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Choong Wc's comment on BAUTO. All Comments
cheng
Sure, Choong. That's the goal for everyone. Feedback is a gift and your sharing is much appreciated :)
2 Like · 3 weeks · translate
Choong Wc
Haiz most important is Bermaz able to find the next Bread and Butter car like the current CX5. If not verydifficult for Bermaz to shine again
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Wei Xuan
when is deepal going to launch reaction always so slow cake already finish eaten by competitors
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SHARE ACCOUNT
this month Qr out...wait guys..if profit drop again not gonna survive
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Yike
sure drop..big bro car laku
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cheng
Speaking about CX5 :) You can try to compare the c-segment SUV data from the link for CX-5, Proton X70 and Honda CRV, Choong. Zoom in to 2023 to 2025. You will notice the following observations: (1) 2023 CX-5 numbers is averagely ~550 to 600 per month; pretty consistent if you will (2) The divergence between CX-5 and the X70 and CRV became obvious starting 2024. CRV took the lead right from the start in Jan'24 and all the way until Dec'24 averagely ~ 900 to 1k units per month. X70 jumped into the lead after Aug'24 and took the lead in C-segment SUV from Sep all the way to Dec'24 with avg more than 1k units per month for the last 4 months of the year. CX-5 on the other hand maintained the average in 2024 until Jul'24. Aug'24 onwards fell below 500 units per month and all the way until now. (3) Few observations that I am thinking led to the divergence in 2024; excluding year end promotion. Please add on if you have additional observation - (a) new 6th gen CRV launched in Dec'23 (b) CX5 launched facelift model in Jan'24 (c) X70 launched facelift with the same price! (4) What's in BAuto's mgmt thinking second half of 2024 for CX5 - possible the planning for 2025 onwards - CX5 limited edition / new CX5 2026 model; dependency on Mazda global launch plans though :) And models availability for sale timing means 2025 maybe a low cycle for BAuto but I personally will not make the same conclusion for 2026 at this moment; not to mention given the amount of share buybacks executed so far. Just my personal opinions, could be wrong. Hope it helps.
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Choong Wc
Hi Cheng. I din when through until so details like you.Really hope your expectations for Bermaz is right. But recently saw many dealers and sales rep from Bermaz really pushing for sales by advertising and posting videos in social medias
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cheng
Alright, Choong.
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Kennon Liew
请问Jaecoo 7 是几时进入大馬市场的？？
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cheng
You can use the link at the top of this comment to look at Jaecoo 7, Kennon. The numbers started coming in Aug'24.
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Yike
no more serringit?
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Wei Xuan
seringgit you dare to buy? tomorrow is your chance
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Michael Saw
业绩果然是3级蹦。。。
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Melvin My
挺夹晒的业绩。也没看到报告提出什么方案
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Yike
jiaksai liao.qr teruk
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Yike
50c not a dream
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Michael Saw
营业额还行，我还没仔细看什么原因造成盈利下跌这么多
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Yuan Meng
明天会不会LD？…准备好了没？
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SHARE ACCOUNT
june Qr maybe loss making?
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Choong Wc
Expected
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Elton Chan
Raya sales promotion, plus new Xpeng X9 launched. Next qr will be better
1 Like · 3 weeks · translate
Choong Wc
Bermaz didn't provide explanation on the decline in reserve around 150 mil
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cw yeo
QR not as bad as I expected. Declared 1.75sen div
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Elton Chan
I expect 30m above, below my expectation
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SHARE ACCOUNT
ex date 21 april...can goreng before that
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Yike
game over already...unless tauke got other business
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Remmy Jr
Dividend payout also getting lower.
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cheng
You should be able to see the movement from the statement of changes in equity, Choong. May need to calculate it. The numbers should jive at the end. Normally the changes in total comprehensive income and transaction with owners.
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SUPER B
Just like 2021, don't need to worry about dividend for this price
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Choong Wc
Hi Cheng. The only explanation that I can find from the report is the 150 mil were distributed as dividend for 1st, 2nd and special dividend. The amount of the dividend payout is similar to the amount decline in the reserve. Usually reserve fund can only be use to purchase assets, reinvest in business or distribute as dividend
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cheng
should not be like that. You have to use last year reserves add total comprehensive income and make the adjustment for transaction with owners - dividend is going out so have to minus, esos is plus I think since getting money and other movement. Need to have a look inside the statement of equity.
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KW Chin
Deposit with financial ins same.
Cash up a lot.

Reserves down.
Borrowing up.
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KW Chin
Deepal & Xpeng, can sell well in 2025?
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KW Chin
Maybe they borrow $ for marketing of Deepal & Xpeng kah?
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Choong Wc
Don't think Deepal and Xpeng will be the volume contibutor to Bermaz. Currently best seller from Chery and GWM is either HEV or gasoline car.
