Australia's Bapcor tops ASX 200 after annual profit meets view

Bapcor

16/08/2023 05:03

(Updates with share moves and Comment from UBS)
    ** Shares of Bapcor Ltd  BAP.AX  climb as much as 8% to
A$6.93, their highest since Dec 6 
    ** Vehicle parts producer posts FY23 net profit after tax in
line with Citi and UBS estimates 
    ** Still, FY24 guidance 1% below Visible Alpha's consensus
    ** Citi sees low-to-mid single digit downgrades to Visible
Alpha's consensus FY24 EBITDA of A$334 mln
        ** UBS says earnings will have a 2H skew in FY24 
  
    ** Stock posts its biggest intra-day pct gain since Feb 10,
2022, if gains hold 
    ** BAP top gainer on ASX 200  .AXJO 
    ** Stock down 0.6% this year, as of last close

 (Reporting by Navya Mittal and Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))