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<Research>Daiwa Elevates BYD COMPANY (01211.HK) TP to $376 on Positive 2H24 Sales, Gross Profit
Recommend 3 Positive 8 Negative 3 |
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BYD COMPANY (01211.HK) forecasted full-year sales to be 4 million units, up 33% YoY, driven by strong demand for its DMi5 model in the domestic market, Daiwa released a research report saying. The forecast is higher than its target of 3.6 million units, up 20% YoY, set at the beginning of the year. BYD COMPANY's August sales rose 35% YoY to 371,000 units, Daiwa added. The Company's management sees that end-demand exceeded sales last month, and believes that the supply chain and production capacity are ready for sales growth in 2H24, compared to growth in 1H24. Based on management's latest annual sales target of 4 million units, the broker expected December sales to reach 440,000 units in a single month. Daiwa predicted the launch of the DMi5 model to drive gross profit margin from 3Q24 onwards, based on its high average selling price. Daiwa elevated its target price for BYD COMPANY from $351 to $376, equivalent to 20x of the projected PE ratio for 2025, with rating at Buy. The broker said that the current valuation of BYD COMPANY is equivalent to the 2025 forecasted PE ratio of 13x, which is attractive. AAStocks Financial News |
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