J.P. Morgan lifted its target price for BYD Company (01211) to HK$122 from HK$110 and maintained its "overweight" rating.
The research house said BYD's H & A shares appreciated by 185%/142% respectively year to date. BYD is scheduled to report 3Q results on 29 October and at the same time provide 4Q earnings guidance.
JPM expects further Street earnings upgrades, noting solid monthly sales of new energy models, including Han (launched in July) and the Song-Plus PHEV/EV (in September), followed by the D-1 compact EV (in December) specifically designed for the cab-hailing business, where the first client in 2021 is Didi.
As for the battery business, BYD is trying to win certification and get confirmed orders from key OEMs such as Toyota and Hyundai aside from existing customer Ford as well as its JV partner, Daimler (for the Denza brand).
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