Jefferies Research lifted its target price for BYD Company (01211) to HK$211.3 from HK$145 and maintained its "buy" rating.
The research house said BYD's 3Q revenue/earnings grew 40.7%/13.6x with GPM expansion. BYD is a key beneficiary of NEV (new energy vehicle) market recovery, and the long-term growth of battery/IGBT is intact given accelerated external supplies and new capacity release.
Jefferies added that BYD will benefit from the expansion of BYD Electronic's (00285) core business. It lifted its FY2020/21 forecasts by 34%/40% to factor in margin expansion
(autos), market share gain (NEV components), and new business contribution (handset + medical).
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