BYD 1211

Re: BYD 1211

Postby winston » Fri Jul 08, 2016 1:29 pm

June 2, 2016

<Research Report>BofAML Lifts BYD COMPANY Target to $63.4; Raises FY16 Profit Forecast by 40%


Bank of America Merrill Lynch raised BYD COMPANY (01211.HK) 2016 EPS from RMB1.29 to RMB1.81, representing a rise of 40%.

Such upward adjustment was mainly due to product-mix changes.

The research house also increased 2016 auto-PBT margin estimates by 3.8 ppts to 11.8%.

The rating was reiterated at Buy and the target price was lifted to $63.4 from $61.77, representing 31x P/E.

The broker estimates that following the improvement of quality of batteries, the battery costs per vehicle will further decrease.

Another catalyst is that Bank of America Merrill Lynch expects BYD COMPANY to start selling its auto-battery to third parties from next year, further enhancing long-term utilization and margin visibilities.

Source: AAStocks Financial News
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Re: BYD 1211

Postby winston » Fri Jul 08, 2016 1:31 pm

May 31, 2016

<Research Report>Macquarie Lifts BYD COMPANY Target to $26.1; Kept Underperform

Macquarie, in its report, said BYD COMPANY (01211.HK) is finally seeing a material impact on its profitability from new energy vehicles (NEVs), particularly from E-buses, which are seeing strong demand from municipal authorities as they buy E-buses to replace diesel buses with the aim to improve air quality.

Despite the rising profitability, the broker continued to view BYD?s shares as richly valued relative to other automakers, especially as competition will mount from 2018, thus the broker kept the rating Underperform.

The broker's profit forecast for the company for 2016/2017/2018 are unchanged/down 5%/up 5%.

The broker also lift the target price of the company to $26.1 from $24.

Source: AAStocks Financial News
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Re: BYD 1211

Postby winston » Wed Aug 03, 2016 8:09 am

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Tread cautiously with BYD

All local electric taxi units had been reportedly converted into private cars due to lack of recharging stations and the long time taken to recharge batteries.

Test runs on BYD's mini bus and bus have so far failed to generate positive comments.

Before investors see any breakthrough in recharging of electric batteries and their duration, they should be cautious in buying BYD (1211) and Tesla shares.

Source: Dr Check, The Standard
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Re: BYD 1211

Postby winston » Mon Aug 29, 2016 6:54 am

BYD purrs on new highway

by Carrie Chen

Shenzhen-based automaker and rechargeable battery producer BYD (1211) saw interim net profit soar 384.2 percent to 2.26 billion yuan (HK$2.62 billion) compared to the corresponding period last year due largely to the increase in demand for electric cars and hybrids models.

Overall revenue rose 43.7 percent to 43.7 billion yuan in the first half of this year. That was powered by a year-on- year, 37.9 percent increase in revenue from automobiles and related products to 23.4 billion yuan.

And revenue from what is classed as BYD's new energy vehicle business increased by 1.61 times to 15.2 billion yuan in the first six months, accounting for 35 percent of total revenue.

With the demand for green vehicles now growing steadily in the mainland, sales of BYD new lines in automobiles surged by 130.7 percent to 49,000 units in the six months to June 30.

In addition, revenue from handset components and the assembly business was 16.3 billion yuan, up 44.5 percent from the previous year, while the rechargeable battery and photovoltaic business jumped 84.7 percent to 4.1 billion yuan.

Earnings per share rose 359.9 percent to 87 fen on the previous year and an interim dividend of 36.7 fen were declard.

BYD completed a non-public A share offering to six subscribers in July. About 252 million A shares were issued at 57.4 yuan per share, raising up to 14.4 billion yuan. The proceeds are being used for the firm's expansion of production capacity for rechargeable batteries and for research and development of vehicles.

Expectations are that with demand for green vehicles increasing steadily, BYD's net profit for January to September will be between 3.58 and 3.74 billion yuan. That would mean a 82.5-90.7-percent increase on last year, when it was 1.96 billion yuan.

Source: The Standard
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Re: BYD 1211

Postby winston » Tue Aug 30, 2016 7:55 am

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BYD (1211) gained 2.5 percent after interim net profit soared 3.8 times to 2.26 billion yuan (HK$2.62 billion), in line with expectations.

New energy cars accounted for 35 percent of revenue.

The firm has resumed paying dividends.

Source: Dr Check, The Standard
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Re: BYD 1211

Postby winston » Fri Sep 02, 2016 11:16 am

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<Research Report>Nomura Raises BYD COMPANY Target to $66; Rated Buy

Nomura is upbeat about BYD COMPANY (01211.HK) for its EV-driven margin expansion since 2013 and the relating results are factored in:
1) 5x net profit growth from 1H14 to 1H16;
2) improvement of NPM to 5.1% in 1H16 from below 2% to 2H15;
3) improvement of net D/E ratio from 91% at end-2014 to 55% after the recent A-share placement.

The research house believes that these changes will reshape BYD COMPANY?s valuation system and expand its investor base.

