BAuto reported higher YoY earnings (+16%) in 1HFY4/22 and is on track to meet our FY estimate. We are excited over its outlook, on improved performances ahead across its marques, fuelled by fresh, exciting line-ups. BAuto remains one of our key auto picks. It offers strong earnings growth, a solid balance sheet, net cash, decent dividend yields, management acumen and undemanding valuations. Our TP is PER-based.