Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM1.06, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Specialty Retail industry in Malaysia. Total loss to shareholders of 35% over the past three years. Declared Dividend • Jun 13
Fourth quarter dividend of RM0.035 announced Shareholders will receive a dividend of RM0.035. Ex-date: 21st July 2026 Payment date: 5th August 2026 Dividend yield will be 7.3%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but not covered by cash flows (118% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 11
Bermaz Auto Berhad Announces Fourth Interim Dividend Single-Tier Dividend for the Financial Year Ended 30 April 2026, Payable on 05 August 2026 Bermaz Auto Berhad announced fourth interim dividend of 1.75 sen single-tier dividend per share for the financial year Ended 30 April 2026. The dividend will be payable on 05 August 2026 with Ex-Date of 21 July 2026 and Entitlement date of 22 July 2026. Buy Or Sell Opportunity • Jun 05
Now 23% undervalued Over the last 90 days, the stock has risen 3.0% to RM0.86. The fair value is estimated to be RM1.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 40%. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 54% in the next 2 years. Upcoming Dividend • Apr 13
Upcoming dividend of RM0.018 per share Eligible shareholders must have bought the stock before 20 April 2026. Payment date: 07 May 2026. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 13%. Within top quartile of Malaysian dividend payers (5.6%). Higher than average of industry peers (5.2%). Major Estimate Revision • Mar 19
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from RM2.20b to RM2.23b. EPS estimate increased from RM0.063 to RM0.071 per share. Net income forecast to grow 30% next year vs 19% growth forecast for Specialty Retail industry in Malaysia. Consensus price target up from RM0.69 to RM0.80. Share price rose 4.7% to RM0.90 over the past week. Declared Dividend • Mar 14
Third quarter dividend of RM0.018 announced Shareholders will receive a dividend of RM0.018. Ex-date: 20th April 2026 Payment date: 7th May 2026 Dividend yield will be 5.9%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (146% earnings payout ratio). However, it is covered by cash flows (73% cash payout ratio). The dividend has increased by an average of 4.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 62% to bring the payout ratio under control. EPS is expected to grow by 46% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Mar 14
Bermaz Auto Berhad Announces Third Interim Dividend for the Financial Year End 30 April 2026, Payable May 7, 2026 Bermaz Auto Berhad announced third interim dividend of 1.75 sen single-tier dividend per share for the Financial Year End 30 April 2026. Ex-Date 20 April 2026, Entitlement date 21 April 2026 and Payment Date 07 May 2026. Reported Earnings • Mar 13
Third quarter 2026 earnings released: EPS: RM0.029 (vs RM0.021 in 3Q 2025) Third quarter 2026 results: EPS: RM0.029 (up from RM0.021 in 3Q 2025). Revenue: RM683.2m (up 14% from 3Q 2025). Net income: RM32.6m (up 35% from 3Q 2025). Profit margin: 4.8% (up from 4.0% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 12
Price target increased by 10% to RM0.71 Up from RM0.65, the current price target is an average from 13 analysts. New target price is 17% below last closing price of RM0.86. Stock is down 15% over the past year. The company is forecast to post earnings per share of RM0.063 for next year compared to RM0.13 last year. Price Target Changed • Mar 05
Price target increased by 7.4% to RM0.67 Up from RM0.63, the current price target is an average from 13 analysts. New target price is 21% below last closing price of RM0.84. Stock is down 23% over the past year. The company is forecast to post earnings per share of RM0.062 for next year compared to RM0.13 last year. Buy Or Sell Opportunity • Mar 04
Now 20% undervalued Over the last 90 days, the stock has risen 15% to RM0.82. The fair value is estimated to be RM1.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to grow by 8.6% in 2 years. Earnings are forecast to grow by 56% in the next 2 years. New Risk • Feb 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Upcoming Dividend • Jan 15
Upcoming dividend of RM0.013 per share Eligible shareholders must have bought the stock before 22 January 2026. Payment date: 06 February 2026. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 15%. Within top quartile of Malaysian dividend payers (5.4%). Higher than average of industry peers (4.1%). Declared Dividend • Dec 12
