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A. Stotz Investment Research

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BAUTO (BAUTO MK): Strong Sales Momentum for Mazda in ASEAN

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul>
<li>Improving asset turnover, relatively strong analyst recommendations, and slow asset growth relative to its sector</li>
<li>New launches in FY2019-20 e.g. CX-3 facelift and 7-seat SUV CX-8 should stimulate sales going forward. Sales were up by 24% in 1QFY19 YoY</li>
<li>Equity income from JV with <a href="https://www.smartkarma.com/entities/20528" target="_blank" data-smartkarma-citation="entities:20528:1">Mazda Motor (7261 JP)</a> should increase as production volume ramps up to meet strong ASEAN demand. Production up by 40% YoY in FY2018</li>
<li>Attractive at a 19CE* 0.4 PEG ratio versus ASEAN Consumer Discretionary at a PEG of 0.9 and BAUTO is net cash</li>
<li>Risks: Regulations and sluggish consumer demand, FX risk JPY and PHP</li>
</ul><p><em>* Consensus Estimates</em></p>


Improving asset turnover, relatively strong analyst recommendations, and slow asset growth relative to its sector
New launches in FY2019-20 e.g. CX-3 facelift and 7-seat SUV CX-8 should stimulate sales going forward. Sales were up by 24% in 1QFY19 YoY
Equity income from JV with Mazda Motor (7261 JP) should increase as production volume ramps up to meet strong ASEAN demand. Production up by 40% YoY in FY2018
Attractive at a 19CE* 0.4 PEG ratio versus ASEAN Consumer Discretionary at a PEG of 0.9 and BAUTO is net cash
Risks: Regulations and sluggish consumer demand, FX risk JPY and PHP
* Consensus Estimates

BAUTO (BAUTO MK): New Models to Keep Strong Sales Momentum

Bermaz Auto

BAUTO (BAUTO MK): New Models to Keep Strong Sales Momentum