[ET Net News Agency, 31 October 2017] Credit Suisse lowered its target price for BYD
Electronic (BYDE)(00285) to HK$19.7 from HK$22.5, and maintained its "neutral" rating.
The research house said BYDE's 3Q revenue/NI were below Credit Suisse's prior estimates,
due to sluggish Chinese smartphone sales and margin pressure from newly invested glass
casing capacities.
While it feels positive about BYDE's continuous share gains in the casing market in the
long run, Credit Suisse sees near-term headwinds might put some pressure on earnings and
share price.
It expects breakeven of glass casing business, casing order wins at new clients,
margin/earnings recovery from 4Q, and new gen flagship model launch at key Korean client
to be major catalysts in the mid term.
Credit Suisse cut its 2017-19 EPS forecasts by 12%-14% on lower revenue, lower GM and
higher R&D expense. (KL)
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00285 BYD ELECTRONIC
Nominal 
23.600 -1.050 (-4.260%) Others
31/10/2017 15:53
[I-bank focus]CS lowers BYD Electronic (00285) to HK$19.7
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