Dividend reduced to RM0.013 Dividend of RM0.013 is 58% lower than last year. Ex-date: 22nd January 2026 Payment date: 6th February 2026 Dividend yield will be 7.4%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (165% earnings payout ratio). However, it is covered by cash flows (66% cash payout ratio). The dividend has increased by an average of 2.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 84% to bring the payout ratio under control. EPS is expected to grow by 78% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Dec 11
Second quarter 2026 earnings released: EPS: RM0.015 (vs RM0.035 in 2Q 2025) Second quarter 2026 results: EPS: RM0.015 (down from RM0.035 in 2Q 2025). Revenue: RM556.5m (down 14% from 2Q 2025). Net income: RM17.2m (down 57% from 2Q 2025). Profit margin: 3.1% (down from 6.2% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Specialty Retail industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 32% per year. New Risk • Dec 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (107% cash payout ratio). Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (4.0% net profit margin). Major Estimate Revision • Sep 18
Consensus EPS estimates fall by 34% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from RM2.33b to RM2.21b. EPS estimate also fell from RM0.113 per share to RM0.074 per share. Net income forecast to grow 2.4% next year vs 6.8% growth forecast for Specialty Retail industry in Malaysia. Consensus price target down from RM0.83 to RM0.61. Share price was steady at RM0.67 over the past week. Declared Dividend • Sep 13
Dividend reduced to RM0.0075 Dividend of RM0.0075 is 79% lower than last year. Ex-date: 16th October 2025 Payment date: 5th November 2025 Dividend yield will be 23%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (124% earnings payout ratio) nor is it covered by cash flows (129% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 38% to bring the payout ratio under control. EPS is expected to grow by 53% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Price Target Changed • Sep 12
Price target decreased by 21% to RM0.66 Down from RM0.84, the current price target is an average from 14 analysts. New target price is 8.1% above last closing price of RM0.61. Stock is down 74% over the past year. The company is forecast to post earnings per share of RM0.10 for next year compared to RM0.13 last year. Reported Earnings • Aug 31
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: RM0.13 (down from RM0.30 in FY 2024). Revenue: RM2.62b (down 33% from FY 2024). Net income: RM153.6m (down 56% from FY 2024). Profit margin: 5.9% (down from 8.8% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates by 8.1%. Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Malaysia are expected to grow by 7.7%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • Aug 27
Bermaz Auto Berhad, Annual General Meeting, Oct 08, 2025 Bermaz Auto Berhad, Annual General Meeting, Oct 08, 2025, at 10:00 Singapore Standard Time. Location: glenmarie ballroom, glenmarie hotel & golf resort, no. 1, jalan usahawan u1/8, seksyen u1, 40250 shah alam, selangor darul ehsan, Malaysia Price Target Changed • Aug 27
Price target decreased by 7.6% to RM0.83 Down from RM0.90, the current price target is an average from 14 analysts. New target price is 25% above last closing price of RM0.66. Stock is down 73% over the past year. The company is forecast to post earnings per share of RM0.11 for next year compared to RM0.13 last year. New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (100% cash payout ratio). Profit margins are more than 30% lower than last year (5.9% net profit margin). Upcoming Dividend • Jul 10
Upcoming dividend of RM0.015 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 05 August 2025. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 24%. Within top quartile of Malaysian dividend payers (5.6%). Higher than average of industry peers (4.5%). Declared Dividend • Jun 14
Dividend reduced to RM0.015 Dividend of RM0.015 is 87% lower than last year. Ex-date: 17th July 2025 Payment date: 5th August 2025 Dividend yield will be 20%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (88% earnings payout ratio) but not covered by cash flows (101% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 7.4% over the next 3 years. Since a fall of 2.2% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • Jun 13
