BYD Rises After Analyst Doubles Price Estimate: Beijing Mover

BYD Co., the Chinese automaker backed by Warren Buffett, rose to a six-month high in Hong Kong trading after Phillip Securities (HK) Ltd. more than doubled its price estimate for the shares.

BYD rose 4 percent to HK$25.90, the highest since Aug. 2, at the 4 p.m. close of trading. Hong Kong’s benchmark Hang Seng Index fell 0.1 percent. BYD’s shares in Shenzhen gained 3.3 percent to 24.81 yuan.

Sales of the carmaker’s new S6 and G6 models have performed well and may foreshadow “new robust growth” for BYD, Zhang Jing, an analyst at Phillip Securities, wrote in a report dated yesterday. Zhang cited “rapid growth expectations” for the Shenzhen-based company’s new-energy vehicles as a reason for raising Phillip Securities’ share-price estimate for the Hong Kong-traded shares to HK$25.20 from HK$11.30 and upgrading its rating on the stock to “neutral” from “reduce.”

BYD’s sale of a stake in a producer of photoelectric material, from which it gained 430 million yuan ($68 million), should also help bolster 2011 earnings, Zhang wrote. This year, the company plans to debut new models of its F3 and F6 cars, according to Zhang. Its overall vehicle sales may increase 10 percent to 500,000 in 2012, Zhang wrote.

To contact Bloomberg News staff for this story: Tian Ying in Beijing at ytian@bloomberg.net

To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net

Source:http://www.bloomberg.com/news/2012-02-07/byd-rises-after-analyst-doubles-price-estimate-beijing-mover.html

 

Get more information, please visit us at 

www.facebook.com/bydcompany 

www.facebook.com/autobyd 

www.facebook.com/bydenergy 

www.facebook.com/bydit 

www.facebook.com/bydlighting

 

Advertisements

About bydcompany
Providing a fully vertically integrated solution for green energy technologies, producing electric cars using iron phosphate battery technology.Visit us at: http://www.facebook.com/bydcompany

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: