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Cars need lubricants, filters, brake pads, suspension parts, transmission fluids throughout their lifecycle. Aftermarket spending per vehicle per year averages RM800-1,500. So the total addressable market is genuinely large.
Things that often overlooked in aftermarket auto parts businesses, the distribution network is the moat, not the products. Reaching thousands of independent workshops, motor service centers, retail stores across Malaysia requires sustained relationship building.
Each vehicle averages RM800-1,500 annual aftermarket spending. That's a TAM of roughly RM25-50 billion annually. MSB has been in the game since 1992 with established distribution network reaching thousands of workshops. The challenge has been monetization efficiency, but the market size isn't the issue. Real opportunity if management executes properly.