Bermaz Auto Berhad Announces Fourth Interim Dividend for the Financial Year ended April 30, 2025, Payable on August 5, 2025 Bermaz Auto Berhad announced fourth interim dividend of 1.50 sen per share for the financial year ended April 30, 2025. Ex-Date 17 July 2025, Entitlement date 18 July 2025 and Payment Date 5 August 2025. Reported Earnings • Jun 13
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: RM0.13 (down from RM0.30 in FY 2024). Revenue: RM2.62b (down 33% from FY 2024). Net income: RM155.9m (down 55% from FY 2024). Profit margin: 5.9% (down from 8.8% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates by 8.1%. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Malaysia are expected to grow by 7.6%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Price Target Changed • Jun 13
Price target decreased by 12% to RM1.12 Down from RM1.27, the current price target is an average from 14 analysts. New target price is 36% above last closing price of RM0.82. Stock is down 67% over the past year. The company is forecast to post earnings per share of RM0.12 for next year compared to RM0.13 last year. Announcement • May 02
Bermaz Auto Berhad Appoints Puan Noor Zita Binti Hassan as Independent and Non Executive Director, Effective May 2, 2025 Bermaz Auto Berhad has appointed Puan Noor Zita Binti Hassan as an Independent and Non Executive Director, effective May 2, 2025. Age: 59. Puan Noor Zita graduated with a Bachelor of Science in Economics with Accountancy Degree from Loughborough University of Technology, United Kingdom in 1988 and obtained her Master of Accountancy from Charles Sturt University, Australia in 1995. She is also a member of CPA Australia and the Malaysian Institute of Accountants. She started her career with Sime Darby Berhad ("SDB") in March 1989 as a management trainee and had served in various capacities within the SDB group in the accounting, internal audit, tax, and corporate planning divisions. She was subsequently transferred to the secretarial division of SDB group in September 1993 and became the Company Secretary of Hyundai-Sime Darby Berhad, a then listed subsidiary of SDB, in December 2004 until it was delisted in July 2006. During her tenure in SDB, Puan Noor Zita was also appointed as the Company Secretary of Sime Motors, the automotive division of SDB, in 2005. She was subsequently promoted as the Company Secretary of SDB group in November 2017 and held the position until her retirement in October 2024. Puan Noor Zita has over 20 years of corporate secretarial experience in the automotive sector in SDB and prior to that, she was involved in the corporate secretarial functions in diverse sectors, including power, healthcare, trading, and insurance broking. Upcoming Dividend • Apr 14
Upcoming dividend of RM0.018 per share Eligible shareholders must have bought the stock before 21 April 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 69% but the company is paying out more than the cash it is generating. Trailing yield: 25%. Within top quartile of Malaysian dividend payers (5.9%). Higher than average of industry peers (5.3%). Major Estimate Revision • Mar 19
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RM3.06b to RM2.74b. EPS estimate fell from RM0.189 to RM0.146 per share. Net income forecast to shrink 22% next year vs 11% growth forecast for Specialty Retail industry in Malaysia . Consensus price target down from RM1.93 to RM1.26. Share price was steady at RM1.06 over the past week. Declared Dividend • Mar 14
Dividend of RM0.018 announced Shareholders will receive a dividend of RM0.018. Ex-date: 21st April 2025 Payment date: 7th May 2025 Dividend yield will be 26%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (271% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. However, EPS is expected to decline by 6.9% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 13
Third quarter 2025 earnings released: EPS: RM0.021 (vs RM0.06 in 3Q 2024) Third quarter 2025 results: EPS: RM0.021 (down from RM0.06 in 3Q 2024). Revenue: RM602.1m (down 33% from 3Q 2024). Net income: RM24.1m (down 66% from 3Q 2024). Profit margin: 4.0% (down from 7.9% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 7.0% growth forecast for the Specialty Retail industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • Feb 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Dividend is not well covered by cash flows (314% cash payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Price Target Changed • Feb 18
