CLSA Cuts BYD ELECTRONIC TP to HKD29, Sees Near-term Headwinds
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CLSA has downgraded BYD ELECTRONIC's target price from HKD33.3 to HKD29, maintaining an Outperform rating. The company reported a 1Q net profit of RMB28 million, impacted by exchange rate fluctuations. Management anticipates ongoing pressure in its smart terminal assembly business due to rising memory prices affecting Android smartphone shipments. Earnings forecasts for 2026 and 2027 have been cut by 29% and 13%, respectively, to RMB2.5 billion and RMB3.4 billion, citing lower expected gross margins. Mass production of new products is expected to begin in mid-2023 and in Q4.
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