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<Research>DBS Trims BYD ELECTRONIC (00285.HK) TP to $30, Expects Delayed Recovery in Terminal Component Biz
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DBS Group Research issued a research report expecting BYD ELECTRONIC (00285.HK)'s 2026 revenue to remain broadly flat, as weak smart terminal component business will be offset by continued growth in auto electronics and early capacity ramp-up in AI infrastructure. For the smart terminal component segment, the broker expected recovery in demand for titanium components to be delayed until 2027. The Company's share in the titanium cycle of the first foldable iPhone may also be lower than expected, making this year a transitional year for its high-margin smartphone components business. The recovery will still depend on material cycles for flagship models and adoption of high-value structural parts. Based on a lower earnings base, the broker trimmed its target price from $34.3 to $30, with rating kept at Buy, as its manufacturing capabilities supported a resilient long-term earnings mix. Auto-translated by AI AASTOCKS Financial News |
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