BYD Company's stock surged 5.00% during intraday trading on Thursday, reflecting strong investor confidence in the electric vehicle manufacturer.
The rally follows multiple investment bank endorsements that have boosted market sentiment. CLSA reiterated its High-Conviction Outperform rating on BYD, maintaining an H-share target price of 120 HKD, stating that BYD's bottoming process is complete and its market dominance will return in the second half. JPMorgan also named BYD among its top picks for H2, citing earnings upgrade potential and high overseas revenue exposure.
Fundamentally, BYD reported strong export performance with H1 overseas sales of 792,200 units, up 71% year-over-year, with the company targeting 1.5 million overseas units for the full year. The company's exports grew around 90% in June, contributing to China's record car exports that topped 1 million vehicles for the first time last month. BYD also restructured its overseas brand architecture and maintains a leading domestic NEV market share of 26.2% in June.
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