[ET Net News Agency, 30 October 2019] Goldman Sachs lowered its target price for BYD
Company (01211) to HK$35 from HK$39 and maintained its "neutral" rating.
The research house said BYD reported below-expectation 3Q results. Management guided
2019 full-year net profits to Rmb158.4-177.4mn, down 40% at the midpoint.
Goldman noted that, in just a short few months, EV retail sales have gone from +188% in
January to -6%/-16%/-33% in July/August/September. The risk is growing into 4Q as comps
get difficult.
Goldman lowered its 2019-21 EPS forecasts by 44%/22%/13%. (KL)