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<Research>G Sachs Cuts BYD COMPANY's TP to HKD130 w/ Lower Sales & Profit Forecasts
Recommend 15 Positive 27 Negative 7 |
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According to a Goldman Sachs research report, BYD COMPANY (01211.HK)'s 2Q25 revenue/ GPM were 6%/ 1.8 ppts lower than the broker's expectations, which the broker attributed to worse-than-expected income from the mobile components and assembly business as a result of higher offsetting amounts from internal transactions between BYD COMPANY and BYD ELECTRONIC (00285.HK). Regarding the decline in BYD COMPANY's GPM, Goldman Sachs pinned it to higher-than-expected costs from the 618 promotional campaign and the issuance of red packets to dealers. The broker reduced its 2025-27 sales forecasts for BYD COMPANY from 5.5-6.8 million vehicles to 5-6 million vehicles. It also cut the GPM forecast by 0.4-0.9 ppts, resulting in a 12-21% reduction in its net profit forecasts. BYD COMPANY's target price was lowered from HKD139 to HKD130, with a Buy rating. AAStocks Financial News |
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