,In its reply to the exchange yesterday, Artroniq said there is no corporate development relating to the company and its subsidiaries’ business and affairs that had not been previously announced. KUALA LUMPUR: Shares in Bermaz Auto Bhd climbed in morning trade on news that it had formed a joint venture with Kia Motors to manufacture Kia vehicles in Malaysia.At 9.30am, the counter was up six sen or 4.17% to RM1.50 on the back of 1.82 million shares traded.The two parties have agreed to undertake production and assembly of vehicles under the Kia marque in Malaysia via a new JV company called Kia Malaysia Sdn Bhd.Bermaz Auto will have 33.33% stake in the company with the remainder going to Kia Motors.The group has also subscribed to a 65% stake in Dinamikjaya Motors Sdn Bhd, which has been awarded the distributorship and sale of parts and provision of after-sales service of Kia vehicles in Malaysia.AmInvestment Bank Research said in a report the partnership is positive for Bermaz Auto as it will anchor its foothold as a stronger non-national auto player with two prominent brands under its belt."We maintain our 'buy' call on Bermaz Auto with a higher fair value of RM1.80/share (from RM1.74/share previously) as we roll over our valuation to FY22F with a PE of 13x and after tweaking our earnings estimates higher," it said.Meanwhile Kenanga Research is "long-term positive" on the collaboration given that it has an earnings impact of less than 1% at the group level and is expected to be fully operational by end-2021.The research house maintained its "market perform" recommendation on the stock witn an unchanged target price of RM1.50 based on 13x 2022 forecast earnings per share.
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