MBM’s motor trading division was the main contributor to FY19 revenue growth of 10% y-o-y at RM2.1bil. “We believe this was due to a sustained demand for Perodua vehicles ( 4.9% y-o-y), especially for the Myvi, Axia and Aruz."
KUALA LUMPUR: AmInvestment Bank Research has kept its “buy” call on MBM Resources Bhd
and fair value of RM5.54 following a financial year 2019 (FY19) earnings announcement that met expectations.
According to the research house, the group’s core net profit of RM188.9mil was 3% higher year-on-year (y-o-y) and came to 97% and 93% of its and consensus estimates, respectively.
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