BAP +0.62%: it was the vehicle parts business’ turn to front the market at the Macquarie Conference today with the presentation largely a ‘staying the course’ affair. The company reiterated the FY guidance from earlier in the year, looking for a slight improvement in the 2H. They talked to the continued destocking of inventory, robust Trade & Wholesale markets and a swift rebound in the NZ business following the natural disasters. Bapcor did note a slowdown in retail which has weighed on margins in that segment, but improved performance elsewhere has offset the impact. The medium-term outlook remains supportive as they look to reduce the underlying cost base while positioning themselves to benefit from the shift to EVs.
- We like Bapcor, today’s update showing all is on track and in line with expectations
MM is long and bullish BAP
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