1 Like · 3 weeks · translate
cheng
Good discussions :) it's rare to see discussion into such minute details such as reserves and other line items. The normal responses are typically based on bar and line graph.
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cheng
The reserves decreases bcos total dividend payout is >> total comprehensive income. No surprises with lower 3rd dividend as dividend situation has surfaced from the last two qr. Total dividend payout ctd is approx 300M. Lower dividend, lower deduction from reserves.
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SHARE ACCOUNT
fair value is 80sen...based on currrent performance....IB give hold onto stock....might have better performance in the future
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Yike
today kasih limit down
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Jong King
If fair value is 80 sen, margin of safety should be @ 60sen
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Yike
let's short to 50c
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KC Chiok
50c wa pun masuk macam tu
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SHARE ACCOUNT
kambing pun nak beli kalau 50sen.
2 Like · 2 weeks · translate
Choong Wc
The only consolation that can see in this quarter is debts has been reduced by almost 110 million.
1 Like · 2 weeks · translate
KC Chiok
below NTA, tapi kalau kambing pun invest in KLSE, there is something wrong with this world
1 Like · 2 weeks · translate
Choong Wc
Even the analysts in opinion the Bermaz really need to launch mazda cx60 and cx80 to improve it bottomline
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cheng
BAuto has consistent track records of keeping a clean balance sheet, Choong. I was expecting days of 300M to 400M qtrly revenue and 20M to 30M net profit but it delivered a 600M revenue. I thought BAuto must have turned rogue as sales data were low but did not find any abnormalities from "aggressive accounting" from the balance sheet. All is well. Its just the financial reporting timing versus the sales data; its Nov, Dec and Jan data.
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cheng
The ops margin is below 10% still in the latest qr and CX5/Mazda cars margins seems to be the anchor for its margins in the past. A lower Mazda car sales means lower ops margins for BAuto. CX60, CX80 is moving up to premium / luxury SUV segment. Makes sense that it will improve its margins. In fact, any new models launching tends to boost up the sales figure as can be seen from the car registration data. CX5 limited edition and the new CX5 2026 model should be good for its margins too.
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3 Like · 2 weeks · translate
Choong Wc
The debts reduction maybe partially taken from the 90 million of dividend received
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KW Chin
Borrowing up woh.

Not down leh
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Choong Wc
Yup the total debts has reduced. Mainly debts payable to creditors. The borrowing up maybe due to take up 11percent share in EMPB that is currently doing contract manufacturing for GWM Haval
1 Like · 2 weeks · translate
cheng
EPMB is an interesting move by BAuto. EPMB supplying part to Inokom's Mazda CKD assembly plant in Kedah. And now BAuto has a stake in EPMB's assembly vehicle plant in Melaka. Any idea which models being assembled by EPMB?
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SHARE ACCOUNT
i buy 1k lot...later can change to kia karnival 2025 edition..mark my word!
1 Like · 2 weeks · translate
Choong Wc
EPMB currently assemble Haval H6. Previously mentioned the factory also can assemble EV car. Most likely will be Deepal as Xpeng is assemble in Indonesia
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cheng
Not immediately, share account. Slowly but surely. Personally, I believed the fair value of BAuto is higher than 80 cents :) Not sure what are the assumptions that the analyst baked into its valuation model. After all, different analyst will have different fair value depending on the models and variables used in their calculation.
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cheng
Thanks, Choong. EPMB makes money, BAuto makes money :) Btw, if EPMB can assemble EV car, it changes the whole situation then. CKD EV tax exemption expiring in 2027. BAuto can tap into EPMB EV car assembly to enjoy the benefits of the tax exemption.
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Choong Wc
Yup. During the acquisition of EPMB share, Bermaz got mentioned one of the reason of buying into EPMB is to gain certain percentage of production capacity for their EV models. Hope after going through this bad times Bermaz able to expedite things to gain back market share and investor confidence
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cheng
there is actually. Blackrock Inc bought a decent position this year it seems :) I heard its slightly more than 1%.
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Choong Wc
Blackrock bought Bermaz or EPMB share?
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cheng
BAuto, Choong. Those with Moomoo account should be able to see that.
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Choong Wc
Thanks Cheng
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Leong Kah Seng
Hi Cheng, i checked it was a disposal of 16.51mil shares by Blackrock as at 28.2.25. I hope I'm wrong.
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Wei Xuan
you are right latest info Blackrock is disposing shares
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cheng
thanks, Leong. the date seems to coincide with MSCI rebalancing date and the qty is ~1.4% which means they have pared down almost all their holdings following the index removal :(
1 Like · 2 weeks · translate
henry stephen
0.8-1.20 is a fair price. The figures almost same as 2014 where the revenue 450m and profit 30m
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cw yeo
The bosses also slowly accumulating.
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cheng
indeed, cw. and share buybacks too; slightly more than 6M purchase value. several IBs updated the latest TPs and it can be seen from this app under target price.
