Morgan Stanley lifts BYD (00315) to HK$60 [ET Net News Agency, 29 October 2015] Morgan Stanley lifted its target price for BYD Company (00315) to HK$60 from HK$45 to reflect its higher new energy vehicle sales forecasts, and maintained its "overweight" rating. The research house is positive on BYD's new energy vehicle development. Its NEV sales increased 2.6x YoY to 21k units in 1H, and BYD took a 30% share in China's NEV market in the same period. Morgan expects BYD's NEV sales volume to reach over 64,000 units in 2015 and the company to maintain this strong momentum in 2016 and 2017. It projected over 40% YoY growth annually, thanks to its new NEV model pipeline (Yuan and Song), as well as strong electric bus orders from both domestic and overseas markets (management targets to deliver 8,000 units by 2017). (KL) |