TC

15/10/2019 11:10

{I-bank focus}UBS restarts BYD Company (01211) to HK$32

   UBS Global Research resumed coverage on BYD Company Limited (01211) with a lower target price of HK$32 (was HK$38 previously) and maintained its "sell" rating.
  The research house believes BYD's electric vehicle business and associated EV batteries are its key share price drivers. It acknowledged BYD's market position. However, UBS said BYD's large and concentrated EV exposure also makes it a victim in an era of rising competition and declining subsidies.
  UBS thinks BYD faces profitability challenges and UBS's 2019-20 earnings are more than 20% below consensus. It noted that BYD's incumbent competitors are at net cash positions, with modest capex needs and positive free cash flow (FCF). Thus, they can afford temporarily-poor EV profitability during technology migrations, brand building and regulatory fulfilment. BYD's lofty debt, diverse business scope, and continuously negative FCF could undermine its product development relative to the competition.

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