TC

22/08/2019 14:52

{I-bank focus}Nomura lowers BYD Company (01211) to HK$39.2

[ET Net News Agency, 22 August 2019] Nomura lowered its target price for BYD Company
(01211) to HK$39.2 from HK$45.1 and maintained its "reduce" rating.
The research house said BYD's 2Q net income of CNY705mn was in line with guidance,
although SG&A expenses were lower than Nomura's estimate on possible merits of better
distribution efficiency.
Management guided for 3Q net profit of CNY100-300mn. Nomura believes this can be largely
attributed to the impact of the new subsidy policy that became effective in late-June.
Along with BYD's commitment to keeping its NEV (new energy vehicle) selling prices
within the less supportive subsidy framework, Nomura expects its NEV margins to face
further pressure from 2H. (KL)

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