Price target decreased by 9.9% to RM1.96 Down from RM2.18, the current price target is an average from 12 analysts. New target price is 59% above last closing price of RM1.23. Stock is down 50% over the past year. The company is forecast to post earnings per share of RM0.19 for next year compared to RM0.30 last year. Price Target Changed • Feb 10
Price target decreased by 9.4% to RM2.03 Down from RM2.24, the current price target is an average from 12 analysts. New target price is 55% above last closing price of RM1.31. Stock is down 46% over the past year. The company is forecast to post earnings per share of RM0.20 for next year compared to RM0.30 last year. Buy Or Sell Opportunity • Jan 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 40% to RM1.41. The fair value is estimated to be RM1.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 6.0% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Upcoming Dividend • Jan 09
Upcoming dividend of RM0.03 per share Eligible shareholders must have bought the stock before 16 January 2025. Payment date: 07 February 2025. Payout ratio is a comfortable 68% but the company is paying out more than the cash it is generating. Trailing yield: 20%. Within top quartile of Malaysian dividend payers (5.1%). Higher than average of industry peers (4.4%). Major Estimate Revision • Dec 19
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RM3.66b to RM3.44b. EPS estimate also fell from RM0.254 per share to RM0.222 per share. Net income forecast to grow 4.9% next year vs 17% growth forecast for Specialty Retail industry in Malaysia. Consensus price target down from RM2.75 to RM2.46. Share price fell 22% to RM1.59 over the past week. Price Target Changed • Dec 13
Price target decreased by 11% to RM2.46 Down from RM2.75, the current price target is an average from 14 analysts. New target price is 27% above last closing price of RM1.94. Stock is down 19% over the past year. The company is forecast to post earnings per share of RM0.22 for next year compared to RM0.30 last year. Reported Earnings • Dec 13
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: RM646.9m (down 36% from 2Q 2024). Net income: RM40.3m (down 55% from 2Q 2024). Profit margin: 6.2% (down from 8.9% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Specialty Retail industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Declared Dividend • Dec 04
First quarter dividend of RM0.07 announced Shareholders will receive a dividend of RM0.07. Ex-date: 17th December 2024 Payment date: 30th December 2024 Dividend yield will be 13%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (65% earnings payout ratio) but not covered by cash flows (171% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Announcement • Dec 02
Bermaz Auto Berhad Announces Special Dividend for the Financial Year End 30 April 2025, Payable on December 30, 2024 Bermaz Auto Berhad announces special dividend of 7.00 sen single-tier dividend per share for the Financial Year End 30 April 2025. Ex-Date 17 December 2024, Entitlement date 18 December 2024 and Payment Date 30 December 2024. Buy Or Sell Opportunity • Oct 14
Now 22% overvalued Over the last 90 days, the stock has fallen 14% to RM2.28. The fair value is estimated to be RM1.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 3.7% in 2 years. Earnings are forecast to decline by 1.3% in the next 2 years. Upcoming Dividend • Oct 10
Upcoming dividend of RM0.035 per share Eligible shareholders must have bought the stock before 17 October 2024. Payment date: 06 November 2024. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 11%. Within top quartile of Malaysian dividend payers (4.7%). Higher than average of industry peers (3.4%). Buy Or Sell Opportunity • Sep 27
Now 21% overvalued Over the last 90 days, the stock has fallen 9.6% to RM2.27. The fair value is estimated to be RM1.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 3.7% in 2 years. Earnings are forecast to decline by 1.3% in the next 2 years. Declared Dividend • Sep 13
First quarter dividend reduced to RM0.035 Dividend of RM0.035 is 30% lower than last year. Ex-date: 17th October 2024 Payment date: 6th November 2024 Dividend yield will be 11%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but not covered by cash flows (182% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 1.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Sep 11
