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<Research>Nomura Lifts TP of BYD COMPANY (01211.HK) to $305, Reiterates Buy
Recommend 9 Positive 17 Negative 10 |
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Nomura noted in a report that it believed BYD COMPANY (01211.HK) will continue to maintain its leading position in the electric vehicle market, especially in the sub-RMB200,000 mass market. The group's overseas business plan is also promising in the challenging automotive market environment in the Mainland. For FY24 and FY25 respectively, Nomura slightly raised its EV shipment forecasts on BYD by 1.8% and 2.7%, elevated its gross margin forecasts by 0.6 and 0.7 ppts, and lowered its operating margin forecasts by 0.8 and 0.9 ppts. Nomura now forecasted BYD's shipment volume to grow at a compound annual growth rate of 18%, revenue to grow at a compound annual growth rate of 17% and earnings to grow at a compound annual growth rate of 20% from FY23-FY26. The broker lifted its target price from $276 to $305 and reiterated its Buy rating. AAStocks Financial News |
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