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<Research>CLSA: Exports of BYD COMPANY/GEELY AUTO Further Increase; Domestic Auto Sales Momentum Rebounds
Recommend 49 Positive 72 Negative 26 |
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Elevated oil prices may lead buyers to prefer EVs, particularly in overseas markets, according to a research report released by CLSA. Exports of BYD COMPANY (01211.HK) and GEELY AUTO (00175.HK) further increased in March, while YTD exports rose by 56% and 129%, respectively. Meanwhile, it is understood that domestic sales momentum is also rebounding, especially in the mass market, with the sales volume of major automakers being 1.1 million units, down only 1% YoY. Channel data shows that weekly sales of BYD COMPANY/ GEELY AUTO’s Galaxy/ LEAPMOTOR (09863.HK) increased by 10%/ 10%/ 100% WoW, respectively. The broker believed that momentum in the auto sector is improving, with orders recovering. In terms of stock picks, CLSA favored BYD COMPANY and GEELY AUTO as key beneficiaries of export growth and resilient domestic sales, with target prices of $130 and $23 each, and ratings at High Conviction Outperform. Auto-translated by AI AASTOCKS Financial News |
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