Bermaz Auto Berhad Announces First Interim Dividend for the Financial Year Ending April 30, 2025, Payable on November 6, 2024 Bermaz Auto Berhad announced First interim dividend of 3.50 sen single-tier dividend per share. Ex-Date: 17 October 2024. Entitlement date: 18 October 2024. Payment Date: November 6, 2024. Reported Earnings • Sep 03
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: RM0.30 (up from RM0.26 in FY 2023). Revenue: RM3.91b (up 11% from FY 2023). Net income: RM345.6m (up 13% from FY 2023). Profit margin: 8.8% (up from 8.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.1%. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Specialty Retail industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 29
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 3.3% to RM2.51. The fair value is estimated to be RM2.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are forecast to decline by 2.6% per annum over the same time period. Announcement • Aug 27
Bermaz Auto Berhad, Annual General Meeting, Oct 08, 2024 Bermaz Auto Berhad, Annual General Meeting, Oct 08, 2024, at 10:00 Singapore Standard Time. Location: 12th floor, menara symphony, no. 5, jalan prof., khoo kay kim, seksyen 13, 46200 petaling jaya, selangor darul ehsan, Malaysia Upcoming Dividend • Jul 11
Upcoming dividend of RM0.12 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 02 August 2024. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 10%. Within top quartile of Malaysian dividend payers (4.6%). Higher than average of industry peers (3.1%). Declared Dividend • Jun 13
Fourth quarter dividend increased to RM0.12 Dividend of RM0.12 is 6.8% higher than last year. Ex-date: 18th July 2024 Payment date: 2nd August 2024 Dividend yield will be 10%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (158% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 9.2% over the next 3 years. However, it would need to fall by 37% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jun 12
Full year 2024 earnings released: EPS: RM0.30 (vs RM0.26 in FY 2023) Full year 2024 results: EPS: RM0.30 (up from RM0.26 in FY 2023). Revenue: RM3.93b (up 11% from FY 2023). Net income: RM351.0m (up 15% from FY 2023). Profit margin: 8.9% (up from 8.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 9.7% growth forecast for the Specialty Retail industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 10
Upcoming dividend of RM0.043 per share Eligible shareholders must have bought the stock before 17 April 2024. Payment date: 03 May 2024. Payout ratio is a comfortable 57% and the cash payout ratio is 89%. Trailing yield: 10%. Within top quartile of Malaysian dividend payers (4.5%). Higher than average of industry peers (3.6%). Declared Dividend • Mar 15
Third quarter dividend of RM0.043 announced Shareholders will receive a dividend of RM0.043. Ex-date: 17th April 2024 Payment date: 3rd May 2024 Dividend yield will be 11%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (110% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 15% over the next 2 years. However, it would need to fall by 37% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 14
Third quarter 2024 earnings released: EPS: RM0.06 (vs RM0.075 in 3Q 2023) Third quarter 2024 results: EPS: RM0.06 (down from RM0.075 in 3Q 2023). Revenue: RM896.5m (down 8.1% from 3Q 2023). Net income: RM70.5m (down 19% from 3Q 2023). Profit margin: 7.9% (down from 8.9% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Malaysia are expected to grow by 9.0%. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 20
Upcoming dividend of RM0.05 per share at 11% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 05 January 2024. Payout ratio is a comfortable 55% and the cash payout ratio is 87%. Trailing yield: 11%. Within top quartile of Malaysian dividend payers (5.1%). Higher than average of industry peers (3.3%). Reported Earnings • Dec 14
Second quarter 2024 earnings released: EPS: RM0.077 (vs RM0.057 in 2Q 2023) Second quarter 2024 results: EPS: RM0.077 (up from RM0.057 in 2Q 2023). Revenue: RM1.01b (up 29% from 2Q 2023). Net income: RM90.1m (up 37% from 2Q 2023). Profit margin: 8.9% (up from 8.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.6% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Malaysia are expected to grow by 8.8%. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Dec 12
