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<Research>Citi: BYD COMPANY (01211.HK) 1Q NP Misses Mkt Forecast on Foreign Exchange Loss; Rating Kept at Buy
Recommend 19 Positive 37 Negative 17 |
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BYD COMPANY (01211.HK)'s 1Q26 net profit was RMB4.1 billion, in line with Citi Research's prior forecast of RMB4 billion, but below sell side market projection of RMB4.5-6 billion and also below the market consensus of RMB5 billion, Citi Research issued a research report saying. The miss was mainly due to a RMB2 billion foreign exchange losses recorded during the period, compared with a foreign exchange gains of about RMB1.9 billion in the same period last year, which exerted significant pressure on earnings. Assuming that depreciation and amortization (D&A) per vehicle declines by RMB3,500 QoQ, core net profit excluding foreign exchange impact and BYD ELECTRONIC (00285.HK) business is projected to rise to RMB11.3 billion. Even without factoring in D&A, 2Q26 core net profit is also predicted to reach RMB7.4 billion. Therefore, the broker kept rating at Buy on BYD COMPANY, with a target price of $142, anticipating market focus to shift to order intake and delivery situation in early May, with comparisons likely to be drawn between the 1Q26 results of BYD COMPANY and GEELY AUTO (00175.HK). Auto-translated by AI AASTOCKS Financial News |
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