|BJAuto (RM mil)||FY16Q2||FY16Q1||FY15Q4||FY15Q3||FY15Q2|
|Net Cash Flow||-42.0||-61.7||90.3||126.2||126.8|
It has declared a second interim dividend of 2.5sen. Total dividend in FY16 is 4.75sen so far.
I expect Mazda to challenge other Japanese auto makers in the country.
This is a concern for me as I think hybrid/electric cars should dominate the future.
This tax incentive enables Mazda cars to be priced more competitively compared to others.
All auto manufacturers are aiming for EEV status for sure. Honda City is already categorized as an EEV.
How fuel-efficient is Mazda's Skyactiv's vehicles?
For comparison, Mazda Biante's (Skyactic 2.0L) fuel economy is rated at 7.4L/100km, compared to Nissan Serena S-hybrid (2.0L) at 6.6L/100km, both with almost similar weight.
Mazda 5 2.0L Skyactiv, which is about 125kg lighter, is rated at 6.6L/100km.
So we can see that Mazda's Skyactiv petrol engine vehicles are very fuel-efficient and almost comparable to some hybrid cars.
- Dec15 - CX-3 (CBU)
- Aug15 - MX-5 (CBU)
- May15 - CX-5 2.5L facelift (CBU)
- Apr15 - Mazda 3 2.0L (CKD)
- Apr15 - Mazda 6 facelift (CBU)
- Jan15 - Mazda 2 (CBU Thai)
- May14 - Mazda 5 Skyactiv (CBU)
- Mac14 - CX-5 2.5L (CBU)
- Mac14 - Mazda 3 2.0L (CBU)
- Nov13 - Biante (CBU)
- Jun13 - CX-5 CKD
- Mac13 - Mazda 6 (CBU)
- Aug12 - BT50 (CBU Thai)
- May12 - CX-5 (CBU)
Bermaz has just launched its B-segment crossover CX-3 last week to rival the hot-selling Honda HR-V, even though the price of RM135k (OTR with insurance) definitely does not help in the competition.
I have to admit that HR-V is a great car with great look, which should have lured some potential CX-5 buyers away.
High-spec HR-V is priced at RM118k, and now it is basically everywhere on the road.
Anyway, HR-V is CKD with 1.8L engine & 16-inch rim, while CX-3 is CBU Japan with 2.0L engine & 18-inch rim.
The only way for CX-3 to rival HRV here is to CKD the car and makes the high-spec RM120k, and offer a lower spec at RM100k.
Those diesel engine models will not generate big volume as Euro 5 diesel availability is still very limited in Malaysia.
Bermaz just brought in 2000 units of CX-3 from Japan and will not consider to import from Thailand as it is said that import from Thailand will incur more tax.
So, it will consider to CKD CX-3 in Malaysia and I hope so.
- Thailand Auto Alliance (50:50 JV with Ford)
- Vietnam Vina Mazda (100% local control) 10,000 units/annum (left hand drive)
- Malaysia MMSB (70:30 JV with Bermaz)
BJAuto has hedged MYR/JPY at 3.10 earlier and it will expire at the end of calendar year 2015.
Now the exchange rate stands at above 3.50 level, which is 13% higher than 3.10.
BJAuto has decided not to increase its vehicle's price in the near future. Hopefully this can generate more volume to compensate lower margin.
For me, I will hold BJAuto's shares for long term and there is no real urgency to top up its shares at this moment.
BJAuto paid a total 14.6sen dividend in FY15 (ended Apr15 before bonus issue) including a special dividend of 3.25sen , representing about 55% dividend payout.
With plenty of cash, shareholders can expect dividend higher than its policy of at least 40%.
Malaysia's automotive duty structure for reference:
(sales tax has been replaced by GST since Apr15)