2 Like · 2 weeks · translate
Yike
no more serringit?
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Choong Wc
With all the chinese EV aggressively cutting price and new J8 and H6 coming, Bermaz still acting like BAU.
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Yike
byd too strong nowadays.high competition..charge 5 minutes enough
1 Like · 2 weeks · translate
Barry Koh
Automotive sector TIV rises 31% to 63,906 in Feb. The increase in numbers also due to Chinese EV?
https://www.thestar.com.my/business/business-news/2025/03/19/automotive-sector-tiv-rises-31-to-63906-in-feb---maa
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Choong Wc
Yup is the total cars registered in Feb2025
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Choong Wc
Mazda Japan has announced next generation cx5 will be the 1st benefactor for Skyactiv Z engine. But Bermaz now operating in snail pace. Don't know how long Bermaz can last if continue at this pace
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Choong Wc
Surprisingly local funds been buying. EPF has increase by 0.4 percent
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Wei Xuan
EPF and Tabung Haji started acquired...
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Yike
wah start terbang
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cheng
Better to be L-shape recovery instead of V-shape. A V-shape recovery will be considered euphoric and not sustainable without visibility of the new models in the pipeline
2 Like · 1 week · translate
Choong Wc
ChangAn CS75 Plus is in Thailand. Is direct competitor to H6 and Chery T8. Not sure Bermaz will get the distributorship or ChangAn will setup own company like others chinese brand
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cheng
CS75 Plus in Bermaz models pipeline? its only deepal s05 and s07 for EVs so far right?
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Choong Wc
So far is ChangAn EV car only. IcE cars not mentioned
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cheng
yeah. But if there is, its probably gonna be CBU from Thailand first. The current incentives are focusing on EVs (CBU expiring by end of 2025, CKD expiring by 2027). Can be quite challenging for automotive distributors right now in deciding whether to focus on EV or gasoline cars for their future models. Incentives and long term growth trends of energy consumption which is showing more on renewables.
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2 Like · 1 week · translate
cw yeo
The boss needs to quickly bring in their own EV car and also set up CKD for EV car. Else they should get BYD from Sime and jointly distribute.
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KC Chiok
6e looks great!
https://paultan.org/2025/03/24/bangkok-2025-mazda-6e-previewed-552-km-ev-based-on-deepal-l07-rhd-for-thailand-coming-to-malaysia/
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cheng
MX30 in-house EV and Mazda 6e JV with Changan while developing its own in-house EV. And there's news that Mazda will ramp up its in-house EV platform offering new EV in 2027; possible SUV model.
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Choong Wc
Good road map for mazda but currently Bermaz Auto still lack of new development in new models.
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SUPER B
做生意求稳, 再求多。先稳定主业, 再发展副业。一样的道理。
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cheng
Deepal and Xpeng in the mean time while waiting for in house Mazda EV, Choong. I agreed with you that Bermaz is lacking in terms of new models and in fact, kinda late in the EV game; the CBU tax exemptions if you will. It is what it is and priced in from the share price perspective.
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Choong Wc
Been wondering how come chinese car able to launch so quickly while Bermaz been talking about cx60 and cx80 since 2023 and Deepal since early 2024. Still no sign of launching for sale.
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KC Chiok
Chinese product launch - speed is everything
Japanese product launch - perfection is everything
that's why
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Kam Hong Yeap
7 million engineers in China now. More new outstanding cars n other innovations in near future.
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Yike
no more serringit Mazda
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Choong Wc
Haha china man are more aggressive and efficient like sharks when smell blood
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Choong Wc
Hi Cheng. Really do not know what is Bermaz strategy? Or maybe no strategy at all. HAHA. Really lack of aggressiveness
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cheng
BAuto missed the CBU tax exemptions timing badly with MX-30 arriving a year later and influx of China made cars, including EVs at the same time, Choong. They have started offering Xpeng and Deepal; better late than never. BAuto will have to manage it through until Mazda in house EVs and new Skyactiv engine models launch. Perhaps in late 2026 or 2027.
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3 Like · 1 week · translate
Choong Wc
Jaecoo launch another c and d segment suv killer. J8. With price tag 220k AWD. Mati la Honda CRV, VW Tiguan and etc. Mostly likely the unborn CX60 and CX80 too. Haizzz
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Choong Wc
New BMW X3 3L turbo price around 350k. Cx60 top specs most likely will price lower. Anyhow no point talking. Bermaz take forever to launch for sale
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Choong Wc
Xiomi SU7 also arrived in Malaysia. With all the chinese cars coming to malaysia it really make all the mainstream brand outdated and expensive
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SUPER B
Just focus on CKD Chinese car brand, like Chery, Jaecoo, GWM。。。 Next year CBU car will not be competitor for CKD car
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Choong Wc
DongFeng and ChangAn merge. Not sure will affect Deepal dealership or not? Haizzzz
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cw yeo
May be more car to be sold by BAUTO
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