BofA Global Research raised its target price for BYD Company (01211) to HK$183 from HK$179 and maintained its "buy" rating.
The research house attributed BYD's improving profitability to (1) EV (electric vehicle) sales rebound due to new model launches (Han and upgraded Tang); (2) BYD Electronic's (00285) increasing smartphone component shipment and assembly business related to ceramics and glass materials; and (3) mask-related sales.
BofA raised its 2020/21/22 earnings forecasts by 2%/5%/4%.
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