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<Research>M Stanley Rates BYD COMPANY as Overweight With TP HKD126, Trims NP Forecasts
Recommend 23 Positive 30 Negative 21 |
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Morgan Stanley kept its 2026-27 sales forecasts for BYD COMPANY (01211.HK) unchanged at 5.2 million and 5.7 million vehicles, respectively, and introduced a forecast of 6.2 million vehicles for 2028, according to the broker's research report. In terms of the carmaker's gross margin, however, Morgan Stanley lowered its 2026-27 forecasts by 0.3 ppts and 0.2 ppts to 18.3% and 18.7%, respectively, due to inflation in raw material costs and higher BoM costs resulting from upgrades in intelligent driving and ultra-fast charging specifications, though part of the pressure was offset by a higher contribution from overseas markets and premium models. Considering increased investment in intelligent driving R&D and higher overseas selling and administrative expenses, Morgan Stanley also raised its operating expense forecasts for BYD COMPANY for the same period. As a result, the broker's forecasts for the net profit and EPS during the period dropped by 13% and 12%, respectively. BYD COMPANY received a target price of HKD126 and an Overweight rating from Morgan Stanley. Auto-translated by AI AASTOCKS Financial News |
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