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<Research>Citi: BYD's Inventory Risk Control Before Off-Season Rational
Recommend 22 Positive 33 Negative 13 |
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BYD COMPANY (01211.HK) may slow down its production pace in recent car-sales-low-season months by reducing production shifts and delaying capacity expansion, Citi cited Reuters news in its report. The broker's base-case sensitivity analysis showed that BYD's dealer inventory should fall to 1.66 months by the end of June (from 2.18 months in May), with retail sales of 348,000 units, exports of 89,000 units, and total wholesale volume of 402,000 units. The broker considered that BYD's inventory risk control before the summer off-season is rational, and the key factors determining the sector’s beta and BYD’s restocking/ destocking strategy would be the new car orders trend into July and August. The rating on BYD was Buy, with a target price of HKD233. AASTOCKS Financial News Website: www.aastocks.com |
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