[ET Net News Agency, 24 May 2018] Morgan Stanley chopped its target price for BYD
Company (01211) to HK$40 from HK$51.5, and downgraded its rating to "underweight" from
"equal-weight".
The research house said BYD is manufacturing its own new energy vehicle (NEV) pipeline.
Although it still had the highest NEV sales volume among its China rivals in 2017, its
market share dropped by half, from 30% in 2016 to 15% in 2017.
With traditional OEMs and new start-ups joining the NEV market, its sales and profits
are likely to come under pressure, Morgan said. (KL)