Bermaz Auto Berhad Announces Second Interim Dividend, Payable on 05 January 2024 Bermaz Auto Berhad announced Second interim dividend of 5.00 sen single-tier dividend per share. Ex-Date is 27 December 2023. Payment Date is 05 January 2024. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Non Independent & Non Executive Director Wan Bin Wan Ahmad was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 12
Upcoming dividend of RM0.05 per share at 9.7% yield Eligible shareholders must have bought the stock before 19 October 2023. Payment date: 03 November 2023. Payout ratio is a comfortable 54% and the cash payout ratio is 92%. Trailing yield: 9.7%. Within top quartile of Malaysian dividend payers (5.2%). Higher than average of industry peers (3.0%). Major Estimate Revision • Sep 19
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from RM3.39b to RM3.59b. EPS estimate increased from RM0.223 to RM0.261 per share. Net income forecast to shrink 15% next year vs 3.1% growth forecast for Specialty Retail industry in Malaysia . Consensus price target up from RM2.75 to RM2.93. Share price rose 11% to RM2.41 over the past week. Price Target Changed • Sep 13
Price target increased by 7.5% to RM2.95 Up from RM2.75, the current price target is an average from 14 analysts. New target price is 28% above last closing price of RM2.30. Stock is up 21% over the past year. The company is forecast to post earnings per share of RM0.26 for next year compared to RM0.26 last year. Announcement • Sep 13
Bermaz Auto Berhad Declares First Interim Dividend for the Financial Year Ending 30 April 2024, Payable on 3 November 2023 Bermaz Auto Berhad announced that the Board has approved and declared a first interim dividend of 5.00 sen single-tier dividend per share in respect of financial year ending 30 April 2024 (preceding year's corresponding quarter ended 31 July 2022 is 3.00 sen single-tier dividend per share). The entitlement date has been fixed on 20 October 2023 and payable on 3 November 2023. Reported Earnings • Aug 30
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: RM0.26 (up from RM0.13 in FY 2022). Revenue: RM3.54b (up 52% from FY 2022). Net income: RM305.8m (up 97% from FY 2022). Profit margin: 8.6% (up from 6.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Specialty Retail industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Aug 29
Bermaz Auto Berhad, Annual General Meeting, Oct 05, 2023 Bermaz Auto Berhad, Annual General Meeting, Oct 05, 2023, at 10:00 Singapore Standard Time. Location: Broadcast Venue at 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim Seksyen 13, 46200 Petaling Jaya SELANGOR DARUL EHSAN Malaysia Agenda: To approve the payment of Directors' fees to Datuk Syed Hisham Bin Syed Wazir; to approve the payment of Directors' fees to Dato' Kalsom Binti Abd. Rahman; to approve the payment of Directors' fees to Puan Adibah Khairiah Binti Ismail @ Daud; to approve the payment of Directors' fees to Mr Martin Giles Manen; to approve the payment of Directors' fees to Dato' Wan Kamaruzaman Bin Wan Ahmad; to approve the payment of Directors' remuneration (excluding Directors' fees) to the Non-Executive Directors; to re-elect Dato' Kalsom Binti Abd. Rahman as Director; to re-elect Mr Martin Giles Manen as Director; to re-appoint Messrs Ernst & Young PLT as Auditors and to authorise the Directors to fix their remuneration; to renew the authority for the Company to purchase its own shares. Upcoming Dividend • Jul 13
Upcoming dividend of RM0.11 per share at 9.7% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 04 August 2023. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 9.7%. Within top quartile of Malaysian dividend payers (5.4%). Higher than average of industry peers (3.0%). New Risk • Jun 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 68% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. High level of non-cash earnings (68% accrual ratio). Minor Risk Dividend is not well covered by cash flows (151% cash payout ratio). Announcement • Jun 13
Bermaz Auto Berhad Announces Fourth Interim Dividend for the Financial Year Ending 30 April 2023, Payable on 04 Aug, 2023 Bermaz Auto Berhad announced fourth interim dividend of 3.50 sen single-tier dividend per share Financial Year Ending 30 April 2023. Ex date is 20 July 2023, Entitlement date is 21 July 2023, payment date is 04 August 2023.