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<Research>BofAS Initiates Coverage on PONY-W (02026.HK) w/ Rating Buy & TP $164
Recommend 2 Positive 3 Negative 3 |
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PONY-W (02026.HK)'s 3Q25 revenue increased by 72% YoY to US$25.4 million, with robotaxi services growing by 89% YoY, according to BofA Securities' research report. Gross profit margin was 18.4%, up 9.1/ 2.2 ppts YoY/ QoQ each, due to improved revenue mix and higher contribution from robotaxi services. During the period, R&D expenses amounted to US$60 million, up 80% YoY, mainly invested in the development of 7th-generation vehicles and expansion of R&D personnel. Non-GAAP net loss amounted to US$55 million, compared to US$41 million in the same period last year and US$46 million in the previous quarter respectively. BofA Securities raised its 2025-2027 revenue forecasts for PONY-W by 5%/ 4%/ 9% each, and its non-GAAP net loss forecasts by 6%/ 2%/ 3%. Therefore, the broker initiated coverage on PONY-W, with rating at Buy and a target price of $164, and added its target price for Pony AI (PONY.US)'s US stock from US$20 to US$21, with rating at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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