Investors are recommended to buy BYD COMPANY as a decent investment since the company is expected to own 5 million electric vehicles in China by 2020.

Nomura believes that BYD COMPANY is the leader for Chinese electric car producers and batter suppliers. The rating was Buy, with target price lifting to $66 from $64.

Source: AAStocks Financial News
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Re: BYD 1211

Postby winston » Tue Oct 18, 2016 11:51 am

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<Research Report>G Sachs: BYD COMPANY (01211.HK) Sees Positive Catalysts; Potential from Monorail Biz

Goldman Sachs, in its report, said BYD COMPANY (01211.HK) has invested RMB5 billion in the R&D in the past 5 years on its Skyrail monorail system, which was debuted on 13 October.

It will form a strategic new business division.

On the same day, BYD said that it had received an order for 250km of monorail from Shantou city, and that it is in discussions for potential orders from over 20 cities.

BYD has also secured a RMB60 billion loan from China Development Bank to finance the expansion of its monorail. The broker expected that a potential maximum market of monorail investment in China of RMB400 billion in 2020.

Project visibility is very limited, but in an optimistic scenario Goldman Sachs estimated it could boost BYD?s 2020 operating profit by up to 87%. Goldman Sachs reiterated the rating Buy with the target price of $61.93.

BYD has positive catalysts in various facets: more cities in China are likely to announce local preferential policies in the new energy vehicle (NEV) segment; BYD plans to launch PHEV versionsof the Song/Yuan SUVs by the end of 2016; increased battery capacity; stricter fuel consumption standards/NEV quota for passenger cars industry in China; and more visibility on the new monorail business.

Source: AAStocks Financial News
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Re: BYD 1211

Postby winston » Mon Sep 11, 2017 1:47 pm

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Aug 29, 2017

<Post Result>Brokers' Latest Ratings & TPs on BYD COMPANY (01211.HK) (Table)

BYD COMPANY (01211.HK) was subdued this morning.

BYD COMPANY yesterday announced the result for the six months ended 30 June 2017.

During the period, net profit amounted to RMB1.723 billion, down 23.8% yearly;

EPS amounted to 59 fen. No interim dividend was declared.

The company forecasted the net profit of the company for the first 9 months this year to range from RMB2.74-2.93 billion, down 20%-25.2%.

In 1H17, the turnover amounted to RMB43.817 billion, slightly up by 0.2%.

7 brokers updated their ratings and target prices:

Brokers/ Ratings/ Target prices($)
Credit Suisse/ Outperform/ 70->73
Deutsche Bank/ Buy/ 59.5
JPMorgan/ Overweight/ 56->58
Nomura/ Buy/ 58
Morgan Stanley/ Equalweight/ 51.5
Macquarie/ Neutral/ 47.9
RHB/ Neutral/ 40.4

Source: AAStocks Financial News
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Re: BYD 1211

Postby winston » Wed Feb 28, 2018 11:46 am

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BYD COMPANY(1211)

Analysis:

As a leader in the new energy industry, the decline in 2017 result of BYD mainly comes from the change of industry prosperity caused by industrial policy adjustment.

In 2018, the Company will launch new models, including the Qin II and the Tang II, and a high-end SUV model Ming and a sedan model Han.

The Company has set 2018 sales target of new energy vehicle to 200,000 units, and the target global coverage of cities will be expanded from 200 to 400.

And 30,000 charging facilities will be built nationwide. We believe that the contribution of the new energy vehicle business in the overall business of the Company will be further enhanced, and the revenue share is expected to exceed 40%.

At present, the Company has signed a cooperation agreement with a number of cities or enterprises, to promote "cloud rail" project.

It is expected that results will be slightly increased in the fourth quarter of 2017 and the promotion of profit contribution will be accelerated in 2018.

Strategy:
Buy-in Price: $73.15, Target Price: $85.30, Cut Loss Price: $66.80

Source: Phillips
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Re: BYD 1211

Postby winston » Thu Apr 19, 2018 10:07 am

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BYD COMPANY(1211)

Analysis:
As a leader in the new energy industry, the decline in 2017 result of BYD mainly comes from the change of industry prosperity caused by industrial policy adjustment.

In 2018, the Company will launch new models, including the Qin II and the Tang II, and a high-end SUV model Ming and a sedan model Han.

The Company has set 2018 sales target of new energy vehicle to 200,000 units, and the target global coverage of cities will be expanded from 200 to 400.

And 30,000 charging facilities will be built nationwide.

We believe that the contribution of the new energy vehicle business in the overall business of the Company will be further enhanced, and the revenue share is expected to exceed 40%.

At present, the Company has signed a cooperation agreement with a number of cities or enterprises, to promote "cloud rail" project.

It is expected that results will be slightly increased in the fourth quarter of 2017 and the promotion of profit contribution will be accelerated in 2018.

Strategy:
Buy-in Price: $58.90, Target Price: $70.00, Cut Loss Price: $53.30

Source: Phillips
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