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<Research>BofAs Drops BYD ELECTRONIC's TP to $43, Reiterating Rating Buy
Recommend 13 Positive 25 Negative 12 |
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BYD ELECTRONIC (00285.HK)'s 1Q25 sales and earnings remained stable YoY, but its GPM, despite a rise of 0.4 ppts on a QoQ basis, logged a YoY decline of 0.6 ppts to 6.3% due to decreased casing product sales, according to a report from BofA Securities. The sluggish GPM performance in 1Q was mainly due to subdued demand for high-end casings from both Apple and Android clients, though improvements are expected for 2Q. The broker also estimated the growth momentum of BYD ELECTRONIC's automotive business to remain robust as its parent company BYD COMPANY (01211.HK) aggressively promotes its advanced driver assistance system penetration strategy. BofA Securities kept its 2025-27 earnings forecasts for BYD ELECTRONIC unchanged, but it cut its target price from $46 to $43 to reflect macroeconomic uncertainties, with a rating reiterated at Buy. AAStocks Financial News |
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