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<Research>M Stanley Keeps OW on BYD COMPANY, Foresees 2026 Overseas Sales to Spike ~90%
Recommend 16 Positive 36 Negative 3 |
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Although BYD COMPANY (01211.HK) is experiencing a stalling domestic momentum, its overseas market prospects are looking good, Morgan Stanley's research report wrote. Overseas sales are estimated to become a new growth driver, with the company achieving approximately 700,000 units in overseas sales in 9M25. The company is expected to meet its annual target of 900,000 to 1 million units. Looking ahead to 2026, Morgan Stanley forecast BYD's overseas sales to reach 1.6-1.8 million units, representing an annual upswing of 68-89%. According to Morgan Stanley's estimates, BYD's passenger car market share in Brazil, Thailand, and Australia already topped 5%, and its share in the sales of NEVs in several regions crossed 20%. With more models being launched overseas, BYD can seize more market share in new markets such as Indonesia, Turkey, and Malaysia next year. Besides, the company is foreseen to ramp up its overseas production capacity by 50% over the next three years, which will positively impact the margin as the proportion of overseas sales increases. Morgan Stanley maintained an Overweight rating on BYD with a target price of HKD130. AASTOCKS Financial News Website: www.aastocks.com |
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