DBS Group Research lifted its target price for BYD Company (01211) to HK$98 from HK$60 and maintained its "buy" rating.
The research house said advanced technology embedded in new models should enhance BYD's market positioning and drive future vehicle volume sales. Blade battery technology, DM 4.0 hybrid vehicle and a new 1.5T high-power engine are new developments. The ramp-up of
automotive component production should further strengthen its vehicle quality and cost structure in the long-run.
Meanwhile, China's rollout of 5G services will drive BYD's electronic division. Higher shipments will support 2H earnings. DBS raised its FY2020/21 earnings by 50/26% on higher-margin assumptions as well as strong profits from BYD Electronic (00285).
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