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01211 BYD COMPANY
RTNominal down205.200 -3.000 (-1.441%)
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23/08/2019 18:01

{I-bank focus}Goldman cuts BYD Company (01211) to HK$39

[ET Net News Agency, 23 August 2019] Goldman Sachs lowered its target price for BYD
Company (01211) to HK$39 from HK$44.7 and maintained its "neutral" rating.
The research house said BYD's 1H net profit of Rmb1,455mn was 7% below Goldman's
estimate, driven by weaker electric vehicle margin.
The company guided 3Q net profit to Rmb100-300mn, sharply declining from Rmb1,048mn in
3Q 2018; and full-year new energy vehicle volume to 273k, a downward revision from the
previous guidance of 400k.
Goldman said these datapoints disappointingly reflect the impact from the year-to-date
NEV subsidy (approximately 60%), against a high comparable base in 2H 2018. It expects the
downturn to last till June 2020. (KL)

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