BYD (1211.HK) 2018 preliminary result review March 12, 2019

PSR Recommendation: ACCUMULATEStatus: MaintainedTarget Price: HKDHKD 56.30

Investment Summary

Q4 Results Basically Stay Flat Recently, BYD released its 2018 preliminary report: in 2018, the company recorded a revenue of RMB130.055 billion, up by 22.8% yoy, and a net profit attributable to shareholders of RMB2.79 billion, down by 31.4% yoy. Among them, the net profit attributable to shareholders of the fourth quarter was RMB1.26 billion, which was at the bottom of the RMB1.2-1.6 billion of Q3 report. It is basically flat yoy (down slightly by 1.18%), lower than our expectation.

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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