BYD Beats Q3 Analyst Expectations; HSBC Cuts Price Target But Cites Continued Growth
Portfolio Pulse from Daniel Harrison
BYD Company Limited reported Q3 2023 earnings that beat analyst expectations, with sales of 162 billion RMB ($22.1 billion), a 38.49% improvement YoY, and net profit of 9.7 billion RMB, up 81% YoY. Despite the strong performance, HSBC cut its price target for BYD by 4% due to increased A-share and H-share spread, but maintained its Buy rating. HSBC also predicts Q4 earnings will rise and forecasts an additional increase in earnings growth of 7-16% for the 2023-2025 period.
October 30, 2023 | 5:52 pm
News sentiment analysis
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POSITIVE IMPACT
BYD's Q3 earnings beat expectations, with significant YoY growth in sales and net profit. Despite a price target cut by HSBC, the bank maintains a Buy rating and predicts further growth.
BYD's strong Q3 performance and HSBC's continued Buy rating, despite a price target cut, indicate positive short-term impact. HSBC's prediction of further growth also suggests potential upward movement.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Li Auto is mentioned as a competitor in the EV market where companies are slashing costs to attract consumers.
Li Auto is mentioned as a competitor in the EV market, but the news does not directly impact Li Auto's stock. The cost-slashing trend in the EV market could potentially affect Li Auto's margins.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Nio is mentioned as a competitor in the EV market where companies are slashing costs to attract consumers.
Nio is mentioned as a competitor in the EV market, but the news does not directly impact Nio's stock. The cost-slashing trend in the EV market could potentially affect Nio's margins.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Tesla is mentioned as a competitor in the EV market where companies are slashing costs to attract consumers. Tesla's earnings are used as a benchmark for BYD's earnings discount.
Tesla is mentioned as a competitor in the EV market, but the news does not directly impact Tesla's stock. Tesla's earnings are used as a benchmark, indicating its strong position in the market.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
XPeng is mentioned as a competitor in the EV market where companies are slashing costs to attract consumers.
XPeng is mentioned as a competitor in the EV market, but the news does not directly impact XPeng's stock. The cost-slashing trend in the EV market could potentially affect XPeng's margins.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50