PETALING JAYA: Bermaz Auto Bhd
’s (BAuto) net profit is expected to remain above RM100mil in the financial year ending April 2027 (FY27), before potentially approaching RM200mil as the locally assembled Mazda CX-5 and a new B-segment sport utility vehicle (SUV) drive its next phase of growth, says Kenanga Research.
The research house expects the new models to lift sales volumes, with the locally assembled CX-5, slated for the second half of 2027, serving as a key catalyst for stronger earnings beyond FY27.
For FY26, BAuto recorded a net profit of RM104.73mil.
Revenue, meanwhile, came in at RM2.28bil.
Kenanga Research said the third-generation Mazda CX-5, launched locally last week as a fully imported (CBU) model, could mark the beginning of a “new earnings growth trajectory” for the group.
It expects monthly CX-5 sales of up to 300 units initially, rising to 500 units following the introduction of locally assembled (CKD) variants in July or August 2027.
Another potential growth driver is an unnamed B-segment SUV, expected by end-2027 with a price tag of around RM120,000.
The model is expected to be developed for the Asean market under Mazda’s investment in Thailand, which is being positioned as a regional production hub for next-generation compact SUVs.
Amid intensifying competition from Chinese carmakers, Kenanga Research said BAuto would continue targeting Mazda brand enthusiasts while capitalising on demand for Chinese vehicles through its 11.54% stake in EP Manufacturing Bhd or EPMB.
EPMB provides contract assembly services for automotive brands.
Meanwhile, CIMB Securities Research expects the new CX-5 to stimulate replacement demand, although the recovery could be gradual initially due to the limited variant offering and higher price point of the CBU model.
It noted that the new 2.5-litre naturally aspirated variant commands a 4% premium over its equivalent in the outgoing second-generation model.
The research house pointed to the previous CX-5 replacement cycle, when annual sales rose from 4,547 units in FY17 to 6,434 units in FY18 and 10,829 units in FY19.
“We expect a more meaningful uplift in CX-5 sales from FY28, following the introduction of more competitively priced CKD variants in the second half of 2027,” it said.
MBSB Research, meanwhile, said BAuto’s vehicle sales remained broadly on track to meet its FY27 targets, supported by bookings for the new CX-5 and upcoming Xpeng model launches.
The group is maintaining its FY27 target of 12,200 Mazda vehicle sales in Malaysia, representing a 24.3% year-on-year increase.
Mazda Malaysia sold 3,024 units in the first quarter ended July 31, equivalent to 25% of its full-year target.
Outstanding bookings stood at about 1,200 units, while the new CX-5 had secured approximately 800 bookings.
For Xpeng, BAuto is targeting sales of 2,000 units in FY27, up 33.2% year-on-year.
About 20% of the target was achieved in the first quarter, with outstanding bookings of around 250 units.
CIMB Securities Research maintained its “buy” call on BAuto with an unchanged target price of RM1.25 a share.
The research outfit has projected core net profit to grow at a two-year compound annual growth rate of 17% from FY26 to FY28, supported by a recovery in Mazda sales following new model launches.
MBSB Research upgraded BAuto to a “buy” from “neutral” and raised its target price to 99 sen from 85 sen after increasing its FY27 and FY28 earnings forecasts by 15% and 8%, respectively.
It said BAuto’s net cash position of RM187.4mil as at end-first quarter of FY27, together with recovering earnings, should support a dividend yield of about 9%.
Kenanga Research maintained its “outperform” call on BAuto with an unchanged target price of RM1.30 a share.
