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<Research>CLSA Cuts BYD COMPANY TP to $130, Remains Confident in Overseas Exports
Recommend 12 Positive 24 Negative 5 |
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A research report by CLSA indicated that the EU had earlier issued pricing commitment guidelines for Chinese electric vehicle (EV) exports, which may replace existing tariffs. Although details have yet to be unveiled, CLSA expected that BYD COMPANY (01211.HK), as the largest EV exporter, will benefit. The company is anticipated to perform strongly by 2026, as the importance of overseas profitability will far exceed domestic challenges. CLSA revised down BYD's net profit forecasts for 2026 and 2027 by 6.8% and 6.5%, respectively, to RMB49.7 billion and RMB65.5 billion, due to lowered sales forecasts in the domestic mass market. However, the broker remains confident in the company's export capabilities, as the company plans to double the number of stores in the next two to three years. The broker trimmed the target price for BYD's H shares from HKD140 to HKD130 and for BYD's A shares (002594.SZ) from RMB140 to RMB131, reiterating an Outperform rating. AASTOCKS Financial News Website: www.aastocks.com |
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