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01211 BYD COMPANY
RTNominal unchange201.200 0.000 (0.000%)
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14/11/2018 14:09

[I-bank focus]Morgan upgrades BYD Company (01211) to HK$50

[ET Net News Agency, 14 November 2018] Morgan Stanley raised its target price for BYD
Company (01211) to HK$50 from HK$40 and upgraded its rating to "equal-weight" from
"underweight".
The research house said China's NEV sales growth has been around 50% YoY in recent
months, significantly outperforming the double-digit decline for the overall PV market.
BYD's sales growth improved from around 20% in 1H to 30-40% in 2H, benefitting from strong
NEV.
Morgan said the ongoing cut in NEV subsidies has made BYD's profit volatile in the past
few years, which should no longer be the case after 2020. It believes BYS's continued
technology advancement will start to be a profitability driver post-2020. (KL)

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