We remain positive of BAuto. Whilst its 3 franchises (Mazda, Kia & Peugeot) are delivering to expectation, the Kia brand offers the biggest spark and excites us most over the next 24 months; for its brand revitalization, exhilarating products pipelines and ASEAN exports aspiration. Overall, BAuto offers strong earnings growth, a solid balance sheet, net cash, decent dividend yields, management acumen and undemanding valuations. Our TP is pegged to 15x FY22-23 (mean).