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 [BERMAZ AUTO BHD,从广受欢迎的新款CX-5车型中受益,无论是市场份额还是盈利能力]

截至二零一八年四月三十日止财政年度,柏马汽车分别录得收入及税前利润20亿令吉及1.972亿令吉,与去年相比,上一年录得收入及税前利润17亿令吉和1.752亿令吉。柏马汽车收入增加3.33亿令吉或约20%,主要由于国内及菲律宾业务的销售量及销售组合均有所增加。销售量的改善主要得益于新款CX-5车型,部分被老旧的Mazda2车型销量下降所抵消。柏马汽车盈利贡献主要来自国内业务,由于收入增加和毛利率改善,加上新CX-5车型的最低销售激励政策以及马来西亚令吉对日圆走强,税前利润增加了2200万令吉或12.6%。 MMSB的利润贡献份额较高也为柏马汽车税前利润的增长做出了贡献。

金融机构存款和现金及银行存款总额为3.08亿马币,短期借款为4,600万令吉,净现金状况。年度股息为RM0.104,股价为2.42令吉,股息收益率为4.3%。每股摊薄收益为RM0.1212,折算派息比率为86%。

截至二零一八年四月三十日止季度,柏马汽车录得5.706亿令吉收入及7,370万令吉税前盈利,而上一季度收入为5.594亿令吉,税前利润为5720万令吉。柏马汽车收入环比增长1120万令吉或2.0%,主要是由于CX-5新车型在国内市场销量增加,部分被菲律宾市场马自达3和CX-5车型的销量下降所抵消。本季度柏马汽车税前利润增加1650万令吉或28.8%,主要是由于国内业务收入增加以及MMSB盈利贡献占比提高。 MMSB的利润贡献份额较高主要是由于新CX-5型号的产量增加,以满足国内和出口市场的需求。

前景:
世界银行已将马来西亚2018年国内生产总值(GDP)预测从之前的5.2%上调至5.4%。预计增长在不久的将来仍将保持强劲,尽管比2017年增长5.9%慢一点。最近,汽车行业从新政府宣布的2018年6月1日起将商品和服务税(“GST”)标准从6%调整为0%的公告中受益,预计消费者购买情绪和销售量将会加速。

尽管马自达在2018年前4个月的乘用车总产量比去年同期下降1.3%,但马自达已经重新获得了第6位,超越奔驰和宝马,增长率为47%(比起去年同期)。自本财年第三季度以来,柏马汽车的表现从其自2017年10月推出以来广受欢迎的新款CX-5车型中受益,无论是市场份额还是盈利能力。预计出口到东盟地区以满足日益增长的需求以及国内市场需求旺盛的汽车数量将增加联营公司MMSB的盈利能力。

在菲律宾,世界银行和亚洲开发银行都预计2018年该国仍将是该地区增长最快的经济体,预计分别增长6.7%和6.8%。 BAP保持积极和有信心在不久的将来推出新车型将继续作出积极贡献。另外,经销商数量预计将从2017年的19个增加到2018年的21个。鉴于以上所述,董事预计柏马汽车的业绩表现将会在截至2019年4月30日止财政年度有所改善。

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James Ng

For the financial year ended 30 April 2018, the Group registered a revenue and pre-tax profit of RM2.0 billion and RM197.2 million respectively as compared to the previous year which reported a revenue and pre-tax profit of RM1.7 billion and RM175.2 million respectively. The increase in Group revenue of RM333 million or about 20% was mainly due to higher sales volume and favourable sales mix recorded in both the domestic and the Philippine operations. The improved sales volume was mainly driven by the new CX-5 model, partly offset by lower sales from the ageing Mazda2 model. The Group pre-tax profit improved by RM22.0 million or 12.6% primarily from the domestic operations in tandem with higher revenue and improved gross profit margin as minimal sales incentives were given for the new CX-5 model and the Malaysian Ringgit has strengthened against Japanese Yen. The higher share of profit contribution from MMSB also contributed to the increase in Group pre-tax profit.

Deposits with financial institutions and cash and bank balances total RM308m, while short term borrowings were RM46m, in a net cash position. Annual dividends were RM0.104, with a share price of RM2.42, dividend yield is 4.3%. Diluted earnings per share was RM0.1212, translated to dividend pay-out of 86%.

For the quarter ended 30 April 2018, the Group reported a revenue of RM570.6 million and pre-tax profit of RM73.7 million, as compared to the Group revenue of RM559.4 million and Group pre-tax profit of RM57.2 million for the preceding quarter. The improvement in Group revenue of RM11.2 million or 2.0% was mainly due to higher sales volume arising from the new CX-5 model in the domestic market, partly offset by lower sales volume of Mazda3 and CX-5 models in the Philippine market. Group pre-tax profit for the current quarter increased by RM16.5 million or 28.8% primarily due to higher revenue recorded in the domestic operations and higher share of profit contribution from MMSB. The higher share of profit contribution from MMSB was mainly due to the increase in production volume for the new CX-5 model to cater for both the domestic and export markets.

Prospects:
The World Bank has raised its forecast for Malaysia's 2018 Gross Domestic Product ("GDP") to 5.4% from 5.2% previously. The growth is expected to remain strong in the near future albeit at a more moderate pace compared to 2017 at 5.9%. The automotive industry has recently benefitted from the new government's announcement on the change in Goods and Services Tax ("GST") from standard rated 6% to 0% effective 1 June 2018 where it is expected to boost the consumers buying sentiment and hence sales volume will be accelerated.



Despite the Total Industry Volume for passenger cars in Malaysia for the first 4 months of calendar year 2018 was 1.3% lower year-on-year, Mazda has regained its number 6 position, overtaking Mercedes Benz and BMW, with a growth of 47% compared to the same period last year. The Group's performance has improved since the third quarter of its financial year, benefitted from its ever popular new CX-5 model since its launched in October 2017, both in terms of market share as well as profitability. The higher volume of cars to be exported to the ASEAN Region to cater for the increasing demand coupled with the high demand in the domestic market is expected to drive up the profitability of its associate company, MMSB.

In the Philippines, the World Bank and the Asian Development Bank have both expected the country to remain among the fastest-growing economies in the region for calendar year 2018, with forecast of 6.7% and 6.8% growth respectively. BAP remains positive and confident that it will continue to contribute positively with the introduction of new models in near future. In addition, the number of dealerships is expected to increase from 19 in year 2017 to 21 in year 2018. In view of the foregoing, the Directors anticipate the performance of the Group to show improvements in the financial year ending 30 April 2019.

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James Ng

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