[ET Net News Agency, 18 July 2018] UOB Kay Hian lowered its target price for BYD
Company (01211) to HK$30 from HK$37, and reiterated its "sell" rating.
The research house expects more upcoming catalysts to beat down share price in the near
future. These include disappointing 3Q results and announcement of bigger-than-expected
cuts in EV subsidies.
UOBKH slashed its 2018-20 net profit forecasts by 22%, 45% and 52% to Rmb3,445m,
Rmb2,900m and Rmb2,654m respectively, on assumptions changes. Its 2018-20 earnings
estimates imply yoy drop of 15%, 7% and 13% in 2018-20. (KL)