China Merchants Securities International Affirms "Buy" Rating for BYD, Sets HK$130 Price Target

Deep News06-22 13:11

China Merchants Securities International (CMSI) has published a research note stating that the pace of domestic demand recovery in China's automotive market during the first five months of this year remains relatively weak. However, export performance has stayed robust, consistently reaching new highs, while market share for premium models is increasing. The report advises investors to focus on automakers with strong overseas growth and premiumization strategies, specifically highlighting leading exporters in the first tier.

The note singles out GEELY AUTO (HKEX: 00175) as its top pick, citing strong demand for its premium Zeekr brand. CMSI maintains a "Buy" rating and a HK$36 price target for Geely.

CMSI also reaffirmed its "Buy" rating for BYD COMPANY (HKEX: 01211), maintaining a price target of HK$130.

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