Citigroup will include BYD Company Limited (01211) in its list of upward catalyst observations for the next 30 days.
According to the report released by Citigroup, they have given BYD Company Limited (01211) a "buy" rating with a target price of HKD 475.
The report mentions that the company will be included in its list of upward catalyst observations for the next 30 days. It is expected that the sales volume will grow strongly in August with the launch of new models and the increase in profitability. BYD's wholesale volume in August is expected to achieve a MoM growth of 10%, which will also improve the growth momentum of the electric vehicle industry in the second half of this year.
The bank predicts that BYD will launch more DMI modified models in the third quarter and a new plug-in hybrid electric vehicle model in the last three months of 2024, to improve visibility of profitability, market share, and asset turnover.