CLSA lifted its target price for BYD Company (01211) to HK$190 from HK$131 and maintained its "buy" rating.
The research house said BYD's 3Q results beat consensus estimates on the back of the robust electric vehicle sales. CLSA's thesis remains intact: its automobile segment continues to recover thanks to favourable EV and battery product cycles.
It likes that BYD is gaining more external customers and believes this will facilitate its transformation from an automaker into an e-mobility solutions provider.