UOB Kay Hian analysts said BYD’s earnings likely bottomed in 1Q, after 4Q profit met their estimates but missed consensus due to weaker revenue. They expect a Recovery from 2Q, driven by new technology launches and overseas expansion. External batter

2026-04-02

UOB Kay Hian analysts said BYD’s earnings likely bottomed in 1Q, after 4Q profit met their estimates but missed consensus due to weaker revenue. They expect a Recovery from 2Q, driven by new technology launches and overseas expansion. External battery sales surged in 2025 and are seen growing at a 38% CAGR over 2026–2028. The analysts raised 2026–2027 net profit forecasts by 58%–100%, upgraded the stock to buy from sell, and lifted the target price to HK$130 from HK$81.