BYD's nine-month net income falls 4.2% yr/yr

Overview

• Electric vehicle maker's nine-month net income fell 4.2% yr/yr

• Nine-month operating revenue was flat yr/yr

• Receivables and inventories increased mainly due to growth in overseas automobile business

Outlook

• BYD did not provide specific guidance or outlook commentary for future quarters or full yr in its press release

Result Drivers

• FOREIGN-EXCHANGE LOSSES – Nine-month finance expenses swung to RMB7.37 bln from a RMB2.94 bln gain, mainly due to exchange losses

• OPERATING CASH FLOW – Nine-month operating cash flow rose 33.4%, mainly on lower cash paid for goods and services

Company press release: Full Story

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 23 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the auto & truck manufacturers peer group is "buy"

• Wall Street's median 12-month price target for BYD Company Limited is HK$127.00, about 85% above its October 29 closing price of HK$68.65

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads

• Oct 29 - China's BYD Electronic nine-month profit falls 69%

• Oct 29 - Geely Automobile nine-month revenue up 13% on exports, product mix

• Oct 27 - Porsche's nine-month revenue falls 5.9% amid lower deliveries

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)