2025-06-13-花旗集团-百盛汽车有限公司（BERA）_Bermaz_Auto_Berhad（BERA.KL）_2025年第四季度_挑战犹存_下调预测_目标价；基于估值和股息支持买入_14页_482kb

报告摘要

Summary of Citi Research Report on Bermaz Auto Berhad (BERA.KL)

Company Overview: Bermaz Auto Berhad is a Malaysian company that distributes vehicles, including Mazda, Kia, XPENG, and Deepal, in Malaysia and the Philippines. Established ties with Mazda began in 2008, expanded to other brands by 2024, and faces challenges from competition.
Financial Performance (FY25/4Q25): The company reported a significant YoY decline in PATMI to RM23.5m for 4Q25 (–77% YoY), with full-year FY25 PATMI at RM155.9m (–55% YoY). However, revenue faced contraction due to volume declines, primarily in Malaysia (35% YoY). Margin compression (3.5ppt contraction in Malaysia operations) added pressure on earnings.
Challenges and Risks: Key challenges include volume declines driven by competition from Chinese brands, particularly affecting Mazda models like the CX-5. The company relies heavily on Mazda, with risks such as potential non-renewal of agreements, foreign exchange fluctuations, and macroeconomic impacts.
Citi's Recommendations: Citi maintains a "Buy" rating due to attractive valuation (single-digit PER) and double-digit dividend yield. They have slashed FY26/27E estimates by ~48% and set a target price of RM1.25, reflecting mid-CY26E earnings. Positive catalysts include new launches and medium-term volume growth from non-Mazda brands.
Investment Outlook: The stock offers strong potential through undemanding multiples and dividends, supported by a 44.9% expected total return from Citi. However, risks include market share erosion and operational uncertainties.