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<Research>UBS Drops BYD COMPANY (01211.HK) TP to $128, Keeps Buy Rating
Recommend 6 Positive 10 Negative 3 |
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BYD COMPANY (01211.HK)'s 4Q25 net profit was RMB9.3 billion, up 19% QoQ but down 38% YoY, 22% below market consensus, but in line with the buy-side forecast range of RMB9-11 billion, UBS published a research report saying. Its 4Q25 net profit per vehicle amounted to RMB6,700, up 9% QoQ but down 28% YoY, mainly due to a high base effect. Its 2025 net profit reached RMB32.6 billion, down 19% YoY, primarily due to intense domestic competition. Its dividend payout ratio decreased from 30% over the past two years to 10%. The management addressed industry challenges such as price competition, subsidy policy optimization, commodity cost fluctuations and trade barriers, but they remained determined to drive premiumization through technological innovation and global expansion. The battery business has delivered over 60 GWh of energy storage products last year, and is expected to expand further. Therefore, the broker dropped its target price from $130 to $128, with rating kept at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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