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<Research>Citi Estimates BYD's Domestic Inventory to Sink to 1.2 Mths by End-Dec; Jan's Orders Miss; Inventory Days May Rise
Recommend 8 Positive 10 Negative 1 |
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Based on last month's retail sales, export, and wholesale data, BYD COMPANY (01211.HK)'s domestic inventory at the end of December was estimated at 1.2 months, compared to 1.43 months in November, with an inventory volume of 391,000 vehicles, down 40,000 vehicles MoM, Citi said in its report. The broker noted that domestic orders for NEVs in the first 11 days of this month were feeble, with an MoM downswing possibly reaching 25-35%, below the broker's estimates. Assuming BYD's wholesale, retail, and export decrease by 40%, 30%, and 20% MoM respectively, to 252,000, 229,000, and 107,000 vehicles, BYD's domestic inventory at the end of this month should sink 21% MoM, but inventory days are expected to rise to 1.35 months. The broker rated BYD at Buy with a target price of HKD174. AASTOCKS Financial News Website: www.aastocks.com |
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