[ET Net News Agency, 31 October 2023] Morgan Stanley lowered its price target for BYD
Company (01211) to HKD242 from HKD249 and maintained its "equal-weight" rating.
The research house said it raises 2023 earnings forecast by 13%, reflecting more
resilient vehicle profit YTD, with extra cost savings from upstream suppliers and a rising
exports mix more than offsetting pricing pressures. It increases 2024 and 2025 earnings
forecast by 5% and 3%, respectively, mainly factoring stronger volume sales amid an
aggressive export push and further operating leverage. (RC)