BOCI Cuts BYD ELECTRONIC TP to HKD37.1 on FX Volatility and Memory Cost Pressure Weighing on Short-term Profit
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BOCI has reduced the target price for BYD ELECTRONICfrom HKD38.7 to HKD37.1 due to FX volatility and memory cost pressures impacting short-term profits. The company's 1Q26 results showed a 4% YoY revenue increase and a 1.2 ppt QoQ gross margin improvement, but net profit fell 96% YoY. Despite challenges in the smart terminal market, BYD ELECTRONIC maintains its full-year 2026 earnings guidance, with a positive mid-term outlook driven by progress in its server business. Rating: Buy.
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