In a note today, Hong Leong Investment Bank (HLIB) said Perodua has recorded sales of 21,400 units in January, with a market share of 43.4%.

“Perodua’s management has recently disclosed an ambitious sales target of 314,000 units for this year, which implies a year-on-year growth of 11.3% after achieving a record high of 282,000 units in 2022.

“This impressive target is backed by healthy order backlogs of 220,000 units and an increase in this year’s planned production to 330,00 units,” it said.

The all-new Axia replacement model launched by Perodua in mid-February, with a price range of between RM38,600 to RM49,500, has already recorded over 20,100 bookings, noted HLIB.

“We expect another two model updates for this year and a new hybrid electrical vehicle in 2024. These further augment Betamek’s sales outlook, given its track record in supplying to every Perodua model,” it said.

“Betamek is building a strong base at the 42 sen to 49 sen levels, with indicators on the mend. A successful breakout above the 50 sen immediate resistance may indicate a potential uptrend for the stock, potentially revisiting its 52 sen, 55 sen and 57 sen levels.”

Betamek manufactures a range of vehicle audio products and components, such as infotainment systems, audio-video accessories, air conditioning control panels, universal serial bus chargers, mirror switches, switch clusters, and power sockets for automotive marques in Malaysia and Indonesia through Perodua.

The company has had a long business relationship with Perodua that dates back to the mid-1990s. Starting from supplying vehicle audio systems for Perodua Kancil, Betamek grew to become a key supplier of the carmaker.

Mirzan Mahathir, the eldest son of former prime minister Dr Mahathir Mohamad, holds a 72% stake in Betamek via Iskandar Holdings Sdn Bhd, an investment holding company.