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Nikkei Markets

MARKET BUZZ: Bermaz Auto Slips On Weak Earnings, Brokerages Remain Optimistic

By Alexander Winifred
Nikkei Markets
KUALA LUMPUR (Sep 12) -- Bermaz Auto falls as much as 6% to MYR2.01 on weaker-than-expected 1Q net profit, which more than halved on year; shares now down 1.9% at MYR2.10. "Recent launches in 2017 of the GVC series of Mazda MX-5 RF, face-lifted Mazda 3, Mazda CX-3, Mazda 6, and Mazda CX-9 as well as expected launch of bread-and-butter model, the new Mazda CX-5 CKD units in October 2017 will reinvigorate market demand in the upcoming quarters," Kenanga Investment Bank says in investor note. Maintains Outperform, raises target price to MYR2.40 from MYR2.05. RHB Investment Bank, maintains Buy, says "the company is on track to achieve a much stronger 2HFY18, helped by the impending introduction of the all-new Mazda CX-5 SUV model in the domestic market and commencement of exports to various ASEAN markets."
- By Alexander Winifred;; +60320267363
- Edited By Lopamudra Bhattacharya
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- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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