imp
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
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4.2
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ya Autary 2014
ortant disclos
e 19: A rend
: Mazda Japan
stment
e 20: JPY/MY
: Bloomberg
0
0
0
0
0
0
0
0
0
0
0
0
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K)
of this report
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icle assemb
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ly facility in
ctuations to
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1/1/11
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affect BAUT
xposed to ticles and spaR9.5m increaby more thaow shelteres there is a gibuted to Ber
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e fluctuationre parts are dse in cost of
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
See imp
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)
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It is appautomotivnumber oaffected twith its in
Unpredic
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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
ebt to GDPexpected ining years. TGST replach stage of thmers will rea
ctor
ector landscaetitiveness evo the local mfrom 14.3%e strong coarketing andetc, whichmore price-c
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ed productionly chain. BA
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ill push dompetitive.
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ing a hugeapans tsunasuspensionsTO too wasuring this per
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5F
impact to thmi both in, which subsaffected at tiod.
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lt to predict it
ith new launce saw the
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15.5%
16.0%
-
8/12/2019 Cist 24984
15/23
Berj16 Jan
See imp
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
Toyota Co
Mazda3
Kia Cerato
Nissan Te
Mazda 6
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Hyundaii
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
Model
a
s
ift
ga SV
Attrage
prima S
08
008
n Polo
rolla Altis
ana
cord
0
-9
anta Fe
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ax
4)
1
1
1
1
1
1
1
TR Price (MY
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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nching in 2014
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odel, launching
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in 2014
15
-
8/12/2019 Cist 24984
16/23
Berj16 Jan
See imp
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
Revenueincreasinthan 10%
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Dividendmanageprofit is iie warehmore aggrecommesen/shar
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
2,168
3.20
2010 2011
Spare P
on the follo
.9%/25.7%/1s the Phili/16F as com
ease due to tious financialn the stiff cowe expect oworth notingand FY16,
14.
FY14 resultsins vs historica result of thhigher margipands its CKay be squeeand its own. Hence, oud 9%.
of 25% ofthat a divideO will needes, improvetisements, et interim sin
rofit
2012
rts & Others
ing assumpti
.9% in FY14ppines markepared to a me
he softeningyears. We apetition in thverall GPM othat we expehence, the lo
, 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:
F/15F/16F, dt will contribre 5.2% in F
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
13,35
3,746
3.27
2015F 20
CBU
16
riven byte more13.
inst theaccountector in/14.7%
ainst thePM as
uplift ofdue to ant in the
comingdo not
ricing one of thefor the
lthough% of netn plans,facility,
oup hasof 1.75
6F
-
8/12/2019 Cist 24984
17/23
Berj16 Jan
See imp
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.
Mar 57.
Dec 1.
Dec 69.
Dec (15. 22.
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
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
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
Pre-tax pr
Taxation
Minority int
Profit afte
Reported
Recurring
Cash fl ow
Operating
Depreciat
Change in
Other oper
Operating
Interest re
Interest pa
Tax paid
Cash fl ow
Capex
Other inve
Cash fl ow
Dividends
Proceeds f
Increase in
Other finan
Cash fl ow
Cash at be
Total cash
Implied c
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
Sou
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
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