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01211 BYD COMPANY
RTNominal down201.200 -4.200 (-2.045%)
Research Report

30/03/2021 16:50

{I-bank focus}Credit Suisse cuts BYD (01211) to HK$280

[ET Net News Agency, 30 March 2021] Credit Suisse cut its target price for BYD Company
(01211) to HK$280 from HK$310 and maintained its "outperform" rating.
The research house said BYD's 2020 net profit of Rmb4.23bn was in line with its previous
profit alert. Excluding BYD Electronic's (00285) profit contribution of Rmb728mn, non-BYDE
business (mainly auto business) 4Q 2020 reported profit declined 82% QoQ to Rmb93mn due to
a quarterly record high impairment loss of Rmb1,036mn. In other words, 4Q recurrent
earnings power was strong on decent "Han" high-end sedan sales.
Considering the lower-than-expected 1Q 2021 guidance, Credit Suisse revised down its
2021-22 net profit forecasts by 7.5%-7.8%. (KL)

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