Bernstein has initiated coverage of Chinese automaker, BYD Co (HK:1211) with an Outperform rating and set a 12-month price target of HK$359.00 on the stock.
Bernstein anticipates that the Asian automotive giant will experience a compound annual CAGR of approximately 33% through 2025, surpassing the growth rates of both China and the global electric vehicle (EV) market, which are estimated to be around 26-27%.
Analysts at the firm predict that BYD will expand its market share in China in the short term by tapping into the untapped mass market. Additionally, BYD has recently gained momentum in the premium segment with the Denza brand. Looking ahead, they envision significant opportunities in the overseas market in the medium term. It is projected that premium brands and international sales will together account for approximately 20% of the total sales volume and approximately…
