MIDF Raises Total Industry Volume Of Automotive Sector By 5%

MIDF Amanah Investment Bank Bhd (MIDF) has revised up its total industry volume forecast for the automotive sector for 2023 by 5.0% to 713,000 units, based on the industry’s outstanding orders.

According to MIDF, so far total industry value has increased by 30% year-on-year to 112,128 units, accounting for 17% of the previously made total industry value 2023 forecast of 678,000.

“Following the strengthening of the industry’s order backlog and in line with the upward revision of the company in the recent calendar year 2022 fourth-quarter results season, we increased the 2023 total industry value forecast by 5% to 713,000,” said MIDF.

“Therefore, we have also increased the forecast of this sector’s income for the 2023 financial year to an average of 14%,” they said in a research note today.

MIDF said it had raised its financial year 2023 revenue forecast for Bermaz Auto (BAUTO), UMW and MBM Resources (MBMR), each by 27%, 13% and 9.0%, while maintaining the unchanged projection for Tan Chong Motor. Along with the forecast, it also increased the target price for the shares BAUTO, UMW and MBMR respectively by 20%, 6.0% and 2.0%. – Bernama

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